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In the wake of the recent financial crisis, many will agree that it is time for a fresh approach to portfolio management. "The Complete Guide to Portfolio Construction and Management" provides practical investment advice for building a robust, diversified portfolio.
Written by a high-profile investment adviser, this book reveals a practical portfolio management framework and new approach to portfolio construction based on four key market forces: macro, fundamental, technical, and behavioural. It is an insight that takes the focus off numbers, looking instead at the role of risk and behavior in finance.
As we have seen with the recent finance meltdown, traditional portfolio management techniques are flawed. Investors need to understand those flaws and learn how to incorporate risk management and behavioral finance into their asset management strategies.
With a foreword by industry leader Francois-Serge L'habitant, this is your one-stop guide, with new ways for you to manage, grow and preserve your investment portfolio, even in uncertain markets.
Develop a Winning Investment Strategy -- with Expert Advice from "The Nation's #1 Money Manager"
Peter Lynch's "invest in what you know" strategy has made him a household name with investors both big and small.
An important key to investing, Lynch says, is to remember that stocks are not lottery tickets. There's a company behind every stock and a reason companies -- and their stocks -- perform the way they do. In this book, newly revised and updated for the paperback edition, Peter Lynch shows you how you can become an expert in a company and how you can build a profitable investment portfolio, based on your own experience and insights and on straightforward do-it-yourself research. There's no reason the individual investor can't match wits with the experts, and this book will show you how.
In Beating the Street, Lynch for the first time:
* Explains how to devise a mutual fund strategy
Praise for MARKETS in PROFILE
"Good books teach, but the best books enlighten. "Markets in
Profile" is much more than a lucid explanation of the Market
Profile and its application; it is an enlightening perspective on
auction markets and the principles underlying all trading,
regardless of time frame. Clearly written with many practical
examples, "Markets in Profile" moves seamlessly from trading
how-to's to trading psychology and back again, emphasizing the
trader's dual challenge of understanding markets and understanding
self. In so doing, authors Dalton, Dalton, and Jones have produced
a worthy successor to their classic Mind over Markets."
""Markets in Profile" is a brilliant, insightful work that
should be required reading for any trader. Dalton, Dalton, and
Jones will transform your trading technique through their unique
knowledge of the markets and understanding of trading
"This book provides a fresh approach to behavioral
finance--ideas that I have used to great benefit."
"Few people understand the dynamics of the auction process as
well as Jim Dalton. "Market Profile" offers a graphic
representation of this process and Markets in Profile illustrates
Jim's mastery of it."
"Market data speak volumes and Jim Dalton has deciphered the
code. In Markets in Profile, Jim shares his techniques of
profitable trading in a most readableand entertaining format.
Serious traders, both professional and amateur, should benefit from
the application of Jim's volumetric approach to reading what
investors are telling us through their collective buy-sell
If you want to gain an edge in today's competitive markets, adding the candlestick methodology to your repertoire of technical analysis skills is essential. "Getting Started in Candlestick Charting" can help you achieve this goal, whether you're new to chart analysis or looking to enhance your understanding of the approach. This reliable resource covers thirty of the most widely recognized candlestick patterns and includes real-world charting examples backed by informative commentary.
TABLE OF CONTENTS
Chapter 1: The Basics of Risk Management
Chapter 2: Risk Measurement at the Corporate Level: Economic Capital and RAROC
Chapter 3: Review of Statistics
MARKET RISK SECTION
Chapter 4: Background on Traded Instruments
Chapter 5: Market Risk Measurement
Chapter 6: The Three Common Approaches for Calculating Value at Risk
Chapter 7: Value at Risk Contribution
Chapter 8: Testing VaR Results to Ensure Proper Risk Measurement
Chapter 9: Calculating Capital for Market Risk
Chapter 10: Overcoming VaR Limitations
Chapter 11: The Management of Market Risk
ASSET/LIABILITY MANGEMENT SECTION
Chapter 12: Introduction to Asset Liability Management
Chapter 13: Measurement of Interest Rate Risk for ALM
Chapter 14: Funding Liquidity Risk in ALM
Chapter 15: Funds Transfer Pricing and the Management of ALM Risks
CREDIT RISK SECTION
Chapter 16: Introduction to Credit Risk
Chapter 17: Types of Credit Structure
Chapter 18: Risk Measurement for a Single Facility
Chapter 19: Estimating Parameter Values for Single Facilities
Chapter 20: Risk Measurement For A Credit Portfolio: Part One
Chapter 21: Risk Measurement For A Credit Portfolio: Part Two
Chapter 22: Risk Adjusted Performance and Pricing for Loans
Chapter 23: Regulatory Capital for Credit Risk
OPERATING RISK SECTION
Chapter 24: Operating risk
INTEGRATED RISK SECTION
Chapter 25: Inter-risk Diversification and Bank-Level RAROC
The complete guide to derivatives, from the experts at the CFA Derivatives is the definitive guide to derivatives, derivative markets, and the use of options in risk management. Written by the experts at the CFA Institute, this book provides authoritative reference for students and investment professionals seeking a deeper understanding for more comprehensive portfolio management. General discussion of the types of derivatives and their characteristics gives way to detailed examination of each market and its contracts, including forwards, futures, options, and swaps, followed by a look at credit derivatives markets and their instruments. Included lecture slides help bring this book directly into the classroom, while the companion workbook (sold separately) provides problems and solutions that align with the text and allows students to test their understanding while facilitating deeper internalization of the material. Derivatives have become essential to effective financial risk management, and create synthetic exposure to asset classes. This book builds a conceptual framework for understanding derivative fundamentals, with systematic coverage and detailed explanations. * Understand the different types of derivatives and their characteristics * Delve into the various markets and their associated contracts * Examine the use of derivatives in portfolio management * Learn why derivatives are increasingly fundamental to risk management The CFA Institute is the world's premier association for investment professionals, and the governing body for the CFA, CIPM, and Investment Foundations Programs. Those seeking a deeper understanding of the markets, mechanisms, and use of derivatives will value the level of expertise CFA lends to the discussion, providing a clear, comprehensive resource for students and professionals alike. Whether used alone or in conjunction with the companion workbook, Derivatives offers a complete course in derivatives and their markets.
An up close look at an investment strategy that can handle today's uncertain financial environment
Market uncertainty cannot be eliminated. So rather than attempt to do away with it, why not embrace it? That is what this book is designed to do. "The Permanent Portfolio" takes you through Harry Browne's Permanent Portfolio approach--which can weather a wide range of economic conditions from inflation and deflation to recession--and reveals how it can help investors protect and grow their money.
Written by Craig Rowland and Mike Lawson, this reliable resource demonstrates everything from a straightforward four-asset Exchange Traded Fund (ETF) version of the strategy all the way up to a sophisticated approach using Swiss bank storage of selected assets for geographic and political diversification. In all cases, the authors provide step-by-step guidance based upon personal experience.This timeless strategy is supported by more than three decades of empirical evidenceThe authors skillfully explain how to incorporate the ideas of the Permanent Portfolio into your financial endeavors in order to maintain, protect, and grow your moneyIncludes select updates of Harry Browne's Permanent Portfolio approach, which reflect our changing times
"The Permanent Portfolio" is an essential guide for investors who are serious about building a better portfolio.
One of the best-known futures traders explains how to trade for profit in todays global futures marketplace
The strategy that consistently gets high returns with low risk--because it knows when to adaptAfter examining more than two hundred years of data across dozens of markets and asset classes, the conclusion is clear: Momentum continually outperforms. However, most mainstream investors haven't had a way to fully discover and implement the benefits of momentum investing . . . until now! Whether you're an independent investor, investment professional, or money manager, Dual Momentum Investing enables you to consistently profit on major changes in relative strength and market trend. Based on the award-winning work of Gary Antonacci, an expert in modern portfolio theory and optimization, this groundbreaking guide presents an easy-to-understand, straightforward model that transforms momentum concepts into an actionable investing strategy called Global Equity Momentum (GEM). By combining relative-strength momentumand absolute momentum, this proven methodology lets you take advantage of intramarket trends while avoiding large drawdowns. A disciplined implementation of his proven strategy enhances the ability of every trader to: Lock in profi ts and mitigate risk with a minimal number of switches per year among US equities, non-US equities, and bondsEstablish meaningful control over investment risk once an asset's value begins to declineRemove emotional and behavioral biases from your decision making while taking advantage of these same biases in other traders to achieve exceptional returns Each facet of GEM is explained with simple clarity using the perfect amount of supporting theory, historicalanalysis, and understandable data. Pragmatic techniques come to life with real-world relevance that both deepens your understanding of why dual momentum trading works and better prepares you for using it with your own investments. From picking a cost-effective brokerage firm, to making asset choices, to customizing your strategy as you near retirement--this reliable guide helps you do it all with the confidence you'll gain through repeated success. You put a lot into earning your wealth; now take the next step with Dual Momentum Investing and properly protect it while it's working for you. PRAISE FOR DUAL MOMENTUM INVESTING:"Gary Antonacci takes us on a comprehensive tour of investment methods, exploring their strengths and weaknesses, and lays out a strong case for combining absolute and relative momenta. I consider Dual Momentum Investing as an essential reference for system designers, money managers, and investors." -- ED SEYKOTA "Gary Antonacci's Dual Momentum Investing is what happens when Ed Thorpe's Beat the Dealer meets Seth Klarman's Margin of Safety. This is an ambitious and must-have book." -- CLAUDE ERB, retired Managing Director, TCW Group, Inc. "Antonacci presents a clear and scholarly sound case for the success of a simple momentum-based strategy. Give it a try; you'll be hooked!" -- JOHN NOFSINGER, PhD, Seward Chair of Finance, University of Alaska Anchorage, and author of The Psychology of Investing "A treasure of well-researched, momentum-driven investing processes. Antonacci clearly shows a number of different methods that anyone who is serious about a long-term strategy will find easy to implement. This is one of those five-star books; it is logical and easy to grasp." -- GREGORY L. MORRIS, Chief Technical Analyst and Investment Committee Chairman, Stadion Money Management, LLC, and author of Investing with the Trend "A must-read for both individual investors as well as financial advisors. It will forever change the way you think about developing investment and asset allocation strategies." -- DR. BOB FROEHLICH, retired Vice Chairman, Deutsche Asset Management
Today’s computer trading programs can be a godsend to traders looking for an extra edge. They can also be filled with dangerous—and expensive—pitfalls for the uninitiated. Trading Systems That Work reviews and analyzes today’s major software programs, and helps traders determine which will work best for their personal trading style and habits—and which could actually work against them.
Financial Analyst’s Indispensable Pocketguide is the first reference to give the more than 20,000 candidates who take AIMR-administered CFA exams annually—and the 60,000-plus CFAs and finance professionals who currently practice investment management—a single broad-based resource for specific terminology and information. Much more than just a dictionary, this dynamic book explains and expands upon the fundamental concepts that comprise a financial analyst’s lexicon.Within each section, Ramesh arranges fundamental terms alphabetically, then provides CFA-related tips and profiles of industry leaders. Key topics include:
Trading today's markets―including stocks, futures, or Forex―can be a challenging and difficult endeavor. But it is possible to achieve consistent success in this field, if you're prepared to learn a complete trading plan from entry to exit.
In High Probability Trading Strategies, author and well-known trading educator Robert Miner skillfully outlines every aspect of a practical trading plan―from entry to exit―that he has developed over the course of his distinguished twenty-plus-year career. The result is a complete approach to trading that will allow you to trade confidently in a variety of markets and time frames.
With this book as your guide, you'll quickly learn how to recognize high-probability trading opportunities, pinpoint exact entry and stop prices, and manage a trade until it's completely closed out. You'll discover how the four key factors of dual-time-frame-momentum, pattern, price, and time can guide you down the path to trading profits. As you become familiar with the proven strategies and techniques taught in High Probability Trading Strategies, you'll also come to understand the type of market information you can use to make specific trade decisions and how to execute those decisions from start to finish.
Miner teaches in a practical, step-by-step manner until a complete trading plan is developed. While the ideas found here are essential to trading success, the best way to learn is by example. That's why Miner has devoted an entire chapter―called "Real Traders, Real Time"―to trade examples submitted by his past students. In it, you'll see how they apply the strategies taught throughout the book to markets around the world.
A companion website completes this compre-hensive learning package. It's not a word-for-word review of the material in the book, but rather an additional tool to illustrate more examples. With it, you'll learn how to put high-probability trading strategies into practice, day by day and bar by bar, for many different markets and time frames.
Written with the serious trader in mind, High Probability Trading Strategies details a practical approach to analyzing market behavior, identify-ing profitable trade setups, and executing and managing trades―from entry to exit―that will allow you to both preserve and grow your capital. If you're looking to make the most of your time in today's markets, look no further than High Probability Trading Strategies.
In 1998, McGraw-Hill’s The Electronic Day Trader became a worldwide phenomenon—and spent months on the Wall Street Journal, BusinessWeek, and New York Times bestseller lists. Now, this new paperback edition revisits the hardcover edition’s electronic day trading techniques and mechanics, and adds a new introduction discussing today’s evolving
The hands-on STUDY GUIDE to Martin Pring's TECHNICAL ANALYSIS classic
"Technical Analysis Explained" is the definitive guide for mastering technical analysis. In this hands-on companion, technical analysis wizard Martin Pring serves as your personal investing coach, taking you step-by-step through his long-proven methods.
Packed with hundreds of questions that correspond to chapters and sections throughout the book, "Study Guide for Technical Analysis Explained," Fifth Edition, features: Charts and graphs to help you visually digest the concepts presented Full text answers to guarantee your complete understanding of each important idea Fill-in-the-blank, multiple-choice, and matching question formats The straightforward, no-nonsense style that made "Technical Analysis Explained" a classic
Technical analysis mastery isn't easy, but its financial rewards make it indispensable. Use "Study Guide for Technical Analysis Explained" to reach the next level of technical analysis education and ensure that you start every trading day with the skills you need to come out on top.
This book will serve as a practical guide for entrepreneurs and investors/advisors in constructing and understanding valuations of startups in rapidly shifting industries, including the areas of drug development, medical devices, cyber security, and renewable energy. For large companies, valuation is based on forecasts of free cash flow; in technologically-driven industries, product pipelines can represent a large part of market capitalization. The situation is even more critical for small companies committed to a single idea: all of their value is linked to a single project. Any business transaction or internal proposal to begin or terminate an R&D project in which innovative projects are being valued or exchanged requires a realistic valuation of those projects. Moreover, different projects have very different dynamics. Pharmaceuticals have very large lead times and are dependent on patents as well as out-licensing agreements. In contrast, software develops very quickly, and IP is hard to value. This book will be a guide to building appropriate valuations for companies competing in rapidly shifting industries and offering products under new business models where little precedent exists, taking both financial and behavioral issues into consideration.
Glen Goodman's goal was to retire young and wealthy, escaping the daily grind. He taught himself how to trade everything from shares to Bitcoin and made enough money to realise his dream and quit his day job while still in his 30s. In The Crypto Trader, Glen will show you exactly how he made huge profits trading Bitcoin, Ethereum, Ripple and more, so that you can do it too - without risking your shirt. Glen publicly called the top of the market in December 2017 and took his profits before the crash. But there are still tons of trading opportunities out there and Glen continues to trade crypto successfully. Inside you'll see his multi-hundred-percent gains on a raft of cryptocurrencies and learn how he builds his profits and holds onto them. Glen reveals all his trading strategies, the proven methods and rules that make him one of the most followed traders in the world on social media. (He is also frequently interviewed by the BBC, Forbes and LBC, and is a contributing expert on cryptocurrency at the London School of Economics.) It took Glen years of study and trial and error to become a consistent money maker. He learnt his trading lessons the hard way - so you don't have to. With The Crypto Trader by your side, you'll learn how to grab opportunities, make money - and keep it.
"This handbook is essential reading for all investors in the
private markets. It is especially helpful in understanding the
mechanics of portfolio construction and challenges of performance
measurement of private equity and venture capital investing."
"An invaluable handbook."
"Private equity fund investing is often viewed as more art than
science, though in reality it requires an even blend of both
skills. This book focuses on the science behind the art. It covers
all the major concepts while introducing some great new ones, and
must be required reading for serious private equity market
"The authors have created a simple and pragmatic handbook for a
very complex asset class. Their collective experience is
invaluable. This is a fantastic read for new private equity
investors as well as experienced portfolio managers looking for
additional tools that can be used in monitoring their current
investments and in the process of screening new opportunities.
Inside Private Equity is a great foundation for investors looking
to improve their analysis of an exciting asset class."
"A real practitioner-focused contribution bringing performance
measurement down from the theoretical to the practical."
"Inside Private Equity clearly explains, without
oversimplifying, the hard work of managing private equity
portfolios. Full of cogent advice from an experienced team. Great
"A handy guide to address the pitfalls and issues of investing
in private equity that most institutional investors have wrongly
ignored. Well done "
The past two decades has witnessed unprecedented changes in the corporate governance landscape in Europe, the US and Asia. Across many countries, activist investors have pursued engagements with management of target companies. More recently, the role of the hostile activist shareholder has been taken up by a set of hedge funds. Hedge fund activism is characterized by mergers and corporate restructuring, replacement of management and board members, proxy voting, and lobbying of management. These investors target and research companies, take large positions in `their stock, criticize their business plans and governance practices, and confront their managers, demanding action enhancing shareholder value. This book analyses the impact of activists on the companies that they invest, the effects on shareholders and on activists funds themselves. Chapters examine such topic as investors' strategic approaches, the financial returns they produce, and the regulatory frameworks within which they operate. The chapters also provide historical context, both of activist investment and institutional shareholder passivity. The volume facilitates a comparison between the US and the EU, juxtaposing not only regulatory patterns but investment styles.
Wiley's 11th Hour Final Review Guide for 2020 Level III CFA Exam compacts all readings tested on the 2020 CFA exam into one portable volume. Organized in order, this best-selling guide has helped thousands of candidates from over one-hundred countries pass the CFA exam. Designed to boil it all down to the crucial concepts, formulas and rules, this guide ensures candidates are familiar with the most important testable information. It's difficult to go over multiple books in the last few weeks before the exam, so Wiley's 11th Hour Review Guide does the work for you--condensing each reading down to two- to five pages. Enter the exam room with confidence and reinforce your knowledge and preparation! This comprehensive guide complements Wiley's CFA Study Guides sold separately but may be used with any review course. An effective, efficient study guide, this book prepares you to reach the next level in your career. "The Eleventh Hour Review book is simply brilliant. Virtually every sentence it contains is testable--it's an absolute must-have for every Level I candidate." --Ameer, UK "The eleventh hour guide was a great help." --Konrad, South Africa "I used your eleventh hour guide and mock exams for the last bit of my studying and greatly enjoyed your material. Out of all of the exam prep material, I thought [yours] was the best." --Thomas, USA "Thanks to the team for writing the most intelligent Chartered Financial Analyst material I have seen to date. The eleventh hour guide is absolute genius and proving very valuable at this stage of the revision process." --Doug, UK
A definitive guide to the growing field of behavioral finance
This reliable resource provides a comprehensive view of behavioral finance and its psychological foundations, as well as its applications to finance. Comprising contributed chapters written by distinguished authors from some of the most influential firms and universities in the world, "Behavioral Finance" provides a synthesis of the most essential elements of this discipline, including psychological concepts and behavioral biases, the behavioral aspects of asset pricing, asset allocation, and market prices, as well as investor behavior, corporate managerial behavior, and social influences.Uses a structured approach to put behavioral finance in perspectiveRelies on recent research findings to provide guidance through the maze of theories and conceptsDiscusses the impact of sub-optimal financial decisions on the efficiency of capital markets, personal wealth, and the performance of corporations
Behavioral finance has quickly become part of mainstream finance. If you need to gain a better understanding of this topic, look no further than this book.
Bestselling author, Jack Schwager, challenges the assumptions at the core of investment theory and practice and exposes common investor mistakes, missteps, myths, and misreads
When it comes to investment models and theories of how markets work, convenience usually trumps reality. The simple fact is that many revered investment theories and market models are flatly wrong--that is, if we insist that they work in the real world. Unfounded assumptions, erroneous theories, unrealistic models, cognitive biases, emotional foibles, and unsubstantiated beliefs all combine to lead investors astray--professionals as well as novices. In this engaging new book, Jack Schwager, bestselling author of "Market Wizards" and "The New Market Wizards," takes aim at the most perniciously pervasive academic precepts, money management canards, market myths and investor errors. Like so many ducks in a shooting gallery, Schwager picks them off, one at a time, revealing the truth about many of the fallacious assumptions, theories, and beliefs at the core of investment theory and practice.A compilation of the most insidious, fundamental investment errors the author has observed over his long and distinguished career in the marketsBrings to light the fallacies underlying many widely held academic precepts, professional money management methodologies, and investment behaviorsA sobering dose of real-world insight for investment professionals and a highly readable source of information and guidance for general readers interested in investment, trading, and financeSpans both traditional and alternative investment classes, covering both basic and advanced topicsAs in his best-selling "Market Wizard" series, Schwager manages the trick of covering material that is pertinent to professionals, yet writing in a style that is clear and accessible to the layman
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