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The Investment Trusts Handbook 2019 provides investors with investing essentials, cutting-edge expert views and powerful trends and data on investment trusts - often referred to as the City's best-kept secret. With contributions from key commentators, writers and leading industry experts, all edited by respected financial journalist Jonathan Davis, the handbook delivers for investors both private and professional, and is an indispensable companion for anyone looking to invest in the investment trusts arena.
The Brazilian financial markets operate in a very different way to G7 markets. Key differences include onshore and offshore markets, exponential rates, business days day-counts, and price formation from the futures markets (instead of the cash markets). This book provides a quantitative, applied guide to the offshore and onshore Brazilian markets, with a focus on the financial instruments unique to the region. It offers a comprehensive introduction to the key financial 'archaeology' in the Brazil context, exploring interest rates, FX and inflation and key differences from G7 market finance. It explores the core industry investment banking business in detail, from FX to interest rates and cash and inflation. Finally it introduces the region's unique financial instruments, as well as their pricing and risk management needs. Covering both introductory and complex topics, this book provides existing practitioners in Brazil, as well as those interested in becoming involved in these markets, everything they need to understand the market dynamics, risks, pricing and calibration of curves for all products currently available.
In 2005, Joel Greenblatt published a book that is already considered one of the classics of finance literature. In "The Little Book that Beats the Market--"a "New York Times" bestseller with 300,000 copies in print"--"Greenblatt explained how investors can outperform the popular market averages by simply and systematically applying a formula that seeks out good businesses when they are available at bargain prices. Now, with a new Introduction and Afterword for 2010, "The Little Book that Still Beats the Market" updates and expands upon the research findings from the original book. Included are data and analysis covering the recent financial crisis and model performance through the end of 2009. In a straightforward and accessible style, the book explores the basic principles of successful stock market investing and then reveals the author's time-tested formula that makes buying above average companies at below average prices automatic. Though the formula has been extensively tested and is a breakthrough in the academic and professional world, Greenblatt explains it using 6th grade math, plain language and humor. He shows how to use his method to beat both the market and professional managers by a wide margin. You'll also learn why success eludes almost all individual and professional investors, and why the formula will continue to work even after everyone "knows" it.
While the formula may be simple, understanding why the formula works is the true key to success for investors. The book will take readers on a step-by-step journey so that they can learn the principles of value investing in a way that will provide them with a long term strategy that they can understand and stick with through both good and bad periods for the stock market.
As the "Wall Street Journal" stated about the original edition, "Mr. Greenblatt...says his goal was to provide advice that, while sophisticated, could be understood and followed by his five children, ages 6 to 15. They are in luck. His 'Little Book' is one of the best, clearest guides to value investing out there."
The past twenty years have seen an extraordinary growth in the use of quantitative methods in financial markets. Finance professionals now routinely use sophisticated statistical techniques in portfolio management, proprietary trading, risk management, financial consulting, and securities regulation. This graduate-level textbook is intended for PhD students, advanced MBA students, and industry professionals interested in the econometrics of financial modeling. The book covers the entire spectrum of empirical finance, including: the predictability of asset returns, tests of the Random Walk Hypothesis, the microstructure of securities markets, event analysis, the Capital Asset Pricing Model and the Arbitrage Pricing Theory, the term structure of interest rates, dynamic models of economic equilibrium, and nonlinear financial models such as ARCH, neural networks, statistical fractals, and chaos theory.
Each chapter develops statistical techniques within the context of a particular financial application. This exciting new text contains a unique and accessible combination of theory and practice, bringing state-of-the-art statistical techniques to the forefront of financial applications. Each chapter also includes a discussion of recent empirical evidence, for example, the rejection of the Random Walk Hypothesis, as well as problems designed to help readers incorporate what they have read into their own applications
This book provides a basic grounding in the use of probability to model random financial phenomena of uncertainty, and is targeted at an advanced undergraduate and graduate level. It should appeal to finance students looking for a firm theoretical guide to the deep end of derivatives and investments. Bankers and finance professionals in the fields of investments, derivatives, and risk management should also find the book useful in bringing probability and finance together. The book contains applications of both discrete time theory and continuous time mathematics, and is extensive in scope. Distribution theory, conditional probability, and conditional expectation are covered comprehensively, and applications to modeling state space securities under market equilibrium are made. Martingale is studied, leading to consideration of equivalent martingale measures, fundamental theorems of asset pricing, change of numeraire and discounting, risk-adjusted and forward-neutral measures, minimal and maximal prices of contingent claims, Markovian models, and the existence of martingale measures preserving the Markov property. Discrete stochastic calculus and multiperiod models leading to no-arbitrage pricing of contingent claims are also to be found in this book, as well as the theory of Markov Chains and appropriate applications in credit modeling. Measure-theoretic probability, moments, characteristic functions, inequalities, and central limit theorems are examined. The theory of risk aversion and utility, and ideas of risk premia are considered. Other application topics include optimal consumption and investment problems and interest rate theory.
Burton Malkiel’s 1973 A Random Walk Down Wall Street was an explosive contribution to debates about how to reap a good return on investing in stocks and shares. Reissued and updated many times since, Malkiel’s text remains an indispensable contribution to the world of investment strategy – one that continues to cause controversy among investment professionals today.
At the book’s heart lies a simple question of evaluation: just how successful are investment experts? The financial world was, and is, full of people who claim to have the knowledge and expertise to outperform the markets, and produce larger gains for investors as a result of their knowledge. But how successful, Malkiel asked, are they really? Via careful evaluations of performance – looking at those who invested via ‘technical analysis’ and ‘fundamental analysis’ – he was able to challenge the adequacy of many of the claims made for analysts’ success. Malkiel found the major active investment strategies to be significantly flawed. Where actively managed funds posted big gains one year, they seemingly inevitably posted below average gains in succeeding years. By evaluating the figures over the medium and long term, indeed, Malkiel discovered that actively-managed funds did far worse on average than those that passively followed the general market index.
Though many investment professionals still argue against Malkiel’s influential findings, his exploration of the strengths and weaknesses of the argument for believing investors’ claims provides strong evidence that his own passive strategy wins out overall.
Women invest differently than men. Collectively, their approach has proven profitable and reliable, and it outperforms the industry at large. The portfolio managers interviewed in this book exemplify the best traits that women investors tend to exhibit. Read Women of the Street to learn from them and start investing a little more like a girl.
'The Financial Times Guide to Trusts' explains how to use investment trusts, what to watch out for, and the risks associated with them. It also suggests some actual portfolios of mixed investments that new investors can use as a starting point.
In most capital markets, insider trading is the most common violation of securities law. It is also the most well known, inspiring countless movie plots and attracting scholars with a broad range of backgrounds and interests, from pure legal doctrine to empirical analysis to complex economic theory. This volume brings together original cutting-edge research in these and other areas written by leading experts in insider trading law and economics. The Handbook begins with a section devoted to legal issues surrounding the US's ban on insider trading, which is one of the oldest and most energetically enforced in the world. Using this section as a foundation, contributors go on to discuss several specific court cases as well as important developments in empirical research on the subject. The Handbook concludes with a section devoted to international perspectives, providing insight into insider trading laws in China, Japan, Australia, New Zealand, the United Kingdom and the European Union. This timely and comprehensive volume will appeal to students and professors of law and economics, as well as scholars, researchers and practitioners with an interest in insider trading.
The essential guide to financial instruments, logically presented Fundamentals of Financial Instruments deals with the global financial markets and the instruments in which they trade. While most books on finance tend to be heavily mathematical, this book emphasizes the concepts in a logical, sequential fashion, introducing mathematical concepts only at the relevant times. As a result, the reader gains conceptual clarity reinforced by just the right level of technical detail to ensure a comprehensive exposure to the skills needed in the financial world. * Establishes a strong foundation for understanding global markets * Acts as an invaluable resource for those considering a career in the financial markets * Offers an accessible yet in-depth treatise on modern financial instruments * Presents a logical navigational path for a typical student of finance who is attempting to come to terms with the intricacies of the subject Covering the fundamentals of various types of assets in a single volume, Fundamentals of Financial Instruments is a compact yet comprehensive one-stop reference for students and professionals in finance and economics.
The essential guide to trading futures, without all the fuss
This uncomplicated guide for beginners proves that you don't have to be a financial wizard to successfully trade futures . . . and you don't have to hire a financial advisor to tell you what to do either. Instead, "Futures Made Simple" outlines the basic strategies that even novice investors can use to make money with futures. The book lays just what you need to know--what futures are, how the exchanges work, how to analyse the markets, and how to trade futures either on- or offline.An excellent entry-level guide to futures tradingWritten by a successful trader with almost two decades of experience in equities, futures, options, and other vehiclesFeatures easy-to-understand examples and bulleted summaries of key points to make learning simple
For investors at any level of experience who want to move into futures trading, "Futures Made Simple" offers expert advice and fundamental guidance for profitable investing.
Understand Regulation A+ and other alternative funding methods Regulation A+ and Other Alternatives to a Traditional IPO delves into the details of the new SEC rules under the JOBS Act of 2012 to examine the benefits and pitfalls for entrepreneurs and investors. Written by the 'Godfather of Reg A+, ' this book breaks down the complex details of Regulation A+ and other alternative funding methods to help small businesses determine how best to go public and raise capital. A traditional IPO comes with barriers that can be insurmountable for a small company seeking to enter the public markets; thus far, reverse mergers have provided a challenging 'back door' to the market, but Regulation A+ re-opens the front door to allow small cap companies to raise capital while keeping offering and compliance costs manageable in a way not possible with a traditional IPO. More complex than simple crowdfunding, yet just as accessible by all investors, Regulation A+ is a step up for entrepreneurs at any stage wanting to go public where Wall Street meets Main Street. Straightforward explanations, smart strategy, and illustrative examples make this book an invaluable guide for those seeking to truly understand the nuances of Regulation A+ in order to work more effectively within its bounds. Understand how Regulation A+ differs from a traditional IPO and the early experience with this exciting new approach Examine the JOBS Act and the SEC's rules under Title IV Explore the past, present, and future of reverse mergers, special purpose acquisition companies (SPACs) and self-filings Discover new alternatives including new rules under Rule 504 and Regulation S The new rules provide a faster, more streamlined, more cost-effective route to up to $50 million in capital, and offer companies more flexibility than ever. Every entrepreneur needs to know all available funding options, and Regulation A+ and Other Alternatives to a Traditional IPO provides essential guidance from the expert in the field.
The bond market is a key securities market and emerging economies present exciting, new investment opportunities. This timely book provides insights into these emerging bond markets through empirical models and analytical databases, i.e. Bloomberg, Eikon Refinitiv and the Russian Cbonds. The book looks at the dynamics of the development of emerging bond markets, their competitiveness, features and patterns using macro and micro level data. It also takes into consideration various securities type i.e. government, corporate, sub-federal and municipal bonds, to identify respective challenges and risks. The book also analyses factors that may inhibit or stimulate a well-balanced financial market. It includes case studies of Asian, Latin American and Russian bond markets, as also as cross-country comparisons. It will be a useful reference for anyone who is interested to learn more of the bond market and the modelling techniques for critical data analysis.
Ratios provide an extremely effective method of understanding company accounts. At their most basic this usually involves taking one figure from the published accounts and dividing it by another - however, this seemingly simple process can reveal an enormous amount about both the nature and performance of a company. 'Ratios Made Simple' looks at ratios from the perspective of an investor, providing a toolkit for investors to use to accurately analyse a company from its accounts. This book is divided into nine chapters, with each chapter looking at a different aspect of potential concern to an investor: 1. Profitability Ratios 2. Investment Ratios 3. Dividend Cover 4. Margins 5. Gearing 6. Solvency Ratios 7. Efficiency Ratios 8. Policy Ratios 9. Volatility For each ratio, financial expert Robert Leach provides a detailed definition, explains how it works, describes its use. Investors are also given a simple explanation of how to calculate each ratio, what the ratio means and how the investor should apply the answers in making investment decisions.This book provides the investor with an essential guide to the use of these powerful analytical tools - tools that should form a vital part of an investor's decision-making process.
Financial models in Excel allow investment analysts and other finance professionals to take the laborious number crunching out of financial analysis and forecasting. Models help them to gain meaningful insights into the way that a business is working and focus attention on areas to improve bottom-line results. They can also be used as powerful tools to test the potential impact of various risks on business performance. In this brand new guide, financial modelling expert Paul Lower presents step-by-step instructions for seven spreadsheet models that will help the user to gain a better understanding of the financial data coming out of a business. These seven models can be used to: 1. Assess how a business is performing on key financial indicators. 2. Produce sales and cost forecasts. 3. Create a cash flow forecast. 4. Understand the impact of product price changes on profitability. 5. Assess potential investment decisions. 6. Check the sensitivity of key financial measures to risk events. 7. Produce a business valuation. The book also includes downloadable spreadsheets of the author's original Excel models and introductory chapters about best practice when modelling in Excel. With this suite of seven tools, a financial analyst will be equipped to use Excel to achieve a deep understanding of a business and its financial data.
If you were to make a list of financial topics that have grabbed the interest of the wider public over recent years then spread betting and foreign exchange trading would surely be near the top. These have both been around for decades, but developments in technology and financial markets in the past five to ten years have made them extremely hot topics right now. This book starts by covering the basics of spread betting and explains why it has become such a popular method for trading a whole host of markets. Next the forex markets are explained - cutting through the jargon to help you understand how they work, what makes currency prices move second by second, 24 hours a day, and how you can trade forex using spread betting. Finally, some trading strategies are examined - approaches that you can put into practise straightaway using spread betting, and at a level of risk that suits your own particular circumstances. If you are looking to trade forex then this book provides an expert introduction - helping you to succeed by avoiding the most common pitfalls of this highly volatile but fascinating market.
A practitioner's guide to ex-post performance measurement techniques
Risk within asset management firms has an undeserved reputation for being an overly complex, mathematical subject. This book simplifies the subject and demonstrates with practical examples that risk is perfectly straightforward and not as complicated as it might seem. Unlike most books written on portfolio risk, which generally focus on ex-ante risk from an academic perspective using complicated language and no worked examples, this book focuses on ex-post risk from a buy side, asset management, risk practitioners perspective, including a number of practical worked examples for risk measures and their interpretation.
There is a huge change taking place as the world moves inexorably towards a low-carbon economy. 'The Green Investing Handbook' is aimed at the investor looking to profit from this global transition. The book provides a detailed overview of the investment opportunities emerging in the companies behind these environmental technologies and services. It covers the standout firms operating in all the key green technology sectors, the trends of each sector and the industry as a whole, as well as the most important or promising green funds, ETFs and private equity funds. The book delivers both demystifying explanations of the intricate technology at the heart of the green revolution, as well as providing comprehensive investment insight. It is designed to help the investor to make better-informed decisions when engaging with these complex, innovative and rapidly growing industries. And it does so whether you are interested in investing through equities, direct investment or funds. The ten sectors covered in depth are: - Solar power - Wind power - Marine energy - Geothermal - Power storage - Smart grids - Hydrogen and fuel cells - Green transport - Green buildings - Waste and energy resources Each chapter breaks down the trends and technology of the relevant sector, as well as its past performance, and looks at key advice and expert opinion on where they are headed. Notable company activity, technological development and government support is detailed throughout. The second half of the handbook is dedicated to a comprehensive directory of over 150 green companies, covering performance snapshots and overviews. The activities of each are featured in turn, with important developments and key features covered. The directory also includes green funds - their size, strategies, charges and managers, and their manager's comments. The details of green private equity firms, ETFs and indices, as well as a bank of resources, round out this one-stop reference section giving you everything you need to start investing in the sustainability revolution.
A rediscovered trading classic Very few day traders make money - let alone $1 million or more - in the daily stock-trading battle. 'The Guts and Glory of Day Trading' tells the true stories of twelve otherwise ordinary people who have made or lost at least $1 million trading stocks. Their triumphant and tragic tales pull back the curtain from the gritty world of day trading to give a rare glimpse of the human emotion, the lives transformed, and the lessons learned, aside from the hype. Day traders aren't only market gurus and stock brokers, but regular people - classical pianists, burned-out photographers, moonlighting business consultants - who decided to pursue an exciting and treacherous phenomenon to achieve independent success and wealth beyond their wildest dreams. Their stories will inspire you, and - more importantly - show how you can improve your own trading strategies by learning from their successes and avoiding their mistakes. Every battle has its winners and losers. Every day, thousands of day traders take their battle positions in front of their computers to go head-to-head against the world's best, and most powerful, trading institutions.There are casualties, many casualties. But there are also victories - moments when an individual trader reaches the pinnacle of our capitalist system to take a profit. Making money isn't easy - with a 75 to 90% failure rate, only the strong survive, and only the most savvy live to trade another day. But despite the negative press, a wildly unpredictable market, and the possibility of losing their shirts on any given trading day, these market mercenaries continue to trade, and day trading continues to grow as a profession. What drives them? In 'The Guts and Glory of Day Trading', you'll read the astounding stories of those traders who have been skilled enough to make significant money, and the gut-wrenching dramas of those who were unfortunate to lose vast fortunes. Their stories and strategies will keep you on the edge of your seat. These valuable lessons from this trading dozen tell more than just the pits and peaks of stock trading. They teach the survival skills and tactics necessary to live to trade another day. You can learn how to improve your own trading techniques by learning what most of them did right - and what some of them did wrong.
This new book from The Technical Analyst comprises interviews
with 13 market analysts from around the world. Each chapter
provides essential and in-depth descriptions of techniques that are
most effective in trading the global currency markets.
"Strategic Investment and Finance" is a comprehensive course book covering investment analysis and finance from a strategic perspective. It explains classical theories and models of investment and finance, and uses examples and case studies to illustrate their application to concrete business challenges. The emphasis is on providing insights into how investment analysis and finance decisions are made in real life and how to apply these concepts in a practical setting in order to give the best results. The book links investment and finance theory with business strategy in a way which offers a new, dynamic perspective on investment analysis. This book is geared towards undergraduate or graduate studies enrolled in introductory to intermediate level courses in investment analysis, finance, and business strategy. The fundamentals of investment and finance theory are covered in a way which introduces strategic thinking into the managerial decision-making process. This perspective will also be of interest to experienced managers wishing to refresh their knowledge of investing and finance.
In Personal Benchmark: Integrating Behavioral Finance and Investment Management, Chuck Widger and Dr. Daniel Crosby outline the ways in which a program of embedded behavioral finance, fueled by what matters most to you, can be your protection against irrational financial behavior. Along the way, you'll learn how to improve your investment experience, increase returns formerly sacrificed to misbehavior, and worry less about "The Economy" as you become increasingly focused on "My Economy." Welcome to a new way of investing, a new paradigm for conceptualizing wealth, and a system of turning emotion from your portfolio's worst enemy into its best friend! In this new model, risk is simply the likelihood that we will underperform our dreams. Irrationality is acting in ways that thwart our ability to reach those dreams. And the optimal portfolio is not the one that generates the highest return in abstraction, it is the one that helps us meet our goals without killing our nerves before we get there. This book gives advisors the tools needed to effectively communicate the design and execution of the Personal Benchmark solution.
Your friendly guide to trading the bond and bond fund market
Bonds and bond funds are among the safest and most reliable investments you can make to ensure an ample and dependable retirement income--if you do it right "Bond Investing For Dummies" helps you do just that, with clear explanations of everything you need to know to build a diversified bond portfolio that will be there when you need it no matter what happens in the stock market.
This plain-English guide clearly explains the pros and cons of investing in bonds, how they differ from stocks, and the best (and worst ) ways to select and purchase bonds for your needs. You'll get up to speed on the different bond varieties and see how to get the best prices when you sell.Covers the ups and downs of today's market, which reinforces the importance of bonds in a portfolioExplains how a radical fall in interest rates make bond investing trickier than everExplores the historic downgrade of U.S. Treasuries and its possible effects on government bonds
If you're an investor looking for a resource that helps you understand, evaluate, and incorporate bonds into your portfolio, "Bond Investing For Dummies" has you covered.
A stop order is an essential tool used for money management and risk limitation, but for many investors and traders it is not terribly well understood. - Do you know how to apply stop orders effectively at entry, and maintain them properly until exit, so as to buy low and sell high, or buy high and sell higher? - Do you know how to limit your downside risk by combining stop orders with effective position sizing? - What will you do if the market gaps and you get stopped out? This book provides the answers. The author begins by presenting a thorough survey of the various stops available, including buy and sell stop orders and trailing stop orders. This provides a vital introduction for beginners, and a handy reference guide for those more experienced. Having described these tools, Stop Orders then moves on to examine their practical applications by explaining how to use the different stop order techniques when making your trades in the markets. The book is illustrated throughout with charts for stock indices, individual stocks, commodities and foreign exchange currency pairs to provide a range of real-life examples. This book covers everything you need to know about stop orders and how to make them work for you. Whether you are a trader, an investor, or a spread bettor, you should regard the stop order as essential in helping you lock in your profits and succeed in the markets.
The United States has been the world's largest recipient of foreign direct investment (FDI) since 2006. Every day, foreign companies establish new operations in the United States or provide additional capital to established businesses. With the world's largest consumer market, skilled and productive workers, a highly innovative environment, appropriate legal protections, a predictable regulatory environment, and a growing energy sector, the United States offers an attractive investment climate for firms across the globe. This book focuses on the foreign direct investment in the United States. It provides an economic analysis of foreign direct investment in the United States, discusses federal statutory restrictions, analyses economic considerations on foreign investment and national security, and finally, focuses on the committee on foreign investment in the United States.
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