Business, Finance & Law Books

Book SynopsisGeorge Soros Ends the Speculation The outcome [of this book] is a summing up of my life''s work. . . As I finish the book, I feel I have succeeded.-George Soros from the Preface Critical praise for Soros on Soros If you have ever wanted to sit down for a candid conversation with a phenomenal financial success, George Soros''s book provides the opportunity. You will meet a complex man and a first-rate mind.-Henry A. Kissinger The best expert on Soros is undoubtedly George Soros! After all, who is better equipped to tell us what he really thinks and how he thinks, a matter of some importance given the fact that he has translated a remarkable personal financial success into a truly generous and historically significant effort to promote postcommunist democracy. -Zbigniew Brzezinski The best X-ray of the mind of the master yet. -Barton M. Biggs George Soros brings a lot more to the world of finance than the intuition and nerve of a bornTable of ContentsINVESTING AND GLOBAL FINANCE. The Investor. The Guru in Training. The Story of Quantum Fund. The Theory of Investing. Theory in Action. GEOPOLITICS, PHILANTHROPY, AND GLOBAL CHANGE. The Philanthropist. The Stateless Statesman. The Future of the United States and Open Society. PHILOSOPHY. The Failed Philosopher. The Power and the Myth. Appendix. Index.

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Book SynopsisFinance for the Nonfinancial Manager, Fourth Edition. If you're a manager, odds are you're playing a larger and more important role in the financial matters of your company.Table of ContentsThe Functions of Finance. Economic Concepts. Accounting Conventions. Tax Environment. Inventory and Credit Policies. Financial Planning. Performance Budgets. Cash Flow. Break-Even Analysis. Banking Relationships. Mathematics of Interest. Capital Budgeting. Leasing. Cash Management. Capital Structure. Stockholder Relations. Capital Acquisition. Security Markets. Valuation. Personal Finance. Financial Management. Appendix. Glossary. Index.

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Book SynopsisDemystifies the often invisible impacts of global tourism, one of the biggest industries in the world.

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Book SynopsisDerivatives are everywhere in the modern world and it is important for everyone in banking, investment and finance to have a good understanding of the subject. Derivatives Demystified provides a step-by-step guide to the subject, enabling the reader to have a solid, working understanding of key derivative products.Table of ContentsAcknowledgements xix 1 The Origins and Growth of the Market 1 Definitions 1 Derivatives Building Blocks 1 Market Participants 3 Supporting Organizations 4 Early Origins of Derivatives 5 Derivatives in the USA 6 Overseas Developments, Innovation and Expansion 7 An Example of Recent Innovation: Weather Derivatives 7 Temperature-Linked Derivatives 8 The Wild Beast of Finance? 9 Lessons from Recent History 10 Creative Destruction and Contagion Effects 13 The Modern OTC Derivatives Market 13 The Exchange-Traded Derivatives Market 15 Chapter Summary 15 2 Equity and Currency Forwards 17 Introduction 17 Equity Forward Contract 17 The Forward Price 18 The Forward Price and Arbitrage Opportunities 19 The Forward Price and the Expected Payout 20 Foreign Exchange Forwards 21 Managing Currency Risk 22 Hedging with an Outright Forward FX Deal 23 The Forward Foreign Exchange Rate 24 The Forward FX Rate and Arbitrage Opportunities 25 Forward Points 26 FX Swaps 27 Applications of FX Swaps 28 Chapter Summary 28 3 Forward Rate Agreements 31 Introduction 31 FRA Case Study: Corporate Borrower 31 Results of the FRA Hedge 33 The FRA as Two Payment Legs 34 Dealing in FRAs 36 Forward Interest Rates 37 Chapter Summary 37 4 Commodity and Bond Futures 39 Introduction 39 The Margining System and the Clearing House 39 Users of Futures Contracts 40 Commodity Futures 41 Futures Prices and the Basis 42 US Treasury Bond Futures 43 US Treasury Bond Futures: Delivery Procedures 44 Gilt Futures 45 The Cheapest-To-Deliver (CTD) Bond 45 Chapter Summary 46 5 Interest Rate and Equity Futures 47 Introduction 47 Eurodollar Futures 47 Trading Eurodollar Futures 48 Hedging with Interest Rate Futures 50 Interest Rate Futures Prices 50 Equity Index Futures 52 Applications of S&P 500 Index Futures 53 FT-SE 100 Index Futures Contracts 54 Establishing Net Profits and Losses 55 Single Stock Futures (SSFs) 56 Chapter Summary 57 6 Interest Rate Swaps 59 Introduction 59 Interest Rate Swap Structure 59 Basic Single-Currency Interest Rate Swap 60 The Swap as a Package of Spot and Forward Deals 61 Rationale for the Swap Deal 62 Swap Terminology and Swap Spreads 62 Typical Swap Applications 63 Interest Rate Swap Variants 64 Cross-Currency Interest Rate Swaps 65 Net Borrowing Costs Using a Cross-Currency Swap 66 Inflation Swaps 67 Chapter Summary 68 7 Equity and Credit Default Swaps 69 Introduction to Equity Swaps 69 Equity Swap Case Study 69 Other Applications of Equity Swaps 71 Equity Index Swaps 73 Hedging an Equity Index Swap 74 Credit Default Swaps 75 Credit Default Swap: Basic Structure 76 Credit Default Swap Applications 77 Credit Spreads 78 The CDS Premium and the Credit Spread 78 Pricing Models for CDS Premium 80 Index Credit Default Swaps 80 Basket Credit Default Swaps 81 Chapter Summary 82 8 Fundamentals of Options 83 Introduction 83 Definitions 83 Types of Options 83 Basic Option Trading Strategies 84 Long Call: Expiry Payoff Profile 85 Short Call: Expiry Payoff Profile 87 Long Put: Expiry Payoff Profile 88 Short Put: Expiry Payoff Profile 90 Summary: Intrinsic and Time Value 90 9 Hedging with Options 93 Chapter Overview 93 Futures Hedge Revisited 93 Protective Put 93 Hedging with ATM Put Option 96 Covered Call Writing 97 Equity Collar 98 Zero-Cost Equity Collar 99 Protective PUT with a Barrier Option 100 Behaviour of Barrier Options 101 Chapter Summary 102 10 Exchange-Traded Equity Options 103 Introduction 103 Basic Concepts 103 CBOE Stock Options 104 UK Stock Options on NYSE Liffe 106 CME S&P 500 Index Options 107 FT-SE 100 Index Options 109 Chapter Summary 109 11 Currency or FX Options 111 Introduction 111 Users of Currency Options 111 Hedging FX Exposures with Options: Case Study 112 Graph of Hedged and Unhedged Positions 113 Hedging with a Zero-Cost Collar 114 Reducing Premium on FX Hedges 115 Compound Options 116 Exchange-Traded Currency Options 117 Chapter Summary 118 12 Interest Rate Options 119 Introduction 119 OTC Interest Rate Options 119 OTC Interest Rate Option Case Study 120 Hedging a Loan with a Caplet 121 Interest Rate Cap 123 Interest Rate Collar 123 Interest Rate Swap and Swaption 124 Summary of Interest Rate Hedging Strategies 125 Eurodollar Options 126 Euro and Sterling Interest Rate Options 127 Bond Options 127 Exchange-Traded Bond Options 128 Chapter Summary 130 13 Option Valuation Concepts (1) 131 Introduction 131 The Concept of a Riskless Hedge 132 A Simple Option Pricing Model 132 Option Fair Value 134 Extending the Binomial Model 134 Cost of Dynamic Hedging 135 The Black-Scholes Option Pricing Model 136 Historical Volatility 137 Measuring and Using Historical Volatility 139 Chapter Summary 140 14 Option Valuation Concepts (2) 141 Introduction 141 Problems with Historical Volatility 141 Implied Volatility 142 Black-Scholes Model Assumptions 143 Value of a Call Option 143 Value of a Put Option 144 Equity Index and Currency Options 145 Pricing Interest Rate Options 146 Chapter Summary 148 15 Option Sensitivities: The ‘Greeks’ 149 Introduction 149 Delta (Δ or δ) 149 Delta Behaviour 150 Delta as the Hedge Ratio 151 The Effects of Changes in Delta 152 Readjusting the Delta Hedge 153 Gamma (Γ or γ) 153 Gamma and the Spot Price of the Underlying 154 Gamma and Time to Expiry 155 Theta (Θ) 156 Vega or Kappa (κ) 157 Rho (ρ) 158 Summary of Greeks 159 Chapter Summary 160 16 Option Trading Strategies (1) 161 Introduction 161 Bull Spread 161 Bull Position with Digital Options 162 Spot Price and Con Value 163 Bear Spread 164 The Greeks for the Bear Spread 165 Put or Bear Ratio Spread 166 Long Straddle 167 Long Straddle Current Payoff Profile 168 Potential Risks with a Long Straddle 169 Chapter Summary 170 17 Option Trading Strategies (2) 171 Introduction 171 Chooser Option 171 Short Straddle 172 Short Straddle Current Payoff Profile 172 Potential Profits with a Short Straddle 175 Managing the Risk on a Short Straddle 175 Short Strangle 177 New Ways of Trading Volatility 177 Calendar or Time Spread 178 Chapter Summary 179 18 Convertible and Exchangeable Bonds 181 Introduction 181 Investors in Convertible Bonds 181 Issuers of Convertible Bonds 182 CB Measures of Value 183 Conversion Premium and Parity 184 Other Factors Affecting CB Value 185 Convertible Arbitrage 186 Convertible Arbitrage Example 186 Profits and Risks with the CB Arbitrage Trade 187 Mandatorily Convertibles and Exchangeables 188 Structuring a Mandatorily Exchangeable (ME) Bond 189 Chapter Summary 190 19 Structured Securities 193 Introduction 193 Capital Protection Equity-Linked Notes 193 Expiry Value of 100% Capital Protection Notes 195 100% Participation Equity-Linked Notes 196 Capped Participation Equity-Linked Notes 197 Average Price Notes 199 Locking in Interim Gains: Cliquet Options 200 Securitization and CDOs 201 The Basic CDO Structure 202 Rationale for Securitization 203 Synthetic CDOs 203 Chapter Summary 205 20 Clearing, Settlement and Operational Risk 207 Introduction 207 Risk Management in General 207 Settlement of Exchange-Traded Derivatives 208 Major Clearing Houses 209 Confirmation and Settlement of OTC Deals 210 Controlling Counterparty Risk on OTC Derivatives 211 Operational Risk 211 Best Practice in Operational Risk Management 213 Chapter Summary 213 Appendix A: Financial Calculations 215 Appendix B: Exotic Options 235 Appendix C: Glossary of Terms 239 Index 255

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Book SynopsisCould Wal-Mart offer a better solution to healthcare than Medicaid? Could GE help reduce global warming faster than the Kyoto protocol? Social Innovation, Inc. declares a new era where companies profit from social change. Leading corporations like GE, Wellpoint, Travelers and Wal-Mart are transforming social responsibility into social innovation and revolutionizing the way we think about the role of business in society. Based on four years of measuring the social strategies of America''s leading corporations, Jason Saul lays out the five strategies for social innovation and offers a practical roadmap for how to get started. Explains the fundamental shift in the role of business in society, from social contract to social capital market Identifies the 5 social innovation strategies: submarket products and services, social points of entry, pipeline talent, reverse lobbying, and emotive customer bonding Offers step-by-step guidance for creatiTable of ContentsIntroduction ix Part I The New Economics of Social Change 1 1 The Rise of the Social Capital Market 3 2 Responsibility is Not a Strategy 17 3 Corporate Social Innovation 29 Part II Five Strategies For Corporate Social Innovation 49 4 Strategy One: Create Revenues Through Submarket Products and Services 51 5 Strategy Two: Enter New Markets Through Backdoor Channels 73 6 Strategy Three: Build Emotional Bonds with Customers 91 7 Strategy Four: Develop New Pipelines for Talent 107 8 Strategy Five: Influence Policy Through Reverse Lobbying 127 Part III The Roadmap to Social Innovation 145 9 Creating a Culture of Social Innovation 147 10 The Formula for Social Innovation 159 11 Implications of the Social Capital Market 175 Notes 185 Acknowledgments 217 About the Author 219 Index 221

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Book SynopsisThe ultimate tricks of the trade guide to mergers and acquisitions Mergers and Acquisitions Playbook provides the practical tricks of the trade on how to get maximum value for a middle-market business. This book uniquely covers how to prepare for a sale, how to present the business most positively, and how to control the sale timetable. Written in a straight-talking style Provides the tricks of the trade on how to get maximum value for a middle-market business Shows how the sellers can take capitalize their inherent unfair advantages Examines the differences between value and currency Explains how to handle bankruptcy and distress company sales Offers tips on managing your lawyers in the documentation process Filled with empirical examples of successful-and unsuccessful-techniques, this practical guide takes you through every step of the M&A process, from how to manage confidentiality, how tTable of ContentsPreface xiii Acknowledgments xvii Chapter 1 Why People Sell Businesses 1 Honesty Is the Best Policy 2 Most Common Reasons People Sell 4 Retirement 5 Differences among Co-Owners 5 Illness or Death 6 Change in Strategic Position 7 Financial Sponsor Liquidity Event 8 Financial Pressure 9 Unsolicited Offer 9 Proactively Making the Sale Decision 10 Notes 11 Chapter 2 Should the Seller Hire an Intermediary? 13 What Do Investment Bankers Do, Anyway? 14 Criteria for Selecting an Investment Banker 19 General M&A Experience 19 Specific M&A Experience 19 Marketing Philosophy 20 Contacts 20 Temperament 22 Investment Banker Fees 23 Choosing the Right Investment Banker 29 Notes 32 Chapter 3 What Is the Business Worth? 33 Valuation Methodologies 34 Book Value 34 Multiple of Some Measure of Earning Power or Cash Flow 36 Intangibles Such as Technology or Market Position 38 The Synergy a Seller Could Provide a Buyer 39 Applying Valuation Theory to Real-World Situations 42 Cases Where Dividing the Business Created Value 43 Cases Where a Strategic Buyer Unlocked Value 47 Notes 50 Chapter 4 The Difference between “Value” and “Currency” 51 Mediums of Exchange in M&A 52 Cash 52 Notes 52 Stock 54 Stock Options 56 Contingent Payments 57 Sale of a Company’s Stock 59 Notes 61 Chapter 5 Taking Advantage of the Seller’s Unfair Advantages: Prepping and Timing 63 Preparation 64 Environmental Issues 64 Lawsuits 66 Tidy up the Financial Statements 67 Cosmetic Issues 68 Web Site Upgrades 68 Management Changes 68 Timing 71 Long-Term Timing Dimension 71 Short-Term Timing Dimension 73 Involving the Management Team 75 (Not) Involving Company Employees 80 Informing the Workforce 81 Dealing with Leaks 82 Conclusion 86 Notes 87 Chapter 6 Preparing the Documents 89 The Offering Memorandum 90 Executive Summary 91 Industry Description (Optional) 92 The Business 92 Financial Review 100 Exhibits 103 The Executive Summary 106 The Management Presentation 110 The Data Room 112 The Definitive Purchase Agreement 116 Notes 116 Chapter 7 Identifying and Cultivating the Right Buyers 117 Strategic Buyers 118 Financial Sponsors 125 Diversification Parties 132 Employee Stock Ownership Plans 133 Management 136 Family Members 139 Notes 141 Chapter 8 How Many Buyers to Approach? 143 Negotiated Sale 144 Limited Auction 150 Broad Auction 152 Notes 155 Chapter 9 Approaching Prospective Buyers 157 Confidentiality 158 Distributing the Offering Memorandum to Buyers 165 Securing Buyers’ Indications of Interest 168 Appendix 9A: Confidentiality Agreement 174 Appendix 9B: Sample Process Letter 179 Appendix 9C: Indication of Interest 181 Notes 183 Chapter 10 Management Presentations and Plant Tours 185 Management Presentations 186 Management Presentation Blocking and Tackling 186 Practice Makes Perfect 189 Management Presentation Pitfalls 189 Facility Tours 190 Next Steps 193 Notes 194 Chapter 11 Negotiating the Purchase Price 197 The Letter of Intent 198 Case-Specific Negotiating Strategies 201 Case 1: One Clearly Superior Offer 202 Case 2: Four Comparable Offers 204 Case 3: A “High Price with Tough Terms” Offer versus a “Lower Price with Reasonable Terms” Offer 206 Case 4: Three Offers with High Prices and Tough Terms 207 Case 5: One High Price Offer with Tough Terms 208 Case 6: Six Offers with Different Forms of Consideration 209 Case 7: Five Offers with Different Legal Structures and Different Forms of Consideration 213 Negotiating Dynamics 215 Appendix 11A: Letter of Intent 217 Notes 223 Chapter 12 Moving from Letter of Intent to Closing 225 The Negotiating Dynamics Have Reversed 226 Exclusivity 226 Maintaining Performance between the LOI and Closing 227 Negotiating Out the Purchase Agreement 229 Buyer Due Diligence 230 Hart-Scott-Rodino Filing 232 Keeping the Closing Process on Track 234 What if It’s Not Meant to Be? 237 Seller’s Exposure if the Buyer Does Not Close 237 Interim Milestones and Backup Buyers 238 Appendix 12A: Definitive Purchase Agreement 240 Notes 247 Chapter 13 Sales Forced by Bankruptcy or Financial Duress 249 The Painful Decision to Act 250 Time Is of the Essence 251 Senior Lender Dynamics 252 Secured Party Sales 256 Sales Engineered before Filing, but Closed in Bankruptcy Court 257 Sales Engineered and Closed in Bankruptcy Court 259 Notes 267 Chapter 14 Working with Lawyers 269 Legal Involvement from Day One 270 The Lawyer’s Distinct Role 270 Deal Makers versus Deal Breakers 271 Retaining the Right M&A Lawyer 272 The Legal Check-Up 274 Collaborating with the Investment Banker 274 Drafting and Negotiating the Purchase Agreement 275 Effective versus Ineffective Lawyering 278 Managing the M&A Lawyer 280 Appendix 14A: Seller’s Attorney Pretransaction Checklist 281 Note 288 Chapter 15 After the Sale Has Closed 289 Post-Closing Immediate Cooperation 290 Employee Notification 290 Customer Notification 291 Supplier Notification 292 General Public Notification 292 The Month Following Closing 293 Alternative Notification Methodology 293 Post-Closing Subsequent Matters 295 Post-Closing Hubris 296 Post-Closing Legal Matters 297 Post-Closing Financial Matters 298 Taxes 299 Charitable Giving 300 Investments 303 New Horizons 304 Leveling the Playing Field 305 Notes 305 About the Author 307 Index 309

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Book SynopsisTREASURY MANAGEMENT The Practitioner''s Guide Treasury Management: The Practitioner''s Guide describes all aspects of the treasury function. This comprehensive book includes chapters covering the treasury department, cash transfer methods, cash forecasting, cash concentration, working capital management, debt management, equity management, investment management, foreign exchange risk management, interest risk management, clearing and settlement systems, and treasury systems. If you are a treasurer, CFO, cash manager, or controller, Treasury Management: The Practitioner''s Guide allows you to quickly grasp the real world of treasury management and the many practical and strategic issues faced by treasurers and financial professionals today.Table of ContentsPreface ix About the Author xi Part One Cash Management 1 Chapter 1 Treasury Department 3 Role of the Treasury Department 3 Treasury Controls 6 Treasurer Job Description 7 Position of Treasury within the Corporate Structure 7 Treasury Centralization 8 Treasury Compensation 10 Bank Relations 10 Treasury Outsourcing 13 Summary 18 Chapter 2 Cash Transfer Methods 21 Check Payments 21 Wire Transfers 27 ACH Payments 28 Procurement Cards 31 Cash Payments 32 Fees for Cash Transfers 32 Summary of Cash Transfer Methods 32 Cash Transfer Controls 34 Cash Transfer Procedures 43 Summary 48 Chapter 3 Cash Forecasting 49 Cash Forecasting Model 49 Information Sources for the Cash Forecast 53 Measuring Cash Forecast Accuracy 54 Cash Forecasting Automation 55 Bullwhip Effect 57 Business Cycle Forecasting 58 Cash Forecasting Controls 60 Cash Forecasting Policies 62 Cash Forecasting Procedure 62 Summary 62 Chapter 4 Cash Concentration 67 Benefits of Cash Concentration 67 Cash Concentration Strategies 69 Pooling Concepts 70 Physical Sweeping 70 Notional Pooling 73 Comparison of Account Sweeping and Notional Pooling 74 Nonpooling Situations 75 Bank Overlay Structure 75 Cash Concentration Controls 76 Cash Concentration Policies 78 Cash Concentration Procedures 79 Summary 81 Chapter 5 Working Capital Management 83 Working Capital Variability 83 Cash Management 85 Credit Management 85 Receivables Management 87 Inventory Management 88 Working Capital Metrics 95 Summary 102 Part Two Financing 103 Chapter 6 Debt Management 105 Types of Debt 105 Credit-Rating Agencies 116 Accounting for Debt 118 Debt-Related Controls 130 Debt-Related Policies 134 Debt-Related Procedures 135 Summary 136 Chapter 7 Equity Management 141 Stock Registration 141 Exemptions from Stock Registration 147 Accounting for Stock Sales 150 Equity-Related Controls 152 Equity-Related Policies 154 Equity-Related Procedures 156 Summary 163 Chapter 8 Investment Management 165 Investment Criteria 165 Investment Options 166 Investment Strategies 169 Outsourced Investment Management 172 Risk-Reduction Strategies 173 Accounting for Investments 174 Investment Journal Entries 182 Investment Reporting 188 Investment Management Controls 188 Investment Management Policies 191 Investment Management Procedures 195 Summary 199 Part Three Risk Management 205 Chapter 9 Foreign Exchange Risk Management 207 Foreign Exchange Quote Terminology 207 The Nature of Foreign Exchange Risk 208 Data Collection for Foreign Exchange Risk Management 209 Foreign Exchange Hedging Strategies 210 Hedge Accounting 223 Foreign Exchange Hedge Controls 232 Foreign Exchange Hedge Policies 234 Record Keeping for Foreign Exchange Hedging Activities 235 Foreign Exchange Hedge Procedures 236 Summary 238 Chapter 10 Interest Risk Management 239 Interest Risk Management Objectives 239 Interest Risk Management Strategies 240 Accounting for Interest Risk Management Activities 253 Interest Risk Management Policies 266 Record Keeping for Interest Rate Risk Management 267 Interest Risk Management Procedures 267 Summary 267 Part Four Treasury Systems 271 Chapter 11 Clearing and Settlement Systems 273 Characteristics of Clearing and Settlement Systems 273 Overview of the Clearing and Settlement Process 273 Fedwire 275 Automated Clearing House (ACH) System 275 Clearing House Interbank Payments System (CHIPS) 277 Check Clearing 278 The Continuous Link Settlement (CLS) System 280 Summary 281 Chapter 12 Treasury Systems 283 Treasurer’s Technology Needs 283 Treasury Management System 285 SWIFT Connectivity 287 Summary 288 Index 289

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Book SynopsisBuying a property abroad is one of the biggest decisions you'll ever make. But don't worry - your Spanish dream needn't become a nightmare. From finding an estate agent and arranging a mortgage to negotiating the best price and moving in, this book is packed with practical advice on every aspect of the Spanish property market.Trade Review"…easily understood advice for a readership ranging from the complete novice to those who want to brush up on what they know." (Spain Magazine, September 2007)Table of ContentsIntroduction. Part I: Preparing for Your Spanish Buying Adventure. Chapter 1: Making the Big Decision. Chapter 2: Considering the Cost of Spanish Buying. Chapter 3: Assembling Your Team. Chapter 4: Finding Your Dream Home. Chapter 5: Not Ready to Commit? Finding a Property to Rent. Part II: Cruising Around Spain: Choosing Where to Buy. Chapter 6: Living La Vida Ciudad: Buying in the Big City. Chapter 7: Buying a Place in the Sun: Coastal Living. Chapter 8: Buying Inland: A Quiet Country Life. Chapter 9: A Home on La Isla Bonita: Life in the Islands. Part III: Buying into the Dream. Chapter 10: Funding Your Dream Home. Chapter 11: Understanding the Art of Price Negotiation. Chapter 12: Making Sure You Get What You Think You’re Getting. Part IV: Settling into Spanish Life. Chapter 13: Permission to Come Abroad. Chapter 14: Making Money in Spain. Chapter 15: The Nitty-gritty of Life in Spain as an Expat. Part V: The Part of Tens. Chapter 16: Ten Troublesome Property Issues to Consider. Chapter 17: Ten Top Destinations. Chapter 18: Ten Reasons to Move to Spain. Appendix: Spanish–English Glossary of Property Terms. Index.

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Book SynopsisWhat’s happening in Ireland? Behind the triumphalist headlines of the boom, there are changes going on – in the way people work, speak, eat, even the way they think – that cannot be quantified by statistics nor squared with the hollow cliché of the Celtic Tiger. She Moves through the Boom is a book about these intangible changes, and it paints a picture the newspapers and tourism propagandists are missing. Ann Marie Hourihane talks to working mothers, Mullingar wine importers, the organizer of a rural water scheme, shop assistants, a Nigerian preacher, teenaged removal men, and other exemplary – because ordinary – members of Irish society. These people aren’t talking about the boom; they’re living it, sometimes without even noticing, and they speak its languages – of social liberation, stubborn tradition, banal consumerism, and others. She Moves through the Boom presents a quirky, kaleidoscopic view of contemporary Ireland. By turns hilarious and dark, it is a fascinating snapshot of a singular moment in our history.

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Book SynopsisAn international best-seller from Brendon Burchard – the world's #1 high performance coach, New York Times best-selling author, and renowned speaker in self-improvement, mindset, and motivation.THESE HABITS WILL MAKE YOU EXTRAORDINARY and help you unlock your full potential! “Brendon Burchard is the top motivation and marketing trainer in the world.” – Larry KingAre you ready to take your life and career to the next level? This motivational book is the ultimate resource for anyone seeking to have long-term success and happiness.“With the right training and habits, anyone can become a high performer!” – Brendon Burchard Twenty years ago, Brendon Burchard became obsessed with answering three questions: 1. Why do some individuals and teams succeed more quickly than others and sustain that success over the long term? 2. Of those who pull it off, why are some miserable and others consistently happy on their journey? 3. What motivates people to reach for higher levels of success in the first place, and what practices help them improve the most? Which habits can help you achieve long-term success and well-being no matter your age, career, strengths, or personality?To become a high performer, you must seek clarity, generate energy, raise necessity, increase productivity, develop influence, and demonstrate courage. The art and science of how to do all this is what this inspirational book is about. Each of the six habits is illustrated by powerful vignettes, cutting-edge science, thought-provoking exercises, and real-world daily practices you can implement right now.Drawing on the latest research in psychology, mindfulness, and self-discipline, Brendon reveals the secrets to building habits that will transform your life, including:· Clarity: Learn how to gain clarity on your goals and vision for the future, and how to stay focused and aligned with your purpose.· Energy: Discover how you can stay motivated and productive even in the face of challenges.· Courage: Develop the courage to take bold action and overcome obstacles, so you can achieve your goals and live the life you want.· Productivity: Learn how to maximize your time and increase your productivity, so you can get more done in less time and achieve your goals faster.· Influence: Develop the skills and mindset to lead and influence others, so you can build strong relationships and achieve success in both your personal and professional life.Whether you want to get more done, lead others better, develop skill faster, or dramatically increase your sense of joy and confidence, the habits in this book will help you achieve it faster. By mastering these high-performance habits, you’ll achieve your goals faster and more effectively than ever before so you can create the life of your dreams.

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Book SynopsisTrading systems abound, yet many only work for a limited period of time. To get-and maintain-an edge on a regular basis, traders need effective money/risk management strategies. This practical resource provides risk management techniques that are not only accessible, but that will lead to consistent and regular profits.Table of ContentsWhy? What? Where? When? Who? How? Why (Proper) Money Management? Types of Money Management. Practical Facts. Fixed Fractional Trading. Fixed Ratio Trading. Rate of Decrease. Portfolios. Market Weighting. Market Weighting through Money Management, Not before It. Other Profit Protecting Measures. Risk of Ruin. The System. Optimization. Commodity Trading Advisors (CTAs) and Money Management. Money Management Marriage. Putting It All Together. Index.

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Book SynopsisSimple strategies for measuring a company's financial health Understand the bottom line and make sound financial decisions Whether you're a manager seeking to prepare a financial report, or an investor hoping to analyse one, unless you're financially savvy the figures and footnotes involved can be intimidating and tedious.Trade Review"…a guide to help you get to grips with financial reports, judge a company's performance and make profitable investment decisions." (The Daily Telegraph, Tues 11th March)Table of ContentsIntroduction. Part I: Getting Down to Financial Reporting Basics. Chapter 1: Discovering What Reports Reveal. Chapter 2: Recognising Different Business Types. Chapter 3: Discovering How Company Structure Affects the Books. Chapter 4: Digging into Accounting Basics. Part II: Understanding Published Information: Annual Reports. Chapter 5: Exploring the Anatomy of an Annual Report. Chapter 6: Balancing Assets Against Liabilities and Equity. Chapter 7: Using the Income Statement. Chapter 8: The Statement of Cash Flows. Chapter 9: Scouring the Notes to the Financial Statements. Chapter 10: Considering Consolidated Financial Statements. Part III: Analysing the Numbers. Chapter 11: Testing the Profits and Market Value. Chapter 12: Looking at Liquidity. Chapter 13: Making Sure the Company Has Cash to Carry On. Part IV: Understanding How Companies Optimise Operations. Chapter 14: Using Basic Budgeting. Chapter 15: Turning Up Clues in Turnover and Assets. Chapter 16: Examining Cash Inflow and Outflow. Chapter 17: How Companies Keep the Cash Flowing. Part V: The Many Ways Companies Answer to Stakeholders. Chapter 18: Finding Out How Companies Find Errors: The Auditing Process. Chapter 19: Checking Out the Analyst–Company Connection. Chapter 20: How Companies Soothe the Shareholders. Chapter 21: Keeping Score When Companies Play Games with Numbers. Part VI: The Part of Tens. Chapter 22: Ten Financial Crises That Rocked the World. Chapter 23: Ten Signs That a Company’s in Trouble. Chapter 24: Ten Top-Notch Online Resources. Part VII: Appendixes. Appendix A: Financial Statements. Appendix B: Glossary. Index.

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Book SynopsisModelling Single-name and Multi-name Credit Derivatives presents an up-to-date, comprehensive, accessible and practical guide to the pricing and risk-management of credit derivatives. It is both a detailed introduction to credit derivative modelling and a reference for those who are already practitioners.Table of ContentsAcknowledgements xiii About the Author xv Introduction vii Notation xix 1 The Credit Derivatives Market 1 1.1 Introduction 1 1.2 Market Growth 2 1.3 Products 4 1.4 Market Participants 6 1.5 Summary 7 2 Building the Libor Discount Curve 9 2.1 Introduction 9 2.2 The Libor Index 9 2.3 Money Market Deposits 10 2.4 Forward Rate Agreements 12 2.5 Interest Rate Futures 13 2.6 Interest Rate Swaps 16 2.7 Bootstrapping the Libor Curve 21 2.8 Summary 26 2.9 Technical Appendix 26 Part I Single-name Credit Derivatives 29 3 Single-name Credit Modelling 31 3.1 Introduction 31 3.2 Observing Default 32 3.3 Risk-neutral Pricing Framework 35 3.4 Structural Models of Default 38 3.5 Reduced Form Models 42 3.6 The Hazard Rate Model 44 3.7 Modelling Default as a Cox Process 46 3.8 A Gaussian Short Rate and Hazard Rate Model 49 3.9 Independence and Deterministic Hazard Rates 51 3.10 The Credit Triangle 54 3.11 The Credit Risk Premium 55 3.12 Summary 57 3.13 Technical Appendix 57 4 Bonds and Asset Swaps 59 4.1 Introduction 59 4.2 Fixed Rate Bonds 60 4.3 Floating Rate Notes 68 4.4 The Asset Swap 72 4.5 The Market Asset Swap 78 4.6 Summary 80 5 The Credit Default Swap 81 5.1 Introduction 81 5.2 The Mechanics of the CDS Contract 82 5.3 Mechanics of the Premium Leg 84 5.4 Mechanics of the Protection Leg 85 5.5 Bonds and the CDS Spread 90 5.6 The CDS–Cash basis 92 5.7 Loan CDS 94 5.8 Summary 95 6 A Valuation Model for Credit Default Swaps 97 6.1 Introduction 97 6.2 Unwinding a CDS Contract 97 6.3 Requirements of a CDS Pricing Model 99 6.4 Modelling a CDS Contract 100 6.5 Valuing the Premium Leg 101 6.6 Valuing the Protection Leg 105 6.7 Upfront Credit Default Swaps 108 6.8 Digital Default Swaps 110 6.9 Valuing Loan CDS 111 6.10 Summary 112 7 Calibrating the CDS Survival Curve 113 7.1 Introduction 113 7.2 Desirable Curve Properties 113 7.3 The Bootstrap 114 7.4 Interpolation Quantities 115 7.5 Bootstrapping Algorithm 117 7.6 Behaviour of the Interpolation Scheme 118 7.7 Detecting Arbitrage in the Curve 121 7.8 Example CDS Valuation 123 7.9 Summary 125 8 CDS Risk Management 127 8.1 Introduction 127 8.2 Market Risks of a CDS Position 127 8.3 Analytical CDS Sensitivities 128 8.4 Full Hedging of a CDS Contract 138 8.5 Hedging the CDS Spread Curve Risk 139 8.6 Hedging the Libor Curve Risk 145 8.7 Portfolio Level Hedging 147 8.8 Counterparty Risk 148 8.9 Summary 149 9 Forwards, Swaptions and CMDS 151 9.1 Introduction 151 9.2 Forward Starting CDS 151 9.3 The Default Swaption 156 9.4 Constant Maturity Default Swaps 169 9.5 Summary 180 Part II Multi-name Credit Derivatives 181 10 CDS Portfolio Indices 183 10.1 Introduction 183 10.2 Mechanics of the Standard Indices 184 10.3 CDS Portfolio Index Valuation 188 10.4 The Index Curve 190 10.5 Calculating the Intrinsic Spread of an Index 192 10.6 The Portfolio Swap Adjustment 195 10.7 Asset-backed and Loan CDS Indices 200 10.8 Summary 201 11 Options on CDS Portfolio Indices 203 11.1 Introduction 203 11.2 Mechanics 203 11.3 Valuation of an Index Option 207 11.4 An Arbitrage-free Pricing Model 209 11.5 Examples of Pricing 213 11.6 Risk Management 215 11.7 Black’s Model Revisited 215 11.8 Summary 217 12 An Introduction to Correlation Products 219 12.1 Introduction 219 12.2 Default Baskets 219 12.3 Leveraging the Spread Premia 227 12.4 Collateralised Debt Obligations 230 12.5 The Single-tranche Synthetic CDO 232 12.6 CDOs and Correlation 236 12.7 The Tranche Survival Curve 237 12.8 The Standard Index Tranches 240 12.9 Summary 240 13 The Gaussian Latent Variable Model 241 13.1 Introduction 241 13.2 The Model 241 13.3 The Multi-name Latent Variable Model 243 13.4 Conditional Independence 246 13.5 Simulating Multi-name Default 248 13.6 Default Induced Spread Dynamics 253 13.7 Calibrating the Correlation 257 13.8 Summary 258 14 Modelling Default Times using Copulas 261 14.1 Introduction 261 14.2 Definition and Properties of a Copula 261 14.3 Measuring Dependence 264 14.4 Rank Correlation 265 14.5 Tail Dependence 269 14.6 Some Important Copulae 270 14.7 Pricing Credit Derivatives from Default Times 278 14.8 Standard Error of the Breakeven Spread 280 14.9 Summary 281 14.10 Technical Appendix 282 15 Pricing Default Baskets 283 15.1 Introduction 283 15.2 Modelling First-to-default Baskets 283 15.3 Second-to-default and Higher Default Baskets 291 15.4 Pricing Baskets using Monte Carlo 294 15.5 Pricing Baskets using a Multi-Factor Model 296 15.6 Pricing Baskets in the Student-t Copula 298 15.7 Risk Management of Default Baskets 299 15.8 Summary 301 16 Pricing Tranches in the Gaussian Copula Model 303 16.1 Introduction 303 16.2 The LHP Model 303 16.3 Drivers of the Tranche Spread 308 16.4 Accuracy of the LHP Approximation 312 16.5 The LHP Model with Tail Dependence 313 16.6 Summary 314 16.7 Technical Appendix 314 17 Risk Management of Synthetic Tranches 317 17.1 Introduction 317 17.2 Systemic Risks 318 17.3 The LH+ Model 324 17.4 Idiosyncratic Risks 328 17.5 Hedging Tranches 334 17.6 Summary 339 17.7 Technical Appendix 339 18 Building the Full Loss Distribution 343 18.1 Introduction 343 18.2 Calculating the Tranche Survival Curve 343 18.3 Building the Conditional Loss Distribution 345 18.4 Integrating over the Market Factor 353 18.5 Approximating the Conditional Portfolio Loss Distribution 354 18.6 A Comparison of Methods 360 18.7 Perturbing the Loss Distribution 362 18.8 Summary 364 19 Implied Correlation 365 19.1 Introduction 365 19.2 Implied Correlation 365 19.3 Compound Correlation 367 19.4 Disadvantages of Compound Correlation 370 19.5 No-arbitrage Conditions 371 19.6 Summary 374 20 Base Correlation 375 20.1 Introduction 375 20.2 Base Correlation 375 20.3 Building the Base Correlation Curve 377 20.4 Base Correlation Interpolation 382 20.5 Interpolating Base Correlation using the ETL 389 20.6 A Base Correlation Surface 393 20.7 Risk Management of Index Tranches 394 20.8 Hedging the Base Correlation Skew 395 20.9 Base Correlation for Bespoke Tranches 398 20.10 Risk Management of Bespoke Tranches 405 20.11 Summary 406 21 Copula Skew Models 409 21.1 Introduction 409 21.2 The Challenge of Fitting the Skew 409 21.3 Calibration 411 21.4 Random Recovery 412 21.5 The Student-t Copula 413 21.6 The Double-t Copula 415 21.7 The Composite Basket Model 418 21.8 The Marshall–Olkin Copula 420 21.9 The Mixing Copula 421 21.10 The Random Factor Loading Model 423 21.11 The Implied Copula 427 21.12 Copula Comparison 429 21.13 Pricing Bespokes 431 21.14 Summary 431 22 Advanced Multi-name Credit Derivatives 433 22.1 Introduction 433 22.2 Credit CPPI 433 22.3 Constant Proportion Debt Obligations 436 22.4 The CDO-squared 441 22.5 Tranchelets 448 22.6 Forward Starting Tranches 449 22.7 Options on Tranches 449 22.8 Leveraged Super Senior 450 22.9 Summary 451 23 Dynamic Bottom-up Correlation Models 453 23.1 Introduction 453 23.2 A Survey of Dynamic Models 455 23.3 The Intensity Gamma Model 458 23.4 The Affine Jump Diffusion Model 466 23.5 Summary 470 23.6 Technical Appendix 470 24 Dynamic Top-down Correlation Models 471 24.1 Introduction 471 24.2 The Markov Chain Approach 472 24.3 Markov Chain: Initial Generator 474 24.4 Markov Chain: Stochastic Generator 479 24.5 Summary 483 Appendix A Useful Formulae 485 Bibliography 487 Index 491

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Book SynopsisToday''s most successful companies are Intelligent Companies that use the best available data to inform their decision making. This is called Evidence-Based Management and is one of the fastest growing business trends of our times. Intelligent Companies bring together tools such as Business Intelligence, Analytics, Key Performance Indicators, Balanced Scorecards, Management Reporting and Strategic Decision Making to generate real competitive advantages. As information and data volumes grow at explosive rates, the challenges of managing this information is turning into a losing battle for most companies and they end up drowning in data while thirsting for insights. This is made worse by the severe skills shortage in analytics, data presentation and communication. This latest book by best-selling management expert Bernard Marr will equip you with a set of powerful skills that are vital for successful managers now and in the future. Increase your market value by gaiTrade Review‘…provides an effective, simple and practical model…useful to all managers who need to make clear objective decisions.' (Proffessional Manager, October 2010) ‘Bernard's simple, step-by-step model offers managers a vital tool for analysing their business and improving performance.' (Better Business Focus, August 2010). ‘Bernard Marr's book is manna from heaven for those who prefer to base decisions on facts.' (Quality World, October 2010).Table of ContentsABOUT THE AUTHOR xi FOREWORD xv ACKNOWLEDGEMENTS xix 1 THE DATA–KNOWLEDGE CRUNCH 1 Introduction 1 The data and information explosion 2 The failure to turn data into mission-critical insights 3 Investment in business intelligence 6 Evidence-based management 9 Conclusions 12 2 THE EVIDENCE-BASED MANAGEMENT MODEL 13 Introduction 13 Evidence-based medicine 15 The scientific method 15 The EbM model explained 16 Conclusions 20 3 IDENTIFYING OBJECTIVES AND INFORMATION NEEDS 21 Introduction 21 How a police ‘SWAT’ team uses EbM 22 Step 1 – sub-step one: what do we need to know? 25 Strategic performance management frameworks 30 A strategy map as a hypothesis 50 Who needs to know what, when and why? 52 What are the most important unanswered questions? 54 Ten steps for creating good KPQs and KAQs 58 Conclusions 63 4 COLLECTING THE RIGHT DATA 65 Introduction 65 Key performance indicators and building evidence 67 Collecting the right data 69 What is evidence and what is data? 70 Data collection methodologies 71 Quantitative data collection methods 72 Qualitative data techniques 78 Using both quantitative and qualitative data 83 Making data collection part of the job 84 Engaging people in data collection 87 Assigning meaning to data 89 Reliability and validity 93 Planning the data collection process 94 The role of IT infrastructure and applications in the collection of data 96 Conclusions 100 5 ANALYSE THE DATA AND GAIN INSIGHTS 101 Introduction 101 Data analysis 104 Budgeting and planning 112 Reporting and consolidation 113 Value-driver modelling 113 Experimentation 117 Role of IT infrastructure and applications in analysing data 129 Conclusions 132 6 PRESENT AND COMMUNICATE THE INFORMATION 135 Introduction 135 How to get the attention of decision makers 137 Publishing analogies 138 Guidance for presenting information 144 The role of IT infrastructure and applications in presenting information 151 Conclusions 160 7 TURNING INFORMATION INTO ACTIONABLE KNOWLEDGE 163 Introduction 163 Ensure that the available evidence is used to make the best decisions 167 Turning knowledge into action 172 The knowing doing gap 173 Conclusions 188 8 CONCLUSION AND ACTION CHECKLIST 189 Introduction 189 Action checklist 193 Final words 207 REFERENCES 209 INDEX 213

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Book SynopsisThis book provides a much needed reference for finance practitioners on the rapidly growing Insurance Linked Securities markets.Table of ContentsAbout the Contributors xv Acknowledgements xxv 1 Introduction 1 Pauline Barrieu and Luca Albertini Part I Non-life Securitisation 7 2 Non-life Insurance Securitisation: Market Overview, Background and Evolution 9 Jonathan Spry 2.1 Market overview 9 2.2 Market dynamics 14 2.3 The question of basis risk remains 16 2.4 ILS and the credit crunch 18 3 Cedants’ Perspectives on Non-life Securitization 19 3A Insurance-linked securities as part of advanced risk intermediation 21 Insa Adena, Katharina Hartwig and Georg Rindermann 3A.1 Motivation for Allianz to take part in ILS activities 21 3A.2 Objectives of insurance companies 23 3A.3 Case study: Blue Fin Ltd 24 References 28 3B Reinsurance vs Securitisation 29 Guillaume Gorge 3B.1 Keeping risk vs transferring it 29 3B.2 Reinsurance vs securitisation 30 3B.3 Application to main P&C risks 31 3B.4 Case studies: Aura re and Sparc 32 3B.5 Limits and success factors to securitisation 33 References 34 3C Securitisation as a diversification from traditional retrocession 35 Jean-Luc Besson 4 Choice of Triggers 37 Dominik Hagedorn, Christian Heigl, Andreas Müller and Gerold Seidler 4.1 General aspects 37 4.2 Indemnity triggers 38 4.2.1 Scope of coverage 39 4.2.2 Payout timing 39 4.2.3 Loss verification 40 4.2.4 Transparency 40 4.3 Non-indemnity triggers 41 4.3.1 Parametric triggers (pure and index) 41 4.3.2 Industry loss triggers 43 4.3.3 Modelled loss triggers 45 4.4 Choosing the optimal trigger 45 4.4.1 Comparison of trigger types 46 4.4.2 Choice of trigger and alternative solutions 47 5 Basis Risk from the Cedant’s Perspective 49 David Ross and Jillian Williams 5.1 Introduction 49 5.2 Investor vs sponsor risk 50 5.3 Trigger types 50 5.4 Catastrophe models 52 5.4.1 Key components of catastrophe models 52 5.4.2 Uncertainty 54 5.5 Sources of basis risk 55 5.5.1 Source 1: Catastrophe model error/shortcomings 55 5.5.2 Source 2: Discrepancy between the modelled index loss and the modelled company loss 56 5.5.3 Source 3: Dynamic basis risk 56 5.6 Defining basis risk 56 5.7 Quantifying basis risk 58 5.7.1 Measures for pro rata hedges 58 5.7.2 Measures for digital hedges 59 5.7.3 Measuring positive basis risk 59 5.8 Minimising basis risk 60 5.8.1 Over-hedging 60 5.8.2 Choice of index 62 5.8.3 Reset clauses 62 5.8.4 Cat model input 63 5.9 Conclusion 63 Acknowledgements 63 References 64 6 Rating Methodology 65 Cameron Heath 6.1 Standard & Poor’s ratings services’ rating process 65 6.1.1 Initial interaction 65 6.1.2 Risk analysis 65 6.1.3 Documentation review 67 6.1.4 Transaction closing 67 6.1.5 Surveillance 67 6.2 Risk analysis 68 6.2.1 Trigger options 68 6.2.2 Indemnity vs non-indemnity triggers 68 6.2.3 Risk factors 70 6.2.4 Adjusted probability of default 72 6.2.5 Application of methodology 73 6.2.6 Default table 74 6.2.7 Multi-event criteria 74 6.3 Legal and swap documentation review process 75 6.3.1 Insurance focus points 75 6.3.2 Legal and structural focus points 75 6.4 Impact on sponsor 75 6.4.1 Capital model treatment of ILS 75 6.4.2 Summary of basis risk analysis 76 6.4.3 Sources of basis risk 77 6.4.4 Link to ILS revised probability of attachment 82 References 82 7 Risk Modelling and the Role and Benefits of Cat Indices 83 Ben Brookes 7.1 Components of a cat model 84 7.2 Insurance-linked securities 84 7.2.1 General overview 84 7.2.2 Insurance-linked security triggers 85 7.2.3 Basis risk 90 7.3 Cat indices 93 7.3.1 Property Claims Service (PCS) 93 7.3.2 Re-Ex – NYMEX 93 7.3.3 Insurance Futures Exchange Service (IFEX) 94 7.3.4 Carvill Hurricane Index (CHI) – Chicago Mercantile Exchange (CME) 94 7.3.5 Paradex 95 7.4 Summary 99 8 Legal Issues 101 Malcolm Wattman, Matthew Feig, James Langston, and James Frazier 8.1 The note offering – federal securities law implications 101 8.1.1 The distribution of the notes 101 8.1.2 Application of the anti-fraud provisions of the federal securities laws 102 8.1.3 Securities offering reform 103 8.1.4 Provision of information 103 8.1.5 The Investment Company Act of 1940 104 8.2 The note offering – the offering circular 104 8.2.1 Important terms 104 8.2.2 ERISA considerations 106 8.2.3 Other considerations regarding the proceeds and payment of interest 109 8.2.4 The risk analysis 110 8.2.5 Opinions 110 8.3 Types of transactions 110 8.3.1 Parametric, index and modeled loss transactions 111 8.3.2 Indemnity transactions 111 8.4 Conclusion 115 9 The Investor Perspective (Non-Life) 117 Luca Albertini 9.1 The creation of a sustainable and liquid market 117 9.1.1 Creation of common terminology 118 9.1.2 Risk analysis 119 9.1.3 Correlation with other investments in the portfolio 119 9.1.4 Relative value 121 9.1.5 Valuation and liquidity 121 9.2 Key transaction features from the investor perspective 122 9.2.1 Assessment of the underlying risks being securitised 122 9.2.2 Risk assessment of the instrument 124 9.2.3 Pricing and risk-return profile 125 9.3 Market evolution: the investor perspective 127 9.3.1 Collateral arrangements 127 9.3.2 Data transparency 128 9.3.3 Exposure monitoring 129 9.3.4 Modelling rigour 129 10 ILS Portfolio Monitoring Systems 131 Tibor Winkler and John Stroughair 10.1 Introduction 131 10.1.1 Completing the circle 131 10.1.2 ‘Square peg in a round hole?’ 132 10.2 Miu – An ILS platform in a convergent space 133 10.2.1 Overview 133 10.2.2 Nuts and bolts – how the platform works 133 10.2.3 Step by step – entering a contract 134 10.2.4 Portfolio analysis 134 10.3 RMS library of cat bond characterisations 137 10.3.1 Motivation and objectives 137 10.3.2 How is it done? A bird’s eye view 137 10.3.3 Apples to apples – a leap for the market 138 10.4 Conclusion 138 11 The Evolution and Future of Reinsurance Sidecars 141 Douglas J. Lambert and Kenneth R. Pierce 11.1 A brief history of the brief history of sidecars 142 11.2 Sidecar structures 143 11.2.1 Basic structure 143 11.2.2 Market-facing sidecar 144 11.2.3 Non-market-facing sidecar 145 11.2.4 Capitalising sidecars 146 11.2.5 How sidecars and catastrophe bonds are different 147 11.3 The appeal of sidecars 148 11.3.1 From a cedant/sponsor perspective 148 11.3.2 From an investor perspective 149 11.4 Structuring considerations 149 11.5 The outlook for sidecars 150 11.6 Conclusion 151 12 Case Study: A Cat Bond Transaction by SCOR (Atlas) 153 Emmanuel Durousseau 12.1 Introduction: SCOR’s recent history 153 12.2 Atlas III and IV: Background 153 12.3 Atlas: Main characteristics 155 12.4 Basis Risk 158 12.4.1 Reset 158 12.4.2 Gross up 158 12.4.3 Overlap 158 12.4.4 Synthetic covers 159 12.5 Total Return Swap 160 12.6 Conclusion 160 Appendix A 161 A. 1 Definition of events 161 A. 2 Extension events 162 13 Case Study: Swiss Re’s New Natural Catastrophe Protection Program (Vega) 163 Jay Green and Jean-Louis Monnier 13.1 A positive evolution of Swiss Re’s ILS strategy 163 13.2 Swiss Re accesses multi-event natural catastrophe coverage 164 13.3 The first ILS to use a cash reserve account as credit enhancement 164 13.4 Innovation leads to more efficient protection 165 Part II Life Securitisation 167 14 General Features of Life Insurance-Linked Securitisation 169 Norman Peard 14.1 Life insurer corporate and business structures, risks and products 170 14.1.1 Mutual life offices 170 14.1.2 Proprietary life offices 171 14.1.3 Other forms of life office 173 14.1.4 Principal risks associated with life insurance business 173 14.1.5 Principal product types and associated risks 176 14.2 Actors and their roles 177 14.2.1 Sponsor 177 14.2.2 Investors 179 14.2.3 Regulators 179 14.2.4 External professional advisers 179 14.2.5 Ratings agencies 181 14.2.6 Monoline insurers 181 14.2.7 Liquidity providers 181 14.2.8 Swap providers 182 14.2.9 Others 182 14.3 Process 182 15 Cedants’ Perspectives on Life Securitisation 189 15A A cedant’s perspective on life securitisation 191 Alison McKie 15A.1 Why securitise? 191 15A.2 Life ILS can be complex 194 15A.3 Outlook for life ILS 198 15B A cedant’s perspective on life securitisation 199 Chris Madsen 15B.1 Key considerations 199 15B.2 Examples of securitisation opportunities 202 15B.3 Differences between securitisation and reinsurance 205 16 Rating Methodology 207 Harish Gohil 16.1 Fitch’s approach to the rating process 207 16.2 Insurance risk analysis 208 16.2.1 Risk modelling 208 16.2.2 Ratings benchmarks 209 16.2.3 Analysis of sponsor and other counterparties 210 16.2.4 Surveillance 210 16.3 Zest: a VIF case study 211 References 212 17 Life Securitisation: Risk Modelling 213 Steven Schreiber 17.1 Modelling of a catastrophic mortality transaction 213 17.2 Modelling of a VIF transaction 216 18 Life Insurance Securitisation: Legal Issues 219 Jennifer Donohue 18.1 Monetisation of future cash flows 219 18.1.1 Some background on monetisation 219 18.1.2 The market drivers of monetisation 220 18.1.3 Monetisation in the current climate 221 18.1.4 Some transaction structures 221 18.2 Legal aspects of life insurance securitisation – some key features 222 18.2.1 Closed book/open book 222 18.2.2 Unit-linked policies – not ‘with profits’ policies 222 18.2.3 Risk transfer versus no transfer 222 18.2.4 Warranties 222 18.2.5 Monoline wrap (payment obligation) 223 18.2.6 Recharacterisation risk 223 18.3 Some examples of value-in-force securitisation/monetisation 225 18.3.1 A classical VIF structure: Gracechurch 225 18.3.2 A private but reported transaction: Zest 226 18.4 Outlook 227 19 The Investor Perspective (Life) 229 Luca Albertini 19.1 Life insurance-linked risks and investor appetite 229 19.1.1 The role of the monolines 229 19.1.2 Understanding the risk 230 19.1.3 Correlation with other investments 234 19.1.4 Relative value 236 19.1.5 Valuation and liquidity 237 19.2 Key transaction features from the investor perspective 237 19.2.1 Risk assessment of the instrument 237 19.2.2 Pricing and risk-return profile 240 19.3 Market evolution: the investor perspective 242 20 Longevity Securitisation: Specific Challenges and Transactions 245 Jennifer Donohue, Kirsty Maclean and Norman Peard 20.1 Mortality and longevity risk 245 20.2 A market for longevity risk 246 20.2.1 Potential sources of longevity risk for securitisation 246 20.2.2 Demand for longevity risk 247 20.3 Key structural aspects of longevity risk securitisation 248 20.3.1 Isolating longevity risk 248 20.3.2 Analysis of longevity risks 249 20.3.3 Longevity risk – legal explanation 250 20.3.4 Examples and legal aspects of transaction structures 252 20.4 Some features of longevity risk 255 20.4.1 Model risk 255 20.4.2 Ratings 258 20.4.3 Pricing 258 21 Longevity Risk Transfer: Indices and Capital Market Solutions 261 Guy Coughlan 21.1 The nature of longevity risk 262 21.2 The market for longevity risk transfer 263 21.2.1 Hedgers 263 21.2.2 Investors 265 21.2.3 Intermediaries 265 21.3 Importance of indices, tools and standards 266 21.3.1 Longevity indices 266 21.3.2 Trading and liquidity 268 21.4 Capital market instruments for longevity risk transfer 268 21.4.1 Longevity bond 268 21.4.2 Survivor swap 269 21.4.3 q-forward 269 21.4.4 Survivor forward 271 21.4.5 Instruments and liquidity 272 21.5 Customised vs standardised longevity hedges 273 21.5.1 Customised longevity hedge 273 21.5.2 Standardised index-based longevity hedge 273 21.5.3 Advantages and disadvantages 274 21.6 Case study: customised longevity hedge 274 21.7 Implementing a standardised index-based longevity hedge 275 21.7.1 Liability sensitivity and hedge calibration 276 21.7.2 Hedge effectiveness analysis 278 21.8 Conclusions 280 References 280 22 Case Study: A Cat Mortality Bond by AXA (OSIRIS) 283 Sylvain Coriat 22.1 Catastrophic pandemic risk 283 22.2 Considered risk transfer tools 284 22.3 Detailed structure 285 22.4 Risk analysis 287 22.4.1 Modelling approach 287 22.4.2 Index construction 287 22.5 Investors’ reaction 288 22.6 Spread behaviour 288 22.7 Next steps 288 Reference 291 23 Case Study: Some Embedded Value and XXX Securitisations 293 Michael Eakins and Nicola Dondi 23.1 Embedded value securitisation – Avondale S.A. 295 23.2 XXX securitisation 299 Part III Tax and Regulatory Considerations 305 24 The UK Taxation Treatment of Insurance-Linked Securities 307 Adam Blakemore and Oliver Iliffe 24.1 The Directive and the taxation of UK ISPVs 308 24.1.1 The implementation of the Directive in the UK 308 24.1.2 Implementation of the ISPV framework in the UK 308 24.1.3 UK tax treatment of ISPVs 310 24.2 Non-UK insurance special purpose vehicles 315 24.2.1 Tax residence status of the issuer 316 24.2.2 Tax residence status of the issuer’s agents 317 24.2.3 Location and management of the issuer’s assets 318 24.3 Indirect taxes and withholding of income tax 320 Further reading 321 25 The US Federal Income Taxation Treatment of Insurance-Linked Securities 323 David S. Miller and Shlomo Boehm 25.1 Avoiding US corporate income tax for the issuer 324 25.1.1 Overview 324 25.1.2 Trade or business in the United States 325 25.1.3 Procedures followed by catastrophe bond issuers to avoid substantive business activities in the United States 326 25.1.4 Section 864(b)(2) safe harbor 328 25.2 Withholding tax and excise tax 328 25.2.1 Overview 328 25.2.2 Descriptions of insurance-linked instruments written on standard ISDA forms 330 25.2.3 Federal income tax definition of notional principal contracts 331 25.2.4 Put options 334 25.2.5 The Bank of America case (income not clearly described within any other generally recognised category) 334 25.3 US federal income tax treatment of an investor in a catastrophe bond issuer: overview 335 25.3.1 US investors 335 25.3.2 Timing and character of income and gain of the issuer with respect to the permitted investments, the total return swap and the insurance-linked instrument 338 25.3.3 Foreign investors 339 25.3.4 Notes that are treated as indebtedness for federal income tax purposes 339 Reference 339 26 Regulatory Issues and Solvency Capital Requirements 341 Mark Nicolaides, Simeon Rudin, Rick Watson and Katharina Hartwig 26.1 Regulatory issues relevant for ILS sponsors 341 26.1.1 Solvency capital 341 26.1.2 Recognition of sponsors’ claims against SPV as eligible assets 342 26.2 Solvency I 343 26.2.1 Overview 343 26.2.2 Requirement to maintain a solvency margin 344 26.2.3 Structuring ILS under EU Directives to enhance solvency margins 348 26.3 Solvency II 351 26.3.1 Valuation of assets and liabilities 353 26.3.2 Determination of technical provisions 353 26.3.3 Solvency capital requirement 354 26.3.4 Minimum capital requirement 358 26.3.5 Own funds 359 26.3.6 Investments 360 Appendix A: Standard formula, solvency capital requirement (SCR) 361 A. 1 Calculation of the basic solvency capital requirement 361 A. 2 Calculation of the non-life underwriting risk module 361 A. 3 Calculation of the life underwriting risk module 362 A. 4 Calculation of the market risk module 362 Index 363

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Book SynopsisIn 1988 Geraldine Weiss wrote the classic Dividends Don't Lie , which focuses on the Dividend Yield Theory as a method of producing consistent gains in the stock market. After the market crash of the late 1980's, the book was a large success.Table of ContentsForeword by Geraldine Weiss ix Acknowledgments xiii List of Figures and Tables xv Introduction xvii Part I The Art of Dividend Investing Chapter 1 First Things First 3 Chapter 2 The Case for Investing in Stocks 11 Chapter 3 The Dividend-Value Strategy 29 Chapter 4 Quality and Blue Chip Stocks 43 Chapter 5 Value and Blue Chip Stocks 59 Part II Bargains Still Come in Cycles Chapter 6 Value and the Stock Market 73 Chapter 7 Finding Undervalued and Overvalued Stocks 91 Chapter 8 Value, Cycles, and the Dow Jones Averages 115 Part III Winning in the Stock Market Chapter 9 Developing a Successful Stock Strategy 131 Chapter 10 Building and Managing the Dividend-Value Portfolio 149 Chapter 11 The Stock Market and the Economy 169 Chapter 12 Questions and Answers 177 Chapter 13 Conclusion 191 Recommended Reading 195 About the Author 197 Index 199

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Book SynopsisWant to become an accountant? Own a small business but need help balancing your books? And worried about managing your finances under the cloud of the recession? This workbook gets you up to speed with the basics of business accounting, including reading financial reports, establishing budgets, and making financial decisions.Table of ContentsIntroduction. Part I: Business Accounting Basics. Chapter 1: Elements of Business Accounting. Chapter 2: Financial Effects of Transactions. Chapter 3: Getting Started in the Bookkeeping Cycle. Chapter 4: The Bookkeeping Cycle: Adjusting and Closing Entries. Part II: Preparing Financial Statements. Chapter 5: Reporting Profit. Chapter 6: Reporting Financial Condition in the Balance Sheet. Chapter 7: Coupling the Profi t and Loss Statement and Balance Sheet. Chapter 8: Reporting Cash Flows and Changes in Owners' Capital. Chapter 9: Choosing Accounting Methods. Part III: Managerial, Manufacturing and Capital Accounting. Chapter 10: Analysing Profi t Behaviour. Chapter 11: Manufacturing Cost Accounting. Chapter 12: Figuring Out Interest and Return on Investment. Part IV: The Part of Tens. Chapter 13: Ten Things You Need to Know about Business Financial Statements. Chapter 14: A Ten-Point Checklist for Management Accountants. Index.

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Book SynopsisThe first book to present practical methods for using the technique of scenario planning to chart a company's course. The program offered here is based on methods developed at Royal Dutch Shell and popularized by Peter Schwartz in the bestselling The Art of the Long View.Table of ContentsPartial table of contents: INTRODUCTION TO SCENARIO LEARNING. Integrating Strategy and Scenarios (L. Fahey & R. Randall). Using Scenarios to Identify, Analyze, and Manage Uncertainty (B. Marsh). BASIC APPROACHES TO CONSTRUCTING SCENARIOS. Scenario Planning: Mapping the Paths to the Desired Future (D. Mason). Testing Your Strategies in Scenarios (C. Perrottet). Scenarios for Global Investment Strategy for the New Century (P. Schwartz & J. Ogilvy). SCENARIO APPLICATION IN DIVERSE CONTEXTS. Competitor Scenarios: Projecting a Rival's Marketplace Strategy (L. Fahey). MANAGING THE ORGANIZATIONAL CONTEXT FOR SCENARIO LEARNING. Articulating the Business Idea: The Key to Relevant Scenarios (K. van der Heijden). The Cross-Scenario Planning Process (D. Randall & R. Wilson). Notes. About the Author. Index.

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Book SynopsisA holistic approach to harnessing a company''s processes to achieve true customer satisfaction Every move that a corporation makes is a mixture of input, action, and output-in short, a process. To keep customers, employees, and shareholders happy, corporate management must juggle conflicting priorities. These competing priorities result in conflicting processes. To help achieve true customer satisfaction, manage-ment needs tools that allow for a holistic approach to analyzing these processes. This book provides that tool. It shows corporations how to analyze and enhance their critical processes in order to deliver the highest level of service to their internal and external customers. Providing a clear understanding of what process mapping can do for a company as well as practical applications for each step in process mapping, this useful guide outlines a proven method for assuring better processes and building a more customer-focused company.Table of ContentsPreface vii Chapter 1 Process Mapping: An Introduction 1 Process Identification 2 Information Gathering 3 Interviewing and Map Generation 4 Analyzing the Data 5 Customer Mapping 6 Spaghetti Maps and RACI Matrices 7 JayKayCo Case Study 9 Chapter 2 Drilling Down into the Process 19 Process Defined 20 Exercise 2.1 Identifying Inputs, Transformations, and Outputs 21 Processes, Units, Tasks, and Actions 22 Exercise 2.2 Identifying Units within a Process 23 Identifying Inputs and Outputs to Units 24 Exercise 2.3 Unit Inputs and Outputs 24 Defining Task and Action Levels 25 Exercise 2.4 Identifying Tasks, Actions, and the Related Inputs and Outputs 25 Comprehensive Example 27 Exercise 2.5 Drilling Down a Human Resources Example 27 Solutions 32 Chapter 3 Process Identification 49 Finding the Story 51 Exercise 3.1 Identifying the Process Trigger 51 Exercise 3.2 Determining Which Actions Are Trigger Points 52 Exercise 3.3 Identifying All Customer Trigger Points 53 Identifying Company Processes 54 Exercise 3.4 Naming the Processes 54 Exercise 3.5 Naming All Potential Triggers 55 Business Process Timeline Worksheets 56 Exercise 3.6 Supporting Processes 56 Exercise 3.7 Additional Supporting Processes 58 Comprehensive Example 59 Exercise 3.8 Defining the Hiring Process 59 Solutions 63 Chapter 4 Information Gathering 75 Describe the Process 77 Exercise 4.1 Improving Process Descriptions 77 Exercise 4.2 Providing Process Descriptions 77 Identify the Process and Unit Owners 79 Exercise 4.3 Matching Owners to Processes 79 Interviewing the Process and Unit Owners 80 Exercise 4.4 Identifying Good Objectives 80 Exercise 4.5 Writing Objectives 81 Exercise 4.6 Identifying Risks 82 Exercise 4.7 Determining Risks to Objectives 82 Exercise 4.8 Identifying Key Controls 83 Exercise 4.9 Identifying Measures of Success 85 Process Profile Worksheet 86 Comprehensive Example 87 Exercise 4.10 Completing the Process Profile Worksheet 87 Solutions 90 Chapter 5 Interviewing and Map Generation 103 Interviewing 104 Map Generation 106 Exercise 5.1 Process Mapping Basics 108 Exercise 5.2 Decision Trees 111 Exercise 5.3 Verb/Noun Format 111 Exercise 5.4 A Simple Process Map 115 Exercise 5.5 Building Your First Complete Map 116 Comprehensive Example 117 Exercise 5.6 Putting It All Together 117 Solutions 122 Chapter 6 Building the Map 139 A Comprehensive Example 140 Exercise 6.1 Mapping the Hiring Process 140 Solutions 155 Chapter 7 Analysis of the Process Maps 167 Review the Process Profile Worksheet 168 Review the Process Map 169 Exercise 7.1 Analyzing Approvals 169 Exercise 7.2 Analyzing Process Map Loops 170 Exercise 7.3 Analyzing Delays, Rework, and Handoffs 171 Exercise 7.4 Analyzing the Forms 172 Exercise 7.5 Analyzing Unfinished Activities 173 Exercise 7.6 Analyzing the Hiring Process 174 Solutions 177 Chapter 8 Customer Mapping 187 Steps of Customer Mapping 189 Defining the Job 190 Exercise 8.1 Defining the Job 190 Identifying Key Tasks and Actions 191 Exercise 8.2 Identifying Key Tasks 191 Actions, Inputs, and Outputs 192 Exercise 8.3 Actions, Inputs, and Outputs 192 Measures of Success 194 Exercise 8.4 Determining Measures of Success 194 Ranking Measures and Determining Success 196 Customer Profile Worksheet 197 Exercise 8.5 Completing the Customer Profile Worksheet 197 Creating the Customer Map 199 Exercise 8.6 Building a Customer Map 201 Exercise 8.7 A Comprehensive Customer Mapping Project 201 Solutions 207 Chapter 9 Spaghetti Maps and RACI Matrices 223 Spaghetti Maps 224 Identifying the Key Steps 226 Exercise 9.1 Identifying the Key Steps 226 Building the Actual Map 227 Exercise 9.2 Building the As Is Spaghetti Map 228 Analyzing the Spaghetti Map 229 Exercise 9.3 Building the To Be Map 229 Exercise 9.4 Spaghetti Mapping the Hiring Process 230 RACI Matrices 234 Exercise 9.5 Determining Responsibilities 234 Building the RACI Matrix 237 Exercise 9.6 Building a RACI Matrix 237 Analyzing the RACI Matrix 239 Exercise 9.7 Analyzing the RACI Matrix 240 Solutions 242 Epilogue 255

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Book SynopsisA fresh look at what it means to lead from two of the biggest names in leadership In these turbulent times, when the very foundations of organizations and societies are shaken, leaders need to move beyond pessimistic predictions, trendy fads, and simplistic solutions. They need to turn to what's real and what's proven.Trade Review“This book cuts through the clutter and reminds us of what really matters. The introduction alone is worth the price of the book.” —PATRICK LENCIONI, president, The Table Group, and author of The Five Dysfunctions of a Team and Getting Naked “The leadership truths Kouzes and Posner lay out have not only endured the test of time but are even more relevant now in a world transformed by Twittering Millennials. Buy copies for yourself, your boss, and also for leaders of your organization.” —CHARLENE LI, author of Open Leadership, and founder, Altimeter Group “The Truth About Leadership provides some of the best practical advice on leadership I’ve read in a long time. If you have not read Kouzes and Posner and you manage people, shame on you. Start here. If you have read their work and your workplace needs a shot in the arm, you’ll find this book a quick, engaging jewel that will help you become a more trusted, credible, and valued leader.” —ADRIAN GOSTICK, author of The Carrot Principle “I’ve always been a big proponent of simple truths. That’s why I love the new book from Jim Kouzes and Barry Posner, The Truth About Leadership. Jim and Barry spell out ten fundamental truths about leadership and every one of them is right on. If you want to do a fact check on your leadership expertise, read this book!” —KEN BLANCHARD, coauthor of The One Minute Manager® and Leading at a Higher Level “Regardless of your experience, age, generation, or life stage, The Truth About Leadership will remind you of the vital role leaders play in our lives, renew your interest in understanding what makes a leader great, and rekindle your desire to be an inspiring leader yourself.” —LYNNE LANCASTER, coauthor of When Generations Collide and The M-Factor “Elegant in its simplicity and powerful in its depth, The Truth About Leadership dazzles the reader with evidence-based knowledge and practical inspiration This is that one in a million book that serves to pull an entire field together for the reader. No matter how many books you’ve read on leadership, you will better understand each of them after reading this remarkable book.” —COLONEL TOM KOLDITZ, PhD, professor, U.S. Military Academy at West Point, and author of In Extremis Leadership “This is a book a leader should put on his or her nightstand and read a chapter a night to refresh on what is important from a leadership perspective.” —STEPHEN ALMASSY, Global Vice Chair, OCA/Industry, Ernst & Young Global LimitedTable of ContentsIntroduction: What Everyone Wants to Know About Leadership. Truth 1: You Make a Difference. Truth 2: Credibility Is the Foundation of Leadership. Truth 3: Values Drive Commitment. Truth 4: Focusing on the Future Sets Leaders Apart. Truth 5: You Can't Do It Alone. Truth 6: Trust Rules. Truth 7: Challenge Is the Crucible of Greatness. Truth 8: You Either Lead by Example or You Don't Lead at All. Truth 9: The Best Leaders Are the Best Learners. Truth 10: Leadership Is an Affair of the Heart. Epilogue: Leaders Say Yes. About the Authors. Acknowledgements. Notes. Index.

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Book SynopsisSolve your traffic troubles and turn browsers into buyers When web design expert Ben Hunt set out to quantify the difference between an ordinary web site and a great one, he expected to find the key in design simplicity. But when his team more than doubled the conversion rates for a wide range of sites, they identified simple yet powerful solutions involving design, copy, appropriate analysis, classic optimization techniques, and targeted testing. You''ll find the fixes easy to implement, and they''re all right here. Understand the essentials - your market, your proposition, and your delivery. Create a site that is seen by the right people, provides a compelling experience, and generates the desired action. Learn how to use testing to improve your site''s conversion rate. Discover the holistic nature of web site optimization and why multiplicity matters. Examine dozens of simple techniques foTable of ContentsAcknowledgments. Foreword. Foreword. Introduction. Part I Designing for Traffic. Chapter 1 How to Transform Your Web Site's Success. Does This Sound Like Your Web Site? The "First Best Guess" Method of Web Design. A New Perspective on Web Design. The New Approach. Chapter 2 Search Engine Optimization Fundamentals. Keyword Research. On-Page SEO. Off-Page SEO. Chapter 3 Expanding Your Reach. What Are You Really Selling? Researching Your Markets. Marketing Joe's Miracle Hair-Gro. Chapter 4 Using the Awareness Ladder. Your Key to Reaching Deeper Markets. Why the Old, Narrow Model Fails. The New Concentric Model. Chapter 5 Working Through the Awareness Ladder. Save the Pixel. Bridge Natural Health. Muazo. Imagic2015. Me2Solar. Ville & Company. Bolwell RV. EasySpeedy. Applying the Awareness Ladder to Your Site. Part II Designing for Conversion. Chapter 6 Making Your Site Sell. The New Approach to Design for Conversion. Step One: Modeling Your Site's Funnels. Step Two: Analyzing Your Funnels. Step Three: Optimizing Conversions Through the Funnel. The Three Elements of Conversion. Chapter 7 Get Their Attention. Optimization Discipline. Getting Attention: The Power of Appeal. Make Your Appeals Relevant. Self-Interest. Emotion. Designing for Attention. Chapter 8 Keep Them Engaged. Affirm the Positive Signs. Resolve Concerns and Build Trust. Build Interest. Make It Easy. Chapter 9 Call Them to Action. Classes of Next Steps. Build Momentum. Six Tips for Crafting Compelling Calls to Action. Put It All Together. Chapter 10 Executing Your Web Site Strategy. Target Early Opportunities. Create Core Content. Add More Funnels. Generate Traffic. Consider Step 0. Keep Going! Chapter 11 Optimizing Your Web Pages. Google Website Optimizer. My Optimizer Tips. The Way of Optimization. Index.

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Book SynopsisSmart financial strategies that can secure your financial future There are more than 600 exchange traded funds on the market today, and new ones are opening every day. Total worldwide invested assets in ETFs now tops $500 billion.Trade Review“If you had to choose just one investment book to read this year, this could be it. … Included in “Year’s Top Investment Books” in the 2011 Stock Trader’s Almanac, Super Sectors provides useful background on ETFs, the pros/cons of each sector, basic technical tools, trading strategies, and psychology - really a masterpiece of overview of sound investing and trading with plenty to learn and review for those on all levels of expertise. —Cliff Wachtel, FXinsights.com, November 2010 “If you have considered investing by sectors using ETFs, then Super Sectors is the book for you.” —Stockerblog.com, October 2010 "This book provides a highly accessible and pragmatic approach to the subject of investment vehicles. For the relative newcomer to active investing, it offers several nuggets of useful information. For veteran system developers interested in further honing their trading acumen, it serves as a refresher of key concepts." —Bruce C. Greig, Financial Analysts Journal, January 2011Table of ContentsPreface xiii Acknowledgments xvii Part I Five Wall Street Fairy Tales and Why the Conventional Wisdom is Flawed 1 Chapter 1 The Bear Facts about Bear Markets 3 The Bear Facts: Another Bear is Out There Waiting to Maul Your Portfolio 3 Conclusion 7 Chapter 2 The Fairy Tale of Buy and Hold 9 Ten Years of Negative Returns 9 Impact on Retirement 11 The World is Changing 18 Conclusion 18 Chapter 3 Four More Wall Street Fairy Tales: Conventional Wisdom That Could Cost You Money 21 Is Asset Allocation the Answer? 21 The Fairy Tales Revealed 23 Conclusion 24 Part II Why Exchange Traded Funds? 27 Chapter 4 History and Growth of Exchange Traded Funds 29 From Zero to 836 in 19 Short Years 29 Conclusion 32 Chapter 5 Types of Exchange Traded Funds 33 Standard Exchange Traded Funds 34 Index Funds 34 Market Cap and Style Funds 35 Bond Funds 35 Sector Exchange Traded Funds 35 Global Regions and Country Specific Exchange Traded Funds 36 Inverse Exchange Traded Funds 37 Leveraged Exchange Traded Funds 38 Actively Managed Exchange Traded Funds 41 Currency Exchange Traded Funds and Exchange Traded Notes 42 Conclusion 43 Part III Sector Rotation: What It Is and Why It Works 45 Chapter 6 Sector Rotation—The Traditional View 47 There’s Always a Bull Market Somewhere 47 Nine Basic Sectors 49 Will This Time be Different? 50 The Business Cycle Has Not Been Repealed 51 Why Use Sector Rotation? 52 Conclusion 52 Chapter 7 The New Science of Sector Rotation 55 It’s a Brave New World 55 Are There Only Nine Sectors? 56 The Velocity of Money and the Incredible Disappearing Investor 56 Conclusion 65 Part IV Trading Systems Designed to Outperform the Indexes 67 Your Personality 67 Your Lifestyle 68 Your Goals 68 Chapter 8 Almost Like Buy and Hold 69 But It’s Not That Easy 71 Cut Your Losses and Let Your Winners Run 72 “Almost Like Buy and Hold” Trading Rules 73 Conclusion 74 Chapter 9 The Simple Trading System 75 Conclusion 82 Chapter 10 The Golden Crossover Trading System 85 Conclusion 90 Part V The Sector Scoring System: Trading Concepts, Challenges and Conundrums 91 Chapter 11 The Five Signals for Entering a Trade 93 Signal No. 1: Point and Figure Charts Buy Signals 93 Signal No. 2: Point and Figure Charts: Trend and Bullish Price Objective 98 Signal No. 3: Moving Average Convergence Divergence (MACD) 101 Signal No. 4: Relative Strength Index (RSI) 107 Signal No. 5: Relative Strength 108 Conclusion 110 Chapter 12 Scoring Your Trades 113 Selecting What You Want to Trade 113 Scoring Your Trades: The Heart of the System 114 Scoring the Indicators 123 Conclusion 130 Chapter 13 Getting Out is Harder Than Getting In 131 Selecting What You Want to Trade: The Other Side of the Coin 131 Getting Out of a Trade: How, When, Where 132 Risk Management and Position Size 144 Exiting a Trade or “What Now?” 146 Signs of Weakness 147 Conclusion 150 Chapter 14 The Psychology of Trading 153 The Biggest Single Risk to Your Trading and Investing Success is You 153 Begin at the Beginning 154 Greed, Fear, and the Herd 154 Three Secrets to Trading Success 156 Trading and the Art of War 160 The Five Essentials for Victory 161 Trading With the Buddha 162 What Happens When Your System Stops Working 163 How to Manage Drawdowns 164 Conclusion 165 Part VI Super Sectors: Five ‘‘Super Sectors’’ That Could Change Your Life 167 Chapter 15 Super Sector No. 1: The Rise of Asia 169 A Closer Look at China 169 The Story Doesn’t End with China 171 How Can You Participate? 172 Conclusion 173 Chapter 16 Super Sector No. 2: Energy 175 The Bad News about Supply 175 The Bad News about Demand 176 Economic, Political, and Social Impacts 177 Possible Solutions 177 Possible Outcomes 178 How Can You Participate? 179 Conclusion 180 Chapter 17 Super Sector No. 3: Health Care 181 The Aging Baby Boomers 181 Baby Boomers and the Cost of Health Care 182 Growth in National Health Care Expenditures 182 Possible Solutions and Outcomes 183 The Ever-Growing Medical Monster 183 How Can You Participate? 184 Conclusion 184 Chapter 18 Super Sector No. 4: Technology 187 A Connected World 187 Highways in the Sky 189 Emerging Technologies 190 How Can You Participate? 190 Conclusion 191 Chapter 19 Super Sector No. 5: Financials 193 The Financial Sector 193 Warren Buffettology 195 The Dollar and Global Currency Markets 196 Interest Rates 197 Precious Metals 197 How Can You Participate? 198 Conclusion 198 Chapter 20 Ask the Experts: Insights and Advice from Today’s Top Investors, Traders and Managers 201 Larry Connors 201 Dr. Marc Faber 205 Keith Fitz-Gerald 207 Todd Harrison 211 Gene Inger 214 Carl Larry 216 Timothy Lutts 217 Tom Lydon 220 John Mauldin 223 Lawrence G. McMillan 224 Paul Merriman 228 Robert Prechter 230 Jim Rogers 233 Matthew Simmons 234 Sam Stovall 236 Cliff Wachtel 238 Gabriel Wisdom and Michael Moore 241 Conclusion 245 Appendix ETF Resources 247 Web Sites 247 Exchange Traded Funds Providers 247 Books 248 Notes 251 About the Author 253 Index 255

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Book SynopsisGet customers, clients, and co-workers to say yes! in 8 minutes or less This revised second edition by a leading expert of influence continues to teach a proven system of persuasion. Synthesizing the latest research in the field of influence with real-world tested experiences, it presents simple secrets that help readers turn a no into a yes. Every secret in this book has been rigorously tested, validated, and found reliable. Learn dozens of all-new techniques and strategies for influencing others including how to reduce resistance to rubble Make people feel instantly comfortable in your presence Decode body language, build credibility, and be persistent without being a pain Expert author Kevin Hogan turns the enigmatic art of influence and persuasion into a science anyone can master The amazing secret of The Science of Influence is its simplicity. After you read this book you will immediately understand why peopleTable of ContentsAbout the Author ix Preface x Acknowledgments xiii 1 Influencing Others to Change 1 2 The First Four Seconds 13 3 The Delta Model of Influence 33 4 Credibility: The Pivot Point of Persuasion 57 5 The New Principles of Influence 65 6 Introduction to Omega Strategies 85 7 Framing Principles, Persuasion Techniques, and Influential Strategies 107 8 Applying the Laws of Influence 131 9 The Influential Secret of Oscillation 157 10 Mind Reading: How to Know What They Are Thinking 167 11 I’ll Think About It 173 12 How Their Brain Buys . . . You! 207 13 “I Will Do the Work for You”: Magic Words That Unlock Minds 219 14 The Power of Thinking without Thinking 233 15 Influence in Sales and Marketing Online and in the Real World 243 16 The Problem and Opportunity of Memory in Influence 259 17 Women: Influencing Women to Buy 267 Bibliography 287 Index 295 Need a Speaker? 305

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Book SynopsisA practical guide for investors who are ready to take financial matters into their own hands The Warren Buffetts Next Doorprofiles previously unknown investors, with legendary performance records, who are proving every day that you don''t need to work for a hedge fund or have an Ivy League diploma to consistently beat the best performing Wall Street professionals. These amazing individuals come from all walks of life, from a globe drifting college dropout and a retired disc jockey to a computer room geek and a truck driver. Their methods vary from technical trading and global macro-economic analysis to deep value investing. The glue that holds them together is their passion for investing and their ability to efficiently harness the Internet for critical investment ideas, research, and trading skills. The author digs deep to find the best of the best, even finding those who are making money during these turbulent times Contains case studiesTrade Reviewan easy read I m confident you ll find someone to inspire you in The Warren Buffetts Next Door . (Interactive Investor Blog, December 2010). The Warren Buffetts Next Door will entertain you (Fool.co.uk, December 2010).Table of ContentsForeword xiii Acknowledgments xv Introduction: Thou Shalt Covet Thy Neighbor’s Portfolio xvii Chapter 1 Vagabond Value 1 Tangible Tactics 3 Who Is Chris Rees? 6 Rees’s Rules of Investing 10 Case Study: Abatix Corp (OTC: ABIX) 11 Rees: In His Own Words 12 Reflecting on the Financial Meltdown of 2008 12 Chapter 2 Options Apostle 15 Sell Options, Have Fun, and Make Money 18 Who Is Bob Krebs? 20 Krebs’s Rules of Investing 24 Case Study: Annaly Mortgage (NYSE: NLY) 29 Krebs: In His Own Words 32 On Avoiding the Big Loss 32 A Silver Lining to the Crash of 2008 33 Chapter 3 Lady’s Man 35 Knife Catching 37 Who Is Mike Koza? 42 Koza’s Rules of Investing 46 Case Study: Radian Group (NYSE: RDN) 48 Koza: In His Own Words 50 On Comparing the Market to Whitewater Rafting 50 On Professional Money Management 51 Chapter 4 The Sorcerer’s Apprentice 53 Magpie Investing 56 Who Is Kai Petainen? 60 Petainen’s Rules of Investing 63 Case Study: Ternium, S.A. (NYSE:TX) 65 Petainen: In His Own Words 67 On Jim Cramer, John Stewart, Stock Analysts, and “Sisu” 67 Chapter 5 Network Miner 69 Peer-to-Peer Profi ts 71 Who Is Alan Hill? 77 Hill’s Rules of Investing 79 Case Study: China Energy Corp. (OTCBB: CHGY) 80 Hill: In His Own Words 83 On China’s Emergence 83 On Change 83 Chapter 6 Ramblin’ Jack 85 Buying Hiccups 87 Who Is Jack Weyland? 93 Weyland’s Rules of Investing 96 Case Study: Iomai 98 Weyland: In His Own Words 100 On Health Care versus Other Sectors 100 On His Approach to Investing 100 Chapter 7 The Oracle of Manitoba 101 Warren Buffett Meets Sir John Templeton 102 Who Is Randy McDuff? 104 McDuff’s Rules of Investing 107 Case Study: Companhia Brasileira de Distribuicao (NYSE: CBD) 111 McDuff: In His Own Words 114 On Utilities and Recession-Resistant Stocks 114 Post–2008 Crash Investing 114 On Retirement Investing 115 On New Money versus Old Money 115 Chapter 8 Mexican Gold 117 From Detective to Deal Maker 120 Who Is Andrew Swann? 124 Swann’s Rules of Investing 129 Case Study: OceanaGold (TSE: OGC.CA) 131 Swann: In His Own Words 133 On Owning Physical Gold 133 On Whether He Is a Speculator or Investor 133 On Living in Mexico 133 Chapter 9 Stock Angler 135 Do as I Do, Not as I Say 138 Who Is Justin Uyehara? 142 Uyehara’s Rules of Investing 143 Case Study: Medivation (NASDAQ: MDVN) 145 Uyehara: In His Own Words 147 On His Goal of Becoming a Money Manager 147 On Price-Earnings Multiples 147 On the Market’s Strong Rebound from 2008 147 Chapter 10 Bear Market Hero 149 Bear Tracking 151 Who Is John Navin? 157 Navin’s Rules of Investing 160 Case Study: PowerShares DB U.S. Dollar Index Bullish (NYSE: UUP) 162 Navin: In His Own Words 163 On Playing Blackjack and Investing 163 On Technical Analysis versus Fundamental Analysis 164 On the Goldman Sachs Scandal Fallout 164 Chapter 11 Legendary Investor Incubators 165 Marketocracy (www.marketocracy.com) 166 ValueForum.com (www.valueforum.com) 168 Value Investors Club (www.valueinvestorsclub.com) 170 Motley Fool Caps (http://caps.fool.com) 171 Covestor (www.covestor.com) 172 kaChing.com (www.kaching.com) 173 RiskGrades (www.riskgrades.com) 174 Investor’s Business Daily (www.investors.com) 175 American Association of Individual Investors (www.aaii.com) 176 FundAlarm (www.fundalarm.com) 177 StockCharts.com (www.stockcharts.com) 178 Other Sites to Bookmark 179 Notes 183 About the Author 187 Index 189

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Book SynopsisIf you''ve never traded futures but would like to, this book is highly recommended. An excellent introduction to the futures markets and also a useful reference source for the seasoned trader. --Thomas E. Aspray, Editorial Director and Chief Analyst, Traders'' Library No one explains complex financial strategies as clearly and intelligently as Todd Lofton. If you''re intrigued by the possibility of making money in the futures markets, Getting Started in Futures is the very best place to start your education. --Karl Weber, coauthor (with Jonathan M. Tisch) of The Power of We: Succeeding Through Partnerships Getting Started in Futures explains in simple, easy-to-understand terms everything you need to know to start trading futures successfully. You''ll learn how to forecast prices, how hedging works, and how to take advantage of new electronic trading opportunities. The updated Fifth Edition includes discussions on the increasingly important role of fTable of ContentsPreface vii Chapter 1: Introduction 1 Chapter 2: Basic Terms and Concepts 3 Chapter 3: Futures Markets Today 11 Chapter 4: The Speculator 21 Chapter 5: The Hedger 27 Chapter 6: The Green Stuff 31 Chapter 7: The Orders 39 Chapter 8: The Arena 47 Chapter 9: Fundamental Analysis 53 Chapter 10: Technical Analysis 61 Chapter 11: Hedging Revisited 89 Chapter 12: The Financial Futures 99 Chapter 13: Single-Stock Futures 123 Chapter 14: Money Management for Speculators 131 Chapter 15: Futures Options 141 Chapter 16: Rules and Regulations 169 Chapter 17: Contracts in Brief 175 Chapter 18: Discover Electricity 217 Chapter 19: Trading Futures Electronically 227 Chapter 20: Day Trading 233 Appendix A: More Chart Patterns and What They Mean 241 Appendix B: More About Point-and-Figure Charts 255 Appendix C: More About Moving Averages 261 Appendix D: More About Stochastics and Relative Strength 265 Appendix E: Single-Stock Futures Traded on OneChicago 269 Appendix F: Single-Stock Futures Traded on LIFFE CONNECT 273 Appendix G: Overseas Futures Markets 277 Appendix H: Firms with Direct Access for Electronic Trading 279 Index 281

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Book SynopsisAdvertising is a fantastic industry, but actually getting a job is difficult. This guide shows you how to land a job and how to thrive once you're in and the pressure is on.Table of ContentsForeword: Rick Boyko xiii Preface xv Acknowledgments xvii Who Wrote This Book: Bob Barrie, Rick Boyko, David Droga, Mark Fenske, Neil French, Sally Hogshead, Mike Hughes, Shane Hutton, Janet Kestin, Brian Millar, Tom Monahan, Chuck Porter, Bob Scarpelli, Chris Staples, Lorraine Tao, Nancy Vonk xix Introduction: The View from Down Here: Ignacio Oreamuno 1 Part I Breaking into Advertising 1 Was I Really Put on This Earth to Do Ads? 5If you can’t get an internship until after school, how can you know? / I really enjoy it, but sometimes I want to shoot myself. What do I do? / Am I talented enough for this industry? 2 School Daze 9A CD told me my school is a waste of money. Why go to school at all? / What are great copywriting schools? / Do I need a pricey portfolio school for “polished” ads? Or would you hire me based on good, unpolished pieces? Mark Fenske: It’s all about the osmosis, baby. 3 What’s a Good Ad, Anyway? 15Is reactionary advertising a good thing? Smart? Stupid? Evil? / Why do some award-winning ads not really say anything? / Do ads have to be hilarious to be effective? / Should ads be mostly in good taste or closer to the edge? / Shouldn’t ads portray good examples to kids and promote a healthy environment? / What do you think about sex in advertising? Brian Millar: How to do great creative work without being clever or talented. 4 Portfolio Preparation: Like Giving Birth, Only More Painful 28I’m the star in most of my ads. Is this a bad thing? / As a writer, do I need tight comps in my book? / What’s the right number of ads to have in my book? / What are some products you like seeing in student books? / How do you feel about “leave-behinds”? / How do you know when your book’s ready? / How do you make your portfolio wow an audience? / After two years as an AD, how much of my book can still be spec? / How many media should I show in my book? / Do you have to understand an ad right away? / Is it best to show all campaigns? / Different CDs like different ads. Who do I listen to? Sally Hogshead: Don’t send a fake foot to “get your foot in the door,” and other things to consider when putting your portfolio together. 5 Getting a Job in This Lifetime: It Can Be Done 38Every CD says, “Keep in touch.” Isn’t that BS? / Are Web portfolios as effective as sending your actual book? / Should you drop off your book completely unannounced? / How do you look for a job without your current employer finding out? / What chance does a junior have at a job in such tough times? / Is it plausible for a junior team to make a move together? / What are the best cities for cutting-edge advertising? / Should I hold out for good job out of school or take anything that moves? / How far is too far when trying to get a CD’s attention? How I Got My First Job, by Bob Barrie, Bob Scarpelli, Lorraine Tao, Nancy Vonk, Shane Hutton, Chris Staples, Janet Kestin, Mike Hughes, Rick Boyko, and Tom Monahan. 6 Internships: Purgatory, Rip-Off, or Free Education? 59How do you make the most of an internship? / If I do too many internships, do I get labeled the cheap labor guy? / Where do you put internships on your resume? / As an intern, how can I set up real job interviews when I work all day? Shane Hutton: How can I exploit thee? Let me count the ways. 7 What Place is Right for Me? 68How can I find a nurturing environment instead of a backstabbing one? / Does your first job determine your career path? David Droga: My two Australian/Singaporean/English/American cents/pence. Part II You’re the Chosen One. Now What? 8 Money—Not That You Care about That 75What’s the average salary for a creative director? / When do I ask for a raise—and how? / Do you think the big CD salaries are justified? / Does a lack of TV experience affect your value? Chuck Porter: Money. How much? How soon? 9 Fear and Self-Loathing: Snap Out of It 81I’m scared and insecure. How can I have ideas when I feel like this? / Every professional I’ve met intimidates me. How will I make it in the real world, competing against the very best? / I feel like I’m going to barf before every presentation. How do I get out of presenting work? 10 Brainstorming Techniques (You’re Going to Need Them) 85Any remedies for writer’s block? / I get blocked when I work in groups. What can I do when I’m never alone? Tom Monahan: Brainstorming. Or, making ideas happen, as opposed to waiting for them. 11 Awards. Yes, They Matter. How the Judges Decide 90What if you don’t win an award in your first year? / Are there two types of agencies, ‘suit’ agencies and those that win awards? / Do awards mean more money? / What makes an ad award-winning? Bob Barrie: Orson Welles never won an Oscar, but you can win a Telly. 12 Boss Problems: Try Not to Kill Him. Or Sleep with Him 100I think my CD hates me but not my partner. What do I do? / How do I avoid getting involved with my hot CD? / How do I know if my CD’s standards are high enough? 13 Partner Problems: Do You Need Counseling, a Divorce, or a Gun? 104How do I tell my CD that I’m better than my partner? / What if I want to kill my partner? / Should I leave if I’m in love with my partner? Lorraine Tao: This is my partner, Elspeth. No, not that kind of partner, my “creative partner.” 14 Copywriting 110Should I write long-copy ads if CDs don’t read them? / Do writers get credit if the solution is visual? Mike Hughes: Don’t you dare read this: You’ll spoil the research. Bob Scarpelli: Radio, can you see it? 15 Art Direction 119Was it easier to learn typography in the old days? / What’s the hardest part of being an art director? 16 Account Executives: They’re People, Too 122What makes a good account person? / How can I keep my creative team’s spirits up? / How good is the job security for account executives? / How can I coach creatives to stay on strategy? 17 Identity Crisis 127Can I market myself as an art director and a copywriter if I’m good at both? / Can you get hired just as a creative and then figure out what you want to do? / I want to be an art director, but I’m told I should be a copywriter. Help me. / Can a DR person make the big switch to general advertising? / Should I change jobs every couple of years to find my true interest? Neil French: You know how to make God laugh? Tell Him your plans. 18 Am I in the Wrong Place? 136If I’m not getting great assignments, should I make tracks? / What do I do if I’m getting good work, but rotten money? / Are all agencies nasty and backstabbing? Or is it just my place? 19 Ethics in Advertising: Not Necessarily an Oxymoron 139Do I have to be a jerk to do good work? / is it just my tough luck if someone steals my idea? / How do you deal with office gossip? / Should an agency fire a client if they’re not making any money? 20 CD Life (Be Careful What You Wish For) 147What’s the difference between a good CD and a great one? / How do you avoid hiring assholes? / What do you do to keep teams motivated? / What’s the best route to becoming a CD? / Is CD life all glamour or mostly pressure and responsibility? 21 Women: The Vanishing Act 152Can I have a baby and not lose my status in the agency? / Do you find it peculiar when feminists choose advertising as a career? / Is it crazy for me to want to be a CD some day? I keep hearing that the business is changing for women, but I sure don’t see it. / Do you think there’ll ever be a woman Lee Clow? 22 Age(ism): Is 39 the New 65? 156Where do creatives go when they get old? / How old is too old to get into advertising? / Can you stay in the game till your golden years? Rick Boyko: Avoiding future shock. 23 Staying Sane in an Insane Business 163I’m still in school and feel burned out. What if I can’t handle the real world? / Is it normal to work late every night? / My ideas are never good enough for my boss. Am I a hack? Chris Staples: I blame it all on Darren Stevens. 24 Miscellaneous: The Best Chapter of Any Book 169What if I want to tell my coworkers to eff off ? / How does one master the art of the schmooze? / Are headhunters helpful for a junior? / How should I feel when I did a bad ad? / Should I consider pharmaceutical advertising? / I have a great idea for a beer ad. How do I pitch it? 25 Strangest Questions: Maybe Even Better Than Miscellaneous 174Is writing publicity for a company that deals in adult film/toys damaging to a person’s career? / How do I interest an agency in my cat, who does incredible tricks? / I’m afraid my creativity has something to do with my sexual orientation. Any thoughts? Part III But Wait, There’s More! The Gurus Share Years of Collective Wisdom, and Embarrassing Photos 26 What I Know Now That I Wish I’d Known Then 179Brian Millar / Bob Barrie / Chris Staples / Chuck Porter / Janet Kestin / Lorraine Tao / Mike Hughes / Nancy Vonk / Tom Monahan / Rick Boyko / Shane Hutton / Neil French 27 What I Look for in a Junior 186Bob Barrie / Bob Scarpelli / Brian Millar / Chris Staples / Chuck Porter / Janet Kestin / Lorraine Tao / Mike Hughes / Nancy Vonk / Neil French / Rick Boyko / Sally Hogshead / Shane Hutton / Tom Monahan 28 A Century Ago, We Were Juniors, Too 192Embarrassing junior photos and early ads of the contributors Take the quiz! Appendix: The Inspiration Grab Bag 201 Index 207

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Book SynopsisThe Encyclopedia of Commodity and Financial Spreads is divided by product category???energy, natural gas, meats, soybeans, corn/wheat, currencies, interest rates, and metals. The precise performance of each spread is identified???over the previous 20 years???and combined with a graph that displays visually the price performance of the spread.Table of ContentsChapter 1. Introduction. Chapter 2. Energy. Chapter 3. Grains. Chapter 4. Soybean Complex. Chapter 5. Soybeans vs Grains. Chapter 6. Meats. Chapter 7. Metals. Chapter 8. Softs. Chapter 9. Forex. Chapter 10. Interest Rates. Chapter 11. Chronological Summary.

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Book SynopsisStart building your fortune with the ultimate insider's guide to real estate investing The Insider's Guide to Making Money in Real Estate explains why real estate is a consistently profitable moneymaker and how everyday people just like you can build their fortune regardless of their credit score or how much money they have in the bank.Table of ContentsIntroduction. PART ONE: Fundamentals of Real Estate. CHAPTER 1: Real Valid Reasons Why You Can’t Make Money in Real Estate. CHAPTER 2: Why Real Estate? CHAPTER 3: What It Really Takes to Succeed in Real Estate. CHAPTER 4: The Five Fundamental Wealth-Building Strategies of Real Estate. CHAPTER 5: What Type of Investor Are You? PART TWO: Getting Ready for Real Estate. CHAPTER 6: Categories of Real Estate. CHAPTER 7: Finding Hidden Money. CHAPTER 8: Creative Sources of Funding. CHAPTER 9: Understanding the Numbers. CHAPTER 10: Value Engineering. CHAPTER 11: Cycle of a Property. PART THREE: Secrets of Success through Teams. CHAPTER 12: Designing Your Team. CHAPTER 13: Interviewing Team Members. CHAPTER 14: Building a Team That Works. Appendix A: Frequently Asked Questions. Appendix B: Short Version of This Book. Meet Dolf de Roos. Meet Diane Kennedy. Index.

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Book SynopsisThe Micro Cap Investor Learn how today''s smartest investors are discovering opportunities--and reaping profits--ahead of the Wall Street pros Micro cap stocks are all but ignored by professional investors who can''t risk losing their companies'' clients--and their own careers--to the sudden volatility and price swings that are common to the micro cap market. But it is just that volatility, plus their proven record for outperforming large cap stocks over the long term, that makes micro caps perfect for independent investors looking for market-beating returns. The Micro Cap Investor takes a behind-the-scenes look at this exciting sector to: * Detail a market-tested process for uncovering and investing in micro caps with the greatest potential to outperform the market * Reveal the ten key catalysts that take under-the-radar micro caps and propel them into the public spotlight * Explain how smaller investors can use the information Table of ContentsPreface ix Acknowledgments xi Chapter 1 Characteristics of Micro Cap 1 The Nebulous Micro Cap (What Is a Micro Cap Stock?) 1 The Micro Cap Dilemma (Why Do They Exist?) 5 Chapter 2 The Information Advantage 13 Understanding the Information Advantage: Efficient Market Theory 13 Weak-Form Efficient Market Theory 15 Semi-Strong-Form Efficient Market Theory 16 Strong-Form Efficient Market Theory 16 The Random Walk Theory 17 The Practical Answer 19 Venture Capital Theory 21 The Public-Private Bridge 22 Conclusion 24 Chapter 3 Micro Cap Stocks as an Asset Class 25 Investment Performance: Small versus Large Stocks 25 A Survey of Modern Portfolio Theory 26 Asset Allocation and Modern Portfolio Theory 33 Asset Allocation and Micro Caps 34 Economic Linkage 39 Venture Capital and Private Equity 39 Micro Cap versus Venture Capital 41 Chapter 4 The Micro Cap Asset Class and Portfolio Construction 45 Micro Caps in the Portfolio Asset Allocation 46 The Portfolio Contribution of Micro Caps 47 Conclusion 50 CHAPTER 5 Using the Information Advantage 51 Methods to Evaluate Principal Agent Actions 51 Management, Management, Management 52 Who’s Doing What: Insider Information 53 Management Style 59 Strategy and Planning Systems 59 Management Changes 61 Management Reputation 62 How the Company Develops and Promotes Employees 62 Conclusion 63 Chapter 6 Corporate Governance 65 The Company’s Social Relationships 67 Information Resources 68 The Company 69 Competitors 70 Customers 70 Suppliers 70 Trade Associations 71 Industry Professionals 71 Legal Documents 71 Public Company Federal Filings 72 SEC Reports 73 Annual Report Form 10-K 74 Quarterly Report Form 10-Q 77 Material Current Events Form 8-K 77 Not All Reporting Is Equal 78 CHAPTER 7 Micro Cap Stocks and the U.S. Domestic Economy 81 Why Micro Cap Stocks Appear Cheap Relative to Large Stocks 82 Fundamental Valuation Techniques for Micro Cap Stocks 89 Basic Financial Analysis of Micro Cap Companies 90 Price-to-Book Ratio 91 Price–to–Free Cash Flow Ratio 92 Low Price-to-Earnings Ratio 93 Conclusion 93 Chapter 8 Micro Cap Case Study: A Company with All the Indicators 95 Smart-Money Owners 96 Cheap Valuation 96 Skin in the Game 98 The Transaction 101 Chapter 9 Consolidating Industry Case Study 107 Case Study of Suiza Foods 108 Other Opportunities 116 Chapter 10 Gehl Company Case Study 133 Chapter 11 Pozen Company Case Study 147 Chapter 12 Private Investments in Public Equities (PIPEs) 155 Tracking PIPE Transactions 159 A Brief Case Study of a PIPE Transaction: Ptek Holdings 161 Chapter 13 A Framework for Investor Action 167 Chapter 14 Micro Cap Fund Investing 173 Index 181

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Book Synopsis"Again, Moorad Choudhry takes his readers beyond the older books in the market that simply list a string of facts, and into a world of highly practical and up-to-the-minute concepts and strategies. Bank asset-liability management is about knowing when and how to use all the tools available. This book tackles the whole spectrum.Table of ContentsForeword xi Preface xiii About the Author xxiii Part I Banking business, bank capital and debt market instruments 1 Chapter 1 Bank business and bank capital 3 Chapter 2 Financial statements and ratio analysis 29 Chapter 3 The money markets 47 Chapter 4 The bond instrument 133 Part II Bank Treasury Asset–liability Management 209 Chapter 5 Asset–liability management I 211 Chapter 6 Asset–liability Management II 247 Chapter 7 ALM trading principles 305 Chapter 8 Asset–liability management III: The ALCO 327 Chapter 9 The yield curve 339 Chapter 10 The determinants of the swap spread and understanding the term premium 451 Chapter 11 Introduction to relative spread analysis 477 Part III Financial Instruments, Applications and Hedging 491 Chapter 12 Repo instruments 493 Chapter 13 Money market derivatives 539 Chapter 14 Interest-rate swaps and overnight-index swaps 625 Chapter 15 Hedging using bond futures contracts 713 Chapter 16 Credit risk and credit derivatives 745 Chapter 17 Value-at-Risk (VaR) and credit VaR 833 Part IV Funding and Balance Sheet Management Using Securitisation and Structured Credit Vehicles 881 Chapter 18 Introduction to securitisation 887 Chapter 19 Structured, synthetic and repackaged funding vehicles 921 Chapter 20 Mortgage-backed securities and covered bonds 961 Chapter 21 Asset-backed securities 999 Chapter 22 Collateralised debt obligations 1021 Chapter 23 Synthetic collateralised debt obligations 1059 Chapter 24 Synthetic mortgage-backed securities 1139 Chapter 25 Structured investment vehicles 1147 Part V Bank Regulatory Capital 1161 Chapter 26 Bank regulatory capital and the Basel rules 1165 Chapter 27 A Primer on Basel II 1195 Part VI Treasury Middle Office Operations 1241 Chapter 28 Funding and Treasury procedures for banking corporations 1243 Part VII Applications Software Enclosed with the Book 1261 Chapter 29 Applications software and spreadsheet models 1263 Appendix Financial markets arithmetic 1277 Glossary 1315 Index 1383

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Book SynopsisMilton Friedman was lauded as the grandmaster of free-market economic theory in the postwar era. This book collects many of Friedman's papers on topics in economics that were published in the "Journal of Political Economy". It incorporates papers from 1948 to 1990. It is useful for those tracing the course of 20th century economics and politics.Trade Review"There are very few people over the generations who have ideas that are sufficiently original to materially alter the direction of civilization. Milton Friedman is one of those very few people." - Alan Greenspan"

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Book SynopsisGeorge Soros is unquestionably one of the most powerful and profitable investors in the world today, and his investment principles have only grown in popularity. In Alchemy of Finance, Soros reveals his innovative investment philosophies and his views of the world and world order. President of the phenomenally successful Quantum Fund, which has 4.Trade Review“…contains a detailed description of his trading methods and repays careful reading.” (Investors Chronicle, 1st April 2005) “…these updated classics are packed with investment wisdom…” (What Investment, November 2003)"Wer genau wissen will, wie das ungarische Finanzgenie gegen das Pfund spekulierte, kommt hier voll auf seine Kosten. In seiner Alchemistenküche gibt George Soros fantastische Einblicke in den Entscheidungsprozess eines mit allen Wassern gewaschenen Spekulanten." (WERTPAPIERE - Das Börsenjournal, 4. Dezember 2003)Table of ContentsForeword to the New Edition by Paul A. Volcker xi Foreword to the First Edition by Paul Tudor Jones II xv New Preface xix New Introduction 1 Part One Theory 1. Reflexivity in the Stock Market 49 2. Reflexivity in the Currency Market 73 3. The Credit and Regulatory Cycle 85 Part Two Historical Perspective 4. The International Debt Problem 95 5. The Collective System of Lending 107 6. Reagan’s Imperial Circle 115 7. Evolution of the Banking System 123 8. The “Oligopolarization” of America 133 Part Three The Real-time Experiment 9. The Starting Point: August 1985 145 10. Phase 1: August 1985–December 1985 153 11. Control Period: January 1986–July 1986 201 12. Phase 2: July 1986–November 1986 241 13. The Conclusion: November 1986 295 Part Four Evaluation 14. The Scope for Financial Alchemy: An Evaluation of the Experiment 307 15. The Quandary of the Social Sciences 317 Part Five Prescription 16. Free Markets Versus Regulation 325 17. Toward an International Central Bank 333 18. The Paradox of Systemic Reform 351 19. The Crash of ’87 355 Epilogue 371 Notes 377 Appendix 381

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Book SynopsisSony vs. Samsung is business history at its best! It explores the divergent fortunes of these two electronics giants in the last decade and identifies the true reasons behind Sony''s decline and Samsung''s rise. Contrary to popular belief, Chang shows that success (or failure) does not simply arise from different strategies. Rather, it emerges from major decisions that are deeply rooted in the companies'' organizational processes and their executives'' political behavior. This book is a must-read for any senior executive. Constantinos Markides, Robert P. Bauman Professor of Strategic Leadership and Chairman, Strategy Department, London Business School Sea-Jin Chang has produced that rarity in a business book--one that is as valuable to practicing managers as it is insightful to academic researchers. In this fascinating comparison of two modern global giants, he applies his high resolution research microscope to their changing fortunes by dissecting their contrasTable of ContentsPreface. Chapter 1. Sony and Samsung: Portraits of Two Global Competitors. Part 1: Strategic Analysis. Chapter 2. Prince and Pauper in the Analog World. Chapter 3. Digital Dream Kids and the Digital Sashimi Shop. Chapter 4. New Kids on the Block. Chapter 5. Wannabe Globals. Part 2: Organizational Process and Leadership. Chapter 6. Same Silos but Different Outcomes. Chapter 7. From Founders to Professionals Managers. Chapter 8. The Future of Sony and Samsung Electronics. Endnotes. Glossary. Index.

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Book SynopsisDisruption? It's nothing new. Just look at any of the breakthrough business ideas of the last thirty years-from Federal Express overnight delivery to Saturn's fixed sticker price-and you'll see a perfect example of the principle of disruption in action.Trade Review"The impact this work has had on the industry is visible everywhere" (The Drum, October 17th 2008)Table of ContentsTHE ROAD TO DISRUPTION. Retrospective. Discontinuity. THE DISRUPTION DISCIPLINE. Disruption. Convention. Vision. DISRUPTION IN PRACTICE. Disruption Methodology. Disruption Sources. DISRUPTION AND THE ROAD AHEAD. Disruption in the Information Age. Disruption and the Role of the Agency. Disruption Web Site. Acknowledgements. Bibliography. Advertising Campaigns. Index.

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Book SynopsisWiley Online Trading for a Living When to get in-when to get out Build, test & trade a winning system Online brokers, research & market data For those who are well suited to day trading and short-term trading, the futures market is one of the best games in town.Trade Review"Larry Williams, the astute and experienced trader, has presented the reader with many computer-tested patterns that should give one an edge up in the hard world of day trading. He not only gives the patterns, he explains the 'why' of market action and what it takes to be successful from a psychological and money management standpoint. This is one of the best practical books ever written on trading by a veteran trader. Buy it."-John Hill, President, Futures Truth Co. "Larry possesses an incredible talent to differentiate between what is important in life as well as in the markets. In his book, he shares insights into market behavior and short-term price dynamics that are useful to beginning and experienced traders alike. Whereas most day trading books merely discuss the market in generalities, Larry focuses on computer-tested techniques that can actually help make traders profitable. This is Larry at his best and finest!"-Tom DeMark, President, Market Studies Inc., author of New Science of Technical Analysis and New Market Timing Techniques "Day Trade Futures Online is another must-have Larry Williams trading book. That's because nearly all the profitable futures traders I've known have attributed their trading success to an idea or concept learned from Larry. When Larry speaks, you better listen."-Gary Smith, author of How I Trade for a LivingTable of ContentsPREGAME. What You Need to Get Started. All About Brokers. Internet Resources. THE SHOW. Volatility Breakouts-The Momentum Breakthrough. The Theory of Day Trading. Patterns to Profit. Separating the Buyers from the Sellers. Attention, Day Traders. Special Short-Term Situations. When to Get Out of Your Trades. STRATEGY AND SUMMARY. Thoughts on the Business of Speculation. Money Management-The Keys to the Kingdom. A Word in Closing. Appendices. Index.

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Book SynopsisTrading for a Living Successful trading is based on three Ma s: Mind, Method, and Money.Table of ContentsPartial table of contents: Trading--The Last Frontier. The Odds Against You. INDIVIDUAL PSYCHOLOGY. Fantasy Versus Reality. Self-Destructiveness. Trading Lessons from AA. Winners and Losers. MASS PSYCHOLOGY. What Is the Market?. The Market Crowd and You. Managing Versus Forecasting. CLASSICAL CHART ANALYSIS. Support and Resistance. Trendlines. Chart Patterns. COMPUTERIZED TECHNICAL ANALYSIS. Moving Averages. The Directional System. Williams %R. Relative Strength Index. THE NEGLECTED ESSENTIALS. Volume-Based Indicators. Herrick Payoff Index. STOCK MARKET INDICATORS. New High-New Low Index. PSYCHOLOGICAL INDICATORS. Consensus Indicators. NEW INDICATORS. Elder-Ray. TRADING SYSTEMS. Triple Screen Trading System. Channel Trading Systems. RISK MANAGEMENT. Money Management. Afterword. Sources. Index.

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Book SynopsisTransform the way your business works. Neuro-Linguistic Programming (NLP) techniques can be applied to all business challenges. As a leader or manager in either the public or private sectors, whatever your industry or size of organisation, you can use NLP to improve your business by changing the mindsets of everyone you work with. When tailored for practical business application, NLP can help you to identify and deliver efficiencies, hold onto clients in the midst of increasing competition, improve morale and increase organisational performance and results. Change Your Business With NLP is the first genuinely practical guide for managers, showing how to use NLP techniques to overcome specific business problems. You will learn how to: Improve your results as a leader Build an exceptional team Manage change more effectively Change your organisation’s culture Create more effective client and customer relationships Transform your presentation skills Increase the overall performance of your business Bestselling author Lindsey Agness, an international change management consultant and certified trainer of NLP, uses step-by-step techniques and a broad range of case studies to show you that NLP can deliver measurable results in business.Table of ContentsAbout the author. Acknowledgements. Introduction: Why is NLP important for business? Part I Transforming Leaders with NLP. Chapter 1 Building strategies for success. Chapter 2 Winning state of mind. Chapter 3 Modelling world-class performance. Part II Transforming Teams with NLP. Chapter 4 Constructing high-performing teams. Chapter 5 Encouraging creativity. Chapter 6 Having courageous conversations. Part III Transforming Organisations with NLP. Chapter 7 Managing change effectively. Chapter 8 Changing the rules of the game. Chapter 9 Developing global organizations. Part IV Transforming Customer Service with NLP. Chapter 10 Influencing with integrity. Chapter 11 Powerful presentations. Chapter 12 Exceeding expectations. Are you ready? What next? Appendix 1 NLP Grid. Appendix 2 Language used by different representational systems. Appendix 3 What have you learned about NLP? Bibliography. Index.

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Book SynopsisCoaching as a technique to help managers develop their skills and fulfil their potential is now one of the most used in business. As well as professional business coaches, managers themselves are required to coach their staff these days. This book comprises twelve case studies in coaching, based on individuals who were unhappy with their professional lives - relationship difficulties in the office, managing emotions, a new management culture after a merger, problems with staff experienced by an entrepreneur, and motivation in the workplace are some of the situations that are covered. Of these case studies, ten are based on difficulties experienced by the individual and two are about coaching teams of people. By analysing such cases in detail and the role of coaching in each, the authors present the best practices and techniques in business coaching.

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Book SynopsisDramatically improve inventory accuracy with bestselling author Steven Bragg''s step-by-step guidelines Inventory Accounting is a comprehensive, step-by-step guide to setting up an inventory accounting system and keeping it running at maximum efficiency. This hands-on book provides accounting professionals with essential information on how to: * Set up an accounting system that efficiently handles accumulating inventory costs, summarizing accounts, and standard journal entries used to record transactions * Use best practices to increase the efficiency of inventory-tracking and costing functions * Install unique controls to combat inventory fraud * Implement a step-by-step checklist of activities for inventory counting procedures * Save hours of valuable time researching various GAAP reference manuals * Adapt inventory tracking and costing systems to accommodate a variety of manufacturing systems Spanning the entire spectrum Table of ContentsPreface. About the Author. Chapter 1. Inventory Data Collection. Chapter 2. Inventory and Manufacturing Systems. Chapter 3. Inventory Control Systems. Chapter 4. Inventory Fraud. Chapter 5. Inventory Measurements and Internal Reports. Chapter 6. Budgeting for Inventory. Chapter 7. LIFO, FIFO, and Average Costing. Chapter 8. The Lower of Cost or Market Calculation. Chapter 9. Applying Overhead to Inventory. Chapter 10. Joint and By-Product Costing. Chapter 11. Obsolete Inventory. Chapter 12. Inventory Transaction. Chapter 13. IRS Inventory Rules. Chapter 14. Counting Inventory. Chapter 15. Inventory Best Practices. Chapter 16. Inventory Transfer Pricing. Appendix A: Dictionary of Inventory Terms.

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Book SynopsisCapital Group is one of the largest investment management organisations in the world, and yet has always shunned the publicity courted my many other leading institutions. For the first time, Charles Ellis takes you inside one of the most elite and yet private investment firms.Table of ContentsForeword xi Introduction 1 Chapter 1 The Founding 9 Chapter 2 Staying Alive 25 Chapter 3 The Multiple-Counselor System 35 Chapter 4 Organizing the Core 49 Chapter 5 Mutual Fund Distribution 61 Chapter 6 Crossing the Rubicon: Capital Group 91 Chapter 7 Shareholder Services 101 Chapter 8 Acquisitions and Start-Ups 123 Chapter 9 Capital Guardian Trust Company 139 Chapter 10 Global Investing 165 Chapter 11 Emerging Markets 185 Chapter 12 Managing People 201 Chapter 13 Management 223 Chapter 14 Compensation 249 Chapter 15 Investing 265 Afterword 291 Appendix I Summary Statement of Corporate Objectives and Goals 301 Appendix II Outline of Basic Managerial Beliefs 307 Appendix III Growth of the Capital Group Companies, Inc 309 Index 311

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Book SynopsisToday's customers are overwhelmed by information and endless consumer options. In this environment, salespeople don't have all day to convince the customer. In fact, Mark Joyner says that salespeople actually have about three seconds in which to convince the customer to buy; after that, it's game over.Table of ContentsPreface. Acknowledgements. Author Biography. Introduction: (Three Seconds). Chapter 1. The Magic Window. Chapter 2. The Core Imperative of Business. Chapter 3. The Big Four Questions. Chapter 4. What is The Irresistible Offer? Chapter 5. What is Not The Irresistible Offer? Chapter 6. Elements of The Irresistible Offer. Chapter 7. The Great Formula. Chapter 8. Offer Intensifiers. Chapter 9. The Offer Continuum. Chapter 10. The Great Offers in History. Chapter 11. Word of Mouth from Flaming Lips. Appendix A: Selling Yourself in Three Seconds or Less. Appendix B: A Note to Salesmen. Glossary. Index.

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Book SynopsisGetting Rich Your Own Way outlines and explains practical, proven, fast-acting processes and principles that have been used by men and women around the world to move from financial frustration to success and affluence.Table of ContentsPreface. Introduction. 1. Learn How to Become Rich. 2. Become a Money Magnet. 3. Invest for Success. 4. Start with Nothing. 5. Build Your Own Business. 6. Market and Sell Anything. 7. Get the Money You Need. 8. Think and Grow Rich. 9. Learn from the Best. 10. Lead the Field. Index. About the Author.

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Book SynopsisPraise for The Financial Numbers Game "So much for the notion 'those who can, do-those who can't, teach. ' Mulford and Comiskey function successfully both as college professors and real-world financial mercenaries. These guys know their balance sheets.Table of Contents1 Financial Numbers Game 1 Rewards of the Game 2 Classifying Creative Accounting Practices 8 Plan of This Book 13 Summary 14 Glossary 15 Notes 16 2 How the Game Is Played 19 Accounting Policy Choice and Application 19 Fraudulent Financial Reporting 39 Cleaning Up after the Game 44 Clarifying Terminology 49 Summary 50 Glossary 50 Notes 52 3 Earnings Management: A Closer Look 57 What Is Earnings Management? 58 Incentives and Conditions for Earnings Management 60 Earnings Management Techniques 62 Evidence of Earnings Management 68 Effectiveness of Earnings Management 74 Is Earnings Management Good or Bad? 82 Summary 84 Glossary 86 Notes 88 4 The SEC Responds 93 The Chairman’s Speech 93 The Action Plan 96 Subsequent Developments 99 Enforcing the Securities Laws 108 Summary 120 Glossary 122 Notes 123 5 Financial Professionals Speak Out 127 Survey of Financial Professionals 129 Survey Results 133 Summary 156 Glossary 157 Notes 158 6 Recognizing Premature or Fictitious Revenue 159 Is It Premature or Fictitious Revenue? 160 When Should Revenue Be Recognized? 165 Detecting Premature or Fictitious Revenue 185 Checklist to Detect Premature or Fictitious Revenue 191 Summary 193 Glossary 194 Notes 196 7 Aggressive Capitalization and Extended Amortization Policies 201 Cost Capitalization 202 Detecting Aggressive Cost Capitalization Policies 214 Amortizing Capitalized Costs 220 Detecting Extended Amortization Periods 226 Checklist to Detect Aggressive Capitalization and Extended Amortization Policies 229 Summary 231 Glossary 231 Notes 233 8 Misreported Assets and Liabilities 237 Link with Reported Earnings 238 Boosting Shareholders’ Equity 239 Overvalued Assets 240 Undervalued Liabilities 259 Checklist to Detect Misreported Assets and Liabilities 268 Summary 271 Glossary 272 Notes 275 9 Getting Creative with the Income Statement: Classification and Disclosure 279 Current Income Statement Requirements and Practices 280 Reporting Comprehensive Income 292 Creative Income Statement Classifications 295 Creativity with Other Aspects of the Income Statement 304 Summary 311 Glossary 312 Notes 313 10 Getting Creative with the Income Statement: Pro-Forma Measures of Earnings 317 Recasting the Bottom Line: Pro-Forma Earnings Measures 318 Summary 339 Glossary 340 Notes 341 11 Problems with Cash Flow Reporting 345 Reporting Cash Flow 347 Problems with Reported Operating Cash Flow 354 Using Operating Cash Flow to Detect Creative Accounting Practices 370 Checklist for Using Operating Cash Flow to Detect Creative Accounting Practices 373 Summary 373 Glossary 375 Notes 377 Subject Index 379 Company Index 391

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