Business, Finance & Law Books

Book SynopsisSupercharge your marketing strategy with data analytics In Data-First Marketing: How to Compete & Win in the Age of Analytics, distinguished authors Miller and Lim demystify the application of data analytics to marketing in any size business. Digital transformation has created a widening gap between what the CEO and business expect marketing to do and what the CMO and the marketing organization actually deliver. The key to unlocking the true value of marketing is data from actual buyer behavior to targeting info on social media platforms to marketing's own campaign metrics. Data is the next big battlefield for not just marketers, but also for the business because the judicious application of data analytics will create competitive advantage in the Age of Analytics. Miller and Lim show marketers where to start by leveraging their decades of experience to lay out a step-by-step process to help businesses transform into data-first marketing organizatiTable of ContentsForeword xiii Preface xvii Introduction 1 Uncertainty about the CMO Role as Marketing is Asked to Take on More 1 Reinventing Marketing Starts with Data and Analytics 3 Data-First Marketing Proves Marketing’s Value 4 Part I Data - Driven Marketing is Not Enough 1 Marketing in the Age of Analytics 9 Proving Marketing’s Value to the Business 9 Digital Transformation Leads to the Age of Analytics 12 Building a Martech Stack Multiplies the Data and Need for Analytics 23 The New Rules Now Include Marketing Data Analytics 24 2 Data Levels the Playing Field: Lessons from Moneyball 29 The Moneyball Data-First Philosophy 31 Lesson 1: Defy Convention, Using Data 33 Lesson 2: You May Not Win the World Series, but You Can Be a Contender 36 Lesson 3: Always Ask “Why?” 37 3 Data-First Marketing: Transforming Your Marketing Organization 41 What is Data-First Marketing? 42 Why Data-First Marketing? 43 Why Isn’t Marketing Already Doing This? 43 Beginning the Transformation 46 Part II Transforming Your Organization : Adopting Data – First Marketing 4 Assessing Your Organization’s Marketing Maturity Level 51 1. Aligning Marketing with the Business 52 2. Architecture and Technical Resources 54 3. Analyzing Data 56 4. Campaign Framework 57 5. Embracing Data-First 60 5 Step 1: Marketing-Business Alignment 67 Is Marketing a Cost Center or a Revenue Center? 67 Shifting the Perception of Marketing from Cost Center to Revenue Center 68 Getting Buy-in from Key Stakeholders 69 Get Started Today 87 6 Step 2: Data Integration, Architecture and Technical Resources 89 Develop a Strategy for Your Martech Stack 89 Six Questions to Ask When Evaluating Your Martech Stack 92 Get Started Today 106 7 Step 3: Data Analysis 109 Cognitive Biases: One More Lesson from Moneyball 110 Example of Beating Cognitive Biases: Rely on Data 112 Overcoming Biases and Beliefs 113 Analyzing Different Types of Marketing Data 121 Get Started Today 131 8 Step 4: The Data-First Marketing Campaign Framework 133 Development Phase 134 Execution Phase 149 Analysis Phase 162 Get Started Today 170 9 Step 5: Data-First Marketing Staffing and Culture 173 Starting at the Top: CMO and Marketing Leadership 174 Systemizing Data-First Marketing with the Marketing Team 190 Empower Your Marketing Team 192 Get Started Today 194 Conclusion 195 Afterword 201 Bibliography 203 Acknowledgments 209 About the Authors 213 Index 215

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Book SynopsisTable of ContentsAbout the Author xvii Preface xix Abbreviations xxiii Introduction 1 Asset-Liability Management Metrics 5 ALM Risk Factors 7 Organization of This Book 8 Chapter 1 Interest Rate 17 Interest Rate, Future Value, and Compounding 18 Use of Time Notation versus Period Notation 22 Simple Interest 23 Accrual and Payment Periods 24 Present Value and Discount Factor 29 Present Value of Several Cash Flows 32 Present Value of Annuity and Perpetuity 33 Day Count and Business Day Conventions 34 Treasury Yield Curve and Zero-Coupon Rate 40 Bootstrapping 43 LIBOR 48 Forward Rates and Future Rates 49 Implied Forward Rates 50 Forward Rate Agreements 55 Interest Rate Futures 56 Swap Rate 58 Determination of the Swap Rate 61 Valuation of Interest Rate Swap Contracts 66 LIBOR-Swap Spot Curve 70 Interpolation Methods 75 Piecewise Linear Interpolation 76 Piecewise Cubic Spline Interpolation 78 Federal Funds and Prime Rates 84 Overnight Index Swap Rate 87 OIS Discounting 88 Secured Overnight Financing Rate 94 Components of Interest Rate 95 Risk Structure of Interest Rate 97 Term Structure of Interest Rate 98 Expectation Theory 100 Market Segmentation Theory 102 Liquidity Premium Theory 102 Inflation and Interest Rate 102 Negative Interest Rate 103 Interest Rate Shock 105 Parallel Shock 106 Non-Parallel Shock 107 Interest Rate Risk 109 Summary 110 Notes 112 Bibliography 114 Chapter 2 Valuation: Fundamentals of Fixed-Income and Non-Maturing Products 115 Principal Amortization 116 Bullet Payment at Maturity 116 Linear Amortization 117 Constant Payment Amortization 118 Sum-of-Digits Amortization 121 Custom Amortization Schedule 123 Fixed-Rate Instrument 124 Valuation 124 Yield 130 Duration and Convexity 133 Dollar Duration and Dollar Convexity 142 Portfolio Duration and Convexity 143 Effective Duration and Effective Convexity 144 Interest Rate Risk Immunization 145 Key Rate Duration 155 Fisher-Weil Duration 156 Key Rate Duration 160 Floating-Rate Instrument 165 Pre-Period-Initiation Rate Setting 166 Post-Period-Initiation Rate Setting 166 Valuation Using Estimated Interest Rates at Future Reset Dates 168 Using Implied Forward Rate 168 Using Forecasted Rate 171 Valuation Using Assumption of Par Value at Next Reset Date 177 Duration and Convexity 182 Valuation Using Simulated Interest Rate Paths 184 Non-Maturing Instrument 191 No New Business Treatment 192 No New Account Treatment 196 Constant Balance Treatment 197 Inclusion of Prepayment and Default: A Roll Forward Approach 198 Summary 207 Notes 210 Bibliography 210 Chapter 3 Equity Valuation 213 Dividend Discount Model 214 Discounted Free Cash Flow Method 217 Comparative Valuation Using Price Ratios 226 Summary 233 Note 234 Bibliography 235 Chapter 4 Option Valuation 237 Stock Option 238 Boundary Values 240 Call Option 241 Put Option 243 Put–Call Parity 247 Underlying Stock Does Not Pay Dividends 247 Underlying Stock Pays Dividends or Provides Yield 251 Binomial Tree 252 The Black–Scholes–Merton Model 267 Generalization of the Black–Scholes–Merton Model 272 Option Valuation Using Monte Carlo Simulation 273 Sensitivity of Option Value 282 Sensitivity to Underlying Price 282 Sensitivity to Volatility 288 Sensitivity to the Interest Rate 290 Sensitivity to the Passage of Time 291 Volatility 292 Historical Volatility 292 Implied Volatility 295 Non-Constant Volatility 297 ARCH and GARCH Models 298 Forecasting Volatility Using the GARCH Model 303 The GARCH-M Model 305 The Exponentially Weighted Moving Average Model 306 The EWMA Model for Covariance 310 Option Valuation Using a GARCH Model 312 Futures Options 319 Futures Contract 319 Option on Futures Contract 320 Put–Call Parity for Futures Options 323 Black Model 324 Using a Binomial Tree for Valuation of Futures Options 326 Summary 328 Annex 1: Derivation of Put–Call Parity When the Underlying Pays Dividends 331 Annex 2: Derivation of Delta, Gamma, Vega, Rho, and Theta 338 Notes 343 Bibliography 344 Chapter 5 Interest Rate Models 347 Instantaneous Forward Rate and Short Rate 347 Vasicek Model 354 Hull-White Model 358 Ho-Lee Model 366 Black-Karasinski Model 367 Interest Rate Options 368 Swaption 368 Interest Rate Cap and Floor 370 Analytical Valuation of Bonds and Options 373 Zero-Coupon Bond 373 Option on a Zero-Coupon Bond 374 Interest Rate Cap and Floor 375 Option on a Coupon-Bearing Bond 376 Swaption 376 Interest Rate Tree 377 The Hull-White Tree 382 The Black-Karasinski Tree 400 Calibration 405 Calibration Using the Analytical Method 408 Calibration Using the Interest Rate Tree 413 LIBOR Market Model 420 Summary 425 Annex: Derivation of Zero-Coupon Bond Price Using a Δt-Period Rate from the Hull-White Tree 427 Notes 429 Bibliography 430 Chapter 6 Valuation of Bonds with Embedded Options 433 Callable Bond 433 Option-Adjusted Spread 441 Putable Bond 444 Summary 446 Note 447 Bibliography 447 Chapter 7 Valuation of Mortgage-Backed and Asset-Backed Securities 449 Mortgage-Backed Securities 450 Fixed-Rate Conventional Mortgage Loans 452 Prepayment 460 Impact of Prepayment on Mortgage-Backed Securities 463 Valuation of Mortgage-Backed Securities 476 Short Rate Model 476 Mortgage Refinancing Rate Model 480 Prepayment Model 483 Cash Flow Generator 483 Discounting and Aggregation Platform 484 Number of Simulated Paths and Convergence 486 Impact of Default on Mortgage-Backed Securities 488 Collateralized Mortgage Obligations 503 Valuation of Collateralized Mortgage Obligations 511 Asset-Backed Securities 513 Auto Loan ABSs 517 Collateral 517 Structure 520 Prepayment 521 Home Equity Loan ABSs 522 Collateral 522 Structure 523 Prepayment 524 Student Loan ABSs 524 Collateral 524 Structure 528 Prepayment 529 Credit Card Receivable ABSs 529 Collateral 529 Structure 530 Cash Flow Distribution Method 531 Prepayment 534 Early Amortization Event 534 Valuation of Asset-Backed Securities 535 Summary 550 Annex: Derivation of Survival Factor 552 Notes 553 Bibliography 554 Chapter 8 Economic Value of Equity 557 Economic Value of Equity: Basics 559 Duration Gap 562 Risk-Adjusted Yield Curve 567 Interest Rate Scenario Analysis 574 Product Type and Value Sensitivity 575 Impact of Interest Rate Shocks on EVE 584 Balance Sheet Type and EVE Sensitivity 593 Currency Exchange Rate Scenario Analysis 594 Economic Value of Equity Risk Limits 597 Balance Sheet Planning and EVE Forecasting 597 Basel Accord Guidance on EVE Analysis 600 Principles of Managing Interest Rate Risk in the Banking Book 601 Scenario Construction and EVE Analysis 604 Standardized Framework 607 Summary 608 Notes 610 Bibliography 611 Chapter 9 Net Interest Income 613 Interest Income and Expense: Basics 614 Interest Income and Expense for Floating-Rate Instruments 620 Using the Implied Forward Rate 621 Using the Forecasted Rate 631 Incorporating Balance Sheet Change in NII Analysis 638 Runoff View: No New Volume 638 Static View: Replacement of Matured Positions 642 Dynamic View: Incorporation of Business Plan 644 Earning Gap 648 Interest Rate Scenario Analysis 653 Parallel Shocks 654 Non-Parallel Shocks 664 Balance Sheet Type and NII Sensitivity 670 Impact of Interest Rate Options on NII 673 Currency Exchange Rate Scenario Analysis 683 Currency Forward and Interest Rate Parity 683 Exchange Rate Shock Scenarios 687 Net Interest Income Hedging 691 Net Interest Income Risk Limits 697 Required Data and Other Considerations in NII Analysis 699 Basel Accord Guidance on NII Analysis 701 Summary 702 Notes 704 Bibliography 704 Chapter 10 Equity and Earnings at Risk 705 Introduction to Value-at-Risk 706 Variance-Covariance Method 708 Historical Sampling Method 710 Monte Carlo Simulation Method 713 Conditional Value-at-Risk 717 Application of VaR Methodology in ALM 719 Scenario Generation 721 Historical Sampling 721 Monte Carlo Simulation 726 Standard and Generalized Brownian Motion 726 Multi-dimensional Brownian Motion 730 Geometric Brownian Motion 731 Mean-Reverting Brownian Motion 734 Geometric Mean-Reverting Brownian Motion 739 Calibration 743 Equity-at-Risk 743 Interest Rate Risk Factor 744 Component Contribution 748 Approximation Techniques 749 Currency Exchange Rate Risk Factor 752 Sample Size and Convergence 758 Earnings-at-Risk 762 Interest Rate Risk Factor 763 Currency Exchange Rate Risk Factor 769 Summary 775 Notes 776 Bibliography 777 Chapter 11 Liquidity Risk 779 Funding Source and Liquidity Risk 780 Deposits 781 Short-Term Debt 783 Medium-Term Notes 788 Long-Term Debt 789 Securitization 790 Credit and Liquidity Facilities 793 Eurodollar Deposit and Federal Funds Market 795 Other Sources of Funding 796 Short-Term Secured Funding: Repurchase Agreements 796 Repo Basics 796 Repo Margin 800 Collateral Delivery Methods and Triparty Repo 801 Use of Repo 802 Security Lending 807 Repo and Liquidity Risk 809 Managing Liquidity Risk of Repo 811 Cash Flow Gap Analysis and Liquidity Stress Tests 816 Cash Flow Gap: Business-as-Usual 823 Cash Flow Gap: Idiosyncratic Stress 833 Cash Flow Gap: Market-Wide Stress 841 Cash Flow Gap: Multi-Currency 849 Funding Concentration Risk 854 Basel Accord Liquidity Risk Monitoring Tools 855 Liquidity Coverage Ratio 856 High-Quality Liquid Asset 857 Total Net Cash Outflows in Next 30 Days 859 Net Stable Funding Ratio 873 Available Stable Funding 874 Required Stable Funding 874 Intraday Liquidity 884 Early Warning Indicators 892 Liquidity Contingency Plan 893 Summary 893 Notes 896 Bibliography 897 Chapter 12 Funds Transfer Pricing 899 Funds Transfer Pricing: Basics 900 Pool Method 906 Matched Maturity Method 910 FTP Rate for Fixed-Rate Maturing Products 910 Weighted Average Method 913 Duration Method 914 Refinancing Method 915 FTP Rate for Floating-Rate Maturing Products 917 FTP Rate for Non-Maturing Products 920 Behavioral Model Method 920 Replicating Model Method 930 Components of FTP Rate 932 Characteristics of a Good FTP System 934 Summary 936 Notes 938 Bibliography 938 Appendix: Elements of Probability and Statistics 939 Index 1003

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Book SynopsisTable of ContentsPreface ix How to Use this Book ix Icons Used x Part I: Payroll Setup Chapter 1: Business Entity 3 Corporation 3 Partnership 5 Sole Proprietorship 6 Limited Liability Company (LLC) 7 Chapter 2: Employees and Nonemployees 9 You 9 Family Members 9 Employees Versus Independent Contractors 12 Statutory Employees and Statutory Nonemployees 19 Children 21 Volunteers 21 Interns 22 Religious Workers 24 Chapter 3: Earnings 25 Salary 25 Executive Exemption 33 Administrative Exemption 33 Professional Exemption 34 Highly Compensated Employees 36 Additional Guidance 37 When an Employer May Make Deductions from Salary Payroll 37 Hourly Wage 38 Basic Provisions/Requirements 39 Piecework 51 Training Wage 51 Subminimum Wage Provisions 53 Other Payroll Categories 54 Chapter 4: Deductions 63 Voluntary Deductions 63 Involuntary Deductions 68 Pre-tax Deductions 87 Chapter 5: Taxes 95 Tax Numbers 96 Employee Taxes 97 Chapter 6: Tax Penalties 123 Chapter 7: Workweek, Pay Period, Payday 129 Workweek 129 Pay Frequency (Pay Period) 130 Payday 131 Chapter 8: The Law 133 Federal 133 FMLA (Family Medical Leave Act) 140 Affordable Care Act 145 New Hire Reporting 146 Labor Posters 151 Davis-Bacon and Walsh-Healy 155 The Equal Pay Act (EPA) 156 Part II: Running a Payroll Chapter 9: Collecting Time 161 Time Clocks 161 Timesheets 165 Salaried Employees’ Time 165 Chapter 10: Calculating Payroll 167 Calculate Earnings Hourly 167 Overtime If a Staff Member Works Different Positions at Different Rates 169 Additions to Earnings 170 Reductions to Earnings 171 Chapter 11: Paying Your Employee 177 Method of Payment 177 Wages for Deceased Employees 184 Chapter 12: Taxes Depositing and Filing 187 Part III: Additional Essential Components Chapter 13: Record keeping 191 Internal Revenue Service 192 Department of Labor 192 Family and Medical Leave Act (If You Have 50 Employees or More) 193 Title VII of the Civil Rights Act of 1964 and the Americans with Disability Act of 1990 193 The Age Discrimination in Employment Act of 1967 194 The Immigration Reform and Control Act 194 Payroll and Direct Deposit Records in General 195 Employee Handbook/Policy Manual 195 Medical Insurance 195 Chapter 14: Workers’ Compensation Insurance 197 What is Workers’ Compensation Insurance? 197 Monopolistic States versus Nonmonopolistic Workers’ Comp States 200 Cost of Workers’ Comp Coverage 200 Chapter 15: Payroll Security and Internal Controls 207 Manuals and Procedures 207 Who Are You Hiring? 209 Internal Controls 219 Disaster Recovery 221 Form 944 222 Chapter 16: US Citizens Abroad, Resident and Nonresident Aliens, and Illegal Aliens 223 Nonresident Alien Services Performed Outside the United States 224 Paying Nonresident Aliens Inside the United States 224 Exceptions to Mandatory Withholding of FIT on Nonresident Aliens 226 Paying Illegal Aliens 226 Chapter 17: Other Issues 231 Professional Employer Organization (PEO) 231 Human Resource Management or HR 235 Escheat 235 Technology/Outsourcing 237 Federal Laws Based on the Number of Employees 238 The Employee Handbook/Policy Manual 242 Conclusion 251 Appendix: Payroll Tax Calender 253 Glossary 255 Index 285

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Book SynopsisTable of ContentsFigures and Tables Preface and Acknowledgments The Authors PART ONE: THE DYNAMIC CONTEXT OF PUBLIC ORGANIZATIONS Chapter One: The Challenge of Effective Public Organization and Management Chapter Two: Understanding the Study of Organizations: A Historical Overview Chapter Three: What Makes Public Organizations Distinct Chapter Four: Analyzing the Environment of Public Organizations Chapter Five: The Impact of Political Power and Public Policy PART TWO: KEY DIMENSIONS OF ORGANIZING AND MANAGING Chapter Six: Organizational Goals, Effectiveness, and Performance Chapter Seven: Formulating and Achieving Purpose: Power, Decision Making, and Strategy Chapter Eight: Organizational Structure, Design, Technology, Information Technology, and Social Media Chapter Nine: Understanding People in Public Organizations: Motivation and Motivation Theory Chapter Ten: Understanding People in Public Organizations: Values, Incentives, and Work-Related Attitudes Chapter Eleven: Leadership, Managerial Roles, and Organizational Culture Chapter Twelve: Teamwork: Understanding Communication and Conflict in Groups PART THREE: STRATEGIES FOR MANAGING AND IMPROVING PUBLIC ORGANIZATIONS Chapter Thirteen: Managing Organizational Change and Development Chapter Fourteen: Advancing Public Management Through Collaboration References Additional Reference Materials Name Index Subject Index

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Book SynopsisTable of ContentsIntroduction vii Chapter 1: The Concept of Luxury 1 Chapter 2: Specificities of the Luxury Industry 38 Chapter 3: Major Luxury Sectors: Ready-to-Wear, Perfumes and Cosmetics, and Leather Goods 66 Chapter 3: Major Luxury Sectors: Wines and Spirits, Jewelry and Watches, and Hotels and Hospitality 98 Chapter 4: The Power of the Luxury Brand 130 Chapter 5: The Luxury Client 161 Chapter 6: Brand Identity: Concepts and Analytical Semiotic Tools 188 Chapter 7: Additional Brand Analytical Tools 227 Chapter 8: Creation and Merchandising 276 Chapter 9: Communication in Digital Times 324 Chapter 10: Managing a Global Brand 377 Chapter 11: Retail Management 417 Chapter 12: Sustainability and Authenticity 452 Appendix A: Applying Brand Identity Analytical Tools 483 Appendix B: Glossary of Digital-Related Terms 491 Index 497

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Book SynopsisTable of ContentsForeword ix Preface xi Acknowledgments xv About the Authors xvii Part I An Introduction to REITs 1 Chapter 1 What is a REIT? 3 Chapter 2 Benefits of Investing in REITs 25 Chapter 3 Real Estate Fundamentals 37 Chapter 4 REIT Dividends 49 Chapter 5 Leases 65 Chapter 6 REITs by Property Type 79 Chapter 7 Mortgage REITs 109 Part II Investing in REITs 125 Chapter 8 Getting Technical 127 Chapter 9 Real Estate Debt and Fixed Income Securities 147 Chapter 10 REIT Performance in Various Market Conditions 159 Chapter 11 Analyzing REITs 185 Conclusion 227 Appendix A REITs Listed Alphabetically by Company Name 233 Appendix B REITs Listed Alphabetically by Ticker Symbol 241 Appendix C REITs by Sector 249 Glossary 263 Index 273

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Book SynopsisBring your financial planning to life by bringing life to your financial planning. Life-Centered Financial Planning: How to Deliver Value That Will Never Be Undervalued shows financial planners and advisors how to radically improve the service they provide to their clients by tying their decisions and strategies to their clients' life events, stages, and goals. Written by distinguished financial professionals Mitch Anthony and Paul Armson, Life-Centered Financial Planning provides readers with practical advice and concrete strategies to revolutionize their organization and client service by: Focusing on what matters most to clients, rather than maximizing assets under management or pushing products Understanding that a strong financial plan means more than simply accumulating as much money as possible Building a business model that is good for everyone involved: the financial advisor, clients, and the organization Moving from being a commodity to being your client's trusted advisor The book is perfect for any financial planner or advisor who wishes to adapt to the radical redefinition of financial services taking place today.Table of ContentsPreface xiii Acknowledgments xvii Part I: The End of Financial Services As We Know It 1 Chapter 1: The Masquerade Party is Over 3 Financial Advice in Flux 6 Expanding Your Reach 8 Comprehension of Context 8 Narrative and Understanding 9 Emotional Connectivity 9 Chapter 2: Erosive Value Propositions 11 Vacuous and Vaporous 13 Very Brief History of Distrust 15 Change Your Mindset 18 Tracking Your Client’s Life 19 Chapter 3: Deprogramming Advisory Magical Thinking 21 The Crystal Ball 22 Indiana Jones and the Temple of Doom 23 RIP Comparison 24 Chapter 4: Misplaced Value 31 Becoming Financially Independent is Easy 32 Change Your Focus 35 Are You Embarrassed Easily? 36 Understanding the Three Hats You Wear 37 The Third Hat: Financial Adviser 37 The Second Hat: Financial Planner 38 The First Hat: Life Planner 38 Chapter 5: The Bottom Line is Not a Number 41 The Human Elements 42 The Central Question 43 Building Relationships: The Roles You Will Play 44 Return on Life™ (ROL) Manifesto 46 What We Need to Know and Continue to Know 47 Your Bottom Line 48 Part II: Making the Shift to Life-Centered Financial Planning 51 Chapter 6: From Money Centered to Life Centered 53 It’s All about Discovery 57 The Past 57 The Present 58 The Future 59 A Tale of Two Advisers 60 Adviser A 60 Adviser B 61 The Journey That is Life 64 Chapter 7: Values That Value 67 Decommoditize 68 Core Values 70 Organization: We will help bring order to your financial life. 71 Accountability: We will help you follow through on your financial commitments. 72 Objectivity: We will provide insight from the outside to help you avoid emotionally driven decisions in important money matters. 72 Proactivity: We will help you anticipate the key transitions in your life so that you will be financially prepared for them. 73 Education: We will explore the specific knowledge you will need to succeed in your situation. 73 Partnership: We will work with you to help you achieve the best life possible. 74 Making the Leap 75 Chapter 8: Soft Skills Are Really the Hard Stuff 77 The Self-Centered Self-Delusion 80 The Empathy Report Card 82 “I Feel You, Man” 83 Pathways to Resonance 85 Roadblocks to Resonance 86 You Gotta Serve Somebody 87 Chapter 9: Answers Get Questioned, Questions Get Answered 91 Monologos 91 Dialogos 92 Really Smart People 94 Meaningful Questions 95 Don’t Dive Deep Out of the Blue 96 Establish Context for What You’re Going to Be Asking 97 Anchor the Story; Link the Story You Hear to the Service You’ll Be Delivering 98 Questions for the Quest 98 Chapter 10: Delivering Reality Checks 103 Reality Check 1: Your Clients Need to Know Where Their Money is Going 103 Client Habits 104 Reality Check 2: Your Clients Need to Be Responsible for Their Own Assumptions 106 Financial Independence versus Financial Dependence 107 Reality Check 3: Your Clients Need to Understand That What They Do with Their Income Impacts Their Life Outcome 109 Part III: The Dialogues of the Future 117 Chapter 11: What’s Your Fiscalosophy? 119 Organically Speaking 120 Past→Path Forward→Pathos 121 Understanding Their Drivers 122 Chapter 12: What is Your Return on Life? 131 Resetting the Focus 141 Chapter 13: Money in Motion 143 What Was I Thinking? 144 Come Back from the Future: Life Transitions 145 The Here and Now, and Near Horizon 147 Transitioning to Transitions 148 The Ongoing Conversation—Life Unfolding 152 Cause or Effect 153 Chapter 14: Retirement Reframed 155 Individually Speaking 156 Retirement Staging 156 Step 1: Observing 157 Step 2: Visioning 158 Step 3: Working 161 Step 4: Personalization 165 New Heroes for a New Era: Retirementors 168 Chapter 15: Personal Values and Account Values 171 Scrambled Signals 172 Locate Your Values 173 The Time is upon Us 174 Righteous Profits, Happy World 175 Chapter 16: Enough Already… 185 Certain Uncertainties 187 Three Types of Clients 188 Not Enough 188 Got Too Much 189 The Just Rights 190 Epilogue 195 Appendix: Return on LifeTM (ROL) Manifesto 197 About the Authors 199 Index 203

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Book SynopsisIntegrating theory and empirical evidence, Becoming a Master helps students and future managers master the dynamics and intricacies of the modern business environment. The text's unique competing values framework provides a deep and holistic understanding of what is required to effectively manage any type of organization. Readers learn to develop and apply critical managerial skills that encourage change, promote adaptability, build stability, maintain continuity, strengthen commitment and cohesion, and yield positive organizational results. The seventh edition features new and revised content throughout, offering students a comprehensive and up-to-date presentation of critical management competencies and their underlying theoretical value intentions and real-life application. Throughout the text, classroom-tested exercises enable students to assess, analyze, practice, and apply the material while gaining insight into the paradoxes and contradictions that make the practice of management so complex.Table of ContentsPreface iii Introduction The Competing Values Approach to Management 1 What "Becoming" A Master Manager Means 1 The Role of Character in Mastery 3 The Evolution of Management Models 4 Early Twentieth Century: The Emergence of the Rational Goal Model and The Internal Process Model 4 Early to Mid-Twentieth Century: The Emergence of the Human Relations Model 7 Late to Mid-Twentieth Century: The Emergence of the Open Systems Model 7 Late Twentieth Century: The Emergence of Complexity and Integrative Assumptions 9 Early Twenty-First Century: Paradox, Connectivity, Sustainability, and Positive Organizations 10 The Competing Values Framework 11 Integrating Ideas About Effectiveness 11 The Use of Opposing Models 12 Behavioral Complexity and The Effectiveness of Managerial Leaders 13 Action Imperatives and Competencies for Managers 14 Learning to Become a Master Manager 17 Core Competency: Thinking Critically 18 Assessment: Going Public with Your Reasoning 18 Learning: Thinking Critically 19 Analysis: Argument Mapping 23 Practice: Providing Warrants 24 Application: Reflected Best-Self Portrait 24 Module 1 Creating and Sustaining Commitment and Cohesion 28 Understanding Self and Others 29 Assessment 1: Anchors and Oars 29 Assessment 2: Your Character as a Leader 30 Learning: Understanding Self and Others 32 Analysis: Use the Johari Window to Analyze Behavior 38 Practice: How to Receive Feedback 39 Application: Solicit Feedback 39 Communicating Honestly and Effectively 41 Assessment: Communication Skills 41 Learning: Communicating Honestly and Effectively 41 Analysis: Using the Left-Hand Column to Develop Your Communication Skills 47 Practice: Using Reflective Listening to Move Thoughts and Feelings to the Right-Hand Column: The Case of Stacy Brock and Terry Lord 47 Application: Developing Your Reflective Listening Skills 48 Mentoring and Developing Others 48 Assessment: Assumptions about Performance Evaluations 48 Learning: Mentoring and Developing Others 49 Analysis: United Chemical Company 56 Practice: What Would You Include in the Performance Evaluation? 58 Application: Developing Your Capacity to Develop Others 58 Managing Groups and Leading Teams 59 Assessment: Are You a Team Player? 59 Learning: Managing Groups and Leading Teams 60 Analysis: Stay-Alive Inc. 70 Practice: Ethics Task Force 70 Application: Team-Building Action Plan 71 Managing and Encouraging Constructive Conflict 72 Assessment: How Do You Handle Conflict? 72 Learning: Managing and Encouraging Constructive Conflict 73 Analysis: Zack’s Electrical Parts 80 Practice: Win as Much as You Can 81 Application: Managing Your Own Conflicts 82 Module 2 Establishing and Maintaining Stability and Continuity 87 Organizing Information Flows 88 Assessment: Identifying Data Overload and Information Gaps 88 Learning: Organizing Information Flows 89 Analysis: Deciding What to Do with Data Inflows Using the Traffing Method 94 Practice: Making Messages Clear, Concise, and Complete 95 Application: Directing Your Own Data and Information Traffic 95 Working and Managing Across Functions 96 Assessment: Mapping Your Organization 96 Learning: Working and Managing Across Functions 97 Analysis: Errors in the Design? 102 Practice: Student Orientation 102 Application: Examining a Cross-Functional Team 103 Planning and Coordinating Projects 103 Assessment: Project Planning 103 Learning: Planning and Coordinating Projects 104 Analysis: Planning a Training Course 113 Practice: The Job Fair 115 Application: Managing Your Own Project 115 Measuring and Monitoring Performance and Quality 116 Assessment: Identifying Appropriate Performance Criteria 116 Learning: Measuring and Monitoring Performance and Quality 116 Analysis: Improving Performance in the Health Care Industry 121 Practice: Developing Education Performance Metrics 122 Application: Developing Performance Metrics for Your Job 123 Encouraging and Enabling Compliance 123 Assessment: Reactions to Methods of Encouraging Compliance 123 Learning: Encouraging and Enabling Compliance 124 Analysis: Strategies Used by the United States to Increase Compliance 131 Practice: Moving Compliance Outside the Workforce 131 Application: Your Organization’s Compliance Policies and Practices 132 Module 3 Improving Productivity and Increasing Profitability 136 Developing and Communicating A Vision 137 Assessment: How You Develop and Communicate Vision 137 Learning: Developing and Communicating a Vision 137 Analysis: Doug Fecher, Wright-Patt Credit Union 143 Practice: Crafting Your Leadership Story 145 Application: Envisioning Your Career 146 Setting Goals and Objectives 146 Assessment: Identifying Your Personal Goals 146 Learning: Setting Goals and Objectives 147 Analysis: Objectives Don’t Work for Me 153 Practice: Creating an Implementation Plan 155 Application: Evaluating the Use of Goal Setting in Your Organization 155 Motivating Self and Others 156 Assessment: When Are You the Most Motivated and Productive? 156 Learning: Motivating Self and Others 156 Analysis: From Motivated to Demotivated in 60 Seconds 164 Practice: Empowerment and Engagement 165 Application: When Are You and Your Colleagues the Most Motivated and Productive? 167 Designing and Organizing 168 Assessment: Assessing Organizational Culture 168 Learning: Designing and Organizing 168 Analysis: Responding to Environmental Challenges 179 Practice: USPS: Prescribe a Possible Future 179 Application: Understanding the Design of Your Company 180 Managing Execution and Driving For Results 180 Assessment: Your Leadership Task Orientation 180 Learning: Managing Execution and Driving for Results 181 Analysis: Execution and Results in a Crisis Situation 188 Practice: Examining the Impact of a New CEO on Execution and Results 188 Application: Know Your Time 189 Module 4 Promoting Change and Encouraging Adaptability 193 Using Power and Influence Ethically and Effectively 194 Assessment: Who Is Powerful? 194 Learning: Using Power Ethically and Effectively 194 Analysis: “I Hope You Can Help Me Out”: Don Lowell Case Study 202 Practice: The Big Move 203 Application: Building Your Power Base by Changing Your Influence Strategy 204 Championing and Selling New Ideas 205 Assessment: The Presenter’s Touch: You May Have It but Not Know It 205 Learning: Championing and Selling New Ideas 205 Analysis: Applying Communication Tools to Evaluate a Presentation 215 Practice: Improving a Memo Requesting Additional Personnel 215 Application: You Be the Speaker 216 Fueling and Fostering Innovation 217 Assessment: Are You a Creative Thinker? 217 Learning: Fueling and Fostering Innovation 218 Analysis: Creativity and Managerial Style 224 Practice: Encouraging Creative Thinking 225 Application 1: Import an Idea 225 Application 2: New Approaches to the Same Old Problem 226 Negotiating Agreement and Commitment 226 Assessment: How Effective Are You at Negotiating Agreement? 226 Learning: Negotiating Agreement and Commitment 227 Analysis: Your Effectiveness as a Negotiator 231 Practice: Standing on the Firing Line 232 Application: Negotiating at Work 234 Implementing and Sustaining Change 234 Assessment: Changes in My Organization 234 Learning: Implementing and Sustaining Change 235 Analysis: Reorganizing the Legal Division 243 Practice: Understanding Your Own Influence 244 Application: Planning a Change 245 Conclusion Integration and the Road to Mastery 248 Assessment: Reexamining Your Personal Competencies 249 Learning: Integration and the Road to Mastery 250 Analysis: Looking for Behavioral Complexity and Lift 260 Practice 1: Generating Lift to Support a Planned Change 261 Practice 2: Developing Virtuous Habits 261 Application: Your Strategy for Mastery 262 Index I-1

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Book SynopsisDevelop winning brand strategies by focusing your team on the key strategic choices that drive organizational growth and learning. This book presents a system of six practical choices that articulate exactly how to launch and grow brands. Big Picture Strategy shows readers how limiting and focusing the strategic options available to company stakeholders can unlock previously inaccessible levels of productivity and growth. Strategist, consultant, and author Marta Dapena Barón describes the six key decisions facing organizations and teams today and how to develop a winning strategy by approaching these decisions systematically. The book includes discussions of: The critical choices that leaders must make to define a marketing strategy and to align their teams to be able to execute on itThe four strategies companies use to launch and grow brands successfullyHow to use strategy-integrated metrics to promote continuous learning in organizationsHow to increase communications efficiency in commercial organizations through the use of a common vocabulary to frame customer-based issues Unlike many of its competitors, Big Picture Strategy does not pretend that your organization has unlimited resources or capacity to pursue every area of possible strategic advantage. Instead, the author lays out a systematic and integrated choice-based framework that will drive growth in your organization for years to come.Table of ContentsIntroduction vii 1 Your Strategy, Your Choices 1 2 Four Go-to-Market Strategies 25 3 Brands 47 4 The Business Category 75 5 Bodies: The Customer Focus 99 6 Customer Beliefs 125 7 Behaviors: Designing Brand Customer Experiences 157 8 Benchmarks: Learning from Our Work 197 Notes 219 Acknowledgments 227 About the Author 229 Index 231

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Book SynopsisTable of ContentsPrologue V Chapter One The Young Warren Buffett 1 It Begins 8 From Investment Partnership to a Compounding Conglomerate 13 Chapter Two Developing an Investment Philosophy 17 Howard Homan Buffett 19 Benjamin Graham 26 Charles Thomas Munger 32 In Closing . . . 47 Chapter Three Evolution of Value Investing 49 Stage One: Classic Value Investing 51 Stage Two: Valuing a Business, Not a Stock 65 Stage Three: The Value of Network Economics 81 Chapter Four Business-Driven Investing 115 Investment Zone 117 Chapter Five It’s Not That Active Management Doesn’t Work 147 Chapter Six The Money Mind: Sportsman, Teacher, Artist 185 Epilogue 199 Acknowledgments 207 Berkshire Hathaway Library 211 For Further Reading 215 Notes 225 Index 237

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Book SynopsisThe companion to the bestselling book on leading change, Still Moving Still Moving Field Guide is a companion to the bestselling Still Moving: How to Lead Mindful Change. Designed as a practical resource, the Field Guide takes the reader on a journey to hone their leadership skills in order to lead change with confidence. Step by step, readers will progress through the Still Moving concepts. New to the guide is the innovative Change Vitality model (an energizing holistic way of leading change) that puts all the Still Moving concepts into one effective picture. The author breaks down each element of the Change Vitality model and explores what the element is, how to recognize it, and why it helps leaders lead change well. The model also shows how to rate your own leadership in a particular skill, and includes tales from the field on putting the skill into action. The guide also contains further reading and resources to help cultivate the skills presented. This important book: Offers a practical guide for developing the change leadership skills outlined in Still MovingContains application stories with real life leaders in changePresents the Change Vitality model - a new, holistic and research-based framework for how to lead change with greater easeProvides an interactive immersion journey into the Still Moving contentIncludes spaces for journaling and self-reflection Written for all curious change leaders, change coaches, change consultants, and HR professionals, the Still Moving Field Guide is filled with practical ideas on how to use the Still Moving concepts with yourself, your team, and the wider systems you are seeking to transform.Table of ContentsForeword vii Acknowledgments xi A Few Words About the Front Cover xiii About the Companion Website xv Introduction 1 Part 1 Understanding Change Vitality 3 What Is Change Vitality? 3 What Makes Up Change Vitality? 4 What Change Vitality Comprises—in More Detail 6 Why Does Change Vitality Matter? 6 Part 2 Field Guide—The Inner Capacities 9 Introduction 9 Staying Present 10 Curious and Intentional Responding 14 Tuning Into the System 18 Acknowledging the Whole 23 A Word About Non-Mindful Practice 28 Part 3 Field Guide—The External Practices 29 Introduction 29 Attractor 30 Edge and Tension 34 Container 40 Transforming Space 45 External Practices Self-Audit 51 Part 4 Field Guide—The Change Approaches 55 Introduction 55 Masterful 56 Emergent 62 Directive and Self-Assembly Change 68 Assessing Your Approach to Change 71 Part 5 Field Guide—The Ordering Forces 77 Leading Change—Ordering Forces Insight 77 Time 77 Belonging 81 Belonging— How Well Do You Attend to This? 81 Tale From the Field: Time and Belonging—Mergers and Acquisitions 82 Exchange 86 Place 90 A Word About Limiting Forces: What Happens When the Ordering Forces Are Neglected? 94 Still Moving—Epilogue 95 Index 97

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Book SynopsisTable of ContentsIntroduction 1 About This Book 2 Foolish Assumptions 3 Icons Used in This Book 4 How This Book Is Organized 4 Part 1: Linear Is Out, Circular Is In: An Economic Revolution 4 Part 2: Rethinking Business for a Circular Economy 5 Part 3: Rethinking Material Lifecycles — The Circular Perspective 5 Part 4: Redesigning the Future to Be Circular 5 Part 5: Creating a Circular Economy for All 6 Part 6: The Part of Tens 6 Beyond the Book 6 Where to Go from Here 7 Part 1: Linear Is Out, Circular Is In: An Economic Revolution 9 Chapter 1: Rejecting Waste, Rethinking Materials, and Redesigning the World 11 Rejecting the Idea of Waste 12 Waste as a driver of the economy 13 Waste as a resource 13 Rethinking Material Lifecycles 16 Take, make, and waste 17 Making technical materials circular 17 Making biological materials circular 18 Upcycling versus downcycling 19 Redesigning the Future to Be Circular 19 Food production 20 Circular businesses, products, and clothing 20 A circular economy for all 22 Chapter 2: What’s Wrong with Being Linear, Anyway? 23 We’re Taking the Wrong Stuff 25 We’re not importing this stuff from space 27 Everyone keeps having kids 28 We don’t have as much as we thought 30 It all revolves around oil 31 We’re Making the Wrong Stuff 31 You’re buying trash 32 Even kids can build with blocks 33 Trying to recycle the unrecyclable 33 We’re using materials that are bad for us 34 We’re Wasting the Wrong Stuff 34 It all comes at a big cost 34 We’re running out of room 35 It’s expensive to throw things away 35 The debt collector is knocking at the door 35 Change Is Really Hard, We Know 36 If it ain’t broke, don’t fix it 36 Taking risks 37 Chapter 3: A Growing Demand for a Circular Economy 41 The Drive to Make Money 44 Redefining risk and liability 44 Innovating to attract new customers 46 The Drive to Be Healthier 46 Lifestyles that foster health and sustainability 46 Wellness as a priority 47 The Drive to Be in Compliance 47 Environmental, social, and corporate governance 48 Corporate social responsibility (CSR) 49 Climate and shareholders 50 A Larger Drive Toward Deep Sustainability 50 This has been brewing for a while 51 Precedents 51 Looking to the future 54 Chapter 4: From Linear To Circular: What You Need To Know 57 So Much Chaos: Understanding Entropy 58 Externalized costs 59 Linear versus circular: A hilarious-yet-depressing comparison 60 Borrow from nature, not from the future 64 Waste = Food: Redefining Disposal 66 All materials have another use 68 Product stewardship 69 Building Resilience Through Diversity: Redefining Strength 71 Responding to disruption 72 Takes a lickin’ and keeps on tickin’ 73 Durability and reparability policies 74 Part 2: Rethinking Business For a Circular Economy 77 Chapter 5: Identifying Your Business Opportunities 79 Exploring the Benefits of Going Circular 79 Exploiting the profit opportunities 80 Reducing volatility and ensuring greater supply chain security 81 Managing the new demand for business services 81 Improving customer interaction and loyalty 83 Rethinking the Business Model 85 Building new types of capital 86 Rethinking money as the only medium of exchange 87 Reflecting the true cost of products 87 Embracing diversity 89 Rethinking your supply chain 89 Designing for the future 90 Examining Business from a Global Perspective 91 Chapter 6: Rethinking the Conventional Business Model 95 Rethinking How We Look at Cost 98 The hidden cost of procurement 100 The hidden impact of transportation 104 The hidden burden of inventory 104 The hidden secrets of quality 105 Maximizing Your Value Proposition to Customers 105 Becoming a mission-driven company 106 Safeguarding your workers 107 Greenwashing 107 Turning Obstacles into Opportunities 108 Listening to customers 109 Creating unspoken demand 110 Rethinking old assumptions 110 Bending linear into loops 111 Thinking of businesses as a system 112 Chapter 7: Exploring the Essentials of a Circular Business Model 113 The Six Rs: Your New Circularity Mantra 114 Refuse: Say no to what you don’t need 114 Reduce: Use less for longer 115 Reuse and remanufacture: Extend product life 116 Repurpose: Find other uses 116 Recycle: Return materials for rebirth 116 Rot: Return it to the soil 117 Developing a Circular Business Structure: The Bones of the Operation 117 Identifying potential material loops 118 Considering innovative business models 118 Who’s at the table? Engaging your stakeholders 120 Developing a message 121 Benchmarking and improvement 122 Chapter 8: ’Round and ’Round: Making Your Products Circular 127 Managing Material Lifecycle Performance 128 Designing products for reuse 129 Designing products to be remanufactured 130 Designing products for recycling 130 Making Your Product Lifecycle Smarter 131 Creating effective and serviceable products 132 Being flexible 132 Seeking collaborators and partners 133 How It All Comes Together 134 Everything is circular first 134 Everything is transparent 135 Chapter 9: From Trash to Treasure: Converting Waste into Products 139 Seeing Why the Circular Economy Is All About Retaining Value 140 Stop Being Linear: It’s a Waste of Time 144 Why Buy Waste When You Can Sell It? 145 Selling your old stuff 147 Starting your own business 149 Troubleshooting a Wasteful Product Lifecycle 152 Where the wild things are 153 Signed, sealed, delivered 153 Waste not, want not 154 Being a sustainable shopper 154 Finding value in the ugly 155 Part 3: Rethinking Material Lifecycles: The Circular Perspective 163 Chapter 10: Understanding the Circular Material Lifecycle 165 Viewing the Entire Spectrum of Environmental Impact 166 Defining degenerative lifecycles 167 Defining sustainable lifecycles 167 Defining regenerative lifecycles 168 Understanding the Ellen MacArthur Foundation’s Butterfly Diagram 169 Examining the circular economy’s structure: The bones of the operation 169 Renewables flow management: Harnessing biological cycles 171 Stock management: Optimizing technical cycles 172 Promoting environmental restoration: Investing now to obtain even more later 175 Chapter 11: Analyzing Material Lifecycle Processes 179 Looking at Material Processes 181 Fostering transparency 183 Instituting chemical management 183 Rewarding innovation 184 The Lifecycle Principles: Identifying Where Change Can Happen 184 Preserving natural capital 185 Enhancing the usefulness of products, components, and raw materials 186 Developing effective systems that minimize negative externalities 187 Looking at Opportunities for Optimization 187 Refusing the new: Reusing the old 188 Employing the remaining factor: Remanufacturing 189 Biochemical extraction for the win 190 Chapter 12: Improving the Material Lifecycle 195 Improving How Material Lifecycles Function 196 Looking at Materials in a New Way 198 Getting to know your lifecycle 199 Refuse before you reduce, reuse, and recycle 200 Examining Operations in a New Way 201 Looking at human capital 201 You can be everywhere 201 Connecting Sourcing, Suppliers, and Customers 202 Chapter 13: It All Comes Down to Selecting the Right Materials 207 The Good, the Bad, and the Ugly: Exploring Materials 208 Oil or Plastics — They’re Really Much the Same Thing 208 What’s Harder than Rock? Metals 212 Paper Products and Cardboard 214 Through the Looking Glass 217 And Everything In-Between 218 Identifying Hazardous Materials 219 Red list materials 220 Red list material alternatives 221 Volatile organic compounds (VOCs) 221 Sourcing, Ethics, and Standards 222 Understanding strategic sourcing 222 Establishing ethics 223 Exploring certifications and standards 223 Chapter 14: Circular Materials, Products, and Packaging 227 Redesigning Materials and Products: The Transition from Linear to Circular 228 “Less bad” does not equal “good” 228 Planning for material reincarnation 230 How To Keep Materials In Use Forever 231 Why things break 232 From planned obsolescence to planned permanence 232 Shipping Global versus Producing Local 234 Building a regional economy: A shipping substitute 235 You’ve got to be shipping me 238 Permanent packaging 239 Part 4: Redesigning the Future to Be Circular 245 Chapter 15: The Circular Economy of Food Production 247 Examining the Two Ways of Producing Food 248 Investigating the Hidden Costs of Agriculture 249 Food waste: Expending money, time, and resources unnecessarily 250 Environmental degeneration: Damaging the planet with increasing speed 252 Permaculture to the Rescue 252 Following nature’s lead: Permaculture design principles 253 Taking a look at permaculture management zones 256 Chapter 16: Circularity for Design 259 Redesigning Design 260 Understanding circular design 260 Designing out waste 263 Keeping products and materials in use 264 Regenerating natural systems 264 Recognizing the Problems Designers Face 265 We’re being overtaken by trash 265 We’re running out of materials 265 We’re choking on carbon 266 Creating a Framework for Circular Design 267 Applying the ReSOLVE framework to buildings 268 Layers of useful life 269 Putting the pieces together 271 Chapter 17: Circular Economy for Builders, Makers, and Manufacturers 275 Assessing a Building’s Lifecycle 276 Defining construction and demolition debris 276 Gauging the economic opportunities of C&D waste 277 Measuring C&D waste impact 277 Defining lifecycle impacts 279 Identifying human health hazards and promoting transparency 280 People, planet and profit 280 Selecting Appropriate Building Products 283 Sourcing responsibly 284 Something stinks 285 We All Embody Carbon 287 The human’s relationship to carbon 288 The building’s relationship to carbon 290 Operational carbon 290 Embodied carbon 291 Carbon influences on building design 293 Straight from the Open Source 294 Recognizing the benefit 294 Looking at open source in action 295 Chapter 18: The Circular Economy for Fashion and Clothing 297 Sewing Together the Issue: Where Fashion Is and Where It’s Headed 298 Fashion = Waste + Pollution 299 The current trajectory to catastrophe 302 Making It Circular: A Future Forecast for Fashion 303 The Phase Out phase 304 Redesigning how clothes are used 305 Optimizing collection and recycling 306 Relying on renewable resources 307 Comparing Common Fashion Fabrics 310 Plastic 311 Plants 313 Animals 314 Part 5: Creating A Circular Economy For All 317 Chapter 19: Understanding an Individual’s Circular Opportunities 319 Looking at the Food You Eat 320 Sourcing 320 Managing food waste 321 Sizing Up the Products You Buy 327 Recycling: The last resort 327 Selecting products with reuse potential 328 Evaluating the House You Live In 328 Considering lifecycle costs 329 Building better 329 Thinking About the Way You Commute 331 Be car-less for once 331 Choose more efficient options 332 Revisiting the Way You Work 332 Promoting telecommuting and teleconferencing 332 Managing office supplies 333 Chapter 20: Creating a Career in the Circular Economy 335 Looking at the Future of Jobs 336 Jobs that are central to the circular economy 338 Jobs that are enabling the circular economy 338 Jobs that are indirectly related to the circular economy 339 Skills required for a circular economy 341 Where to Go for More Education 341 Earning certifications 341 Earning degrees and diplomas 342 Chapter 21: A Global Vision of a Circular Economy 345 Seeing What a Circular Community Looks Like 346 Sourcing community resources and aid 347 Looking at food management 348 Eyeing transportation 349 Seeing What a Circular University Looks Like 350 Learning from living laboratories 351 Insisting on data visibility 352 Seeing What a Circular Restaurant and Brewery Look Like 353 Fostering effective and efficient sourcing and prep 354 Revising service standards 355 Viewing waste as a resource 356 Part 6: The Part of Tens 359 Chapter 22: Ten Questions to Ask About Your Material Lifecycle 361 Where Did This Material Come From? 362 What Are the By-Products of Harvesting This Material? 362 What Are the By-Products of Manufacturing This Material? 362 How Is the Material Delivered? 363 How Is the Material Installed? 364 How Is the Material Maintained, Powered, or Operated? 364 How Healthy Are the Materials? 364 What Can We Do with These Materials After We’re Done with Them? 365 What Can Be Done to Extend, Prolong, or Maintain the Material? 366 What Can We Do to Encourage the Reuse, Refurbishment, Redistribution, or Remanufacture of the Material? 366 Chapter 23: Ten Questions to Foster Innovative Thinking 367 How Can We Make This Product Redundant? 368 How Can We Rethink How This Product Is Used? 369 How Can We Reduce the Resources or Materials Used? 369 In What Ways Can This Product Be Reused by Another Consumer? 369 In What Ways Can This Product Be More Easily Maintained and Repaired? 370 In What Ways Can This Product Be Restored or Kept Up-to-Date? 370 How Can Discarded Parts Be Remade into a New Version of the Same Product? 370 How Can Discarded Parts Be Remade Into a New Product? 371 In What Ways Can We Recycle These Materials into Quality Products? 371 How Can We Dispose of This Material in a Manner That Recovers Energy? 371 Chapter 24: Ten Questions to Ask about Your Supply Chain 373 What Drives Your Product Design? 374 What Are Your Users’ Needs? 374 Will Your Customers Access or Will They Own Your Product? 375 Who Are Your Partners? 376 What Materials Are Required? 377 How Will You Produce Your Product? 377 How Will Users Receive Your Product? 378 How Will You Support the Repair and Maintenance of Your Product? 379 What Refurbishment Options Will You Offer for Your Product? 379 How Will You Reclaim Your Product at Its End of Life? 380 Chapter 25: Ten Questions That Reveal How Much Your Waste Is Costing You 381 What Labor Costs Are Tied to Waste Disposal? 382 What Is the Real Cost of Waste Disposal? 382 What Is the Impact on Human Health? 383 How Does Waste Impact Ecosystem Services? 383 What Is the Innate Value of Waste? 384 How Much Raw Material Is Required to Offset Waste? 385 What Are the Indirect Costs of Waste? 385 How Much Does Poor Efficiency Cost? 386 What Natural Resources Are Required for Waste? 386 What Waste Remediation Will Be Required? 387 Index 389

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Book SynopsisThe Wall Street Journal bestseller! Learn to unlock the potential of your employees and colleagues with this definitive resource for people management People Strategy: How to Invest in People and Make Culture Your Competitive Advantage provides readers with a powerful framework in which to develop high-performing teams, increase employee motivation, and use data to build an inviting and effective company culture. Author Jack Altman, cofounder and CEO of Lattice, an award-winning HR and performance management platform, shows you how to: Establish the values that will form the bedrock of your organizationDevelop feedback processes that help employees feel heard, supported, and equipped to succeedMonitor the breadth and depth of employee engagement in your companyUse the data and insights created by your People Strategy to drive business results Perfect for executives, managers, and human resource professionals, People Strategy also belongs on the bookshelves of anyone with even an interest in how to develop, nurture, and unlock the potential of their employees and colleagues.Table of ContentsIntroduction: Why Your Company Should Put People First 1 Chapter 1 The Three Pillars of Company Culture 9 Chapter 2 Hiring for Culture and Performance 21 Chapter 3 Performance and the Importance of Feedback 41 Chapter 4 Building Engagement 77 Chapter 5 Prioritizing Growth 105 Chapter 6 Leveraging Data 133 Conclusion: The Power of People 147 Appendix: Turning Strategy into Action 161 About the Author 167 Acknowledgments 169 Index 171

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Book SynopsisThe definitive playbook for driving impact as a middle manager Leading from the Middle: A Playbook for Managers to Influence Up, Down, and Across the Organization delivers an insightful and practical guide for the backbone of an organization: those who have a boss and are a boss and must lead from the messy middle. Accomplished author and former P&G executive Scott Mautz walks readers through the unique challenges facing these managers, and the mindset and skillset necessary for managing up and down and influencing what happens across the organization. You'll learn the winning mindset of the best middle managers, how to develop the most important skills necessary for managing from the middle, how to create your personal Middle Action Plan (MAP), and effectively influence: Up the chain of command, to your boss and those above themDown, to your direct reports and teams who report to youLaterally, to peers and teams you have no formal authority over Anyone in an organization who reports to someone and has someone reporting to them must lead from the middle. They are the most important group in an organization and have a unique opportunity to drive impact. Leading from the Middle explains how.Table of ContentsIntroduction ix 1 The Unique Challenges of Those Who Lead from the Middle 1 2 The Mindset for Leading Effectively from the Middle 27 3 The Skillset for Leading Effectively from the Middle 51 4 Leading Your Boss 81 5 Leading Those Who Report to You 103 6 Leading Teams 125 7 Influencing Peers 149 8 Leading Change 161 9 Creating Your Personal MAP (Middle Action Plan) 187 Acknowledgments 193 About the Author 195 Index 197

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Book SynopsisTable of ContentsForeword xi Acknowledgments xiii About the Author xvii Introduction xix Chapter 1: The Importance of Authentic Leadership in Changing Times 1 Part One: Storytelling 11 Chapter 2: Dream the Possible Dream 13 Chapter 3: Defining and Testing the Story 21 Chapter 4: Telling the Story to Your Investors 31 Chapter 5: Telling the Story to Your Team 39 Chapter 6: Revising the Story 49 Chapter 7: Bringing the Story to Life 59 Part Two: Building the Company’s Human Capital 69 Chapter 8: Fielding a Great Team 71 Chapter 9: The CEO as Functional Supervisor 83 Chapter 10: Crafting Your Company’s Culture 89 Chapter 11: The Hiring Challenge 99 Chapter 12: Every Day in EveryWay,We Get a Little Better 113 Chapter 13: Compensation 125 Chapter 14: Promoting 133 Chapter 15: Rewarding: “It’s the Little Things” That Matter 141 Chapter 16: Managing Remote Offices and Employees 147 Chapter 17: Firing: When It’s Not Working 153 Part Three: Execution 161 Chapter 18: Creating a Company Operating System 163 Chapter 19: Creating Your Operating Plan and Setting Goals 167 Chapter 20: Making Sure There’s Enough Money in the Bank 177 Chapter 21: The Good, the Bad, and the Ugly of Financing 185 Chapter 22: When and How to Raise Money 195 Chapter 23: Forecasting and Budgeting 201 Chapter 24: Collecting Data 209 Chapter 25: Managing in Tough Times 215 Chapter 26: Meeting Routines 223 Chapter 27: Driving Alignment 233 Chapter 28: Have You Learned Your Lesson? 239 Chapter 29: Going Global 247 Chapter 30: The Role of M&A 255 Chapter 31: Competition 265 Chapter 32: Failure 269 Part Four: Building and Leading a Board of Directors 277 Chapter 33: The Value of a Good Board 279 Chapter 34: Building Your Board 283 Chapter 35: Board Meeting Materials 293 Chapter 36: Running Effective Board Meetings 297 Chapter 37: Non–Board Meeting Time 305 Chapter 38: Decision Making and the Board 309 Chapter 39:Working with the Board on Your Compensation and Review 315 Chapter 40: Serving on Other Boards 321 Part Five: Managing Yourself So You Can Manage Others 329 Chapter 41: Creating a Personal Operating System 331 Chapter 42:Working with an Executive Assistant 339 Chapter 43:Working with a Coach 345 Chapter 44: The Importance of Peer Groups 351 Chapter 45: Staying Fresh 355 Chapter 46: Your Family 367 Chapter 47: Traveling 375 Chapter 48: Taking Stock of the Year 379 Part Six: Selling Your Company 385 Chapter 49: A Note on Exits 387 Chapter 50: Preparing Yourself for an Exit 391 Chapter 51: Preparing Your Company for an Exit 397 Chapter 52: The Sale Process 403 Chapter 53: Transition and Integration 415 Chapter 54: Thinking about Your Next Step 419 Conclusion 425 Bibliography 429 What’s Next? 433 Index 435

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Book SynopsisDiversify your portfolio with gold and silver Investing and trading in gold and silver is always a sound ideaand that goes double in a time of unusual market fluctuation. As people look for safe places to diversify their investment risk, you'll likely see the value of your investment go up where other stocks are vulnerable. Gold and silver saw increases in value of 16% and 15% respectively in 2019putting them among the top ten most desirable commodities out thereand are projected to experience even more of a bear market as the dollar wobbles in an uncertain post-COVID world. This year, 2020, gold and silver are set up to have their best year of price appreciation over the past 40+ years. Written in an easy-to-follow, no-jargon style by CFP and bestselling author, Paul Mladjenovic, Investing in Gold & Silver For Dummies explains the different complex processes and vehicles for buying gold and silver. You'll find out the best ways to add these to your portfolio, how to balance risk anTable of ContentsIntroduction 1 About This Book 1 Foolish Assumptions 2 Icons Used in This Book 2 Beyond the Book 3 Where to Go from Here 3 Part 1: Getting Started with Gold and Silver 5 Chapter 1: Exploring the World of Gold and Silver 7 Considering Gold and Silver for Your Situation 8 Assessing the world’s financial issues 9 Knowing how gold and silver can help you 9 Taking Action Before You Invest in Gold and Silver 10 Reviewing your portfolio 10 Boosting your cash position 11 Using your talents in your spare time 11 Doing your research on gold and silver 11 Chapter 2: Understanding Gold and Silver’s Greatest Benefit 13 Looking at Counterparty Risk in Today’s Investments 14 Stocks 15 Bonds 15 ETFs and mutual funds 16 Cash and bank investments 17 Real estate 18 Futures and options 18 Bitcoin and other cryptocurrencies 18 Knowing That Gold and Silver Have Risks, Too 19 Chapter 3: Adding Gold and Silver to Your Portfolio Mix 21 Defining Saving, Investing, Trading, and Speculating 22 Saving 22 Investing 22 Trading 23 Speculating 23 Building Your Financial Profile 24 For the conservative investor 24 For the growth investor 24 For the speculator 25 For the trader 25 Making Other Portfolio Considerations 26 Deciding on a percentage to put in metals 26 Choosing gold, silver, or both 27 Investing for income 27 Chapter 4: Recognizing the Risks 29 Exploring Different Kinds of Risks 31 Physical risks 31 Market risks 31 Futures exchange risks 32 Political risks 33 The risk of fraud 34 Minimizing Your Risk 35 Gaining knowledge 35 Being disciplined 36 Having patience 36 Using diversification 37 Keeping some risk management tools in your arsenal 38 Weighing Risk against Return with the 10 Percent Rule 39 Part 2: Spanning the Gold and Silver Landscape 41 Chapter 5: Investing in Gold 43 Comparing Gold to Other Investment Assets 44 Gold versus the financial world in general 45 Gold versus stocks versus currencies 46 Understanding the Gold Market 47 Gold demand 47 Gold supply 49 Going Over Gold’s Recent Bull and Bear Markets 49 The 1970s bull market 50 The 1980s bear market 50 The 1990s range-bound market 50 The bull and bear markets of 2000–2008 51 The bull market and bear market of 2008–2018 51 Making the Case for Gold Today 52 Chapter 6: Surveying Silver 55 Comparing Silver and Gold 56 Silver’s similarities to gold 56 Silver’s unique qualities 56 Digging into the Silver Market 57 Silver demand 58 Silver supply 59 Future drivers of silver 61 Starting with Silver’s Modern History in the 1970s 61 Picking Apart Silver’s Performance during 2000–2020 62 The first silver bull market (2000–2008) 63 The bull market of 2009–2011 and the bear market of 2011–2018 63 Silver versus the financial world in 2020 and beyond 64 Resources for Informed Silver Investors 66 Chapter 7: Making the Most of Mining Stocks 69 Examining the Essentials of Stock Investing 70 A profitable company 71 A growing industry 72 A healthy balance sheet 73 Knowing What to Look for When You Evaluate Mining Stocks 74 Value that isn’t cheaper than dirt 74 Management that you can dig 75 Politics: Not in my backyard 75 Distinguishing Different Types of Mining Stocks 76 The majors 77 Midtier mining companies 77 Junior miners, eureka! Exploratory companies 78 Considering the Risks of Mining Stocks 78 Boosting Your Returns 79 Generating income 79 Leveraging with warrants 80 Checking out mining stock indexes 82 Spotlighting the Pros 83 Rick Rule 83 Doug Casey 84 Chapter 8: Examining Mutual Funds and ETFs 85 Choosing Mutual Funds 86 The advantages of mutual funds 86 The downside of mutual funds 89 Keys to success with mutual funds 92 The prospectus: Netting it out 93 Mutual fund resources 94 Selecting Exchange-Traded Funds 94 The pros and cons of ETFs 95 The world of precious metals ETFs 96 Other ETFs for the metals-minded 97 ETF resources 98 Part 3: Looking at Other Gold and Silver Investing Vehicles 101 Chapter 9: Going Direct: Buying Bullion 103 Weighty Matters: Troy Ounces 103 Making the Case for Physical Ownership 104 What could go wrong with paper assets? 105 Bullion versus numismatics 106 The risks of owning physical metals 107 Going for Gold Physical Bullion 108 American Eagle Gold Bullion Coins 108 The American Buffalo Gold Bullion Coin 109 The Krugerrand 110 The Canadian Maple Leaf 110 Other gold bullion 111 Seeking Out Silver Physical Bullion 112 American Eagle Silver Bullion Coins 112 One-ounce rounds 113 Junk silver bags 113 The $1,000 bag of silver dollars 114 The 40 percent silver bag 114 Silver bars and ingots 115 So what kind of silver is best? 116 Gold and Silver Commemorative Coins 116 Bullion Costs, Fees, Dealers, and Resources 117 Chapter 10: Numismatic Coins and Collectibles 119 Understanding the Basics of Numismatic Coins 120 Aiming for profitable coin investing 120 Making the grade 121 Checking out information sources 122 Considering Collectible Coins 123 Gold coins 123 Silver coins 124 Other coins 125 A special category: Commemoratives 126 Exploring Coin Organizations and Services 126 Information sharing 126 Grading services 127 Selling Your Coins 128 Potential buyers 128 Pricing information 130 Chapter 11: Leveraged and Inverse ETFs 133 Feeling Bullish: Leveraged ETFs 133 Discovering what makes an ETF leveraged 134 Some advantages of leveraged ETFs versus futures and options 136 Checking out a real-life example of a gold and silver leveraged ETF 136 Feeling Bearish: Inverse ETFs and Inverse Leveraged ETFs 139 Using Leveraged and Inverse ETFs during the Market’s Ups and Downs 140 Bullish moves 141 Bearish moves 141 Other considerations 142 Looking at Resources for Leveraged and Inverse ETFs 142 Chapter 12: Focusing on Futures 145 Back to the Futures 145 How the futures market works 147 What can be traded as a futures contract 148 The Players in the World of Futures 149 The U.S exchanges 149 The international futures exchanges 150 Speculators 150 Hedgers 150 Regulators 151 The Fundamentals of Futures Contracts 152 A specified size 153 Specified quality 153 Specified prices 153 A specified delivery date 154 Metals Futures Contracts 154 Precious metals contracts 155 Mini-futures contracts 156 Pass the margin 156 Leverage: The double-edged sword 158 Basic Futures Trading Strategies 158 Basic strategy #1: Going long 159 Basic strategy #2: Going short 159 Basic strategy #3: Spreads 160 Using Fundamental and Technical Analysis with Futures 162 Futures versus Options on Futures 165 Futures Resources 166 Chapter 13: Considering Options 167 Discovering How Options Work 168 The call option 168 The put option 172 Placing Orders for Options 174 Options: Offering Something for Everyone 174 For those seeking gains 175 Income strategy #1: Writing covered calls 175 Income strategy #2: Writing puts 176 Minimizing Risks with Options 177 Trying Some Profitable Combinations 178 The zero-cost collar 178 The straddle 179 Checking Out Options in the World of Precious Metals 180 Options on mining stocks 180 An option with no expiration? 181 Options on ETFs and indexes 182 Options on futures 182 Following Golden Rules for Options Success 183 Consulting Options Resources 185 Part 4: Digging into Gold and Silver Investing Strategies 187 Chapter 14: Trying Out Trading Approaches 189 Like a Scout: Being Prepared 190 Be a voracious reader 190 Have your plan 190 Decide your market 191 Practice with simulated trading 192 Picking Out Your Vehicle 192 Selecting Your Trading Strategy 193 Choosing your market outlook 194 Stock trading coupled with options 194 Futures trading coupled with options 195 Trading the Gold-to-Silver Ratio (GSR) 196 Getting a little background on the GSR 197 Investing with the GSR 198 Trading with the GSR 198 Chapter 15: Using Technical Analysis 201 Defining Technical Analysis 202 Comparing Technical Analysis versus Fundamental Analysis 202 The guts of technical analysis 203 How about both? 204 The tools of the trade 205 Tracking the Trend 205 Trend lengths 207 Channels 207 Resistance and support 208 Checking Out Charts 209 Line charts 209 Bar charts 210 Candlestick charts 210 Point and figure charts 210 Picking Apart Chart Patterns 210 Head and shoulders 211 Reverse head and shoulders 211 Cup and handle 211 Double tops and bottoms 212 Triangles 212 Flags and pennants 212 Wedges 213 Gaps 213 Assessing Moving Averages 213 Simple moving averages (SMA) 213 Other averages 215 Investigating Indicators 215 Oscillators 215 The relative strength index (RSI) 215 Moving average convergence/divergence (MACD) 216 Crossovers and divergence 216 Bollinger bands 217 Focusing on the Short Term versus the Long Term 217 Resources for Technical Analysis 218 Chapter 16: Using Dealers and Brokers 219 Starting with Some General Points on Dealers and Brokers 220 Working with Gold and Silver Dealers 221 Sticking to major bullion coins 221 Investigating a dealer’s reputation and reviews 222 Getting at least three price quotes 222 Understanding ancillary charges 222 Deciding whether to get physical metals online or visit a local dealer 222 Picking apart a buy back policy 223 Getting the Scoop on Stock Brokerage Accounts 223 Beginning with types of stockbrokers 224 Assessing account types 224 Opening a stock brokerage account 225 Distinguishing Types of Orders 226 Stock brokerage services 226 Margin in a stock brokerage account 228 Introducing Types of Futures Brokers 230 Selecting a Futures Broker 231 Dealing with Futures Accounts 233 Seeing how margin works in a futures account 233 Watching out for problems in your futures account 234 Opening a futures account 235 Checking out futures account commissions and fees 236 Making futures orders 237 Considering managed futures accounts 240 Chapter 17: Tax and Retirement Considerations 243 Assessing Taxable Activity in Different Accounts 244 Regular investment accounts 244 Individual retirement accounts 246 Understanding Capital Gains and Losses 246 Looking at Tax-Deductible Activity 247 Surveying Special Tax Considerations 248 Gold and silver as collectibles 248 Tax rules for traders 249 Tax Resources to Keep You Up-to-Date 250 The IRS (of course!) 250 Helpful tax websites 251 An ounce of prevention 251 Adding Physical Precious Metals to an IRA 252 Precious metals allowed for IRAs 252 Companies where you can establish an account 253 Part 5: The Part of Tens 255 Chapter 18: Ten Reasons to Have Gold and Silver 257 Gold and Silver Provide Diversification 258 Gold and Silver Allow for Privacy 258 Gold and Silver Are Portable Wealth 259 Gold and Silver Ease Retirement Concerns 259 Gold Is a Safe Haven Asset 260 The Value of Gold and Silver Is Never Zero 260 Gold Retains Its Value in Bear Markets 261 Gold and Silver Have Enduring Demand 261 Gold and Silver Make Good Inflation Hedges 262 Gold Guards against Financial Bubbles 263 Chapter 19: Ten Ways to Add Gold and Silver to Your Portfolio 265 Major Gold and Silver Stocks 266 Junior Gold and Silver Stocks 266 Mutual Funds 266 Physical Metal ETFs 267 Bullion Coins 267 Numismatic Coins 268 Leveraged ETFs 268 Junk Silver 268 Gold and Silver Cryptocurrencies 269 Buying through Goldmoney and OWNx 270 Chapter 20: Ten (Or So) Tips for Gold and Silver Speculators and Traders 271 Focus on a Specialty 272 Do Research and More Research 272 Be a Contrarian 273 Limit Your Grubstake 273 Stagger Your Entry 273 Use the Right Speculative Vehicles 274 Have Multiple Positions 275 Use Technical Indicators 275 Do Some Hedging 275 Take a Profit 276 Use Brokerage Orders 276 Part 6: Appendixes 277 Appendix A: Resources For Gold and Silver Investors 279 Appendix B: Gold and Silver Investments 293 Index 299

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Book SynopsisTable of ContentsContributors xiii Preface xxi Acknowledgements xxiii Prefixes, suffixes and abbreviations xxiv Chapter 1: Introduction to pharmacology 1 Suzanne Evans and Tanya Somani Aim 1 Naming and classifying drugs 5 How drugs bring about their actions 6 How are we able to manipulate physiological function using drugs? 6 Receptors as sites of drug action 7 Enzymes as sites of drug action 7 Ion channels 7 Transport molecules 9 Selectivity of binding and its effect 11 The drug–body interaction is a dynamic process 11 Conclusion 14 Glossary 14 References 15 Further reading 15 Multiple-choice questions 15 Chapter 2: How to use pharmaceutical and prescribing reference guides 18 Nigel Conway and Jennifer Dod Aim 18 Introduction 19 HCPC Standards of conduct, performance and ethics 19 HCPC Standards of proficiency for paramedics 20 Joint Royal Colleges Ambulance Liaison Committee (JRCALC) Clinical Practice Guidelines 21 JRCALC Update information 22 How to navigate the JRCALC Guidelines 23 JRCALC Pocket Book 30 JRCALC Guidelines digital application (app) 31 Useful additional resources 32 British National Formulary (BNF) 32 Monthly Index of Medical Specialities 33 Electronic Medicines Compendium (EMC) 34 Conclusion 34 Disclaimer 35 References 35 Further reading 35 Multiple-choice questions 35 Chapter 3: Legal and ethical issues 37 Claire Leader, Emma Senior, Deborah Flynn and Paul Younger Aim 37 Introduction 38 The law 38 Ethical principles and theories 39 Regulatory bodies 43 Research 45 Conclusion 47 Glossary 47 References 48 Further reading 49 Multiple-choice questions 50 Chapter 4: Medicines management and the role of the paramedic 52 Annette Hand, Carol Wills and Paul Younger Aim 52 Introduction 53 Medicines management 53 Manufacturing, marketing, procurement and sale 54 Selection 55 Supply 55 Patient-specific directions 56 Prescriptions 56 Patient Group Directions 56 Exemptions 57 Prescribing 59 Handling and administration 60 Special consideration: Controlled Drugs and critical medications 62 Groups requiring special considerations 63 Monitoring for side-effects 64 Medicines optimisation 64 Safety in medicines management 65 Storage and disposal 66 Conclusion 66 References 66 Further reading 68 Multiple-choice questions 68 Chapter 5: Pharmacodynamics and pharmacokinetics 70 Dan Davern Aim 70 Introduction 70 Professional regulatory council 71 Programmes of education and training 71 Pharmacokinetics 71 The pharmacokinetic processes 71 Phase 1: absorption 72 Phase 2: distribution 76 Phase 3: metabolism (biotransformation) 77 Phase 4: elimination 79 Pharmacodynamics 81 Agonists and antagonists 82 Drug potency and efficacy 84 Therapeutic index 84 Adverse drug reactions 85 Conclusion 87 References 87 Further reading 87 Multiple-choice questions 88 Chapter 6: Drug formulations 90 Sarah Dineen-Griffin and Barbara C. Wimmer Aim 90 Introduction 91 Routes of drug administration 91 Parenteral administration 92 Intravenous administration 92 Subcutaneous administration 93 Intramuscular administration 93 Intraosseous administration 95 Intrathecal administration 95 Intradermal administration 95 Formulations 97 Localised versus long-acting injectable formulations 97 Topical formulations 97 Inhaled formulations 99 Enteral formulations 101 Rectal formulations 105 Conclusion 105 Glossary 106 References 106 Further reading 108 Multiple-choice questions 108 Chapter 7: Adverse drug reactions 110 Matt Dixon Aim 110 What is an adverse drug reaction? 110 Classification of adverse drug reactions 111 How prevalent are adverse drug reactions? 111 Who is more likely to experience adverse drug reactions? 112 Recognising signs and symptoms of adverse drug reactions 114 Anaphylaxis 114 Rashes and skin eruptions 115 Serum sickness 115 Renal disorders 115 Geriatric syndrome 116 Idiosyncratic reactions 117 Preventing adverse drug reactions 117 Managing adverse drug reactions 117 Reporting adverse drug reactions 119 Conclusion 122 References 122 Further reading 123 Multiple-choice questions 123 Chapter 8: Analgesics 125 Tom Mallinson Aim 125 Pain and analgesia 125 Understanding and assessing pain 125 Why do we treat pain? 126 Psychology of pain 126 Physiology of pain 127 Pain transmission 127 Pain modulation 128 Types of pain 129 Assessment of pain 131 Approach to analgesia 132 Paracetamol 133 Non-steroidal anti-inflammatory drugs 133 Inhalational analgesia 136 Opioids 137 Antagonists 141 Atypical analgesics 142 Antidepressants and antiepileptics 143 Adjuncts to analgesia 143 Magnesium sulfate 143 Local anaesthetics 143 Conclusion 144 Glossary 145 References 146 Further reading 147 Multiple-choice questions 147 Chapter 9: Antibacterials 149 Dean Whiting, Deborah Flynn and Dawn Ball Aim 149 Introduction 149 Language and terminology 150 Antibacterial mechanisms of action 150 Disruption of bacterial cell wall synthesis: beta-lactams 151 Interference in folate metabolism: sulfonamides, trimethoprim 151 Inhibition of bacterial DNA synthesis: quinolones 151 Inhibition of bacterial protein synthesis: tetracyclines, aminoglycosides, macrolides, chloramphenicol, lincosamides 151 Choosing the right treatment 151 Antimicrobial resistance 151 Preventing antimicrobial resistance 152 Antimicrobial stewardship (AMS) 153 Antibacterials by clinical use 153 Beta-lactams 153 Tetracyclines 157 Chloramphenicol 158 When administered in combination with phenytoin, monitor seizure pattern. Aminoglycosides 159 Macrolides 161 Lincosamides 162 Conclusion 163 References 163 Further reading 164 Multiple-choice questions 164 Chapter 10: Medications used in the cardiovascular system 167 Lisa Clegg and Fraser Russell Aim 167 Cardiovascular diseases 167 Hypertension and heart failure 168 Management of hypertension and heart failure 168 Acute coronary Syndrome (ACS) 173 Management of acute coronary syndrome 173 Conclusion 177 Glossary 177 References 178 Further reading 179 Multiple-choice questions 180 Chapter 11: Medications used in the renal system 182 Anthony Kitchener Aim 182 Introduction 183 Acute kidney injury 183 Chronic kidney disease 185 Management of CKD 185 Electrolyte abnormalities resulting from poor renal function 187 Hyponatraemia (low serum sodium) 187 Hypokalaemia (low serum potassium) and hyperkalaemia (high serum potassium) 187 Urinary retention and incontinence 187 Drug-induced renal damage 188 Drugs that act on the renal system 188 Diuretics 188 Drugs used to treat urinary retention and urinary incontinence 193 Conclusion 195 Glossary 198 References 200 Further reading 201 Multiple-choice questions 201 Chapter 12: Medications and diabetes mellitus 203 Hayley Croft and Olivia Thornton Aim 203 Introduction 204 Hormonal control of blood glucose 204 Monitoring diabetes 205 Measuring blood glucose 206 Measuring ketones 207 Drug use in diabetes 207 Insulin replacement therapy 207 Metformin 209 Sulfonylureas 209 Incretin mimetics 210 SGLT-2 inhibitors 210 Thiazolidinediones 211 Alpha-glucosidase inhibitors 211 Drug use in diabetic emergencies 211 Hypoglycaemic emergency 211 Hyperglycaemic emergency 216 Management of hyperglycaemia 218 Conclusion 219 Glossary 219 References 220 Multiple-choice questions 221 Chapter 13: Medications used in the respiratory system 224 Jason McKenna Aim 224 Introduction 225 Anatomy and physiology 225 Nervous system control 226 Common respiratory emergencies 227 Asthma 227 Chronic obstructive pulmonary disease 230 Croup 231 Pneumonia 232 Pneumothorax 232 Pulmonary oedema 233 Classes of medications 234 Bronchodilators 234 Diuretics 236 Nitrates 236 Steroids 237 Medical gases 238 Oxygen devices 238 Conclusion 239 Find out more 239 References 239 Further reading 241 Multiple-choice questions 241 Chapter 14: Medications used in the gastrointestinal system 243 George Bell-Starr and Ashley Ingram Aim 243 Introduction 244 Anatomy and physiology of the gastrointestinal system 244 Nausea and vomiting 244 H1 receptor antagonists (antihistamines) 246 Dopamine (D2) receptor antagonists 246 Serotonin (5-HT3) receptor antagonists 246 Peptic ulcers 247 Helicobacter pylori infections 247 Non-steroidal anti-inflammatory drugs 248 Symptoms of peptic ulcer 248 Constipation 249 Laxatives 249 Gastro-oesophageal reflux disease 251 Drug interventions (patients with confirmed endoscope diagnosis) 252 Paramedic practice 252 Antidiarrhoeals 254 Inflammatory bowel disease (IBD) 255 Crohn’s disease 255 Ulcerative colitis 255 Drug treatment for inflammatory bowel disease 255 Conclusion 257 References 257 Multiple-choice questions 258 Chapter 15: Medication and the nervous system 261 Geoffrey Bench, Alastair Dolan, Lena Solanki, Paul Doherty, Charlotte White, Ricky Lawrence and Emma Beadle Aim 261 Introduction 261 The nervous system 262 Parkinson disease and parkinsonism 262 Infections 264 Dementia 264 Drugs used in dementia 265 Cautions 266 Epilepsy 267 Antiepileptic medication 268 Psychogenic non-epileptic seizures (PNES) versus bilateral tonic clonic seizures (BTCS) 268 Emergency medication in the prehospital setting 268 Strokes (including transient ischaemic attacks) 270 Definition of a stroke and a transient ischaemic attack 271 Assessment of a stroke 271 Treatment 272 Conclusion 274 References 274 Further reading/resources 275 Multiple-choice questions 276 Chapter 16: Medications used in mental health 278 Liam Rooney Aim 278 Introduction 278 Neurotransmitters 279 Antidepressants 280 Selective serotonin reuptake inhibitors 281 Monoamine oxidase inhibitors 282 Serotonin and noradrenaline reuptake inhibitors 283 Serotonin syndrome 283 Other atypical antidepressants 284 Anxiolytics 285 Pregabalin 285 Benzodiazepines 285 Buspirone 286 Beta-blockers 286 Hypnotics 286 Benzodiazepines 286 Z-drugs 287 Mood-stabilising medications 287 Lithium 287 Valproate 287 Antipsychotics 288 Antipsychotic-related side-effects 288 Other side-effects 289 Dementia 291 Acetylcholinesterase inhibitors 291 Memantine 292 Attention deficit-hyperactivity disorder 292 Stimulants 292 Non-stimulants 292 Conclusion 293 Find out more about these conditions 293 Glossary 293 References 294 Further reading 296 Resources 296 Multiple-choice questions 296 Chapter 17: Immunisations 299 Michael Fanner Aim 299 Introduction 299 Understanding the fundamental epidemiological concepts and theories in preventing infectious diseases 300 Essential ways of examining infectious diseases 301 Becoming familiar with vaccine design to underpin clinical practice knowledge 302 Vaccine design 302 Appreciating public concerns in the acceptability and uptake of immunisations 303 Vaccine acceptability 307 Recognising the role of the paramedic in health promotion and immunisation administration 308 Immunisations as prescription-only medicines 308 Embedding immunisation history taking in clinical assessment 309 Conclusion 315 References 316 Further reading 317 Multiple-choice questions 317 Normal Values 319 Answers 323 Index 325

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Book SynopsisTable of ContentsAcknowledgements Preface Buckle Up Introduction Chapter 1 - The Paradox Chapter 2 - Key Messages Chapter 3- The Appeal of Trend Trading Chapter 4 - Why Do Trends Exist? Chapter 5 - Why Do So Many Fail at Trend Trading? Chapter 6 - Trend Trading Strategies Chapter 7 - Measuring Risk Chapter 8 - Moving Forward Chapter 9- Back to the Future

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Book SynopsisTable of ContentsHow to Navigate This Book ix 1 Introduction 1 1.1 The function and performance of buildings 1 1.2 New methods and products 8 1.3 Product selection and specification 10 Chapter 2 at a Glance 17 2 Offsite Construction 19 2.1 Functional requirements 21 2.2 Offsite design and production processes 24 2.3 Pre- assembly 27 2.4 Joints and joining 31 2.5 Prefabricated housing 32 2.6 Additive manufacturing (3D printing) 36 Chapter 3 at a Glance 39 3 Pile Foundations, Substructures and Basements 41 3.1 Pile foundations 41 3.2 Ground stabilisation 61 3.3 Substructures and basements 64 Chapter 4 at a Glance 83 4 Single- storey Frames, Shells and Lightweight Coverings 85 4.1 Lattice truss, beam, portal frame and flat roof structures 85 4.2 Roof and wall cladding and decking 127 4.3 Rooflights 150 4.4 Diaphragm, fin wall and tilt- up construction 163 4.5 Shell structures 173 Chapter 5 at a Glance 189 5 Structural Timber Frames 191 5.1 Functional requirements 191 5.2 Timber 193 5.3 Modified and engineered timber products 198 5.4 Timber- framed walls 202 5.5 High- rise structural timber frames 216 Chapter 6 at a Glance 219 6 Structural Steel Frames 221 6.1 Functional requirements 221 6.2 Methods of design 223 6.3 Steel sections 227 6.4 Structural steel frames 234 6.5 Welding 254 6.6 Fire protection of structural steelwork 269 6.7 Floor construction for structural steel frames 276 Chapter 7 at a Glance 291 7 Structural Concrete Frames 293 7.1 Concrete 293 7.2 Concrete mixes 298 7.3 Reinforcement 304 7.4 Formwork and falsework 316 7.5 Prestressed concrete 331 7.6 Lightweight concrete 336 7.7 Concrete structural frames 339 7.8 Precast reinforced concrete frames 350 7.9 Lift slab construction 356 Chapter 8 at a Glance 359 8 Envelopes to Framed Buildings 361 8.1 Terms and definitions 361 8.2 Functional requirements 362 8.3 Infill wall framing to a structural grid 372 8.4 Cavity walling 373 8.5 Facings applied to solid and cavity wall backings 376 8.6 Cladding panels 387 8.7 Sheet metal wall cladding 410 8.8 Glazed wall systems 420 8.9 Double skin façades 436 Chapter 9 at a Glance 439 9 Lifts and Escalators 441 9.1 Functional requirements 441 9.2 Lifts (elevators) 443 9.3 Escalators and moving walkways 454 Chapter 10 at a Glance 457 10 Fit Out and Second Fix 459 10.1 Commercial fit out 459 10.2 Raised floors 461 10.3 Suspended ceilings 465 10.4 Internal partition walls 470 Chapter 11 at a Glance 477 11 Existing Buildings: Pathology, Upgrading and Demolition 479 11.1 The pathology of buildings 479 11.2 Decay and defects 484 11.3 Conservation of buildings 488 11.4 Façade retention methods 491 11.5 Retrofitting 501 11.6 Demolition, disassembly and recycling 511 11.7 Reuse and recycled materials 515 Index 521

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Book SynopsisWhat if everything you've learned about inflation is wrong? The Inflation Myth and the Wonderful World of Deflation illustrates our rapidly changing world where constant technological innovation leads to cheaper and better products. These changes are no longer reflected in the ways we measure inflation. Renowned investor and author Mark Mobius persuasively argues that what we believe to know about inflation today does not reflect the reality any longer. It is a myth, a legend, a fable, and, yes, a falsehood for a number of reasons. The Inflation Myth and the Wonderful World of Deflation tackles a number of fascinating topics, including: The political nature of inflation measurement where governments manipulate and exploit inflation numbers to fit their economic programsThe extreme difficulty involved in gathering accurate data to measure inflation and the resulting inaccuracy of those measuresThe error of using currencies to measure inflation when those currencies are continually being debased by the governments who issue themFinally, and most importantly, the advances in technology and automation which are leading to continuously falling costs for goods and services Perfect for anyone with even a passing interest in macroeconomic phenomena or government policies, which are significantly impacting people's everyday lives around the world, The Inflation Myth and the Wonderful World of Deflation provides a remarkably compelling and provocative view of stunning originality.Table of ContentsPreface xi Introduction xv Acknowledgments xxiii About the Author xxv 1 History and Inflation 1 History as Inflation Importance of Inflation Numbers The Long Coffin Marco Polo and Money Gold and Silver Coins Money and Trust The Urge to Debase Rome’s Debasement England’s Debasement Shells and Money 2 The Critical Importance of Inflation Numbers 21 Making Important Policy Decisions on Inflation Data International Interest in Inflation The Influential Measure Impact on Individual Lives The Popularity of Inflation Numbers India Stops Futures Trading To Influence Inflation China’s Efforts To Influence The CPI Numbers The Effect of Mexican Tomatoes On Inflation Venezuela Attempts To Rein In Inflation Through A Cryptocurrency Fed Up Inflation Numbers Knock-on Effect Wage indexing When Central Bank Actions Fail To Influence Inflation Investment Decisions and Inflation Numbers Bank Decisions 3 What is Inflation? 37 What the Experts Say Defining Inflation Inflation as a Worldwide Disaster 4 What is Hyperinflation? 53 What the Experts Say Hyperinflations around the World The German Hyperinflation Experience Yugoslavia: Printing Money To Pay Government Debt Legalized Looting In Zimbabwe Printing 30 Tons of Zairean Banknotes 5 Money Supply and Inflation 67 Inflation as a Monetary Phenomenon What Is The Money Supply? Measuring Money Supply Money Creation through Fractional-Reserve Banking The Money Illusion Credit Is Money The Collapse of Paper Money Demise of the Dollar The Gold Standard The Universe of Cryptocurrencies 6 Measuring Inflation 85 Why You Can’t Trust the Inflation Numbers The History of Measuring Inflation Building the Index Gin and Inflation Measurement The Boskin Commission US GDP Numbers Questioned What Are People REALLY Buying? The Changing Time and Place Bias Market-Basket Bias Data Gathering Difficulties Complexity Data Gathering Currency Change Differences Currency Confusion – The Tenge Pakistan Statistics Concerns China’s Suspect Statistics UK Inflation Index Credibility India – Data Gathering Difficulties The Brazil Experience Urban–Rural Inflation Differences In China Inflation Differences Within Turkey Malaysia Concerns South Africans Skeptical Too Income Differences What Statistics Fail to Measure 7 Controlling and Manipulating Inflation 125 Governments’ Vested Interest Central Banks Control Attempts The Phillips Curve The Taylor Rule The Fisher Effect Inflation Targeting The Magic 2% The Low Inflation Trap Argentina: Lies, Damned Lies Brazil Anti-Inflation Efforts Chinese Government Efforts to Control Inflation Philippines Data Control Venezuela – Eliminating a Bill India Control Efforts Korea: Consumer Pressure 8 The Wonderful World of Deflation 155 What the Experts Say: The Trend towards Lower Prices and Rising Incomes Food and Gold Productivity and Deflation Technology and Deflation Deflation is Next Door – Singapore and Malaysia Prices Deflating the World’s Fair Linking Income and Costs Deflation Statistics US Deflation Singapore Deflation Japan Deflation India Deflation China Deflation 9 Conclusions 195 References 199 Index 211

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Book SynopsisTable of ContentsForeword to the Second Edition by Robert S. Kaplan Foreword to the First Edition by Robert S. Kaplan Part I: Overview and Drivers of Enterprise Risk Management Chapter 1: Enterprise Risk Management: An Introduction and Overview Chapter 2: A Brief History of Risk Management Chapter 3: Strategic Risk Management: The Third Paradigm Chapter 4: The Role of the Board of Directors and Senior Management in Enterprise Risk Management Chapter 5: How to Teach Enterprise Risk Management: A Learner-Centered Activities Approach Chapter 6: The Role of the Board in Risk Management Oversight Part II: Enterprise Risk Management, Culture, and Control Chapter 7: ERM Frameworks Chapter 8: Becoming the Lamp Bearer: The Emerging Roles of the Chief Risk Officer Chapter 9: Creating a Risk-Aware Culture Chapter 10: Key Risk Indicators Chapter 11: Decision Risk Management Chapter 12: Increasing Adoption of Enterprise Risk Management in the U.S. Federal Government Chapter 13: Toolmaking in Risk Management: The Case of Core Values and the Formalization of “Risk Appetite” Chapter 14: Incorporating Risk Acumen and Enterprise Risk Management into Innovation Approaches Chapter 15: Scenario Planning as an Enrichment of ERM Chapter 16: Unconscious Bias and Risk Management Chapter 17: Cognitive Bias: A Practical Approach Part III: Enterprise Risk Tools and Techniques Chapter 18: Risk Appetite and Tolerance in Competitive Strategy Chapter 19: How to Plan and Run a Risk Management Workshop Chapter 20: How to Prepare a Risk Profile Chapter 21: How to Allocate Resources Based on Risk Chapter 22: Quantitative Risk Assessment in ERM Chapter 23: Risk Appetite Chapter 24: Organizational Decision Making Chapter 25: The Challenges of and Solutions for Implementing Enterprise Risk Management Part IV: Types of Risk Chapter 26: Market Risk Management and Common Elements with Credit Risk Management Chapter 27: Credit Risk Management Chapter 28: Operational Risk Management Chapter 29: Managing Financial Risk and Its Interaction with Enterprise Risk Management Chapter 30: Climate Change Risk Chapter 31: Cybersecurity: Risks and Governance Chapter 32: Foreign Exchange Risk Management Chapter 33: Risk Management and Outsourcing Chapter 34: Leveraging ERM for Growth Chapter 35: Commercial and D&O Insurance for Large Corporations Chapter 36: Managing Risk Associated with Project Delivery: A How-To Guide Part V: Special Topics and Case Studies Chapter 37: The Rise and Evolution of the Chief Risk Officer: Enterprise Risk Management at Hydro One Chapter 38: Enterprise Risk Management in the Public Sector: A First Look at the U.S. Department of Commerce Chapter 39: A Review of Academic Research on Enterprise Risk Management Chapter 40: Lessons from the Academy: ERM Implementation in the University Setting Chapter 41: Enterprise Risk Management: Lessons from the Field Chapter 42: Financial Reporting and Disclosure Risk Management Chapter 43: Directors and Risk: Whither the Best Practices: Evidence from Canada

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Book SynopsisTable of ContentsForeword xi Part I Foundation 1 Chapter 1 And, Just Like That, Everything Changed 3 Chapter 2 Is Face-to-Face Selling Dead? 7 Chapter 3 Necessity is the Mother of Virtual Selling 13 Chapter 4 Virtual Selling Definition and Channels 19 Chapter 5 The Asynchronous Salesperson 25 Chapter 6 Blending 29 Part II Emotional Discipline 33 Chapter 7 The Four Levels of Sales Intelligence 35 Chapter 8 Emotions Matter 43 Chapter 9 Relaxed, Assertive Confidence 47 Chapter 10 Deep Vulnerability 49 Part III Video Sales Calls 57 Chapter 11 Video Calls—The Closest Thing to Being There 59 Chapter 12 Blending Video Calls into the Sales and Account Management Process 65 Chapter 13 Brain Games 73 Chapter 14 Seven Technical Elements of Highly Effective Video Sales Calls 79 Chapter 15 Five Human Elements of Highly Effective Video Sales Calls 91 Chapter 16 Virtual Presentations and Demos 121 Chapter 17 Be Video Ready 133 Chapter 18 Video Messaging 145 Part IV Telephone 163 Chapter 19 Pick Up the Damn Phone 165 Chapter 20 Telephone Prospecting 175 Chapter 21 Five-Step Telephone Prospecting Framework 181 Chapter 22 Developing Effective Because Statements 191 Chapter 23 Getting Past Telephone Prospecting Objections 199 Chapter 24 Leaving Effective Voicemail Messages 211 Part V Texting, Email, Direct Messaging, and Chat 223 Chapter 25 Blending Text Messaging into Account Management and Down-Pipeline Communication 225 Chapter 26 Text Messaging for Prospecting 231 Chapter 27 Email Essentials 237 Chapter 28 Four Cardinal Rules of Email Prospecting 249 Chapter 29 Four-Step Email Prospecting Framework 263 Chapter 30 Direct Messaging 275 Chapter 31 Live Website Chat 281 Part VI Social Media 301 Chapter 32 Social Media is an Essential Foundation for Virtual Selling 303 Chapter 33 The Law of Familiarity and the Five Cs of Social Selling 309 Chapter 34 Personal Branding 323 Part VII Virtual Selling is Still Selling 331 Chapter 35 The Truth about Jedi Mind Tricks 333 Chapter 36 Selling Invisible Trucks 343 Notes 349 Acknowledgments 359 Training, Workshops, and Speaking 361 About the Author 363 Index 365

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Book SynopsisTable of ContentsPreface xv Acknowledgments xvii About the CFA Institute Investment Series xix Chapter 1 The Time Value of Money 1 Learning Outcomes 1 1. Introduction 1 2. Interest Rates: Interpretation 2 3. The Future Value of a Single Cash Flow 4 3.1. The Frequency of Compounding 9 3.2. Continuous Compounding 11 3.3. Stated and Effective Rates 12 4. The Future Value of a Series of Cash Flows 13 4.1. Equal Cash Flows—Ordinary Annuity 14 4.2. Unequal Cash Flows 15 5. The Present Value of a Single Cash Flow 16 5.1. Finding the Present Value of a Single Cash Flow 16 5.2. The Frequency of Compounding 18 6. The Present Value of a Series of Cash Flows 20 6.1. The Present Value of a Series of Equal Cash Flows 20 6.2. The Present Value of an Infinite Series of Equal Cash Flows—Perpetuity 24 6.3. Present Values Indexed at Times Other than t = 0 25 6.4. The Present Value of a Series of Unequal Cash Flows 27 7. Solving for Rates, Number of Periods, or Size of Annuity Payments 27 7.1. Solving for Interest Rates and Growth Rates 28 7.2. Solving for the Number of Periods 30 7.3. Solving for the Size of Annuity Payments 31 7.4. Review of Present and Future Value Equivalence 35 7.5. The Cash Flow Additivity Principle 37 8. Summary 38 Practice Problems 39 Chapter 2 Organizing, Visualizing, and Describing Data 45 Learning Outcomes 45 1. Introduction 45 2. Data Types 46 2.1. Numerical versus Categorical Data 46 2.2. Cross-Sectional versus Time-Series versus Panel Data 49 2.3. Structured versus Unstructured Data 50 3. Data Summarization 54 3.1. Organizing Data for Quantitative Analysis 54 3.2. Summarizing Data Using Frequency Distributions 57 3.3. Summarizing Data Using a Contingency Table 63 4. Data Visualization 68 4.1. Histogram and Frequency Polygon 68 4.2. Bar Chart 69 4.3. Tree-Map 73 4.4. Word Cloud 73 4.5. Line Chart 75 4.6. Scatter Plot 77 4.7. Heat Map 81 4.8. Guide to Selecting among Visualization Types 82 5. Measures of Central Tendency 85 5.1. The Arithmetic Mean 85 5.2. The Median 90 5.3. The Mode 92 5.4. Other Concepts of Mean 92 6. Other Measures of Location: Quantiles 102 6.1. Quartiles, Quintiles, Deciles, and Percentiles 103 6.2. Quantiles in Investment Practice 108 7. Measures of Dispersion 109 7.1. The Range 109 7.2. The Mean Absolute Deviation 109 7.3. Sample Variance and Sample Standard Deviation 111 7.4. Target Downside Deviation 114 7.5. Coefficient of Variation 117 8. The Shape of the Distributions: Skewness 119 9. The Shape of the Distributions: Kurtosis 121 10. Correlation between Two Variables 125 10.1. Properties of Correlation 126 10.2. Limitations of Correlation Analysis 129 11. Summary 132 Practice Problems 135 Chapter 3 Probability Concepts 147 Learning Outcomes 147 1. Introduction 148 2. Probability, Expected Value, and Variance 148 3. Portfolio Expected Return and Variance of Return 171 4. Topics in Probability 180 4.1. Bayes’ Formula 180 4.2. Principles of Counting 184 5. Summary 188 References 190 Practice Problem 190 Chapter 4 Common Probability Distributions 195 Learning Outcomes 195 1. Introduction to Common Probability Distributions 196 2. Discrete Random Variables 196 2.1. The Discrete Uniform Distribution 198 2.2. The Binomial Distribution 200 3. Continuous Random Variables 210 3.1. Continuous Uniform Distribution 210 3.2. The Normal Distribution 214 3.3. Applications of the Normal Distribution 220 3.4. The Lognormal Distribution 222 4. Introduction to Monte Carlo Simulation 228 5. Summary 231 References 233 Practice Problems 234 Chapter 5 Sampling and Estimation 241 Learning Outcomes 241 1. Introduction 242 2. Sampling 242 2.1. Simple Random Sampling 242 2.2. Stratified Random Sampling 244 2.3. Time-Series and Cross-Sectional Data 245 3. Distribution of the Sample Mean 248 3.1. The Central Limit Theorem 248 4. Point and Interval Estimates of the Population Mean 251 4.1. Point Estimators 252 4.2. Confidence Intervals for the Population Mean 253 4.3. Selection of Sample Size 259 5. More on Sampling 261 5.1. Data-Mining Bias 261 5.2. Sample Selection Bias 264 5.3. Look-Ahead Bias 265 5.4. Time-Period Bias 266 6. Summary 267 References 269 Practice Problems 270 Chapter 6 Hypothesis Testing 275 Learning Outcomes 275 1. Introduction 276 2. Hypothesis Testing 277 3. Hypothesis Tests Concerning the Mean 287 3.1. Tests Concerning a Single Mean 287 3.2. Tests Concerning Differences between Means 294 3.3. Tests Concerning Mean Differences 299 4. Hypothesis Tests Concerning Variance and Correlation 303 4.1. Tests Concerning a Single Variance 303 4.2. Tests Concerning the Equality (Inequality) of Two Variances 305 4.3. Tests Concerning Correlation 308 5. Other Issues: Nonparametric Inference 310 5.1. Nonparametric Tests Concerning Correlation: The Spearman Rank Correlation Coefficient 312 5.2. Nonparametric Inference: Summary 313 6. Summary 314 References 317 Practice Problems 317 Chapter 7 Introduction to Linear Regression 327 Learning Outcomes 327 1. Introduction 328 2. Linear Regression 328 2.1. Linear Regression with One Independent Variable 328 3. Assumptions of the Linear Regression Model 332 4. The Standard Error of Estimate 335 5. The Coefficient of Determination 337 6. Hypothesis Testing 339 7. Analysis of Variance in a Regression with One Independent Variable 347 8. Prediction Intervals 350 9. Summary 353 References 354 Practice Problems 354 Chapter 8 Multiple Regression 365 Learning Outcomes 365 1. Introduction 366 2. Multiple Linear Regression 366 2.1. Assumptions of the Multiple Linear Regression Model 372 2.2. Predicting the Dependent Variable in a Multiple Regression Model 376 2.3. Testing Whether All Population Regression Coefficients Equal Zero 378 2.4. Adjusted R2 380 3. Using Dummy Variables in Regressions 381 3.1. Defining a Dummy Variable 381 3.2. Visualizing and Interpreting Dummy Variables 382 3.3. Testing for Statistical Significance 384 4. Violations of Regression Assumptions 387 4.1. Heteroskedasticity 388 4.2. Serial Correlation 394 4.3. Multicollinearity 398 4.4. Heteroskedasticity, Serial Correlation, Multicollinearity: Summarizing the Issues 401 5. Model Specification and Errors in Specification 401 5.1. Principles of Model Specification 402 5.2. Misspecified Functional Form 402 5.3. Time-Series Misspecification (Independent Variables Correlated with Errors) 410 5.4. Other Types of Time-Series Misspecification 414 6. Models with Qualitative Dependent Variables 414 6.1. Models with Qualitative Dependent Variables 414 7. Summary 422 References 425 Practice Problems 426 Chapter 9 Time-Series Analysis 451 Learning Outcomes 451 1. Introduction to Time-Series Analysis 452 2. Challenges of Working with Time Series 454 3. Trend Models 454 3.1. Linear Trend Models 455 3.2. Log-Linear Trend Models 458 3.3. Trend Models and Testing for Correlated Errors 463 4. Autoregressive (AR) Time-Series Models 464 4.1. Covariance-Stationary Series 465 4.2. Detecting Serially Correlated Errors in an Autoregressive Model 466 4.3. Mean Reversion 469 4.4. Multiperiod Forecasts and the Chain Rule of Forecasting 470 4.5. Comparing Forecast Model Performance 473 4.6. Instability of Regression Coefficients 475 5. Random Walks and Unit Roots 478 5.1. Random Walks 478 5.2. The Unit Root Test of Nonstationarity 482 6. Moving-Average Time-Series Models 486 6.1. Smoothing Past Values with an n-Period Moving Average 486 6.2. Moving-Average Time-Series Models for Forecasting 489 7. Seasonality in Time-Series Models 491 8. Autoregressive Moving-Average Models 496 9. Autoregressive Conditional Heteroskedasticity Models 497 10. Regressions with More than One Time Series 500 11. Other Issues in Time Series 504 12. Suggested Steps in Time-Series Forecasting 505 13. Summary 507 References 508 Practice Problems 509 Chapter 10 Machine Learning 527 Learning Outcomes 527 1. Introduction 527 2. Machine Learning and Investment Management 528 3. What is Machine Learning? 529 3.1. Defining Machine Learning 529 3.2. Supervised Learning 529 3.3. Unsupervised Learning 531 3.4. Deep Learning and Reinforcement Learning 531 3.5. Summary of ML Algorithms and How to Choose among Them 532 4. Overview of Evaluating ML Algorithm Performance 533 4.1. Generalization and Overfitting 534 4.2. Errors and Overfitting 534 4.3. Preventing Overfitting in Supervised Machine Learning 537 5. Supervised Machine Learning Algorithms 539 5.1. Penalized Regression 539 5.2. Support Vector Machine 541 5.3. K-Nearest Neighbor 542 5.4. Classification and Regression Tree 544 5.5. Ensemble Learning and Random Forest 547 6. Unsupervised Machine Learning Algorithms 559 6.1. Principal Components Analysis 560 6.2. Clustering 563 7. Neural Networks, Deep Learning Nets, and Reinforcement Learning 575 7.1. Neural Networks 575 7.2. Deep Learning Neural Networks 578 7.3. Reinforcement Learning 579 8. Choosing an Appropriate ML Algorithm 589 9. Summary 590 References 593 Practice Problems 593 Chapter 11 Big Data Projects 597 Learning Outcomes 597 1. Introduction 597 2. Big Data in Investment Management 598 3. Steps in Executing a Data Analysis Project: Financial Forecasting with Big Data 599 4. Data Preparation and Wrangling 603 4.1. Structured Data 604 4.2. Unstructured (Text) Data 610 5. Data Exploration Objectives and Methods 617 5.1. Structured Data 618 5.2. Unstructured Data: Text Exploration 622 6. Model Training 629 6.1. Structured and Unstructured Data 630 7. Financial Forecasting Project: Classifying and Predicting Sentiment for Stocks 639 7.1. Text Curation, Preparation, and Wrangling 640 7.2. Data Exploration 644 7.3. Model Training 654 7.4. Results and Interpretation 658 8. Summary 664 Practice Problems 665 Chapter 12 Using Multifactor Models 675 Learning Outcomes 675 1. Introduction 675 2. Multifactor Models and Modern Portfolio Theory 676 3. Arbitrage Pricing Theory 677 4. Multifactor Models: Types 683 4.1. Factors and Types of Multifactor Models 683 4.2. The Structure of Macroeconomic Factor Models 684 4.3. The Structure of Fundamental Factor Models 687 4.4. Fixed-Income Multifactor Models 691 5. Multifactor Models: Selected Applications 695 5.1. Factor Models in Return Attribution 696 5.2. Factor Models in Risk Attribution 698 5.3. Factor Models in Portfolio Construction 703 5.4. How Factor Considerations Can Be Useful in Strategic Portfolio Decisions 705 6. Summary 706 References 707 Practice Problems 708 Chapter 13 Measuring and Managing Market Risk 713 Learning Outcomes 713 1. Introduction 714 2. Understanding Value at Risk 714 2.1. Value at Risk: Formal Definition 715 2.2. Estimating VaR 718 2.3. Advantages and Limitations of VaR 730 2.4. Extensions of VaR 733 3. Other Key Risk Measures—Sensitivity and Scenario Measures 735 3.1. Sensitivity Risk Measures 736 3.2. Scenario Risk Measures 740 3.3. Sensitivity and Scenario Risk Measures and VaR 746 4. Using Constraints in Market Risk Management 750 4.1. Risk Budgeting 751 4.2. Position Limits 752 4.3. Scenario Limits 752 4.4. Stop-Loss Limits 753 4.5. Risk Measures and Capital Allocation 753 5. Applications of Risk Measures 755 5.1. Market Participants and the Different Risk Measures They Use 755 6. Summary 764 References 766 Practice Problems 766 Chapter 14 Backtesting and Simulation 775 Learning Outcomes 775 1. Introduction 775 2. The Objectives of Backtesting 776 3. The Backtesting Process 776 3.1. Strategy Design 777 3.2. Rolling Window Backtesting 778 3.3. Key Parameters in Backtesting 779 3.4. Long/Short Hedged Portfolio Approach 781 3.5. Pearson and Spearman Rank IC 785 3.6. Univariate Regression 789 3.7. Do Different Backtesting Methodologies Tell the Same Story? 789 4. Metrics and Visuals Used in Backtesting 792 4.1. Coverage 792 4.2. Distribution 794 4.3. Performance Decay, Structural Breaks, and Downside Risk 797 4.4. Factor Turnover and Decay 797 5. Common Problems in Backtesting 801 5.1. Survivorship Bias 801 5.2. Look-Ahead Bias 804 6. Backtesting Factor Allocation Strategies 807 6.1. Setting the Scene 808 6.2. Backtesting the Benchmark and Risk Parity Strategies 808 7. Comparing Methods of Modeling Randomness 813 7.1. Factor Portfolios and BM and RP Allocation Strategies 814 7.2. Factor Return Statistical Properties 815 7.3. Performance Measurement and Downside Risk 819 7.4. Methods to Account for Randomness 821 8. Scenario Analysis 824 9. Historical Simulation versus Monte Carlo Simulation 828 10. Historical Simulation 830 11. Monte Carlo Simulation 835 12. Sensitivity Analysis 840 13. Summary 848 References 849 Practice Problems 849 Appendices 855 Glossary 865 About the Authors 883 About the CFA Program 885 Index 887

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Book SynopsisTable of ContentsPreface xxi Acknowledgments xxiii About the CFA Institute Investment Series xxv Chapter 1 Professionalism in the Investment Industry 1 Learning Outcomes 1 1. Introduction 1 2. Professions 2 2.1. How Professions Establish Trust 2 2.2. Professions Are Evolving 4 3. Professionalism in Investment Management 5 3.1. Trust in the Investment Industry 6 3.2. CFA Institute as an Investment Professional Body 6 4. Expectations of Investment Professionals 7 5. Framework for Ethical Decision-Making 9 5.1. Description of the Framework 9 6. Challenges for Investment Professionals 11 7. Summary 12 References 13 Practice Problems 13 Chapter 2 Fintech in Investment Management 15 Learning Outcomes 15 1. Introduction 15 2. What is Fintech? 16 3. Big Data 17 3.1. Sources of Big Data 18 3.2. Big Data Challenges 20 4. Advanced Analytical Tools: Artificial Intelligence and Machine Learning 20 4.1. Types of Machine Learning 22 5. Data Science: Extracting Information from Big Data 23 5.1. Data Processing Methods 23 5.2. Data Visualization 24 6. Selected Applications of Fintech to Investment Management 25 6.1. Text Analytics and Natural Language Processing 26 6.2. Robo-Advisory Services 27 6.3. Risk Analysis 29 6.4. Algorithmic Trading 30 7. Distributed Ledger Technology 30 7.1. Permissioned and Permissionless Networks 32 7.2. Applications of Distributed Ledger Technology to Investment Management 32 Summary 34 Practice Problems 35 Chapter 3 Capital Market Expectations, Part 1: Framework and Macro Considerations 37 Learning Outcomes 37 1. Introduction 38 2. Framework and Challenges 38 2.1. A Framework for Developing Capital Market Expectations 39 2.2. Challenges in Forecasting 42 3. Economic and Market Analysis 50 3.1. The Role of Economic Analysis 51 3.2. Analysis of Economic Growth 51 3.3. Approaches to Economic Forecasting 57 3.4. Business Cycle Analysis 61 3.5. Analysis of Monetary and Fiscal Policy 68 3.6. International Interactions 77 4. Summary 81 References 85 Practice Problems 85 Chapter 4 Capital Market Expectations, Part 2: Forecasting Asset Class Returns 93 Learning Outcomes 93 1. Introduction 94 2. Overview of Tools and Approaches 94 2.1. The Nature of the Problem 94 2.2. Approaches to Forecasting 95 3. Forecasting Fixed-Income Returns 96 3.1. Applying DCF to Fixed Income 96 3.2. The Building Block Approach to Fixed-Income Returns 98 3.3. Risks in Emerging Market Bonds 104 4. Forecasting Equity Returns 107 4.1. Historical Statistics Approach to Equity Returns 107 4.2. DCF Approach to Equity Returns 107 4.3. Risk Premium Approaches to Equity Returns 111 4.4. Risks in Emerging Market Equities 115 5. Forecasting Real Estate Returns 117 5.1. Historical Real Estate Returns 117 5.2. Real Estate Cycles 117 5.3. Capitalization Rates 118 5.4. The Risk Premium Perspective on Real Estate Expected Return 120 5.5. Real Estate in Equilibrium 120 5.6. Public vs. Private Real Estate 121 5.7. Long-Term Housing Returns 122 6. Forecasting Exchange Rates 124 6.1. Focus on Goods and Services, Trade, and the Current Account 125 6.2. Focus on Capital Flows 127 7. Forecasting Volatility 132 7.1. Estimating a Constant VCV Matrix with Sample Statistics 132 7.2. VCV Matrices from Multi-Factor Models 133 7.3. Shrinkage Estimation of VCV Matrices 134 7.4. Estimating Volatility from Smoothed Returns 135 7.5. Time-Varying Volatility: ARCH Models 136 8. Adjusting a Global Portfolio 137 8.1. Macro-Based Recommendations 138 8.2. Quantifying the Views 140 Summary 141 References 143 Practice Problems 145 Chapter 5 Overview of Asset Allocation 155 Learning Outcomes 155 1. Introduction 155 2. Asset Allocation: Importance in Investment Management 157 3. The Investment Governance Background to Asset Allocation 158 3.1. Governance Structures 158 3.2. Articulating Investment Objectives 159 3.3. Allocation of Rights and Responsibilities 160 3.4. Investment Policy Statement 162 3.5. Asset Allocation and Rebalancing Policy 162 3.6. Reporting Framework 163 3.7. The Governance Audit 163 4. The Economic Balance Sheet and Asset Allocation 165 5. Approaches to Asset Allocation 169 5.1. Relevant Objectives 171 5.2. Relevant Risk Concepts 172 5.3. Modeling Asset Class Risk 173 6. Strategic Asset Allocation 180 6.1. Asset Only 182 6.2. Liability Relative 188 6.3. Goals Based 191 7. Implementation Choices 195 7.1. Passive/Active Management of Asset Class Weights 196 7.2. Passive/Active Management of Allocations to Asset Classes 196 7.3. Risk Budgeting Perspectives in Asset Allocation and Implementation 200 8. Rebalancing: Strategic Considerations 201 8.1. A Framework for Rebalancing 203 8.2. Strategic Considerations in Rebalancing 204 9. Summary 206 References 207 Practice Problems 209 Chapter 6 Principles of Asset Allocation 211 Learning Outcomes 211 1. Introduction 212 2. Developing Asset Only Asset Allocations 213 2.1. Mean–Variance Optimization: Overview 213 2.2. Monte Carlo Simulation 225 2.3. Criticisms of Mean–Variance Optimization 228 2.4. Addressing the Criticisms of Mean–Variance Optimization 230 2.5. Allocating to Less Liquid Asset Classes 241 2.6. Risk Budgeting 243 2.7. Factor-Based Asset Allocation 246 3.1. Characterizing the Liabilities 250 3.2. Approaches to Liability-Relative Asset Allocation 253 3.3. Examining the Robustness of Asset Allocation Alternatives 264 3.4. Factor Modeling in Liability-Relative Approaches 266 4. Developing Goals-Based Asset Allocations 266 4.1. The Goals-Based Asset Allocation Process 268 4.2. Describing Client Goals 270 4.3. Constructing Sub-Portfolios 272 4.4. The Overall Portfolio 276 4.5. Revisiting the Module Process in Detail 277 4.6. Periodically Revisiting the Overall Asset Allocation 281 4.7. Issues Related to Goals-Based Asset Allocation 281 5. Heuristics and Other Approaches to Asset Allocation 283 5.1. The “120 minus your age” rule. 283 5.2. The 60/40 stock/bond heuristic. 284 5.3. The endowment model. 285 5.4. Risk parity. 286 5.5. The 1/N rule. 288 6. Portfolio Rebalancing in Practice 288 7. Conclusions 292 References 294 Practice Problems 296 Chapter 7 Asset Allocation with Real-World Constraints 307 Learning Outcomes 307 1. Introduction 307 2. Constraints in Asset Allocation 308 2.1. Asset Size 308 2.2. Liquidity 314 2.3. Time Horizon 317 2.4. Regulatory and Other External Constraints 321 3. Asset Allocation for the Taxable Investor 327 3.1. After-Tax Portfolio Optimization 321 3.2. Taxes and Portfolio Rebalancing 331 3.3. Strategies to Reduce Tax Impact 332 4. Revising the Strategic Asset Allocation 337 4.1. Goals 337 5. Short-Term Shifts in Asset Allocation 343 5.1. Discretionary TAA 344 5.2. Systematic TAA 345 6. Dealing with Behavioral Biases in Asset Allocation 349 6.1. Loss Aversion 349 6.2. Illusion of Control 350 6.3. Mental Accounting 351 6.4. Representativeness Bias 352 6.5. Framing Bias 352 6.6. Availability Bias 354 7. Summary 357 References 359 Practice Problems 360 Chapter 8 Currency Management: An Introduction 369 Learning Outcomes 369 1. Introduction 369 2. Review of Foreign Exchange Concepts 370 2.1. Spot Markets 371 2.2. Forward Markets 373 2.3. FX Swap Markets 376 2.4. Currency Options 377 3. Currency Risk and Portfolio Return and Risk 377 3.1. Return Decomposition 378 3.2. Volatility Decomposition 380 4. Currency Management: Strategic Decisions 383 4.1. The Investment Policy Statement 384 4.2. The Portfolio Optimization Problem 385 4.3. Choice of Currency Exposures 386 4.4. Locating the Portfolio Along the Currency Risk Spectrum 389 4.5. Formulating a Client-Appropriate Currency Management Program 393 5. Currency Management: Tactical Decisions 395 5.1. Active Currency Management Based on Economic Fundamentals 396 5.2. Active Currency Management Based on Technical Analysis 397 5.3. Active Currency Management Based on the Carry Trade 399 5.4. Active Currency Management Based on Volatility Trading 401 6. Tools of Currency Management 406 6.1. Forward Contracts 407 6.2. Currency Options 414 6.3. Strategies to Reduce Hedging Costs and Modify a Portfolio’s Risk Profile 416 6.4. Hedging Multiple Foreign Currencies 424 6.5. Basic Intuitions for Using Currency Management Tools 431 7. Currency Management for Emerging Market Currencies 435 7.1. Special Considerations in Managing Emerging Market Currency Exposures 435 7.2. Non-Deliverable Forwards 437 8. Summary 438 References 441 Practice Problems 441 Chapter 9 Overview of Fixed-Income Portfolio Management 453 Learning Outcomes 453 1. Introduction 453 2. Roles of Fixed-Income Securities in Portfolios 454 2.1. Diversification Benefits 454 2.2. Benefits of Regular Cash Flows 456 2.3. Inflation Hedging Potential 457 3. Fixed-Income Mandates 459 3.1. Liability-Based Mandates 460 3.2. Total Return Mandates 464 4. Bond Market Liquidity 468 4.1. Liquidity among Bond Market Sub-Sectors 468 4.2. The Effects of Liquidity on Fixed-Income Portfolio Management 469 5. A Model for Fixed-Income Returns 471 5.1. Decomposing Expected Returns 471 5.2. Estimation of the Inputs 475 5.3. Limitations of the Expected Return Decomposition 475 6. Leverage 476 6.1. Using Leverage 477 6.2. Methods for Leveraging Fixed-Income Portfolios 477 6.3. Risks of Leverage 481 7. Fixed-Income Portfolio Taxation 481 7.1. Principles of Fixed-Income Taxation 482 7.2. Investment Vehicles and Taxes 483 8. Summary 484 References 486 Practice Problems 486 Chapter 10 Liability-Driven and Index-Based Strategies 493 Learning Outcomes 493 1. Introduction 494 2. Liability-Driven Investing 495 3. Interest Rate Immunization—Managing the Interest Rate Risk of a Single Liability 498 4. Interest Rate Immunization—Managing the Interest Rate Risk of Multiple Liabilities 511 4.1. Cash Flow Matching 511 4.2. Duration Matching 514 4.3. Derivatives Overlay 520 4.4. Contingent Immunization 524 5. Liability-Driven Investing—An Example of a Defined Benefit Pension Plan 526 6. Risks in Liability-Driven Investing 536 7. Bond Indexes and the Challenges of Matching a Fixed-Income Portfolio to an Index 541 8. Alternative Methods for Establishing Passive Bond Market Exposure 547 9. Benchmark Selection 553 10. Laddered Bond Portfolios 556 11. Summary 559 References 563 Practice Problems 564 Chapter 11 Overview of Equity Portfolio Management 573 Learning Outcomes 573 1. Introduction 573 2. The Roles of Equities in a Portfolio 574 2.1. Capital Appreciation 574 2.2. Dividend Income 575 2.3. Diversification with Other Asset Classes 576 2.4. Hedge Against Inflation 577 2.5. Client Considerations for Equities in a Portfolio 577 3. Equity Investment Universe 579 3.1. Segmentation by Size and Style 579 3.2. Segmentation by Geography 581 3.3. Segmentation by Economic Activity 583 3.4. Segmentation of Equity Indexes and Benchmarks 585 4. Income and Costs in an Equity Portfolio 585 4.1. Dividend Income 586 4.2. Securities Lending Income 586 4.3. Ancillary Investment Strategies 587 4.4. Management Fees 588 4.5. Performance Fees 588 4.6. Administration Fees 589 4.7. Marketing and Distribution Costs 589 4.8. Trading Costs 589 4.9. Investment Approaches and Effects on Costs 590 5. Shareholder Engagement 590 5.1. Benefits of Shareholder Engagement 591 5.2. Disadvantages of Shareholder Engagement 592 5.3. The Role of an Equity Manager in Shareholder Engagement 592 6. Equity Investment across the Passive–Active Spectrum 594 6.1. Confidence to Outperform 594 6.2. Client Preference 595 6.3. Suitable Benchmark 596 6.4. Client-Specific Mandates 596 6.5. Risks/Costs of Active Management 596 6.6. Taxes 596 Summary 597 References 598 Practice Problems 598 Chapter 12 Passive Equity Investing 601 Learning Outcomes 601 1. Introduction 601 2. Choosing a Benchmark 603 2.1. Indexes as a Basis for Investment 603 2.2. Considerations When Choosing a Benchmark Index 604 2.3. Index Construction Methodologies 606 2.4. Factor-Based Strategies 612 3. Approaches to Passive Equity Investing 615 3.1. Pooled Investments 615 3.2. Derivatives-Based Approaches 619 3.3. Separately Managed Equity Index-Based Portfolios 623 4. Portfolio Construction 625 4.1. Full Replication 625 4.2. Stratified Sampling 627 4.3. Optimization 628 4.4. Blended Approach 629 5. Tracking Error Management 630 5.1. Tracking Error and Excess Return 630 5.2. Potential Causes of Tracking Error and Excess Return 632 5.3. Controlling Tracking Error 632 6. Sources of Return and Risk in Passive Equity Portfolios 633 6.1. Attribution Analysis 633 6.2. Securities Lending 635 6.3. Investor Activism and Engagement by Passive Managers 637 Summary 638 References 640 Practice Problems 641 Chapter 13 Active Equity Investing: Strategies 647 Learning Outcomes 647 1. Introduction 647 2. Approaches to Active Management 648 2.1. Differences in the Nature of the Information Used 650 2.2. Differences in the Focus of the Analysis 651 2.3. Difference in Orientation to the Data: Forecasting the Future vs. Analyzing the Past 652 2.4. Differences in Portfolio Construction: Judgment vs. Optimization 652 3. Types of Active Management Strategies 654 3.1. Bottom-Up Strategies 654 3.2. Top-Down Strategies 661 3.3. Factor-Based Strategies 664 3.4. Activist Strategies 677 3.5. Other Strategies 684 4. Creating a Fundamental Active Investment Strategy 687 4.1. The Fundamental Active Investment Process 687 4.2. Pitfalls in Fundamental Investing 690 5. Creating a Quantitative Active Investment Strategy 694 5.1. Creating a Quantitative Investment Process 694 5.2. Pitfalls in Quantitative Investment Processes 698 6. Equity Investment Style Classification 701 6.1. Different Approaches to Style Classification 702 6.2. Strengths and Limitations of Style Analysis 708 7. Summary 710 References 711 Practice Problems 712 Chapter 14 Hedge Fund Strategies 719 Learning Outcomes 719 1. Introduction 719 2. Classification of Hedge Funds and Strategies 721 3. Equity Strategies 725 3.1. Long/Short Equity 725 3.2. Dedicated Short Selling and Short-Biased 728 3.3. Equity Market Neutral 732 4. Event-Driven Strategies 736 4.1. Merger Arbitrage 737 4.2. Distressed Securities 740 5. Relative Value Strategies 744 5.1. Fixed-Income Arbitrage 744 5.2. Convertible Bond Arbitrage 749 6. Opportunistic Strategies 753 6.1. Global Macro Strategies 753 6.2. Managed Futures 756 7. Specialist Strategies 760 7.1. Volatility Trading 761 7.2. Reinsurance/Life Settlements 765 8. Multi-Manager Strategies 767 8.1. Fund-of-Funds 768 8.2. Multi-Strategy Hedge Funds 770 9. Analysis of Hedge Fund Strategies 774 9.1. Conditional Factor Risk Model 775 9.2. Evaluating Equity Hedge Fund Strategies 779 9.3. Evaluating Multi-Manager Hedge Fund Strategies 784 10. Portfolio Contribution of Hedge Fund Strategies 787 10.1. Performance Contribution to a 60/40 Portfolio 787 10.2. Risk Metrics 789 11. Summary 793 References 796 Practice Problems 796 Chapter 15 Overview of Private Wealth Management 803 Learning Outcomes 803 1. Introduction 803 2. Private Clients versus Institutional Clients 804 2.1. Investment Objectives 804 2.2. Constraints 805 2.3. Other Distinctions 806 3. Understanding Private Clients 807 3.1. Information Needed in Advising Private Clients 807 3.2. Client Goals 812 3.3. Private Client Risk Tolerance 815 3.4. Technical and Soft Skills for Wealth Managers 817 4. Investment Planning 819 4.1. Capital Sufficiency Analysis 819 4.2. Retirement Planning 823 5. Investment Policy Statement 827 5.1. Parts of the Investment Policy Statement 827 5.2. Sample Investment Policy Statement for a Private Client 833 6. Portfolio Construction and Monitoring 838 6.1. Portfolio Allocation and Investments for Private Wealth Clients 838 6.2. Portfolio Reporting and Review 842 6.3. Evaluating the Success of an Investment Program 845 7. Ethical and Compliance Considerations in Private Wealth Management 848 7.1. Ethical Considerations 848 7.2. Compliance Considerations 849 8. Private Client Segments 850 8.1. Mass Affluent Segment 851 8.2. High-Net-Worth Segment 851 8.3. Ultra-High-Net-Worth Segment 851 8.4. Robo-Advisors 852 Summary 853 References 854 Practice Problems 855 Chapter 16 Topics in Private Wealth Management 863 Learning Outcomes 863 1. Introduction 864 2. General Principles of taxation 866 2.1. Taxation of the Components of Return 866 2.2. The Tax Status of the Account 869 2.3. The Jurisdiction That Applies to the Investor 871 3. Measuring Tax Efficiency with After-Tax Returns 878 3.1. Tax Efficiency of Various Asset Classes and Investment Strategies 878 3.2. Calculating After-Tax Returns 879 4. Analyzing the Impact of Taxes IN taxable, Tax-Exempt, and Tax-Deferred Accounts 888 4.1. Capital Accumulation in Taxable, Tax-Deferred, and Tax-Exempt Accounts 889 4.2. Asset Location 890 4.3. Decumulation Strategies 894 4.4. Tax Considerations in Charitable Giving 895 5. Tax Management Strategies 896 5.1. Basic Portfolio Tax Management Strategies 897 5.2. Application of Tax Management Strategies 897 6. Managing Concentrated Positions 904 6.1. Risk and Tax Considerations in Managing Concentrated Single-Asset Positions 904 6.2. Strategies for Managing Concentrated Positions in Public Equities 906 6.3. Strategies for Managing Concentrated Positions in Privately Owned Businesses 913 6.4. Strategies for Managing Concentrated Positions in Real Estate 915 7. Directing and transferring wealth 917 7.1. Objectives of Gift and Estate Planning 917 7.2. Gift and Estate Planning Strategies 921 7.3. Managing Wealth across Generations 933 8. Summary 940 References 943 Practice Problems 943 Chapter 17 Portfolio Management for Institutional Investors 949 Learning Outcomes 949 1. Introduction 950 2. Institutional Investors: Common Characteristics 951 2.1. Scale 951 2.2. Long-Term Investment Horizon 952 2.3. Regulatory Frameworks 952 2.4. Governance Framework 954 2.5. Principal–Agent Issues 955 3. Overview of Investment Policy 955 4. Pension Funds 958 4.1. Stakeholders 960 4.2. Liabilities and Investment Horizon 962 4.3. Liquidity Needs 966 4.4. External Constraints Affecting Investment 968 4.5. Risk Considerations of Private Defined Benefit Pension Plans 970 4.6. Investment Objectives 974 4.7. Asset Allocation by Pension Plans 976 5. Sovereign Wealth Funds 980 5.1. Stakeholders 981 5.2. Liabilities and Investment Horizons 982 5.3. Liquidity Needs 984 5.4. External Constraints Affecting Investment 985 5.5. Investment Objectives 986 5.6. Asset Allocation by Sovereign Wealth Funds 988 6. University Endowments and Private Foundations 989 6.1. University Endowments—Stakeholders 991 6.2. University Endowments—Liabilities and Investment Horizon 992 6.3. University Endowments—Liquidity Needs 993 6.4. Private Foundations—Stakeholders 993 6.5. Private Foundations—Liabilities and Investment Horizon 994 6.6. Private Foundations—Liquidity Needs 996 6.7. External Constraints Affecting Investment 997 6.8. Investment Objectives 998 6.9. Asset Allocation 1004 7. Banks and Insurers 1011 7.1. Banks—Stakeholders 1012 7.2. Banks—Liabilities and Investment Horizon 1013 7.3. Banks—Liquidity Needs 1014 7.4. Insurers—Stakeholders 1014 7.5. Insurers—Liabilities and Investment Horizon 1016 7.6. Insurers—Liquidity Needs 1017 7.7. External Constraints Affecting Investment 1018 7.8. Investment Objectives 1020 7.9. Banks and Insurers—Balance Sheet Management and Investment Considerations 1024 Summary 1042 References 1044 Practice Problems 1045 Chapter 18 Trade Strategy and Execution 1053 Learning Outcomes 1053 1. Introduction 1053 2. Motivations to Trade 1054 2.1. Profit Seeking 1054 2.2. Risk Management/Hedging Needs 1056 2.3. Cash Flow Needs 1057 2.4. Corporate Actions/Index Reconstitutions/Margin Calls 1058 3. Trading Strategies and Strategy Selection 1060 3.1. Trade Strategy Inputs 1060 3.2. Reference Prices 1065 3.3. Trade Strategies 1068 4. Trade Execution (Strategy Implementation) 1074 4.1. Trade Implementation Choices 1074 4.2. Algorithmic Trading 1077 4.3. Comparison of Markets 1083 5. Trade Evaluation 1087 5.1. Trade Cost Measurement 1087 5.2. Evaluating Trade Execution 1095 6. Trade Governance 1102 6.1. Meaning of Best Order Execution within the Relevant Regulatory Framework 1103 6.2. Factors Used to Determine the Optimal Order Execution Approach 1103 6.3. List of Eligible Brokers and Execution Venues 1105 6.4. Process Used to Monitor Execution Arrangements 1106 7. Summary 1108 Practice Problems 1110 Chapter 19 Portfolio Performance Evaluation 1121 Learning Outcomes 1121 1. Introduction 1122 2. The Components of Performance Evaluation 1122 3. Performance Attribution 1124 3.1. Approaches to Return Attribution 1127 3.2. Risk Attribution 1144 3.3. Return Attribution Analysis at Multiple Levels 1146 4. Benchmarking Investments and Managers 1153 4.1. Asset-Based Benchmarks 1155 4.2. Properties of a Valid Benchmark 1157 4.3. Evaluating Benchmark Quality: Analysis Based on a Decomposition of Portfolio Holdings and Returns 1160 4.4. Benchmarking Alternative Investments 1162 4.5. Importance of Choosing the Correct Benchmark 1166 5. Performance Appraisal 1167 5.1. Distinguishing Investment Skill from Luck 1167 5.2. Appraisal Measures 1168 5.3. Evaluation of Investment Manager Skill 1183 Summary 1187 References 1188 Practice Problems 1189 Chapter 20 Investment Manager Selection 1193 Learning Outcomes 1193 1. Introduction 1193 2. A Framework for Investment Manager Search and Selection 1194 2.1. Defining the Manager Universe 1196 2.2. Type I and Type II Errors in Manager Selection 1197 3. Quantitative Elements of Manager Search and Selection 1200 3.1. Style Analysis 1200 3.2. Capture Ratios and Drawdowns in Manager Evaluation 1203 4. Qualitative Elements of Manager Due Diligence 1207 4.1. Investment Philosophy 1207 4.2. Investment Personnel 1211 4.3. Investment Decision-Making Process 1211 4.4. Operational Due Diligence 1213 5. Summary 1226 References 1228 Practice Problems 1220 Glossary 1243 About the Authors 1257 About the CFA Program 1259 Index 1261

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Book SynopsisTable of ContentsForeword xv Acknowledgments xix About the CFA Institute Investment Series xxi CHAPTER 1 Corporate Structures and Ownership 1 1. Introduction 1 2. Business Structures 2 3. Public and Private Corporations 12 4. Lenders and Owners 23 5. Summary 31 6. Practice Problems 32 CHAPTER 2 Introduction to Corporate Governance and Other ESG Considerations 35 1. Introduction 36 2. Stakeholder Groups 36 3. Principal--Agent and Other Relationships 41 4. Corporate Governance and Mechanisms to Manage Stakeholder Risks 51 5. Corporate Governance and Stakeholder Management Risks and Benefits 63 6. ESG Considerations in Investment Analysis 69 7. Environmental, Social, and Governance Investment Approaches 73 8. Summary 77 9. Practice Problems 79 CHAPTER 3 Working Capital & Liquidity 81 1. Introduction 81 2. Financing Options 82 3. Working Capital, Liquidity, and Short-Term Funding Needs 89 4. Liquidity and Short-Term Funding 95 5. Measuring Liquidity 99 6. Evaluating Short-Term Financing Choices 103 7. Summary 105 8. Practice Problems 105 CHAPTER 4 Capital Investments 109 1. Introduction 109 2. Types of Capital Investments 110 3. The Capital Allocation Process 114 4. Investment Decision Criteria 119 5. Common Capital Allocation Pitfalls 125 6. Corporate Use of Capital Allocation 126 7. Real Options 129 8. Summary 132 9. Practice Problems 133 CHAPTER 5 Capital Structure 139 1. Introduction 139 2. Factors Affecting Capital Structure 140 3. Capital Structure and Company Life Cycle 151 4. Modigliani--Miller Propositions 157 5. Optimal and Target Capital Structures 167 6. Stakeholder Interests 174 7. Summary 183 8. Practice Problems 183 CHAPTER 6 Measures of Leverage 189 1. Introduction 189 2. Leverage 190 3. Business and Sales Risks 192 4. Operating Risk and the Degree of Operating Leverage 194 5. Financial Risk, the Degree of Financial Leverage and the Leveraging Role of Debt 201 6. Total Leverage and the Degree of Total Leverage 205 7. Breakeven Points and Operating Breakeven Points 208 8. The Risks of Creditors and Owners 211 9. Summary 213 10. Practice Problems 214 CHAPTER 7 Cost of Capital: Foundational Topics 219 1. Introduction 219 2. Cost of Capital 220 3. Costs of the Various Sources of Capital 223 4. Estimating Beta 232 5. Flotation Costs 237 6. Methods in Use 239 7. Summary 240 8. Practice Problems 241 CHAPTER 8 Cost of Capital: Advanced Topics 249 1. Introduction 249 2. Cost of Capital Factors 250 3. Estimating the Cost of Debt 261 4. The ERP 268 5. The Cost of Equity (Required Return on Equity) 279 6. Mini-Case 1 293 7. Mini-Case 2 299 8. Practice Problems 300 CHAPTER 9 Analysis of Dividends and Share Repurchases 303 1. Dividends: Forms and Effects on Shareholder Wealth and Financial Ratios 304 2. Dividend Policy and Company Value: Theories 311 3. Other Theoretical Issues: Signaling 313 4. Other Theoretical Issues: Summary 320 5. Factors Affecting Dividend Policy in Practice 320 6. Payout Policies 327 7. Share Repurchases 332 8. Valuation Equivalence of Cash Dividends and Share Repurchase 338 9. The Dividend versus Share Repurchase Decision 339 10. Analysis of Dividend Safety 347 11. Summary 351 12. Practice Problems 353 CHAPTER 10 Business Models & Risks 359 1. Introductory Context/Motivation 359 2. What Is a Business Model? 359 3. Business Model Types 373 4. Business Models: Financial Implications 378 5. Business Risks 383 6. Macro Risk, Business Risk, and Financial Risk 384 7. Business Risk: A Closer Look 386 8. Financial Risk 389 9. Summary 392 10. Practice Problems 392 CHAPTER 11 The Firm and Market Structures 395 1. Analysis of Market Structures 395 2. Perfect Competition 401 3. Elasticity of Demand 403 4. Other Factors Affecting Demand 406 5. Consumer Surplus: Value Minus Expenditure 408 6. Supply Analysis, Optimal Price, and Output in Perfectly Competitive Markets 410 7. Long-Run Equilibrium In Perfectly Competitive Markets 416 8. Monopolistic Competition 418 9. Long-Run Equilibrium in Monopolistic Competition 421 10. Oligopoly and Pricing Strategies 422 11. The Cournot Assumption 425 12. The Nash Equilibrium 428 13. Oligopy Markets: Optimal Price, Output, and Long-Run Equilibrium 431 14. Monopoly Markets: Demand/Supply and Optimal Price/Output 434 15. Price Discrimination and Consumer Surplus 440 16. Monopoly Markets: Long-Run Equilibrium 442 17. Identification of Market Structure 443 18. Summary 446 19. Practice Problems 447 CHAPTER 12 Introduction to Industry and Company Analysis 451 1. Introduction 452 2. Uses of Industry Analysis 452 3. Approaches to Identifying Similar Companies 453 4. Industry Classification Systems 457 5. Describing and Analyzing an Industry and Principles of Strategic Analysis 465 6. External Influences on Industry 480 7. Company Analysis 489 8. Summary 493 9. Practice Problems 496 CHAPTER 13 Financial Statement Modeling 501 1. Introduction 502 2. Income Statement Modeling: Operating Costs 508 3. Modeling Operating Costs: Cost of Goods Sold and SG&A 512 4. Modeling Non-operating Costs and Other Items 520 5. Balance Sheet and Cash Flow Statement Modeling 525 6. Building a Financial Statement Model 531 7. Behavioral Finance and Analyst Forecasts 545 8. The Impact of Competitive Factors in Prices and Costs 551 9. Inflation and Deflation 561 10. Technological Developments 570 11. Long-Term Forecasting 580 12. Summary 584 13. Practice Problems 585 CHAPTER 14 Corporate Restructurings 593 1. Introduction 593 2. Corporate Evolution, Actions, and Motivations 594 3. Evaluating Corporate Restructurings 611 4. Modeling and Valuation 620 5. Evaluating Investment Actions 628 6. Evaluating Divestment Actions 640 7. Evaluating Restructuring Actions 647 8. Summary 653 9. Practice Problems 654 CHAPTER 15 Environmental, Social, and Governance (ESG) Considerations in Investment Analysis 659 1. Introduction 659 2. Ownership Structures and Their Effects on Corporate Governance 660 3. Evaluating Corporate Governance Policies and Procedures 666 4. Identifying ESG-Related Risks and Opportunities 670 5. Evaluating ESG-Related Risks and Opportunities 676 6. Summary 685 7. Practice Problems 686 CHAPTER 16 Intercorporate Investments 689 1. Introduction 689 2. Basic Corporate Investment Categories 690 3. Investments In Financial Assets: IFRS 9 692 4. Investments in Associates and Joint Ventures 695 5. Amortization of Excess Purchase Price, Fair Value Option, and Impairment 700 6. Transactions with Associates and Disclosure 705 7. Acquisition Method 709 8. The Consolidation Process 716 9. Financial Statement Presentation 722 10. Variable Interest and Special Purpose Entities 725 11. Additional Issues in Business Combinations That impair Comparability 729 12. Summary 730 13. Practice Problems 731 Glossary 743 References 757 About the Authors 763 About the CFA Program 769 Index 771

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Book SynopsisAn excellent guide on how teams can effectively work together, regardless of location. ?STEPHANE KASRIEL, former CEO of Upwork IN TODAY''S MODERN GLOBAL ECONOMY, companies and organizations in all sectors are embracing the game-changing benefits of the remote workplace. Managers benefit by saving money and resources and by having access to talent outside their zip codes, while employees enjoy greater job opportunities, productivity, independence, and work-life satisfaction. But in this new digital arena, companies need a plan for supporting efficiency and fostering streamlined, engaging teamwork. In Work Together Anywhere, Lisette Sutherland, an international champion of virtual-team strategies, offers a complete blueprint for optimizing team success by supporting every member of every team, including: EMPLOYEES advocating for work-from-home options MANAGERS seeking to maximize productivity and profitab

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Book SynopsisThe dramatic events of 2020 have clarified the urgent need for digital transformation in countless organizations. The rise of remote work and the rapidly increasing use of cloud technologies are just two drivers of the relentless pace of digital disruption. Despite this, many companies remain underequipped or hesitant to embrace digital transformation. Understanding the key drivers of change and leveraging the powerful capabilities from technologies with a collaborative platform can aid an organization to prepare for digital transformation. Building a Digital Future provides a clearly defined roadmap for executing this change with Microsoft Dynamics 365. Firms of all types and sizes will learn how Microsoft Dynamics 365 can help them: achieve competitive advantages for their businessreduce the time needed to effect change by automating time-consuming tasksdrive innovation and improvements through an evergreen system post implementation Each chapter of this book is curated with best practices, compelling customer examples, pitfalls to avoid, and salient points to remember. Building a Digital Future enables organizations to truly embrace the benefits of digital transformation by anchoring Microsoft Dynamics 365 at the core of their business. Perfect for any business leader looking for a one-stop and comprehensive playbook for transforming their business into a digital powerhouse with Dynamics 365.Table of ContentsForeword xiii Preface xv Acknowledgments xxi About the Contributors xxv Part I Digital Transformation with Dynamics 365 1 Chapter 1 Digital Transformation and the Case for Change 3 Change, Change, Change 4 Digital Transformation: Key Drivers 6 Digital Transformation: Disrupt or Be Disrupted 11 Digital Transformation with Dynamics 365 14 Summing Up 17 Notes 18 Chapter 2 Capabilities for Transforming Your Business with Dynamics 365 21 A Platform for Change and Transformation 23 How to Drive Business Efficiencies 28 Data Platform: The Secret Sauce 29 Business Process: Simplification, Standardization, and Automation 31 Is There a Choice: Cloud or On-Premise? 34 Summing Up 36 Notes 37 Chapter 3 The Power of the Microsoft Platform 39 Rise of the Citizen Developer: Improving Productivity with the Power Platform 41 Building Custom Apps with Power Apps 42 Resources and Community Groups 44 Using Power BI to Create a Data-Driven Culture 46 Accelerating Organizational Capability and Driving Efficiency 51 Moving from Reactive to Proactive with IoT Integration 55 Improving Experiences with Chatbots and Natural Language Processing 60 Summing Up 62 Part II Blueprint for Executing a Successful Dynamics 365 Project 73 Chapter 4 Five Cornerstones of Digital Transformation 75 Strategic Shift 76 Cultural Shift 78 Shift in People’s Mindset 82 Process Shift 90 Governance and Control 92 Summing Up 95 Notes 96 Chapter 5 Program Readiness 97 Plan Before You Leap 98 Define Program Benefits and Outcomes 100 Knowing Your Business Processes 100 Pre-Project Communication 103 Digital Leadership 103 Selecting an Implementation Partner 107 Preparation and Readiness before Program or Project Kick-Off 109 Summing Up 112 Notes 113 Chapter 6 Deep Dive: Organizational Change Management for Dynamics 365 and dx 115 Failings of Tactical OCM 118 Why Invest in Strategic OCM Before Starting the Project 120 Organization After Implementation and Role Change 123 Gain Meaningful Digital Insights for Change 128 Embedding Required Cultural Transformation in the Organization 131 Measuring User Adoption, Key Performance Indicators, and Benefits Realization 133 Measure Benefits Realized Post Go-Live 137 Summing Up 138 Notes 140 Chapter 7 Fundamentals of Executing a Successful Dynamics 365 Project 141 Effective Communication 142 Importance of Design Thinking, UX Design, and Customer Journey Mapping 144 Establishing Clear Design Principles at the Outset 149 Shortening Project Timescales through Empowered Decision Making and Collocated Teams 152 Pragmatic Approach to the Agile Implementation of Dynamics 365 156 Incorporating Traditional Planning Approaches with the Flexibility of Agile and Scrum 159 Embrace Change: Deliver to Time and Budget 161 Summing Up 164 Part III Driving Innovation and Improvements with Dynamics 365 175 Chapter 8 Makers and Shakers of Dynamics 365 Transformation 177 Project Charter: Roles and Responsibilities 178 Critical Role of the User on a Dynamics 365 Project 182 Understanding of Value to Use 185 Delivering Value and Getting an Equitable Return 186 Why Users Should Create Dynamics 365 Documentation 187 Role of Microsoft Customer Success Manager 192 Leverage Your Community 196 Summing Up 199 Notes 200 Chapter 9 What Does Post Go-Live Look Like? 201 The Windows: Planning for Operations 202 Manage Your Dynamics 365 Operations? 203 Best Practices for Dynamics 365 Operations 208 Value Add with Continuous Innovation 209 Managing Your Product Backlog Post Go-Live 218 Summing Up 223 Note 224 Chapter 10 Dynamics 365 Support and Continuous Improvement 225 Recommendation for the Dynamics 365 Business Team 227 Recommendations for the Dynamics 365 Application Support Technical Team 229 How to Support Dynamics 365 Implementation 232 How to Continuously Improve 236 Benefits Realization 244 Continuing Culture of Digital Transformation 245 Summing Up 248 Notes 249 Part IV Appendices 257 Appendix A Success Enablers for Dynamics 365 Implementation 259 Appendix B Microsoft FastTrack for Dynamics 365 275 Index 295

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Book SynopsisTable of ContentsIntroduction 1 Part 1: Getting Started with Branding 5 Chapter 1: Wrapping Your Brain around Branding 7 Chapter 2: Creating and Financing Your Brand 25 Chapter 3: Positioning and Defining Your Brand 43 Chapter 4: Clarifying Your Branding Goals 59 Chapter 5: Defining and Refining Your Customer Avatars 69 Part 2: Attending to Brand Fundamentals 81 Chapter 6: Creating a Brand Style Guide, Media Kit, and Templates 83 Chapter 7: Building a Branded Website, App, and Email Account 99 Chapter 8: Writing Copy That Supports Your Brand Messaging 125 Chapter 9: Building Strategic Partnerships 141 Chapter 10: Launching Your Brand 157 Part 3: Building a Strong Brand Presence 173 Chapter 11: Creating In-Person Experiences 175 Chapter 12: Blogging, Podcasting, and YouTubing 191 Chapter 13: Promoting Your Brand via Social Media 217 Chapter 14: Email Marketing 235 Chapter 15: Boosting Brand Awareness with Paid Advertising 251 Chapter 16: Building a Vibrant Community around Your Brand 267 Part 4: Feeding and Caring for Your Brand 279 Chapter 17: Scaling Your Brand Identity 281 Chapter 18: Building on Customer Loyalty and Longevity 293 Chapter 19: Dealing with Competition and Other Threats to Your Brand 309 Part 5: The Part of Tens 321 Chapter 20: Ten Ways to Make Your Marketing Campaigns Go Viral 323 Chapter 21: Ten Ways to Distinguish Your Brand from the Competition 331 Chapter 22: Ten Ways to Drive Customers to Your Website 341 Index 349

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Book SynopsisTable of ContentsForewords xix Preface xxxix Acknowledgements xlv About the Author li Part I Banking, Bank Customer Business and Regulation 1 Chapter 1 Banking, bank business and financial statements 3 Chapter 2 Ethics, conduct and customer service 75 Chapter 3 Bank regulatory capital and the “Basel Rules” 97 Part II Bank Asset and Liability Management 159 Chapter 4 The yield curve 161 Chapter 5 Asset– liability management I 201 Chapter 6 Balance sheet management: money markets, FX, trading and hedging, and securitisation 251 Chapter 7 Managing interest- rate risk in the banking book (IRRBB) 303 Chapter 8 Bank Treasury operating model 333 Chapter 9 ALCO governance framework and terms of reference 351 Chapter 10 ALM sundries: asset encumbrance, hedge accounting, IFRS 9 and EIR 383 Part III Bank Liquidity Risk Management 401 Chapter 11 Principles of bank liquidity management 403 Chapter 12 Liquidity risk metrics 445 Chapter 13 Liquidity risk reporting 461 Chapter 14 Bank funds transfer pricing 469 Part IV Bank Strategy and Governance 491 Chapter 15 Bank strategy I: inputs and setting 493 Chapter 16 Bank strategy II: capital and funding management 521 Chapter 17 Principles of corporate governance 541 Part V Principles of Risk Management and Regulation 573 Chapter 18 The risk management framework 575 Chapter 19 Credit risk assessment and reporting principles 617 Chapter 20 Stress testing, ICAAP, ILAAP and reverse stress testing 647 Chapter 21 Recovery planning and resolution planning 693 Chapter 22 Sustainable banking and climate change risk management 703 Chapter 23 Case studies: analysis, problem solving and decision making 721 Chapter 24 Everything changes, and nothing changes: excerpts from a timeless work 753 Part VI Guide to the Companion Website 761 Chapter 25 Applications software, policy templates and spreadsheet models 763 Afterword 771 List of Terms and their Abbreviations 775 Index 781

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Book SynopsisReimagining our global economy so it becomes more sustainable and prosperous for all Our global economic system is broken. But we can replace the current picture of global upheaval, unsustainability, and uncertainty with one of an economy that works for all people, and the planet. First, we must eliminate rising income inequality within societies where productivity and wage growth has slowed. Second, we must reduce the dampening effect of monopoly market power wielded by large corporations on innovation and productivity gains. And finally, the short-sighted exploitation of natural resources that is corroding the environment and affecting the lives of many for the worse must end. The debate over the causes of the broken economylaissez-faire government, poorly managed globalization, the rise of technology in favor of the few, or yet another reasonis wide open. Stakeholder Capitalism: A Global Economy that Works for Progress, People and Planet argues convincingly that if we don't start with recognizing the true shape of our problems, our current system will continue to fail us. To help us see our challenges more clearly, Schwabthe Founder and Executive Chairman of the World Economic Forumlooks for the real causes of our system's shortcomings, and for solutions in best practices from around the world in places as diverse as China, Denmark, Ethiopia, Germany, Indonesia, New Zealand, and Singapore. And in doing so, Schwab finds emerging examples of new ways of doing things that provide grounds for hope, including: Individual agency: how countries and policies can make a difference against large external forcesA clearly defined social contract: agreement on shared values and goals allows government, business, and individuals to produce the most optimal outcomesPlanning for future generations: short-sighted presentism harms our shared future, and that of those yet to be bornBetter measures of economic success: move beyond a myopic focus on GDP to more complete, human-scaled measures of societal flourishing By accurately describing our real situation, Stakeholder Capitalism is able to pinpoint achievable ways to deal with our problems. Chapter by chapter, Professor Schwab shows us that there are ways for everyone at all levels of society to reshape the broken pieces of the global economy andcountry by country, company by company, and citizen by citizenglue them back together in a way that benefits us all.Table of ContentsAbout the Authors xi Preface xiii Part I The World I Grew Up In 1 75 Years of Global Growth and Development 3 2 Kuznets’ Curse: The Issues of the World Economy Today 21 3 The Rise of Asia 55 4 Divided Societies 75 Part II Drivers of Progress and Problems 5 Globalization 93 6 Technology 115 7 People and the Planet 147 Part III Stakeholder Capitalism 8 Concept 171 9 Companies 199 10 Communities 219 Conclusion 247 Acknowledgments 253 Index 259

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Book SynopsisTable of ContentsIntroduction Chapter 1 – Paramedic Anatomy and Physiology - 1 Chapter 2 – Practical skills for Paramedics – 1 Chapter 3 – Pharmacology - 1 Chapter 4 - Medical emergencies - 1 Chapter 5 - Research and Evidence-Based Practice - 1 Chapter 6 - Ethical and Legal Considerations for Paramedics Chapter 7 - Paramedic Anatomy and Physiology - 2 Chapter 8 - Practical skills for Paramedics - 2 Chapter 9 - Pharmacology – 2 Chapter 10 - Medical emergencies – 2 Chapter 11 - Research and Evidence-Based Practice - 2 Chapter 12 - Practical skills for Paramedics – 3 Chapter 13 - Pre-hospital Trauma Chapter 14 - Pharmacology – 3 Chapter 15 - Research and Evidence-Based Practice - 3 Answers

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Book SynopsisTable of ContentsPreface xvii Section 1 Now 1 1 The Death of Business as Usual 3 It’s All Change 3 Truth, Knowledge, Vision 4 Constant Beta 9 Digital Assets and Liabilities 10 Digital Business Transformation: Why It’s More Than Just Technology 12 2 The Four Forces of Connected Change 15 Customer Behaviors 16 Technological Change 18 Business Models 23 Societal Change 26 3 What Is Slowing Down Established Businesses? Blocks, Brakes, and Behaviors 31 Top-down Decision Making 33 Organizational Silos 33 Legacy Technology 36 Short-termism 38 Talent Shortages 38 Values and Culture (and Purpose) 40 “Not Invented Here” 41 Section 2 Next 45 4 Characteristics of a Digital Business 47 The Inconvenient Truth 47 Decoding What Digital Companies Do Well 49 Decoding How They Do It 52 5 The Big Hairy Audacious Goals (BHAGs) of Digital Business Transformation 57 The Two BHAGs of Digital Business Transformation 58 Goal 1: Developing the Muscle of Continuous Change (the PS How) 59 Goal 2: Building the Capability to Identify and Realize Value (SPEED) 61 6 Strategy 65 Swarm Intelligence 65 The Role of Strategy 66 Anchor Strategy on Your Customer, Not Your Competition 67 Determine “Where to Play” by Looking at Your Market Differently (the D-3 Model) 68 “How to Win”: View Your Transformation as a Portfolio of Moves 71 Build “Your” Capabilities: The Partner Ecosystem 73 Bringing Products to Market: The Elusive Product-Market Fit 75 7 Product 77 Operating in Constant Beta 77 The Relentless Hunt for Value 79 The Inconvenient Truths of Product 79 The Forces of Change in Product 81 Agile, Lean, and DevOps 82 Banking Case Study: Transforming Product 85 8 Experience 89 Everything in Your Business Contributes to Your Customer Experience 89 What Is Experience, Anyway? 90 Orienting to the Customer 93 Brand Is the Experience and Experience Is the Brand 95 Data and Computation 100 What Makes a Great Experience? LEAD (Light, Ethical, Accessible, Dataful) 104 9 Engineering 107 Technology as a Cost Center to Technology as a Value-driver 108 Spaghetti Tech: The Layers of Enterprise IT 110 Moore’s Law 110 Legacy Technology 111 The Impact of Product and Rise of Engineering 112 Technology and Engineering 114 Architecture: Cloud 115 Microservices 116 Ways of Working: Agile, Lean, DevOps 118 Engineers 119 Automation 120 It’s All About the Talent 120 10 Data 123 Data as an Asset 125 Getting Started with Data 126 Utility: How Do You Get Useful Data on the Right Audience? 128 Data Architecture: Is the Data in a Format and Structure That Are Accessible? 130 Data Science and Artificial Intelligence 131 Designing for Data: How Do You Design Your Products, Services, and Experiences to Collect Data? 133 Ethics: How Does Becoming Data-led Impact Your Ethical Responsibility? 133 11 Leading a Gryphon Organization 137 Learning to Think Differently 138 Characteristics of a Gryphon Organization 140 Section 3 How 147 12 Components of Successful Digital Business Transformations 149 1. Always Remember the Ultimate Goals of Digital Business Transformations (the DBT BHAGs) 149 2. Align the Team Around a Shared Vision 150 3. Get C-level Buy-In 151 4. Anchor in Outcomes 151 5. Seize Your Quick Wins and Communicate 152 6. Move Fast 153 7. Be Thoughtful About Your Governance Choices 154 8. Choose Partners Who Will Co-create and Are a Fit for Your Team 155 9. Keep Your Teams Small and Cross-functional 156 10. Consider New Approaches to Funding That Match the Way Projects Work 157 13 What Transformation Journeys Actually Look Like 159 They Are Never a Straight Line 159 They Require Treating Digital as More than a Channel 161 They Are Almost Always Driven by Uncertainty 163 Without a Clear Vision, Functions Get Disconnected Fast 165 The Many Paths to Transformation 166 14 The Beginning 169 Why There Is No “End” 169 Where Do We Go from Here? 170 What’s in Your Digital Moat? 173 What Are You Building? 173 Everyday Superheroes 174 Notes 177 Acknowledgments 185 Index 189

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Book SynopsisMaster the delicate art of working from home with this comprehensive resource Working from Home: Making the New Normal Work for You provides readers with a detailed strategy on how to turn working from home into a powerful career choice. Author and Salesforce executive Karen Mangia teaches readers how to: Build the future of work in any kind of space: ideas for your home office that fit anywhere Create personalized time management routines designed specifically for remote productivity, impact, and balanceeven while wearing your sweatpants Deal with Zoom fatigue, burnout, and isolation, via untapped new strategies for connection and team-building, even when the team is remote Discover how to deliver powerful virtual presentations and build career impact online, with expert communication strategies designed for an online world Working from Home explains in detail how to turn even the smallest of living sTable of ContentsForeword ix 1 Entering the Shift 1 2 Possibilities 9 3 Rituals, Routines, and Boundaries 27 4 Spectacular Online Meetings: Your How-To Guide 43 5 Team Building, Collaboration, and Leading Remote Teams 61 6 How to Corral the Kids 79 7 Redefining Success in the New Normal 91 8 Accessing Innovation 105 9 Creating the High-Performance Remote Work Culture 117 10 Career Guidance and Job Search Strategies 131 11 The Climb 147 Acknowledgments 159 About the Author 163 Index 165

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Book SynopsisOrganize and plan for your family business's continued, intergenerational success Continuity Model Generation: Integrating Wealth, Strategy, Talent, and Governance Plans delivers a cohesive and comprehensive plan for family business leaders who seek to improve the chances of sustaining success across generations. Incorporating four distinctbut closely relatedplans, Continuity Model Generation shows family businesses how to manage their strategy, their wealth, their talent, and their governance to achieve multi-generational success. The book also offers: A coherent framework (Continuity Canvas) for the integration of its multiple plans affecting every critical aspect of the family-owned or controlled businessStraightforward and practical frameworks, meta-frameworks, and cornerstones to ground your family business's strategyA variety of templates, checklists, and forms to organize your thinking and strategy Ideal for business-owning families, as well as their stakeholders and those who advise them, Continuity Model Generation: Integrating Wealth, Strategy, Talent, and Governance Plans is required reading for anyone interested in maintaining and developing family-based wealth.Table of ContentsList of Illustrations xi List of Illustrated Tables xiii List of Configuration Plans xv Acknowledgments and Appreciation xvii Introduction to the Continuity Model Generation xxi Part I: 21 Frameworks and 6 Meta-Frameworks 1 Keystone Meta-Framework 3 Four Foundational Theoretical Approaches 3 Two Complementary Logics 15 Three Circles Framework 18 Familial Meta-Framework 25 The Big Tent Framework 25 RIPCC Best Practice Dimensions 28 Four Ps Framework 30 Four Cs Framework 32 Individual Meta-Framework 39 Five Servant Leadership Dimensions 39 Four Tests Framework 43 Four Leadership Priorities 45 Four Exit Strategies 48 Generational Meta-Framework 51 Four Ls Framework 51 Four Ownership Stages 55 Four Entrepreneurship Principles 60 Tactical Meta-Framework 63 Family Enterprise Heterogeneity Frameworks 63 Four Rs Framework 66 Four Strategy Dimensions Framework 69 Fundamental Meta-Framework 73 Four Trust Dimensions 73 Five-Stage Life Cycle Framework 76 Church and State Framework 79 Four Innovation Capabilities 82 Part II: The Continuity Canvas 85 Strategy: Strategic Planning for Continuity 87 Strategic Planning for Continuity I: Collecting and Collating Basic Information 87 Strategic Planning for Continuity II: Cornerstone Concept Equals a Quadruple-Bottom- Line Scorecard 91 Financial Perspective 93 Social Perspective 98 Environmental Perspective 103 Talent Perspective 108 Talent: Successors’ Talent Development Planning for Continuity 115 Successors’ Talent Development Planning for Continuity I: Collecting and Collating Basic Information 129 Successors’ Talent Development Planning for Continuity II: Cornerstone Concept Equals Develop an Informed Individual Philosophy of Stewardship 131 Values – History – Legacy 133 Financial Literacy and Value Creation 137 Governance Role Preparation 145 Individual Development 150 Wealth: Asset, Wealth, and Estate Planning for Continuity 155 Asset, Wealth and Estate Planning for Continuity I: Collecting and Collating Basic Information 156 Asset, Wealth, and Estate Planning for Continuity II: Cornerstone Concept Equals Produce a Handwritten Individual Legacy Statement 158 Governance: Governance Planning for Continuity 169 Governance Planning for Continuity I: Collecting and Collating Basic information 169 Governance Planning for Continuity II: Cornerstone Concept Equals Craft the Family’s Governance Philosophy 171 Business Governance 173 Family Governance 183 Ownership Governance 185 The Foundation 192 Part III: Configuring a Plan for the Plans 197 Configuration Plan One 199 Configuration Plan Two 203 Configuration Plan Three 205 Configuration Plan Four 207 Part IV: Appendix 209 Educating Educators 211 A Program Example 215 Part One: Frameworks and Meta-Frameworks 215 Part Two: Four Plans and Cornerstone Concepts for Continuity 218 Part Three: Presenting Configuration Examples 222 Part Four: Developing Your Own Continuity Canvas and Cornerstone Concepts 223 References and Further Readings 225 Index 231

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Book SynopsisTable of ContentsChapter 1 The Coffee Bean for Kids Bring the Coffee Bean to Your School

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Book SynopsisTable of ContentsList of Tables, Figures, and Exhibits xv Foreword xix Preface xxiii Acknowledgments xxix The Editors xxxiii Author Bios xxxvii Part One: Philanthropic Concepts For Fundraising 1 1 Developing a Personal Philosophy of Fundraising 3Eugene R. Tempel and Sarah K. Nathan 2 A Commitment to Ethical Fundraising 13Anne Bergeron and Eugene R. Tempel 3 Legal Aspects of Fundraising 23Philip M. Purcell 4 Theory in Fundraising 35Ruth K. Hansen 5 The Joy of Giving 45Sara Konrath Part Two: Contemporary Dynamics Of Fundraising 57 6 The Philanthropic Context for Fundraising 59Pat Danahey Janin and Dwight F. Burlingame 7 Fundraising in Challenging Times: Crisis, Survival, and Transformation 69Amir Pasic 8 Fundraising across Nonprofit Subsectors 79Anna Pruitt 9 Global Philanthropy and Cross-Cultural Fundraising 91Charles Sellen and Lilya Wagner 10 Fundraising for Advocacy and Social Change 103Shariq Siddiqui and Katherine Badertscher Part Three: An Organizational Foundation For Fundraising 113 11 Preparing the Organization for Fundraising 115Jane Chu 12 Building a Comprehensive Fundraising Program 127Jeri Patricia Gabbert and Paula J. Jenkins 13 Articulating a Case for Support 141Timothy L. Seiler 14 Identifying and Qualifying Potential Donors 153Catherine Brown and LaKoya S. Gardner 15 Budgeting and Evaluation in Fundraising 167Erik J. Daubert 16 Marketing for Strategic Fundraising 183Aja May Pirtle and Margaret M. Maxwell 17 Integrating Principles of Donor Relations 195Patrick C. Dwyer and Susan B. Perry Part Four: The Fundraising Team 205 18 Fundraisers: Stewards of Philanthropy 207Genevieve G. Shaker and Sarah K. Nathan 19 Fundraising Planning, Management, and Leadership 217Bill Stanczykiewicz 20 Engaging the Board for Fundraising 229M. Gasby Brown 21 Working with Volunteer Fundraisers 243Tyrone McKinley Freeman and Beth Breeze Part Five: Building And Supporting The Donor Base 255 22 The Annual Giving Program 257Sarah K. Nathan 23 Crafting Compelling Appeals 269Heather A. O’Connor 24 Developing Digital Fundraising Strategies 279Nathan Hand and Yannan Li 25 Planning Events with Purpose 293Roberta L. Donahue and Caitlin Deranek Stewart Part Six: Engaging The Diversity Of Individual Donors 305 26 Understanding Individual Donors 307Pamala Wiepking 27 The Role of Religion in Giving 319David P. King and Rafia Khader 28 Women and Philanthropy 329Jeannie Infante Sager and Debra J. Mesch 29 Philanthropy among Communities of Color 337Una Osili and Sarah King Bhetaria 30 LGBTQ Philanthropy 347Elizabeth J. Dale 31 Differentiating Generations and Their Giving 357Patricia Snell Herzog 32 High Net Worth Household Giving Insights 367Patrick Rooney, Kidist Yasin, and Lijun He Part Seven: Strategies For Major Donors And Institutional Funders 379 33 Co-Creating Major Gifts 381Maarten Bout and James M. Hodge 34 The Invitation to Give 393Genevieve G. Shaker 35 Campaign Essentials 405Aaron Conley 36 Planned Giving Principles 419Russell N. James III 37 Donor-Advised Fund (DAF) Basics 429Danielle Vance-McMullen and H. Daniel Heist 38 Overview of Grantmaking Foundations 441Pat Danahey Janin and Angela Logan 39 Business Sector Fundraising 453Dwight F. Burlingame and Bill Stanczykiewicz References 465 Index 513

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Book SynopsisTable of ContentsIntroduction: Don’t Doubt Waze! 1 Chapter 1 Work–Life Blending 13 Chapter 2 15 Forces Impacting Your Future 41 Chapter 3 Accelerated Relevancy 89 Chapter 4 Curve Benders as Risk Mitigators in Your Personal S-Curve 121 Chapter 5 Organization of the Future 149 Chapter 6 Curve Bending in the Lives of Others 187 Chapter 7 Your Curve Benders Roadmap 213 Final Thoughts 249 Notes 253 Acknowledgments 267 About the Author 271 Other Books by the Author 273 Index 277

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Book SynopsisTable of ContentsForeword ix Introduction xiii Becoming a Community Professional xv Building the Community Industry xvi The Community Era Has Arrived xviii Notes xix Chapter 1 Why Community is the New Competitive Advantage 1 A Customer Community is Born 1 The Rise of Community-Driven Business 3 Giving Customers a True Sense of Community 6 The Unrivaled Scalability of Community 8 Community is an Extension of Your Team 10 The Power of Owning a Topic in People’s Minds 12 The One Thing They Can’t Copy 13 Good for Business, Good for Humanity 14 Notes 17 Chapter 2 The Fundamentals of Community Strategy 19 The Three Levels of Community Strategy 19 The SPACES Model: The Six Business Outcomes of Community 22 Metrics and the Attribution Challenge 35 Finding Your Community Focus 36 Growth Engines vs. Cost Centers 39 Choosing a Measurement Framework 42 The Community Investment Journey 45 Notes 53 Chapter 3 Creating a Social Identity 55 The Social Identity Cycle 55 Who is Your Community Built For? 60 Who Doesn’t Belong? 63 Investing in Diversity, Equity, and Inclusion from Day One 65 What is Your Community’s Personality? 68 How Can You Make Your Members Feel “Cool”? 70 Should Your Community Have a Unique Identity from Your Company Brand? 72 Finding Sub-Identities within Your Community 74 Defining Identity by Levels of Contribution 76 Notes 78 Chapter 4 Mapping the Community Participation Journey 79 The Commitment Curve 79 The Four Levels of Participation 81 How to Attract Members to Your Community 86 Creating Intentional Barriers to Entry 89 Designing a Compelling Onboarding Experience 90 How to Move Members Up the Commitment Curve 92 Activating Successful Community Leaders 94 Notes 96 Chapter 5 Validation, Rewards, and Incentives 97 Creating Habits with Rewards 97 Extrinsic vs. Intrinsic Motivations 99 Avoid Replacing Social Norms with Market Norms 101 SNAP! A Framework for Effective Extrinsic Rewards 102 The Thing about Gamification 105 Come for the Utility, Stay for the Unity 107 Measuring Community Health and Engagement Using the Social Identity Cycle 108 Notes 114 Chapter 6 Designing Community Spaces and Experiences 115 The Two Kinds of Community Experiences 115 Repetition, Repetition, Repetition 117 The 7Ps of Community Experience Design 120 Curating the Right People for the Right Purpose 123 Aligning Size with Purpose 124 Choosing Community Software Platforms 126 Should You Host Your Community on a Free Social Network? 129 Designing Spaces That Make People Feel Seen 130 Starting with a BANG! 131 Creating Peak Moments 133 Facilitating Small-Group Discussions 135 Tell Your Members How to Participate 138 How to Get Members to Be Open and Vulnerable 140 Keep Your Rules Short and Simple to Start 143 My Three Go-To Community Rules 145 Using Metrics to Optimize Community Spaces and Experiences 148 Notes 151 Chapter 7 Activating Community Engagement 153 Engagement is a Constant Experiment 153 Personal Invitations and “Doing Things That Don’t Scale” 154 Ask for Permission 157 Don’t Fear the Crickets 158 Talk Funny 160 How to Spark Great Debates 162 Moderation is Never Personal 164 Default to Transparency and Admit Your Mistakes 166 Use Your Authentic Voice 167 Keep Your Energy High and Positive 169 Go Forth and Build Community! 173 Bibliography 175 About the Author 177 Acknowledgments 179 Index 181

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Book SynopsisTable of Contents Introduction vii 1 The Man Behind the Boat (P.J. Fleck) 1 2 Questions (Jon Gordon) 17 3 The Origin of Row the Boat (P.J. Fleck) 21 4 The Philosophy of Row the Boat (P.J. Fleck) 27 5 Rowing the Boat at WMU (P.J. Fleck) 33 6 The Three Key Components of Row the Boat (P.J. Fleck) 51 7 A Bigger Opportunity and Challenge (Jon Gordon) 57 8 Rowing the Boat at the University of Minnesota (P.J. Fleck) 61 9 A Wave of Change (Jon Gordon) 81 10 Rowing through Adversity (P.J. Fleck) 85 11 Beyond Football (Jon Gordon) 93 12 The Impact of Row the Boat Beyond Football (P.J. Fleck) 97 13 Rowing into the Future (Jon Gordon) 103 14 Where Do You Row the Boat from Here? (P.J. Fleck) 107 Other Resources 113 Other Books by Jon Gordon 116

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Book SynopsisWhen negotiation fails, mediation avails other moves for an amicable resolution. Whether you are a current or future mediator or a party to a conflict, this is your essential companion to the theory, concepts, and best practices of mediation. In a world ridden by social divisions, responsible resolution of conflicts is more timely than ever. What happens when parties are unable to negotiate an agreement together? The next move is to invite a third party to reset the negotiations, facilitate the exchanges, rebuild a working relationship and empower the parties to explore the past, surface their present needs, invent, evaluate and choose the best solutions for the future. Mediation: Negotiation by Other Moves brings decades of critical analysis and experience that the authors tested worldwide in international organizations, governments, NGOs, universities and corporations. You will understand mediation better, and its significance in your personal and professional life. You will be able to develop a flexible mindset and a broad outlook to achieve sustainable outcomes. This book will cover: Models and principles from various domains of mediation: family, business & labor, public affairs, international relationsA mediation framework to prepare for mediation and to run its process smoothlyA step-by-step approach to a mediation session, from the opening until a possible settlement, via the various phases of problem solvingMediation traps and how to avoid themfor mediators and parties alikeEthics of mediation and questions of responsibility Mediation: Negotiation by Other Moves is essential reading for anyone who wishes to develop a pragmatic approach to mediation.Table of ContentsAcknowledgments xi Introduction xiii 1 The Perimeter: Explore Existing Mediation Practices Before Seeking Methods 1 2 The Pertinence: Weigh the Pros and Cons of Mediation Before Engaging in It 27 3 The Principles: Set Up Operating Principles Before Acting 59 4 The Preparation: Structure Pre-Mediation Before Starting a Session 91 5 The PORTAL: Set the Stage Before Problem-Solving 131 6 The Past Toward the Present: Grasp the Problems Before Seeking Mutual Recognition 165 7 The Present Toward the Future: Generate Possible Solutions Before Potentially Committing 203 8 The Pitfalls: Question Practices Before Acting 241 Conclusion: An Ethical Perspective and Questioning 287 Bibliography 303 About the Authors 313 Detailed Table of Contents 317 Index 323

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Book SynopsisTable of ContentsPreface: The Story Behind This Book xv Introduction: How to Use This Book xix Looking for More? xxi Part One Getting Ready to Do It Right 1 Chapter One 10 Realities of Nonprofit Marketing 3 Reality 1: Marketing Effectiveness Depends on a Confident, Skilled Professional 3 Reality 2: Marketing Effectiveness Depends on a Supportive Organizational Culture 4 Reality 3: There Will Always Be Too Much to Do 4 Reality 4: There is No Such Thing as the General Public 5 Reality 5: You Need to Manage Your Own Media Empire 5 Reality 6: Nonprofit Marketing is a Form of Community Organizing 6 Reality 7: Personal and Organizational Brands Often Blend 6 Reality 8: Good Nonprofit Marketing Takes More Time Than Money 7 Reality 9: You’ve Already Lost Control of Your Message – Stop Pretending Otherwise 7 Reality 10: Marketing is Not Fundraising, but It is Essential to It 8 Conclusion: Try Boldly, and Try Again 8 Chapter Two Defining Marketing in the Nonprofit Sector 11 The Official Definition of Marketing 12 Is This Work Called Marketing or Communications or Something Else? 14 A More Meaningful Distinction: Marketing for Fundraising or for Community Engagement 15 The Most Common Nonprofit Marketing Goals 17 The Most Common Nonprofit Marketing Strategies 18 The Most Common Nonprofit Marketing Objectives 21 The Most Common Nonprofit Marketing Tactics 24 Conclusion: If You Can Name It, You Can Own It 26 Chapter Three Nonprofit Marketing Plans in Theory – and in the Real World 27 What Goes in a Marketing Strategy 28 What Goes in a Communications Plan 32 Nonprofit Marketing the Quick-and-Dirty Way 37 Example: The American Red Cross’s “Do More Than Cross Your Fingers” Campaign 37 Conclusion: Always Think Before You Speak 40 Chapter Four How Nonprofits Increase Their Marketing Effectiveness Over Time 41 Level One – Beginner 42 Level Two – Capable 42 Level Three – Skilled 43 Level Four – Advanced 43 Level Five – Expert 44 How Much Planning is Taking Place 44 How Well Permission-Based Marketing is Managed 45 How Well Content Marketing is Managed 45 How Well Organizational Culture Supports Marketing 46 Conclusion: Give It Time and Put in the Work 47 Chapter Five Do Your Homework: Listen to the World Around You 49 Watch and Listen 50 Convene Informal Focus Groups 51 Conduct Online Surveys 53 Analyze Your Website, Email, and Social Media Statistics 54 Review Media Kits and Advertising 55 Watch for Relevant Polling and Survey Data 55 Find Conversations via Keywords and Hashtags 55 What to Do with What You Learn 56 Conclusion: Never Stop Listening 59 Part Two Answering the Three Most Important Nonprofit Marketing Questions 61 Chapter Six Define Your Community: Who Do You Want to Reach? 63 In Marketing, There’s No Such Thing as the General Public 64 Recognize That You Are Communicating with Multiple Groups of People 65 Segment Your Community into Groups 66 Use Personas, Empathy Maps, and Journeys to More Clearly Describe Your Groups 68 Avoid Cultural Stereotypes 71 Watch for Gatekeepers and Create Personas for Them, Too 71 Example: Creating Specific Personas Within a Segmented Group 72 Example: Matching Volunteers with the Right Opportunities 74 Conclusion: Don’t Jump Ahead to Tactics 74 Chapter Seven Create a Powerful Message: What Do You Want to Say? 77 The Power of One Over Many 78 The Power of Emotional Content 79 The Power of Personal Identity 81 The Power of Logic, Reason, and Statistics 83 The Power of a Clear Call to Action 85 Choosing Messages That Appeal to Your Target Community 86 Example: Matching Messages to Personas’ Values 87 Conclusion: Even the Relief Workers Want to Save the Darfur Puppy 88 Chapter Eight Spread Your Message Further by Telling Great Stories 91 Add “Storyteller” to Your Job Description 92 Tell Stories with the Challenge Plot 93 Tell Stories with the Creativity Plot 95 Tell Stories with the Connection Plot 96 Use the Six Qualities of a Good Nonprofit Marketing Story 97 Find Fresh Story Ideas 98 Interview Your Supporters for Profiles and Stories 100 Protect the Privacy of the People in Your Stories 102 Incorporate Stories into Your Communications 102 Conclusion: Stories Are a Nonprofit’s Gold Mine 104 Chapter Nine Adopt an Attitude of Gratitude 105 Donors Are Testing Nonprofits, and Nonprofits Are Failing 106 Improve Your Thank-You Notes in Six Steps 108 Create Thank-You Videos 111 Publish a Short Annual Report 112 Conclusion: Stop Making Excuses; Make the Time Instead 114 Chapter Ten Deliver Your Message: How and Where Are You Going to Say It? 115 The Seven Writing Styles for Nonprofit Communicators 116 Support Your Words with Images 118 Select the Best Communications Channels for Your Community 119 Use Multiple Channels to Reinforce Your Message 121 Put Your Message Where Your Community is Already Going 123 Example: Selecting Channels to Reach Volunteers 123 Convince Your Supporters to Open Your Email 125 Conclusion: Find the Right Mix and Give It Time to Work 127 Part Three Building a Community of Supporters Around You 129 Chapter Eleven Make It Easy to Find You and to Connect with Your Cause 131 Be Where People Are Searching for Organizations Like Yours 132 Create a Visible and Accessible Home Base 133 Give New Contacts Multiple Options for Staying in Touch 133 Keep Your Website in Good Shape 134 Improve Your Search Engine Rankings 137 Should Your Website Include a Blog? 138 Grow Your Email List 140 Build Your Social Media Presence 141 Conclusion: Don’t Let Potential Supporters Slip Away 142 Chapter Twelve Become an Expert Source for the Media and Decision Makers 143 Why Some Groups Get the Call and Others Don’t 144 The Five Qualities of a Good Expert Source 145 Seven Strategies to Raise Your Profile as an Expert Source 149 How to Pitch Your Story to the Media 152 Be Ready to Newsjack 154 Who is the Expert? You or the Organization? 156 Conclusion: Create Something New and Share It 157 Chapter Thirteen Build Engagement: Stay in Touch and Keep the Conversation Going 159 Is Your Content Like a Good Gift or a Bad Gift? 161 Strive for Shorter, More Frequent Communications in Multiple Places 163 Remember to Repurpose Your Content 165 Improve Your Social Media Engagement 166 The Email Engagement Crisis 168 Conclusion: Conversation Does Pay Off 170 Chapter Fourteen Empower Your Fans to Build More Support 171 Identify Your Wallflowers, Buddies, and Fans 173 What Makes Someone a Fan? 174 Give Your Biggest Fans the Personal Touch 175 Encourage Word-of-Mouth Marketing and Referrals 177 Be Clear About the Best Ways for People to Help 179 Encourage Your Fans to Friendraise 179 Encourage Your Fans to Fundraise 180 Approach New Friends of Friends 181 Conclusion: Build Your Social Capital 183 Part Four Doing It Yourself Without Doing Yourself In 185 Chapter Fifteen Find the Talent: Keep Learning and Get Good Help 187 Build Your Own Skills 188 Everyone on Staff is a Marketer (Like It or Not) 191 Delegate Marketing Tasks to Others 192 Empower Volunteers So They’ll Come Back Again 193 Hire Consultants and Freelancers 194 Conclusion: Know When You Need Help – And Ask for It 196 Chapter Sixteen Find the Treasure: Market Your Good Cause on a Tight Budget 197 Marketing Triage: Focus In and Forget the Rest 199 Go Casual and Friendly 200 How to Make Your Print Marketing More Affordable 202 Where to Spend Your Limited Dollars and Where to Scrimp 203 Funding Your Nonprofit Marketing Program 205 Conclusion: Zero Communications Budget = Zero Sustainability 205 Chapter Seventeen Find the Time: Get More Done in Fewer Hours 207 Stay CALM not BUSY 207 Keep Up with Best Practices, Big Brains, and Cool Kids 209 Get Fear out of the Way 210 Organize What You’ll Need Again and Again 211 Conclusion: Give Yourself a Break 214 Chapter Eighteen Conclusion: How Do You Know Whether You Are Doing a Good Job? 215 Notes 217 Glossary of Online Marketing Terms 221 Acknowledgments 225 The Author 227 Index 229

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Book SynopsisTable of ContentsIntroduction 1 About This Book 1 Foolish Assumptions 2 Icons Used in This Book 3 Beyond the Book 3 Where to Go from Here 3 Part 1: Getting to Know ESG 5 Chapter 1: Entering the World of ESG Investing 7 Surveying the Current ESG Landscape 8 Exploring What ESG Is (and Isn’t) 9 Defining the breadth of ESG 10 Comparing SRI, ethical, and impact investing to ESG 14 Determining whether ESG delivers good investment performance 16 Understanding ESG’s Impact on the Environment, Society, and Governance 17 Meeting environmental and global warming targets 17 Providing solutions to social challenges 18 Meeting corporate governance requirements 18 Using International Standards to Determine ESG Objectives 19 Leading the charge: European legislation on ESG 20 Ahead of its time: The United Nations 21 Staying focused: The Sustainability Accounting Standards Board 21 Building a framework: The Global Reporting Initiative 22 Chapter 2: Back to the Future: Understanding the Evolution and Growth of ESG Investing 23 Studying the Evolution of Investing in ESG 24 Investing through the ages: From SRI to ESG 24 Go green: The changing global environment 27 On trend: Changing investor demographics 28 Crunch the numbers: Evolving data and analytics 29 Exploring the “Personality” of an ESG Company 31 Determining material ESG factors 31 Performing a materiality analysis 32 Applying weights to materiality measures 33 Understanding Why ESG Is Important 34 Global sustainability challenges 35 The interest of millennial investors in ESG 35 More systematic, quantitative, objective, and financially relevant approaches 36 Surveying Specific ESG Ratings and Metrics 36 Data quality, ratings bias, and standardization 37 Issues with ESG scoring 38 ESG momentum importance 39 Applying artificial intelligence and data science to ESG analysis 39 Defining an ESG Policy 40 Familiarize yourself with ESG and asset owner–specific legislation 40 Undertake a peer review 41 Review your statement of investment beliefs and core investment principles 41 Specify responsible investment guidelines 41 Outline responsible investment procedures 42 Include engagement and active ownership approaches 42 Spell out reporting requirements 43 Chapter 3: Give Me an ‘E’! Defining the Environmental Sector in ESG 45 Outlining a Company’s Use of Natural Resources 46 CO2 or GHG? Climate change and carbon emissions 46 Clean and green: Energy efficiency 48 A crisis awaits: Conservation of water 49 There is no Planet B: Air and water pollution 50 Live and let live: Biodiversity 51 See the forest for the trees: Deforestation 52 Don’t throw your future away: Waste management 54 Studying the Effects of a Company’s Operations on the Environment 55 Direct operations 55 Supply chains 56 Defining “Green” for a Company 57 Internalizing (or managing) externalities 58 The 3Rs: Reduce, reuse, and recycle 58 Detailing a Company’s Performance as a Steward of the Physical Environment 60 Managing operations to reduce emissions and promote sustainability 61 Collaborating with others to create solutions for environmental issues 61 Chapter 4: Give Me an ‘S’! Investigating the Social Aspects of ESG 63 Identifying Factors in a Company’s Social Performance 65 Customer satisfaction 65 Data protection and privacy 66 Gender and diversity 68 Employee engagement 69 Community relations 70 Human rights 71 Labor standards 72 Evaluating a Company’s Social Performance 73 The results are in: Achievements 74 When in Rome: Differentiating on a national or regional basis 75 Determining Measurements for Social Performance 75 The alignment of social and economic responsibilities 76 Long-term change for people and communities 77 Deciding on Weight Factors 78 Take your pick: Different social issues 78 Think outside the box: Scenario analysis 79 Chapter 5: Give Me a ‘G’! Decoding the Governance Component of ESG 83 The Good Place: Defining What “Good” Corporate Governance Looks Like 84 The benefits of good governance 85 Practices and values 86 Multiple stakeholder orientation 87 Walk the Walk: Evaluating a Company’s Governance Values 88 Board responsibilities 89 Board composition 90 Audit committee structure 90 Bribery and corruption 92 Executive compensation 94 Lobbying 95 Political contributions 96 Whistleblower schemes 97 Lead the Way: Emphasizing How ‘G’ Can Dictate the ‘E’ and ‘S’ Factors 98 Governance as an overarching principle for ESG 98 The role of governments 100 Around the World: Underlining Regional Differences in Governance Activities 101 Emerging markets 102 North America 104 Europe 105 Chapter 6: Highlighting Corporate Greenwashing 107 The Grass Isn’t Always Greener: The Basics of Greenwashing 108 Tracking the growth of greenwashing 108 Specifying the details 109 Using plain language 110 Setting up a system 112 Just When You Thought It Was Safe: Coronawashing 113 Coronawashing on the corporate side 113 Coronawashing on the investor side 114 Part 2: Investing in ESG through Different Instruments 117 Chapter 7: Approaches to ESG Investing 119 Understanding Socially Responsible Investing 120 Looking at reasons for SRI 120 Comparing a best-in-class strategy to an exclusion strategy 121 Weighing the potential return on SRI decisions 122 Evaluating Impact Investing 124 Defining and tracking “impact” 124 Measuring social and environmental outcome targets 126 Calculating impact metrics 127 Focusing on Faith-Based Investing 128 Reviewing religious principles of finance 128 Examining exclusion screening and divesting 129 Advocating for values through proxy voting 130 Chapter 8: Analyzing Equity-Based Instruments 133 Integrating ESG Strategies into Investment Decisions 134 Just the basics: Getting an overview of the process 134 Using active strategies 136 Analyzing the impact of different ESG scores 137 Watch out: Thinking about risks and disclosures 138 Investigating how companies with higher ESG scores outperform 139 Take it easy: Applying passive strategies 140 Reviewing relative returns and performance of ESG stocks 143 Verifying Quantitative Strategies 145 Constructing equity portfolios that integrate ESG factors 146 Adjusting stock index constituent weights 148 Determining which ESG factors matter most in quantitative strategies 148 Identifying Smart Beta Strategies 151 Extending negative stock screening to smart beta strategies 153 Using ESG equity factors and scores to weight portfolio construction 153 Focusing on a Given Theme 154 Sector exposure 154 Thematic exposure 155 Chapter 9: ESG and Fixed Income Instruments 157 Analyzing Fixed Income (Bond) Factors 158 The importance of risk 158 Strategies for adding ESG to fixed income portfolios 159 Bond issuer goals 160 Defraying interest rate costs 161 All together now: ESG integration issues 162 Bond pricing 163 Mix it up: Credit and ESG ratings 164 Emphasizing Bond Issuer Differences 165 For king and country: Sovereign issuance 166 Corporate issuance 168 Room for more: Emerging markets 168 Highlighting Fixed Income Indexes 169 Identifying Specific ESG Exposures 171 For the earth: Green bonds 172 Think big: Social bonds 174 Keep it up: Sustainability and sustainability-linked bonds 175 Chapter 10: Exploring Derivative and Alternative Instruments 177 Achieving Passive Returns Using ESG Indexes 178 The basics of exchange-traded products 179 OTC derivatives 180 Building blocks: Structured products 181 Increasing Focus on ESG in Alternative Assets 182 Sustainable lending 182 ESG in hedge funds 184 Focusing on Illiquid Assets 186 Around the block: Real estate 186 Laying foundations: Infrastructure 187 Hush-hush: Private equity 188 Investing in “Traditional” ESG 189 Pull the plug: The basics of renewable energy investment 190 Light my fire: Solar power 191 There she blows: Wind power 192 Chapter 11: Highlighting Geographical Differences in ESG Investing 195 The Beginning: Europe 196 Highlighting the regulatory developments 198 Enjoying a first mover advantage on ESG investment 201 Continuing inflows for ESG funds 202 The Middle: North America 203 Highlighting political and regulatory roadblocks in the United States 204 Investigating Canada’s approach 206 Driving up demand 207 The End: Developed versus Emerging Markets 208 Seeing that emerging markets are lagging but disclosure is increasing 209 Highlighting political and regulatory developments 211 Determining whether an ESG approach is better suited to developed economies 212 Part 3: Applying ESG Philosophy 215 Chapter 12: Creating Value through ESG for Corporations 217 Crystal Clear: Corporate Disclosure and Transparency 218 Meet the team: ESG engagement 219 Thank you for sharing: Communication from the board 221 Grow the Pie: Generating Enhanced Returns 221 Increasing access to capital 222 Corporate adoption and action 223 Roll Up, Roll Up: Attracting More Customers 224 Tracking sustainability practices 225 Measuring intangible value drivers 226 Identifying material opportunities 227 Pare It Back: Reducing Costs 228 Green financing 228 How low can you go? Lower interest rates and higher credit ratings 229 The Bottom Line: Increasing Productivity and Attracting Talent 230 Chapter 13: Devising an ESG Policy 233 Here’s a Great Idea: Creating a Plan 234 Promoting ESG among key stakeholders 235 Creating an internal governance structure 235 Don’t Reinvent the Wheel: Undertaking a Peer Review 236 Devising ESG investment strategies 236 Identifying, assessing, and selecting ESG investments 238 Go Over It: Reviewing Your Core Investment Principles 238 Familiarizing Yourself with ESG-Specific Regulations 240 Comparing Europe and the United States 240 Taking into account sustainability-related risks 241 Doing effective due diligence on ESG greenwashing 242 Surveying Reporting Requirements 243 Essential characteristics of ESG data 244 Material factors for investors 244 Examining ESG Engagement 245 Conducting constructive dialogue on managing ESG risks 245 Seizing business opportunities associated with sustainability challenges 246 Chapter 14: Defining and Measuring ESG Performance and Reporting 249 Defining Criteria and Metrics 250 Follow the rules: Looking at regulators’ work 251 The devil is in the details: Analyzing corporate sustainability reports 252 Walk the walk: Committing to corporate social responsibility practices 253 Show me the money: Identifying investment performance 254 Calculating Relative ESG Performance 255 Against the broader market 257 Against specific benchmarks 258 Getting a Handle on Ratings and Rankings 259 Securities 260 Portfolios 261 Not the sharpest tool: Smart beta 262 Developing Frameworks for Reporting 262 In your view: ESG objectives 263 Play by the rules: ESG compliance 265 Meet the players: Comparing different frameworks 265 Chapter 15: Elaborating the ESG Endgame 269 Highlighting the Evolution of ESG from Niche to Mainstream Strategy 269 Achieving competitive financial returns with positive ESG impact 270 Emphasizing the need for common terminology 271 Watching the Growing Use and Acceptance of ESG Standards 272 Digging into disclosures 272 Providing data consistency 274 Developing national and international financial reporting standards 275 Looking at the Increasing Impact of ESG Ratings and Rankings 278 Qualitative decisions 279 Quantitative decisions 280 Improving Education 281 What do investors believe is important? 282 What should a company know about its ESG rating? 283 Part 4: The Part of Tens 285 Chapter 16: Ten Frequently Asked Questions for an ESG Approach 287 What Is ESG Investing? 287 Which Sustainability Goals Should Be Followed? 288 What Are the Characteristics of an ESG Company? 289 How Is an ESG Company Rated? 290 What Investing Principles Should Be Adopted for ESG? 291 What Is Stewardship? 292 How Is an ESG Approach for Asset Owners Implemented? 293 How Are Benchmarks and Performance Measurement Incorporated in ESG? 293 What’s the Latest on Disclosures and Reporting? 294 What’s the Future of ESG Investing? 295 Chapter 17: Ten Issues Surrounding ESG Portfolio Construction 297 Reasons for Varying ESG Scores between Rating Agencies 297 Criteria Used in Creating a Combined ESG Score 298 Trends Driving ESG Materiality 299 Quantitative Approaches to ESG Analysis 300 Qualitative Analysis: Verifying and Supplementing Quantitative Analysis 301 ESG Regulations 302 Risk and Reward 303 Derivative and Alternative Instruments 304 Stranded Assets 305 Sustainable Investing 306 Chapter 18: Ten Factors Influencing the Growth of ESG Investing 307 Climate Change: The Route to Net Zero 308 Environmental and Social Issues Coming to the Fore 308 Stewardship as a Driver for Change 309 ESG Disclosures 310 Accounting 311 Regulation and International Standards 312 Impact Investing: Actively Do Good versus “Do No Harm” 313 Data and Technology 314 Consolidation of the ESG Ratings Companies 315 Political Impacts: Geopolitics and Public Pressure 316 Appendix: Great Resources For ESG Investing 319 Index 327

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Book SynopsisGet thestraight goods onhow to builda thriving side hustle fromsomeone who's been there before InClever Girl Finance: The Side Hustle Guide, celebrated finance expert, influencer, CEO, and author BolaSokunbideliversyour own personalkey to unlocking more money, more freedom, and more security in your life.You'll find out how to achieve financial prosperityby leveraging a side hustle business to increase your income and build wealth. You'll discover how to: Build your confidence, eliminate your fears, and strengthen your focusEstablish a strong foundation for your new business, even without prior experienceCreate a solid plan to brand, market, and grow a business your customers won't be able to get enough ofWrite arealistic financial plan for your side hustle and to create long-term wealth Perfect forthosewith a side hustle dream andsome energy to spare,Clever Girl Finance: The Side Hustle Guidewill also earn a place in the libraries of anyone who's ever thought about building a successful and profitable side hustle from the ground up but didn't know where to start.Table of ContentsAbout the Author 2 Acknowledgments 4 It’s Time to Make Your Side Hustle Dreams a Reality! 8 How to Use This Book 11 CHAPTER 1: Getting Prepared to Win 13 Challenging the Fear That Holds You Back 15 Get Prepared to Build a Successful Business 21 My Side Hustle Business Story 29 What Not to Expect from Your Side Hustle 38 Meet Camilla Banks 43 CHAPTER 2: Laying Out Your Business Idea 48 What’s It Gonna Be? Brainstorming Your Business Ideas 50 Doing Your Research: Google Is Your Friend 57 Establishing Your Business Vision and Mission 61 Meet Vickii Onabolu 65 CHAPTER 3: Your Business Plan 70 Creating a Business Plan That Makes Sense to You 72 What Legal Structure Do You Need? 79 Who Is Your Business for, and Why Should They Buy from You? 89 Defining Your Products and Services 97 Assessing Your Competition 101 Meet Tiwa Lawrence 107 CHAPTER 4: Building Your Brand and Marketing Your Business 115 Developing the Look and Feel of Your Brand 117 Creating a Marketable Brand Story 129 Your Online Presence and Content Strategy 133 Your Marketing Strategy and Leveling Up Your Game 148 Meet Kalyn Johnson Chandler 156 CHAPTER 5: Business Finances—Let’s Talk Money! 162 Laying Out Your Startup Costs and Operating Expenses 164 Your Business Budget: An Essential Part of Your Business Success 174 Analyzing Your Business Finances: Breaking Even, Profit, and Loss 186 Pricing Your Products and Services 193 Money Mistakes to Avoid while Building Wealth with Your Side Hustle 200 Meet Sahirenys Pierce 210 CHAPTER 6: In It to Win It! 215 Leveraging Metrics in Your Business 217 Managing Your Time: Tips and Tools to Help 225 Who Do You Need on Your Team? 231 Meet Emilie Aries 238 CHAPTER 7: Plan for Growth 243 Staying Consistent and Persevering through Seasons 245 Prioritizing Self-Care 250 Meet Ebony Ruffin 253 In Closing 258

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Book SynopsisSTRATEGIC RISK MANAGEMENT Having just experienced a global pandemic that sent equity markets into a tailspin in March 2020, risk management is a more relevant topic than ever. It remains, however, an often poorly understood afterthought. Many portfolios are designed without any thought given to risk management before they are handed off to a dedicatedbut separaterisk management team. In Strategic Risk Management: Designing Portfolios and Managing Risk, Campbell R. Harvey, Sandy Rattray, and Otto Van Hemert deliver a reimagining of the risk management process. The book envisions a marriage between the investment and risk processes, an approach that has proven successful at the world's largest publicly listed hedge fund, Man Group. The authors provide readers with a new framework for portfolio design that includes defensive strategies, drawdown risk controls, volatility targeting, and actively timing rebalancing trades. You will learn about how the book's new approach to risk management fared during the recent market drawdown at the height of the COVID-19 pandemic. You will also discover why the traditional risk weighting approach only works on certain classes of assets. The book shows you how to accurately evaluate the costs of defensive strategies and which ones offer the best and most cost-effective protection against market downturns. Finally, you will learn how to obtain a more balanced return stream by targeting volatility rather than a constant notional exposure and gain a deeper understanding of concepts like portfolio rebalancing. Perfect for people working in the asset management industry and financial policy makers, Strategic Risk Management: Designing Portfolios and Managing Risk will also earn a place in the libraries of economics and finance scholars, as well as casual readers who take an active approach to investing in their savings or pension assets. PRAISE FOR STRATEGIC RISK MANAGEMENTStrategic Risk Management shows how to fully embed risk management into the portfolio management process as an equal partner to alpha. This should clearly be best practice for all asset managers.Jase Auby, Chief Investment Officer, the Teacher Retirement System of TexasThis book shows the power of integrating risk and investment management, rather than applying risk management as an afterthought to satisfy set limits. I was pleased to shepherd some of the key ideas in this book through the publication process at The Journal of Portfolio Management.Frank J. Fabozzi, Editor, The Journal of Portfolio ManagementFinancial markets today are quite different from those of the last century. Understanding leverage, correlations, tails, and other risk parameters of a portfolio is at least as important as work on signals and alpha. In that sense, bringing risk management from control' to front office' should be a priority for asset managers. This book explains how to do it.Marko Kolanovic, Chief Global Market Strategist, J.P. MorganA powerful new approach to risk management in volatile and uncertain marketsWhile the COVID-19 pandemic threw the importance of effective risk management into sharp relief, many investment firms hang on to a traditional and outdated model of risk management. Using siloed and independent portfolio management and risk monitoring teams, these firms miss out on the opportunities presented by integrated risk management. Strategic Risk Management: Designing Portfolios and Managing Risk delivers a fresh approach to risk management in difficult market conditions. The accomplished author team advocates for the amalgamationofportfolio design and risk monitoring teams, incorporating risk management into every aspect of portfolio design. The book provides a roadmap for the crucial aspects of portfolio design, including defensive strategies, drawdown risk controls, volatility targeting, and actively timing rebalancing trades. You will discover how these techniques helped the authors achieve remarkable results during the market drawdown in the midst of the COVID-19 pandemic and how they can help you protect your assets against unpredictablebut inevitablefuture bear markets. Ideal for professionals in the asset management industry, Strategic Risk Management: Designing Portfolios and Managing Risk is a valuable resource for financial policy makers, economics and finance scholars, and anyone with even a passing interest in taking an active role in investing for their future.Table of ContentsForeword by Martin Leibowitz Preface by Sandy Rattray Chapter 1: Seeking Crisis Alpha Chapter 2: Can Portfolios Be Crisis Proofed? Chapter 3: Risk Management via Volatility Targeting Chapter 4: Strategic Rebalancing Chapter 5: Drawdown Control Chapter 6: Man versus Machine Chapter 7: Out-of-Sample Evidence from the COVID-19 Equity Sellof Notes Index

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Book SynopsisTable of ContentsAbout the Authors vii Introduction 1 Target Audience 2 Content and Applications 2 Chapter 1 Comparable Companies Analysis 3 Questions 3 Answers and Rationale 28 Chapter 2 Precedent Transactions Analysis 55 Questions 55 Answers and Rationale 76 Chapter 3 Discounted Cash Flow Analysis 93 Questions 93 Answers and Rationale 120 Chapter 4 Leveraged Buyouts 149 Questions 149 Answers and Rationale 160 Chapter 5 LBO Analysis 169 Questions 169 Answers and Rationale 189 Chapter 6 Sell-Side M&A 205 Questions 205 Answers and Rationale 217 Chapter 7 Buy-Side M&A 225 Questions 225 Answers and Rationale 243 Chapter 8 Initial Public Offerings 259 Questions 259 Answers and Rationale 270 Chapter 9 The IPO Process 277 Questions 277 Answers and Rationale 288

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Book SynopsisProvides guidance on creating a sustainable, inclusive, equitable, and compassionate business model that will thrive in businesses globally Diversity, equity,and inclusion programs are a must for today's corporations, yetmanycorporations worldwide have failedto establish realequalityin an actionable, measurable way.Corporations Compassion Culture:Leading Your Business toward Diversity, Equity, and Inclusiontakes a new and more effective approach to drivingequityand inclusion in the corporate world, focusing on howaculture of compassion can lead to more vibrant, higher performing teams. You'll learn how many standard corporate activitiesactually damageemployees' well-being and engagementand how todismantle those practices. You'll also learn how to build a new and better corporate environment that responds to all employees' needs and meets shareholders' demands for stability and risk mitigation. Author KeesaSchreanedelivers insight into what it takes for businesses to driverealsocial andTable of ContentsForeword Preface Acknowledgments About the Author Chapter 1: Inclusion, Equality, and Compassion in Business: An Overview Chapter 2: Uncomfortable, But Necessary: Connecting Racial History to Racial Injustice in Corporate Structures Chapter 3: Women’s Corporate Leadership: Past Perceptions and Current Realities Chapter 4: Evolution of Companies Post-Covid Chapter 5: INCLUSION AND THE BOTTOM LINE: A BROKEN STRUCTURE Chapter 6: GENDER EQUITY AND COMPANY GROWTH Chapter 7: Elements of a Compassionate Corporate Culture Chapter 8: Your Plan for Creating Inclusion Through Compassion: What Works Chapter 9: Your Plan for Creating Gender Equity Through Compassion: What Works Chapter 10: The Future: Compassionate Corporate Culture and Sustainable Business ndex

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Book SynopsisFrom leadership expert Dr. Jim Loehr, strengthen your moral and ethical character for outstanding leadership results with this must-have set. Leading with Character: 10 Minutes a Day to a Brilliant Legacy At the end of your life, how are you likely to be remembered? Chances are that people won't be praising your money, power, and status. Instead, the people you've impacted will remember you for your compassion and personal strengthin short, your character. Unfortunately, many leaders are unaware of their character shortcomings and blind spots that hold so many of us back from building the lasting legacy we are capable of. With the right motivation, you can begin to strengthen your character and become a moral and ethical leader capable of creating lasting change. In Leading with Character: 10 Minutes a Day to a Brilliant Legacy, Dr. Jim Loehr, cofounder of the Johnson & Johnson Human Performance Institute, reveals 50 character compet

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