Finance and accounting Books

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Book Synopsis

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Book SynopsisNothing is complicated. Some things are just harder to explain. The world of digital money might feel like the Wild West but as blockchain, Bitcoin and alternative cryptocurrencies enter the mainstream, we re going to need to arm ourselves with some knowledge. Do Bitcoin is a concise guide to all things cryptocurrency, focusing on the first and most dominant: Bitcoin. Written in a jargon-free style by self-taught Bitcoin analyst and advisor, Angelo Morgan-Somers, it takes a first principles approach to explain how we got here, why it matters, and what digital money means for the future. So, if you ve ever found yourself asking: What s an NFT? What are altcoins? Who or what are miners? What s a node? Is anyone in charge...? You ve come to the right place. Do Bitcoin will set you and your business on the right track.?It will reveal Bitcoin and blockchain s potential to revolutionise entire industries. And ultimately, to change the world. Are you ready to go down the rabbit hole?

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Book SynopsisEin Ratgeber nicht nur für angehende Trader, der Ihnen zeigt, wie Sie souverän auf dem Börsenparkett agieren, mentale Stärke entwickeln und typische Fehler vermeiden. Das Buch erklärt, warum Menschen eigentlich nicht zum Traden gemacht sind, wie das menschliche Gehirn tickt und wie man mithilfe von Erkenntnissen aus den Neurowissenschaften und der modernen Psychologie sich selbst und sein Verhalten bei der Geldanlage besser versteht. Sie finden den zu Ihrer Persönlichkeit passenden Trading-Stil, der Ihre Stärken zur Geltung bringt. Das Ziel: mit passgenauen Techniken und mentalen Tricks emotionale Fallen umschiffen und die entscheidenden Schritte auf dem Weg zum erfolgreichen Trader machen!Trade Review"[Das Buch ist] gut strukturiert, auch "normale" Anleger*innen an der Börse können profitieren." (EKZ 28. Juni 2021)Table of ContentsÜber den Autor 7 Einführung 17 Über dieses Buch 18 Konventionen in diesem Buch 19 Was Sie nicht lesen müssen 20 Törichte Annahmen über den Leser 20 Wie dieses Buch aufgebaut ist 21 Teil I: Der souveräne Trader 21 Teil II: Leitfaden zum erfolgreichen Trader 22 Teil III: Emotionale Souveränität 22 Teil IV: Entscheidungen sicher treffen 22 Teil V: Fehlverhalten vermeiden 22 Teil VI: Der Top-Ten-Teil 23 Symbole, die in diesem Buch verwendet werden 23 Wie es weitergeht 24 Teil I: Der souveräne Trader 25 Kapitel 1 Hirngerechtes Trading 27 Warum wir Menschen eigentlich nicht zum Traden geschaffen sind 28 Neurofinance: Im Hirn des Traders 28 Typische menschliche Verhaltensmuster verstehen 30 Kenntnisse aus den Neurowissenschaften clever nutzen 31 Das wandelbare Gehirn: neuronale Plastizität 31 Erfolgsfaktoren im Trading 32 Kapitel 2 Mentale Stärke entwickeln 35 Mentale Vorbereitung 35 Die Strategie des Heiligen Grals 36 Warum eine Marktanalyse nicht ausreicht 36 Selbstanalyse statt Marktanalyse 37 Aus Erfahrungen lernen: kleine Schritte, große Wirkung 38 Die Stressfalle im Trading umgehen 38 Motivierend: positiver Stress 39 Stress und Angst vor Kontrollverlust 39 Falsche Glaubenssätze ablegen 40 Stress gezielt abbauen 40 Resilienter werden 42 Was resiliente Trader ausmacht 43 Ins Trainingslager: Resilienz kann man trainieren 44 Der Weg ist das Ziel: kontinuierliche Verbesserungsprozesse 46 Emotionen als Informationsquelle annehmen 47 Teil II: Leitfaden zum erfolgreichen Trade 49 Kapitel 3 Ihr persönliches Trading-System entwickeln 51 Demokonto: Ihre Strategien testen und verbessern 52 Paper Trading: Üben ohne Risiko und Nebenwirkungen 52 Paper Trading: ein Papiertiger ohne Emotionen? 54 Mustererkennung: Übung macht den Meister 55 Explizite Mustererkennung: Chartanalyse und Co 56 Intuitive Mustererkennung: Der siebte Sinn 57 Ihre Stärken im Trading kennen und ausbauen 59 Schwächen akzeptieren 59 Stärken ausbauen 60 Veränderungskompetenz 61 Prozesse als Fels in der Brandung 62 Intrinsisch motiviert für Veränderungen 63 Eignungsdiagnose: Eigenschaften und Kompetenzen 64 Ihr persönliches Kompetenzprofil 65 Ihr persönliches Motivprofil 68 Vorsicht Autopilot: Routiniert flexibel bleiben 72 Kapitel 4 Die praktische Umsetzung Ihrer Handelspläne 75 Intelligentes Chancenmanagement 76 Chancen und Risiken abwägen (risk/reward ratio) 77 Der evolutionäre Drang, Gewinne schnell mitzunehmen 79 Gier: Die Biologie des Verlangens 82 Verlustmanagement: Die Trader-Psyche am Limit 85 Der Drawdown: Depotrisiken erkennen und begrenzen 85 Verlustphasen psychisch durchstehen 88 Stop-Loss-Limits: Ihre Verluste sinnvoll begrenzen 89 Aktives Positionsmanagement: Von der Pflicht zur Kür 90 Teil III: Emotionale Souveränität 93 Kapitel 5 Trading als Persönlichkeitsentwicklung 95 Ein Trading-Tagebuch führen 96 Die fachliche Analyse 100 Die psychologische Analyse 101 Das Thema hinter den Mustern erkennen 103 Schädliche Muster austauschen 103 Lösungen finden 104 Regeln aufstellen, neue Gewohnheiten etablieren 106 Die Trader-Persönlichkeit: Wer sind Sie? 107 Persönlichkeitsentwicklung 108 Den passenden Markt für Ihre Persönlichkeit finden 109 Trading als Teamsport: Den Tunnelblick vermeiden 111 Kreative Ideen entwickeln 111 Alle Karten offen auf den Tisch legen 112 Netzwerke bilden 113 Kapitel 6 Mentales Selbstcoaching in der Praxis 115 Selbsthypnose: Ihr Unterbewusstsein als Verbündeter im Trading 117 Formen der Selbsthypnose 117 Veränderungsprozesse durch Trance anstoßen 118 Selbstgespräche und der innere Dialog im Trading 118 Positive Selbstgespräche entwickeln 120 Selbstvertrauen und Selbstwertschätzung fördern 122 Kapitel 7 Die Psychologie der Verlustverarbeitung 127 Psychologische Auswirkungen von Verlusten 128 Mentale Strategien zur Verlustbewältigung 131 Verlusttrades in Rauch und Asche aufgehen lassen 131 Reframing: Den Verlusten einen neuen Rahmen geben 132 Affirmationen: Die Kraft positiver Gedanken nutzen 134 Emotionale Schutzschilde errichten 139 Atemtechniken: Einfach und effektiv 140 Kapitel 8 Mentaltechniken zur Stress- und Angstbewältigung 145 Körper und Geist in Einklang bringen 146 Beobachterposition: Die Vogelperspektive einnehmen 147 Ankern: Den Ruhepol finden 148 Ankern ist erlernbar 149 Ankern in der Praxis 150 Visualisierung: Bilder im Kopf 152 Mentale Bilder im Trading nutzen 152 Zukunftsvisionen im Trading 153 Teil IV: Entscheidungen sicher treffen 155 Kapitel 9 Die verschlungenen Pfade der Entscheidungsfindung entwirren 157 Systematische Wahrnehmungsstörungen erkennen 157 Selektive Wahrnehmung 158 Grobe Vereinfachungen 158 Gefährliche Emotionen? 160 Bei Informationsüberfluss den Überblick behalten 161 Erzählen Sie doch keine Geschichten! 163 »Trading-Geschichten« 164 Die Rolle der Finanzpresse 166 Kapitel 10 Faustregeln aus der Kiste der Evolution nutzen 167 Mentale Abkürzungen bei Stress und Zeitdruck 167 Kognitive Dissonanz: Ich mach mir die Welt, wie sie mir gefällt… 168 Demut statt Rechthaberei? 170 Wege aus der Dissonanzfalle 171 Kapitel 11 Die richtige Entscheidungsbasis im Trading finden 173 Der Dispositionseffekt: Warum Anleger an Verliereraktien festhalten und Gewinneraktien zu früh verkaufen 173 Der Momentum-Effekt 175 Die Strategie des Verbilligens 175 Wenn Sie gutes Geld dem schlechten hinterherwerfen… 177 Pyramidisieren: Das Erfolgsgeheimnis 178 Wenn Verlustängste uns den Verstand rauben 180 Die Prospect-Theorie und Verlustaversion 181 Verlustvermeidung: Der Blick ins Trader-Hirn 181 Mentale Buchführung betreiben 182 Wenn menschliche Urinstinkte durchschlagen 183 Die Zeit heilt eben nicht alle Wunden 183 Teil V: Fehlverhalten vermeiden 185 Kapitel 12 Offensichtliche Fehleinschätzungen vermeiden lernen 187 Die Fixierung auf Referenzpunkte 187 Die flexible Risikoeinstellung 188 Der Framing-Effekt: Wie die Art der Darstellung unsere Risikowahrnehmung bestimmt 189 Wahrscheinlichkeiten richtig einschätzen 190 Die Verfügbarkeitsheuristik: Wenn Bilder aus der Vergangenheit Sie einholen 191 Die Angst vor dem Unbekannten: was der Bauer nicht kennt, das frisst er nicht… 193 Home Bias: Zu Hause ist es am schönsten! 194 Besitzstandsdenken: Die Wertpapiere in meinem Depot gehören mir! 195 Der Status-quo-Effekt: Es bleibt so wie es ist! 195 Kapitel 13 Kollektives Fehlverhalten an der Börse 197 Herdenverhalten wie in der Steinzeit 197 Der Mensch als soziales Wesen 198 Börse ist Psychologie 198 Dem Trend folgen 199 Wann kann Herdenverhalten rational sein? 200 Vorsicht Ansteckungsgefahr! 202 FOMO: Die Angst, etwas zu verpassen… 203 TINA: alternativlos… 204 Das Problem der Nachrichtenflut 205 Seriös oder nicht? Die Spreu vom Weizen trennen 205 Das »Bild-Zeitungs-Syndrom« 206 Die Einprägsamkeit wiederkehrender Meldungen 206 Die Entdeckung der Langsamkeit 208 Konservatismus 208 Der Gewinnankündigungsdrift 208 Drehen Sie den Spieß um und nutzen Sie Ihre Chancen! 209 Kapitel 14 Das Ego im Trading in den Griff bekommen 211 Aus Fehlern lernen? 211 Die Kontrollillusion: Alles im Griff? 212 Selbstzuschreibung: Hochmut kommt vor dem Fall 213 Können oder Glück? Aus Fehlern lernen 213 Der demütige Trader 214 Der Rückschau-Effekt 214 Hinterher sind Sie immer schlauer 214 Trading-Fehler entlarven 215 Selbstüberschätzung 215 Der Optimismus-Effekt 216 Kapitel 15 Angst – Ihr ständiger Begleiter im Trading 219 Die Übermacht der Emotionen 220 Ängste im Trading erkennen 221 Glaubenssätze, die Ihnen im Weg stehen 222 Abwehrreaktionen durch Angst 223 Strategien für Krisensituationen 223 Die selbsterfüllende Prophezeiung 224 Wege aus der Angstfalle 224 Stressabbau durch Bewegung 225 Ängste verstehen und richtig einordnen 227 Selbstreflexion: Setzen Sie sich mit Ihren Ängsten auseinander! 227 Konsequenzen richtig einschätzen 229 In Erfolgen denken 229 Gemeinschaftsgefühl schaffen 230 Reueaversion: Die Angst vor dem Bedauern 231 Wenn Trader bereuen 231 Vorauseilender Gehorsam? 232 Warum Sie lieber nichts tun… 233 Teil VI: Der Top-Ten-Teil 235 Kapitel 16 Zehn vermeidbare Psychofallen im Trading 237 Demokonto? Zeitverschwendung, wer braucht das schon… 237 Pläne und Regelwerk? Ein Graus, ich will flexibel und intuitive reagieren können… 238 Ihr Ego: Der Störenfried im Hinterstübchen 238 Ihre Ziele im Trading-Geschäft? 238 Sie brauchen das Geld und können sich keine Verluste erlauben 239 Revenge Trading: Ich will mein Geld zurück… 239 Overtrading: Falsch verstandener Hochfrequenzhandel 239 Doubling Down: Die gefährliche Strategie des Verbilligens 240 Frühzeitige Gewinnmitnahmen 240 Gegen den Trend 241 Kapitel 17 Zehn Erfolgsgeheimnisse mental überlegener Trader 243 Die richtige innere Einstellung zum Trading gewinnen 243 Prozessorientiert traden 243 Dem Kapitalschutz Ihres Trading-Kontos Priorität geben 244 Mentales Verlustmanagement betreiben 244 Mentales Chancenmanagement ausüben 244 Demütig dem Markt gegenüber werden 245 Verantwortung übernehmen 245 Ein Trading-Tagebuch führen 245 Ihren persönlichen Trading-Stil finden 245 Die Balance zwischen Kognition und Emotion halten 245 Kapitel 18 Zehn Grundregeln für den perfekten Trading-Tag 247 Mit der fachlichen Tagesplanung beginnen 248 Unerwartete Szenarien einplanen 249 Risiken vorausschauend steuern 249 Relevante Informationen filtern 250 Mental vorbereitet sein 250 Parameter im Blick haben 251 Laufende Trades professionell managen 251 Emotionen vorausschauend kontrollieren 252 Den Trading-Tag auswerten 253 Aus Fehlern lernen und sich weiterentwickeln 253 Stichwortverzeichnis 255

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Book Synopsis

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Book SynopsisManagerial Economics and Business Strategy has been revised to include updated examples and problems, but it retains all of the basic content that made previous editions a success. By teaching managers the practical utility of basic economic tools such as present value analysis, supply and demand, regression, indifference curves, isoquants, production, costs, and the basic models of perfect competition, monopoly, and monopolistic competition. This 10th edition retails the emphasis on real-world examples and modern topics along with unique coverage found nowhere else: oligopoly, penetration pricing, multistage and repeated games, foreclosure, contracting, vertical and horizontal integration, networks, bargaining, predatory pricing, principal agent problems, raising rival's costs, adverse selection, auctions, screening and signaling, search, limit pricing, and a host of other pricing strategies for firms enjoying market power. This balanced coverage of traditioTable of ContentsChapter 1. The Fundamentals of Managerial EconomicsChapter 2. Market Forces: Demand and SupplyChapter 3. Quantitative Demand AnalysisChapter 4. The Theory of Individual BehaviorChapter 5. The Production Process and CostsChapter 6. The Organization of the FirmChapter 7. The Nature of IndustryChapter 8. Managing in Competitive, Monopolistic, andMonopolistically Competitive MarketsChapter 9. Basic Oligopoly ModelsChapter 10. Game Theory: Inside OligopolyChapter 11. Pricing Strategies for Firms with Market PowerChapter 12. The Economics of InformationChapter Module Group A: Strategies to Change the BusinessEnvironmentChapter Module Group B: Government in the MarketplaceCASE STUDY Spectrum—the Spawn of Time Warner Cable andCharter Communications— Navigates Challenges from Cord Cutting and MobileCompetition

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Book Synopsis"Adam Smith continues to dazzle and sparkle! With the passage of time, Supermoney has, if anything, added to its power to inspire, arouse, provoke, motivate, inform, illuminate, entertain, and guide a whole new generation of readers, while marvelously reprising the global money show for earlier fans. " - David M.Table of ContentsForeword ix Preface xxvii I. Supermoney 1 1. Metaphysical Doubts, Very Short 3 2. Liquidity: Mr. Odd-Lot Robert Is Asked How He Feels 4 3. Supermoney, Where It Is: The Supercurrency 15 II. The Day the Music Almost Died 29 1. The Banks June 1970 31 2. The Brokers September 1970 50 III. The Pros 67 1. Nostalgia Time: The Great Buying Panic 69 2. An Unsuccessful Group Therapy Session for Fifteen Hundred Investment Professionals Starring the Avenging Angel 78 3. Cautionary Tales Remember These, O Brother, in Your New Hours of Triumph 95 4. How My Swiss Bank Blew $40 Million and Went Broke 110 5. Somebody Must Have Done Something Right: The Lessons of the Master 171 IV. Is the System Blown? 199 1. The Debased Language of Supercurrency 201 2. Co-opting Some of the Supercurrency 215 3. Beta, Or Speak to Me Softly in Algebra 223 Well, Watchman, What of the Night? Arthur Burns’s angst; Thirteen Ways of Looking at a Blackbird; Prince Valiant and the Protestant Ethic; Work and Its Discontents; Will General Motors Believe in Harmony? Will General Electric Believe in Beauty and Truth? Of the Greening and Blueing, and Cotton Mather and Vince Lombardi and the Growth of Magic; and What Is to Be Done on Monday Morning. 235 Some Notes 287 I. Table I: Sector Statements of Saving and Investment: Households, Personal Trusts, and Nonprofit Organizations 291 II. Table II: Funds Raised, Nonfinancial Sectors 293 III. Table III: The Runoff in Commercial Paper; Summer 1970 294 IV. Portfolio of the University of Rochester 295

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Book SynopsisThe easy way to master an intermediate accounting course Intermediate accounting courses are required for students seeking bachelor's degrees in accounting and often for degrees in finance, business administration, and management.Table of ContentsIntroduction 1 Part I: Introducing Financial Accounting and Standards 7 Chapter 1: Seeing the Big Picture of Financial Accounting 9 Chapter 2: Walking Through the Conceptual Framework of Financial Accounting 23 Chapter 3: Invaluable Valuation 43 Chapter 4: Reviewing the Accounting System 51 Part II: Preparing and Using Financial Statements 65 Chapter 5: Posting Income Statement Profit and Loss 67 Chapter 6: Reporting Assets and Claims: Keeping Your Balance (Sheet) 83 Chapter 7: Follow the Money! Studying Cash Flow 101 Chapter 8: Time Is Money: Looking at the Time Value of Money 115 Part III: Homing in on Current and Noncurrent Assets 127 Chapter 9: Assessing Cash and Receivables 129 Chapter 10: Inventory Cost Flow Assumptions 145 Chapter 11: Buying and Selling Property, Plant, and Equipment (PP&E) 167 Chapter 12: Recognizing Depreciation, Impairments, and Depletion 183 Chapter 13: Keeping Track of Other Noncurrent Assets 197 Part IV: Analyzing Debt and Equity 207 Chapter 14: Tracking Current Liabilities and Contingencies 209 Chapter 15: Planning for Long-Term Obligations 227 Chapter 16: Letting Owners Know Where They Stand: The Equity Section 241 Part V: Accounting for Advanced Intermediate Issues 257 Chapter 17: Accounting for Income Taxes 259 Chapter 18: Accounting for Leases 277 Chapter 19: Fessing Up: Correcting Errors and Reporting Changes in Methods 295 Chapter 20: Is That You, Revenue? Revenue Recognition Concepts 313 Part VI: The Part of Tens 327 Chapter 21: Ten Common Notes to the Financial Statements 329 Chapter 22: Ten Ratios for Financial Statement Analysis 337 Index 343

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Book SynopsisYou don't have to be educated or connected to be wealthy How do wealthy people do it? Are they geniuses? Lucky? We tend to think something special must be going on because it looks like magic. But nothing could be further from the truth. Wealthy people have simply adopted six key, yet ordinary, habits and they do them extraordinarily well. Candy Valentino opened her first brick-and-mortar store at 19no college, no connections, no moneyand built it into a seven-figure business before most of her friends graduated college. Over two decades of success as a serial entrepreneur and real estate investor, she has labored relentlessly to crack the code of the super-wealthy, and in doing so, has unearthed six simple habits that directly contribute to those who become part of the self-made millionaire class. In Wealth Habits, Valentino reveals all six habits, and shows you how you can put them to work for you: Table of ContentsIntroduction ix Wealth Habit 1 Growing Your Way to Wealth 1 1 How the BS You Hear Could Be Keeping You Broke 3 2 Four Common Beliefs Keeping You Broke 9 3 Seven Core Commitments to Make to Yourself 19 Wealth Habit 2 Learning Your Way to Wealth 33 4 The Compounding Dividends of Self-Education 35 5 The Four Crucial Lessons We Didn’t Learn in School 49 Wealth Habit 3 Earning Your Way to Wealth 59 6 The Secrets to Building Multiple Streams of Income 61 7 The Three Reasons Why Owning a Business Is a Powerful Wealth-Builder 75 8 Calling Out the BS in Business—and How to Avoid It 81 9 Yes, You Can Start a Business—Here’s How 95 10 Real-World Business Lessons on Revenue Growth 103 11 Become the Ritz-Carlton of Your Industry and Create Cult-Like Customers 113 Wealth Habit 4 Saving Your Way to Wealth 119 12 It’s Not How Much You Earn, It’s How Much You Keep: How to Give as Little Money as Legally Possible to the IRS 121 13 Three Secret Tax Strategies That Sound Illegal (But Are Actually Totally Legal!) 139 14 Trusts Aren’t Just for the Rich Kids Anymore 151 15 The Brinks Truck of Your Finances—Security and Protection 157 16 Give Yourself the Opportunity to Retire Early—and Rich 169 Wealth Habit 5 Investing Your Way to Wealth 175 17 Real Estate Investing: The Hat Trick of Building Wealth 177 18 Recession-Proof Your Finances—and Your Life 197 Wealth Habit 6 Giving Your Way to Wealth 205 19 Contribution: Where True Wealth Lies 207 Resources and References 219 Acknowledgments 225 About the Author 227 Index 229

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Book SynopsisBeyond Budgeting is the idea of making organizations perform better by changing their management model, including abolishing the traditional budgeting process. The model's tested and proven leadership and management process recommendations makes organizations more adaptive and human, and helps making agile transformations successful. This book is written for decision makers within an enterprise. In nontechnical language it explains what Beyond Budgeting is, how it works, and why it improves performance through the use of actual cases where it has been implemented. It discusses what challenges will need to be overcome to make implementation succeed and provides the many benefits that can be realized once the organization has completed the implementation.Table of ContentsForeword ix Acknowledgments xv Introduction 1 1 Initial Reflections 11 2 The Problem 19 3 Beyond Budgeting 27 4 Separate and Improve 41 5 Beyond Budgeting for Whom? 77 6 Agile Transformation 91 7 Handelsbanken 103 8 Implementation 123 9 What’s in It for the Bottom Line? 137 10 What’s in It for Me? 143 Epilogue 147 Index 149

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Book SynopsisStephen Frost is a Senior Teaching Fellow and Programme Director of MScs in Finance, Finance and Global Trading, and Finance and Management at Loughborough Business School. He teaches a wide range of courses to undergraduate and postgraduate business, management and economics students, including Financial Reporting and Performance AppraisalTrade Review"A clear and easy-to-read introduction to financial accounting and reporting. It is well-structured and guides the reader through each chapter with the use of examples, questions and learning quizzes. A great book for both accounting and non-accounting students." * Ruth Smith, (CGMA) Senior Lecturer in Accounting and Finance, Derby Business School, University of Derby, UK *"Financial Accounting and Reporting for Non-Accounting Students is written in a language that is accessible to those who do not aim to become professional accountants or analysts. It is rich in real-life examples, illustrating the main accounting concepts that underpin the preparation of financial statements. It also provides ample opportunity for readers to practice and enhance their understanding. I commend this book to everyone who wishes to understand what financial statements are for in a simple straightforward manner." * Professor Gilad Livne, Professor of Accounting, University of Bristol, UK *"Financial Accounting and Reporting for Non-Accounting Students is an accessible, hands-on textbook that demystifies the world of accounting for undergraduate and postgraduate students who are not specialists, but who need to know how accounting works in practice. With a wealth of practical examples, real-world cases and a friendly tone, this book renders financial accounting not only understandable but engaging. Through clear explanations and absence of technical jargon, Stephen Frost ensures that the reader gains the knowledge and confidence needed to interpret financial statements, understand financial reporting and make informed judgments about financial performance." * Dr. Rhoda Brown, Senior Lecturer in Financial Reporting, Nottingham Trent University *"This is an excellent book on Financial Accounting and Reporting for non-accounting business and management students. Stephen Frost perfectly succeeds in streamlining complex financial accounting topics and delivering them in a simple language with various real-life case studies and a multitude of numerical and illustrative examples. Highly recommended for both undergraduate and postgraduate students." * Dr Sarah G. Mohamed, Senior Lecturer in Accounting, Birmingham City University Business School *"This book provides an excellent resource for students without a specialised background who seek a clear and comprehensive understanding of accounting. The comprehensiveness of the content, coupled with the practical approach, sets this accounting textbook apart. It is truly a pleasure to recommend this outstanding textbook to anyone embarking on their accounting journey." * Dr Petros Vourvachis, Lecturer in Financial Accounting, Loughborough Business School *"Comprehensive, easy to read, and a very useful textbook for students." * Dr Omiros Georgiou, Associate Professor in Accounting, Birmingham Business School *Table of Contents Chapter - 00: Introduction; Chapter - 01: Introduction to Financial Accounting; Chapter - 02: The Statement of Financial Position; Chapter - 03: The statement of profit and loss; Chapter - 04: Non-current Assets; Chapter - 05: Inventory Valuation; Chapter - 06: The Statement of Cash Flows; Chapter - 07: Performance Appraisal - analysing operating profitability; Chapter - 08: Performance appraisal - investor returns and operating assets; Chapter - 09: Financial reporting issues;

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Book SynopsisSince it first exploded onto the markets in 1974, THE FUTURES GAME has helped thousands of traders gain an intelligent understanding of futures markets. Over the years, Richard Teweles and Frank Jones have kept their fingers on the pulse of the dynamic futures trading industry, first updating their classic text in 1987. Now, this third edition of THE FUTURES GAME has been completely updated and revised to keep all participants--whether speculators or hedgers, new or veteran--one step ahead of this fast moving, high-stakes game. Combining two decades of strength and wisdom with todayÃs most innovative research and strategic recommendations, this guide to the futures markets continues its reign as the number one tool for futures trading mastery. THE FUTURES GAME, 3rd Edition, walks you through the universe of futures trading possibilities and opportunities, starting with an in-depth discussion of market basics that includes the nature of the contract, the organized markets for those conTrade Review'Teweles and Jones also provide a thorough review of the three main trading strategies--fundamental, technical and spread-based trading--as well as the myriad strategies possible in trading options on futures' TheStreet.com 19990524Table of ContentsPart I: Basics of the Game. Why Trade Futures? The Nature of the Futures Markets. The Mechanics of Futures Trading. The Behavior of Futures Prices. Part II: Playing the Game--Trading. Approaches to Trade Selection: Fundamentals. Approaches to Trade Selection: Technical Analysis. Spreads. Options. The Game Plan. Money Management. Part III: Losers and Winners. Who Wins? Who Loses? And Why? Part VI: The Broker in the Game. Building, Maintaining, and Serving a Futures Clientele. Compliance: I'll See You in Court. Part V: Choosing the Game--Markets. General Sources of Information. The Interest Rate Futures Market. The Foreign Currency Futures Markets. Grains and Oilseeds. The Meat Futures Contracts. Precious and Industrial Metals. The Energy Markets. The Food, Fiber, and Wood Products Markets. Index-Based Futures Contracts

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Book SynopsisPut the most valuable business tool to work for you!The balance sheet is the key to everything--from efficient business operation to accurate assessment of a companyâs worth. Itâs a critical business resource--but do you know how to read it? How to Read a BalanceSheet breaks down the subject into easy-to-understand components.If you're a business owner or manager, this book helps you . . . Manage working capital Generate higher returns on assets Maximize your inventory dollars Evaluate investment opportunities If you're an investor, this book helps you . . . Determine the market value of a company's assets and operations Predict future earnings and trends Assess the impact of capital expenditures Identify potential "red flags" before the crowd How to Read a Balance Sheet gives you the bottom line of what you need to know about:Cash Flow * Assets * Debt * Equity * Profit and how it all comes together.Table of ContentsPreface; Acknowledgments;Introduction;Chapter 1. Primer on the Balance Sheet and Income Statement; Chapter 2. Assets; Chapter 3. Liabilities; Chapter 4. Equity; Chapter 5. Basic Accounting Principles and Methods; Chapter 6. Finance Concepts and Tools; Chapter 7. Balance Sheet Utilization and Implications; Chapter 8. Balance Sheet Abuses; Chapter 9. Effective Balance Sheet Management Techniques; Chapter 10. The Cash Flow Statement; Chapter 11. Common Mistakes When Starting a Business; Chapter 12. Financial Statement Analysis; Chapter 13. Summary and Conclusions; Appendix Balance Sheet (End of Last Year); Notes; Index;

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Book SynopsisThe hands-on STUDY GUIDE to Martin Pring's TECHNICAL ANALYSIS classicTechnical Analysis Explained is the definitive guide for mastering technical analysis. In this hands-on companion, technical analysis wizard Martin Pring serves as your personal investing coach, taking you step-by-step through his long-proven methods.Packed with hundreds of questions that correspond to chapters and sections throughout the book, Study Guide for Technical Analysis Explained, Fifth Edition, features: Charts and graphs to help you visually digest the concepts presented Full text answers to guarantee your complete understanding of each important idea Fill-in-the-blank, multiple-choice, and matching question formats The straightforward, no-nonsense style that made Technical Analysis Explained a classic Technical analysis mastery isn't easy, but its financial rewards make it indispensable. Use Study Guide for Technical Analysis ExplainedTable of ContentsHow to Use This Study Guide 11 The Definition and Interaction of Trends 32 Financial Markets and the Business Cycle 93 Dow Theory 154 Typical Parameters for Intermediate Trends 215 How to Identify Support and Resistance Zones 276 Trendlines 337 Basic Characteristics of Volume 418 Classic Price Patterns 499 Smaller Price Patterns and Gaps 5910 One- and Two-Bar Price Patterns 6511 Moving Averages 7112 Envelopes and Bollinger Bands 7713 Momentum I: Basic Principles 8314 Momentum II: Individual Indicators 9115 Momentum III: Individual Indicators 9716 Candlestick Charting 10717 Point and Figure Charting 11518 Miscellaneous Techniques for Determining Trends 11919 The Concept of Relative Strength 12721 Price: The Major Averages 13322 Price: Sector Rotation 13923 Time: Analyzing Secular Trends for Stocks,Bonds, and Commodities 14524 Time: Cycles and Seasonal Patterns 15125 Practical Identification of Cycles 15726 Volume II: Volume Indicators 16127 Market Breadth 16928 Indicators and Relationships That Measure Confidence 17529 The Importance of Sentiment 18130 Integrating Contrary Opinion and Technical Analysis 18731 Why Interest Rates Affect the Stock Market 19332 Using Technical Analysis to Select Individual Stocks 19733 Technical Analysis of International Stock Markets 20334 Automated Trading Systems 209Index 214

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Book SynopsisEquipping students with the knowledge and skills needed to navigate their personal finances confidently; this book takes the fear out of financial planning. Personal Finance moves through fundamentals, including budgeting and managing debt, before engaging with major issues and life events where financial literacy is key. Pedagogical features including learning objectives, terminology boxes, and examples fully support students in developing their practical skills, whilst ponder points and questions encourage the application of these skills when making informed financial decisions. Engaging case studies and extensive examples throughout the text bring the subject to life.The Online Resource Centre to accompany Personal Finance features:For students:-Auto-marked multiple choice questions to accompany each chapter-Up-to-date information on tax, national insurance, and some of the key changes to financial products-Curated links to online sources of further informationFor lecturers:-Two Trade ReviewThis is a really useful book...I cannot think of a better book on the market. * Mr Ian Stephenson, Southampton Solent University *This is a clear, simple, well-presented, well-written and useful book. * Dr Lien Luu, University of Northampton *An easy to read text covering all the major areas of personal finance fully supported with examples, case studies an on-line resources. * Mr Karl Harper, Liverpool John Moores University *Personal Finance is essential reading for undergraduat es. King and Carey's extensive use of case studies is unique and together with clear definitions of key terms helps to demystify the world of personal finance. This text will help prepare students to make sound financial decisions throughout their life. * Annette Gillies, University of Portsmouth *It was easy to read which meant I could grasp and understand all the concepts effortlessly. * Sonia Cleave, student, Oxford Brookes University *It's simple and easy to follow... informative but not overwhelming. * Albijona Ferati *Table of Contents1: Facing life decisions 2: Balancing your personal budget 3: Appreciating the limitations of financial regulation 4: Managing your debt 5: Understanding income tax and national insurance 6: Building your savings 7: Understanding capital gains tax and inheritance tax 8: Investing for the future 9: Buying your own home 10: Investing in buy-to-let property 11: Using insurance to manage your risks 12: Planning for your retirement 13: Making your will 14: Coping in a crisis 15: Bringing it all together

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Book SynopsisAccounting: A Very Short Introduction introduces terms like 'debits', 'pre-tax income' and 'goodwill'. Christopher Nobes covers all of the basic concepts of accounting and examines the main areas of accounting work, such as bookkeeping, financial reporting, auditing, and management accounting.Table of ContentsAPPENDIX

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Book SynopsisGavin Daly is a reporter with the Sunday Times. Ian Kehoe is a reporter with the Sunday Business Post.Trade ReviewFor all those intrigued by by a small Cavan farmer's son came to be one of the richest men in the world, and then lost it all, Citizen Quinn is a must-read * Sunday Business Post *Gripping and well-researched ... paints a picture of a man who is delusional about hat has happened and the extent to which he is to blame * Irish Times *The book chronicles this truly compelling story, and the story of a compelling man * Irish Mail on Sunday *A gripping story told in language that people without an MBA can follow * Irish Independent *A great read -- Sean O'Rourke * RTE Radio One *

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Book SynopsisFree yourself from the tyranny of toxic budget culture, and build an ethical, stress-free financial life. Track every dollar you spend. Check your account balances once a week. Always pay off your credit card bill in full. Make a budget—and stick to it. These are just a few of the edicts you'll find in virtually every personal finance book. But this kind of rigid, one‑size-fits‑all advice—usually written for and by wealthy white men (and a few women) with little perspective on the money struggles that many people face—is unrealistic, and only creates stress and shame.   As a financial journalist and educator, Dana Miranda is on a mission to liberate readers from budget culture: the damaging set of beliefs around money that rely on restriction, shame, and greed—much like diet culture does for food and bodies. In this long‑overdue alternative to traditional budgeting advice, Miranda offers a new approach that makes money easy for everyone, regardless of the numbers in their bank account.   Full of counterintuitive advice—like how to use debt to support your life goals, how to plan for retirement without a 401K, and how to take advantage of resources that exist to support those left behind by the forces of capitalism—You Don’t Need a Budget will empower readers to get money off their mind and live the lives they want.

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Book SynopsisThe public relations profession positions itself as expert in building trust throughout global markets, particularly after crisis strikes. Successive crises have tainted financial markets in recent years. Calls to restore trust in finance have been particularly pressing, given trust's crucial role as lubricant in global financial engines. Nonetheless, years after the global financial crisis, trust in financial markets remains both tenuous and controversial. This book explores PR in financial markets, posing a fundamental question about PR professionals as would-be trust strategists'. If PR promotes its expertise in building and restoring trust, how can it ignore its potential role in losing trust in the first place? Drawing on examples from state finance, international lending agencies, trade bodies, financial institutions and consumer groups in mature and emerging financial centres, this book explores the wide-ranging role of PR in financial markets, including: Trade Review"From its dedication 'to those who know life on the financial periphery,' through its immense ambition to shine light into the myriad, often dark, intersections between finance and PR, to its conceptual clarity, Clea Bourne’s book is a game changer. Leapfrogging everything previously written in this field, she fuses an egalitarian agenda, insider insight, and an impressive cross-disciplinary range to do justice to the most important neglected area in PR today. Trust, Power and Public Relations in Financial Markets is the killer app and the field will never be the same again. Ignore it at your peril.", — David McKie, Professor in Strategic Communication and Leadership, Waikato Management School "Bourne’s study combines the inside knowledge of a professional with the outside objectivity of a critical social scholar. The outcome is a truly insightful and critical evaluation of financial PR in the post-crash era. Written clearly and authoritatively throughout, this work makes a vital contribution, not just to PR research but also to our wider understanding of the global financial system. This is how public relations scholarship should be.", — Professor Aeron Davis, author of Public Relations Democracy and Promotional Cultures "Finance is the business of trust. But how is financial trust produced, maintained, commodified in practice? Bourne unpacks the profitable Public Relations ‘trust industry’ in finance, and confronts it with some tough questions. In doing so, she pushes forward the literatures by understanding trust as a mechanism of power. Organising trust in finance, she shows, is as much about establishing procedures of transparency as it is about orchestrating silence and invisibility. Bourne’s perspective cuts across literatures on marketing, finance and politics; and is highly recommended to researchers from all these backgrounds.", — Prof. Marieke de Goede, University of Amsterdam, author of Virtue, Fortune and Faith Table of Contents1. PR in Financial Markets: ‘Booms and Busts’ in Trust 2. Reframing Trust, Power & Public Relations 3. Promoting State Financial Power: Creditworthiness as Trustworthiness 4. Financial Trade Associations: Territorial Battles for Trust 5. Stock Market Storytelling and Dalliances with Trust 6. Changing Banking Models, Shifting Trust Relations 7. Insurance, Investment, Pensions: Rise of the Robo-Expert 8. Financial Exclusion: PR as Activism and Resistance 9. Organising Silence: Public Relations in Financial Silos 10. Conclusion: Revisiting the Trust Strategist’s Role

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Book SynopsisFirst published in 1913, Richard Parryâs Valuation and Investment Tables has since become an essential tool for students and professionals in the study and practice of valuation and appraisal. That the book reached its centenary year in print and now fourteenth edition is a testament to its acclaim by the valuation and property professionals in an era of calculators and computers, and furthermore a tribute to the historical importance of Parryâs original vision and continued legacy.The purpose of the book is to provide a comprehensive range of different valuation and investment tables in one volume. Although many of the tables will be used by practicing surveyors for valuation purposes, they will also be useful to accountants and others concerned with various types of investment and financial calculations.Surveyors valuing freehold or leasehold interests in property have the choice of using either (a) annually in arrear, or (b) quarterly in advance figures of yeTable of ContentsForeword - Preface - The Construction and Use of the Tables - Tables without Allowance for Tax - Conversion Tables - Tables with Allowance for Tax - Years’ Purchase Quarterly in Advance Tables - Years’ Purchase Annually in Arrear Tables

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Book SynopsisThe steadily rising number of investor-State arbitration proceedings within the EU has triggered an extensive backlash and an increased questioning of the international investment law regime by different Member States as well as the EU Commission. This has resulted in the EU's assertion of control over the intra-EU investment regime by promoting the termination of bilateral intra-EU investment treaties (intra-EU BITs) and by opposing the jurisdiction of arbitral tribunals in intra-EU investor-State arbitration proceedings. Against the backdrop of the landmark Achmea decision of the European Court of Justice, the book offers an in-depth analysis of the interplay of international investment law and the law of the European Union with regard to intra-EU investments, i.e. investments undertaken by an investor from one EU Member State within the territory of another EU Member State. It specifically analyses the conflict between the two investment protection regimes applicablTable of ContentsIntroduction1. Setting the stage I. European foreign direct investment II. Development of international investment law – A European story III. International investment law within the EU – Unexpected difficulties 2. Comparison of the investment protection regimes I. Introduction II. Scope of application III. Substantive protection IV Procedural protection V. Conclusion 3. Conflict between intra-EU IIAs and EU law I. Nature of EU law and its relationship to public international law II. Alleged invalidity of intra-EU BITs III. Incompatibility of intra-EU BITs with EU law IV. Energy Charter Treaty and EU law V. Result 4. What future for intra-EU investor protection? I. Introduction II. Termination of intra-EU BITs III. Energy Charter Treaty IV. Effects on EU member state courts and other domestic courts V. Effects on investment arbitration proceedings VI. Why a substitute might be necessary VII. Possible substitutes VIII. Assessment General conclusion

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Book SynopsisThe aim of the book is to give non-accounting students a basic ability and confidence to read and use financial accounting reports and statements within their business or financial specialties. Many employees in business today are expected to be conversant with reported accounting information as part of their regular job responsibilities.Trade Review"A major strength of Thomas Lee's book comes from the clear presentation of the main financial accounting issues." (International Journal of Accounting, April 2008)Table of ContentsLessons. Glossary of Terms. About the Author. About the Book. Acknowledgments. Chapter 1: Corporate Financial Reporting. Learning Objectives. Introduction. Illustration 1 Good News at Flash Bang Wallop plc. Bad News at Flash Bang Wallop plc. Financial Play with Actors and Plot. Lessons to be Learnt. Companies. Corporate Managers. Corporate Governors. Corporate Financial Statements. Accounting Numbers. Creative Accounting. Corporate Auditing. Problems for Public Accountants. Financial Statement Users. General Purpose Financial Information. General Legal Requirements in UK. Learning Objectives. Exercises 1–6. Additional Reading. Chapter 2: Corporate Governance. Learning Objectives. Introduction. Defining Corporate Governance. Accountability or Stewardship. Legislative Developments in Corporate Governance. Non-accounting Regulations in Corporate Governance. Accounting Regulations in Corporate Governance. Auditing and Corporate Governance. Other Corporate Governance Developments. Audit Committees. Ineffective Audit Committees. US Developments in Corporate Governance. Internal Control and Internal Audit. Learning Objectives. Exercises 1–8. Additional Reading. Chapter 3: Corporate Financial Accounting. Learning Objectives. Introduction. Comprehensive Package. Investment Decisions. Illustration 2 What-a-Picture Ltd. Share Capital. Long-term Lending Decisions. Illustration 3 Down-the-Plughole Ltd. Other Decisions. Overview of Information Needs. Time and Corporate Financial Reports. Accounting Numbers. Illustration 4 Rambling-Sid-Deli Ltd. Accounting Costs and Fair Values. Illustration 5 Balance Sheet Numbers. Accounting Conventions. Legal and Regulatory Requirements. Learning Objectives. Exercises 1–5. Additional Reading. Chapter 4: Corporate Profit Statement. Learning Objectives. Introduction. Balance Sheet or Profit Statement Approach. The Profit Statement. Importance of Profit Statement. Earnings Per Share. Basic Relationship and Conventions. Illustration 6 Jam-Today Ltd. Basic Elements of Profit Statement. Illustration 7 Give-Me-A-Break Ltd. Exceptional Events and Transactions. Other Profit Statement Matters. Creative Accounting. Corporate Governance and Profit Statement. Other Legislative and Regulative Requirements. Learning Objectives. Exercises 1–8. Additional Reading. Chapter 5: Corporate Cash Flow Statement. Learning Objectives. Introduction. Illustration 8 Would-You-Believe-It Ltd. Solvency, Liquidity, Cash Flow, and Profitability. Illustration 9 Had-Enough Ltd. Illustration 10 Profitability, Liquidity, and Solvency. Illustration 11 Accounting Profit, Working Capital, and Operating Cash Flow. Cash Flow Reporting. Disclosure of Cash Flow Statements. Issues with Cash Flow Statements. Corporate Governance and Cash Flow Statements. Legislative and Regulatory Requirements. Learning Objectives. Exercises 1–6. Additional Reading. Chapter 6: Corporate Balance Sheet. Learning Objectives. Introduction. Basic Accounting Relationship. Illustration 12 Jim Jones Insurance Ltd. Balance Sheet Elements. Balance Sheet Numbers. Basic Balance Sheet. Illustration 13 Runalot Sports Ltd. Other Balance Sheet Matters. Issues in Balance Sheet Reporting. Creative Accounting. Corporate Governance and Balance Sheets. Other Legal and Regulatory Requirements. Learning Objectives. Exercises 1–7. Additional Reading. Chapter 7: Other Corporate Statements. Learning Objectives. Introduction. Secondary Financial Statements. Statements from Board and Others. Chairman’s Report. Report of Board of Directors. Operating and Financial Review. Other Statements and Corporate Governance. Legislative and Regulatory Requirements. Learning Objectives. Exercises 1–8. Additional Reading. Chapter 8: Corporate Auditing. Learning Objectives. Introduction. Corporate Audit Report. Illustration 14 Test, Tick, & Attest, Registered Auditors. Nature and Purpose of Corporate Audit. Feasibility of Corporate Auditing. Independent and Competent Auditors. Corporate Auditor’s Duty of Care. Responsible for What and to Whom? Corporate Auditing and Fraud Detection. Audit Evidence. Corporate Auditing and Corporate Governance. Audit Expectations Gap. Legal and Regulatory Provisions for Corporate Auditing. Learning Objectives. Exercises 1–8. Additional Reading. Chapter 9: Creative Accounting. Learning Objectives. Introduction. Preliminary Definitions. Nature and Purpose of Creative Accounting. Acceptable Accounting Practice. Flexibility of Accounting. Creative Accounting in Practice. Creative Accounting and Reporting Issues. Creative Accounting and Corporate Governance. Learning Objectives. Exercises 1–6. Additional Reading. Chapter 10: Corporate Financial Statement Analysis. Learning Objectives. Common-size Analysis. Comparisons of Accounting Numbers Nature and Purpose of Financial Ratios. Financial Ratio Criteria. Financial Ratio Limitations. Computation and Interpretation of Financial Ratios. Financial Ratios and Profitability. Financial Ratios and Liquidity and Cash Flow. Illustration 15 Just-In-Case Ltd and On-the-Button Ltd. Financial Ratios, Structure, and Performance. Learning Objectives. Exercises 1–11. Additional Reading. Index.

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Book SynopsisImportant insights into effective option strategies In The Complete Guide to Option Strategies, top-performing commodity trading advisor Michael Mullaney explains how to successfully employ a variety of option strategies, from the most risky--selling naked puts and calls--to more conservative strategies using covered positions. The author covers everything from options on stocks, exchange-traded funds, stock indexes, and stock index futures to essential information on risk management, option Greeks, and order placement. The book provides numerous tables and graphs to benefit beginning and experienced traders. Written by a CTA who has successfully employed various options strategies to generate market-beating returns, The Complete Guide to Option Strategies will be an important addition to any trader''s library. Michael D. Mullaney (Jacksonville, FL) is a high-ranking commodity trading advisor who specializes in option selling strategies.Table of ContentsPreface xv Acknowledgments xx Part One Learning the Fundamentals 1 Chapter 1 Getting Ready to Trade 3 Why Trade Options? 3 Developing a Game Plan 4 What Is an Option? 8 Defining Key Terms 12 Final Thoughts 17 Chapter 2 Option Fundamentals 19 Overview 19 Opening and Closing Positions 19 Option Buying 20 Option Selling 22 Spreads 26 Bid/Ask Spread 26 Option Chain 27 Final Thoughts 28 Chapter 3 What Determines an Option’s Price? 31 Overview 31 Factors Affecting Option Pricing 33 Forecasting Option Prices 41 Final Thoughts 43 Chapter 4 Tools of the Trade — Greeks 45 Overview: Greek Basics 45 Position Greeks 54 Converting an Option Chain to Greeks 55 More on Delta 56 Final Thoughts 62 Chapter 5 Buying versus Selling 65 Overview 65 Comparing Long and Short Options 66 Option Buying 69 Option Selling 70 Bullish versus Bearish 73 Learning How to Roll 73 Final Thoughts 76 Chapter 6 Understanding Spread Terminology 77 What Is a Spread? 77 Spread Buying versus Selling 78 Spread Strategy Summary 83 Final Thoughts 86 Part Two The Four Basic Option Strategies 87 Chapter 7 Long Call 91 Overview 91 Strategy Examples 93 Beyond the Basics 104 Final Thoughts 107 Chapter 8 Long Put 109 Overview 109 Strategy Examples 111 Beyond the Basics 122 Final Thoughts 124 Chapter 9 Short Call 125 Overview 125 Strategy Examples 127 Beyond the Basics 139 Final Thoughts 140 Chapter 10 Short Put 141 Overview 141 Strategy Examples 143 Beyond the Basics 154 Final Thoughts 157 Part Three Spread Strategies 159 Chapter 11 Vertical Spread 161 Overview 161 Strategy Examples 163 Beyond the Basics 173 Final Thoughts 177 Chapter 12 Iron Condor 179 Overview 179 Strategy Examples 180 Beyond the Basics 188 Final Thoughts 189 Chapter 13 Unbalanced Spreads 191 Overview 191 Strategy Examples 192 Beyond the Basics 201 Final Thoughts 202 Chapter 14 Straddle and Strangle 205 Overview 205 Strategy Examples 207 Beyond the Basics 218 Final Thoughts 222 Chapter 15 Butterfly Spread 223 Overview 223 Strategy Examples 226 Beyond the Basics 238 Final Thoughts 240 Chapter 16 Condor Spread 243 Overview 243 Strategy Examples 246 Beyond the Basics 258 Final Thoughts 260 Chapter 17 Calendar Spread 263 Overview 263 Strategy Examples 266 Beyond the Basics 279 Final Thoughts 283 Chapter 18 Diagonal Spread 285 Overview 285 Strategy Examples 288 Beyond the Basics 298 Final Thoughts 299 Chapter 19 Covered Call 301 Overview 301 Strategy Example 302 Beyond the Basics 306 Final Thoughts 310 Chapter 20 Combination 313 Overview 313 Strategy Examples 316 Beyond the Basics 321 Final Thoughts 324 Chapter 21 Collar 327 Overview 327 Strategy Example 329 Beyond the Basics 332 Final Thoughts 334 Chapter 22 Covered Combination 335 Overview 335 Strategy Example 338 Beyond the Basics 341 Final Thoughts 342 Part Four Comparing Underlying Instruments 343 Chapter 23 Comparing Stocks, ETFs, Indexes, and Stock Index Futures 345 Overview 345 Size of Instrument 346 Exercise and Assignment 347 Margin 348 Commission and Bid/Ask 349 Taxes 351 Final Thoughts 351 Chapter 24 ETF Options 353 Overview 353 What Is an ETF? 353 ETF Options 354 Final Thoughts 362 Chapter 25 Stock Index Options 363 Overview 363 What Is a Stock Index? 364 Index Options 364 Index Volatility Skew 370 Index Time Decay 370 Final Thoughts 371 Chapter 26 Stock Index Futures Options 373 Overview 373 What Is a Futures Contract? 375 Stock Index Futures Option 379 Bonus Section 385 Final Thoughts 389 Part Five Advanced Topics 391 Chapter 27 Assessing Volatility 393 Overview 393 Comparison of Implied Volatilities 398 How to Compare Volatility 399 Response to Changing Conditions 401 Market Volatility Gauges 406 Volatility Skew 407 Delta-Neutral Volatility Trading 414 Consider Trading Volatility Index Options 415 Final Thoughts 416 Chapter 28 Exercise and Assignment 417 Overview 417 American-Style Exercise 420 European-Style Exercise 421 Cash Settlement 422 Automatic Exercise 423 Spread Risks 425 Likelihood of Exercise 427 Assignment Risk 429 Exercise and Assignment Procedures 430 Final Thoughts 431 Chapter 29 Risk Management 433 Run It Like a Business 433 Controlling Risk 438 Final Thoughts 448 Chapter 30 Margin 449 Overview 449 Stock, ETF, Index, and Futures Margin 450 Comparing Margin 459 Margin Planning 460 Interest 462 Cash Accounts and IRAs 462 Final Thoughts 464 Chapter 31 Placing an Order 465 Overview 465 Types of Option Orders 466 Strategy: The Multistep Order 471 Bid/Ask Spread 472 Commissions 475 Trading Platform 476 Clearing of Trades 476 Final Thoughts 476 Chapter 32 Taxation of Options 479 General Rules 479 Option Taxation 480 Tax Reduction for Broad-Based Index and Futures Options 482 Internal Revenue Service Circular 230 Notice 485 Final Thoughts 485 Appendix A Strategies at a Glance—ETFs 487 Bullish ETF Strategies 488 Bearish ETF Strategies 492 Trading outside a Range 497 Trading inside a Range 499 Appendix B Strategies at a Glance—Indexes 503 Bullish Index Strategies 503 Bearish Index Strategies 506 Trading outside a Range 508 Trading inside a Range 510 Appendix C Strategies at a Glance—Stock Index Futures 515 Bullish Stock Index Futures Strategies 515 Bearish Stock Index Futures Strategies 519 Trading outside a Range 523 Trading inside a Range 525 Glossary 529 About the Author 543 Index 545

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Book SynopsisEssentials of Corporate Finance with WileyPLUS offers a focused choice for instructors teaching the fundamentals of value creation by offering a balance of intuitive conceptual understanding, problem solving and analysis, and decision making skills.Table of ContentsPART 1 INTRODUCTION 1 The Financial Manager and the Firm 1 PART 2 FOUNDATIONS 2 The Financial System and the Level of Interest Rates 26 3 Financial Statements, Cash Flows, and Taxes 50 4 Analyzing Financial Statements 83 PART 3 VALUATION OF FUTURE CASH FLOWS 5 The Time Value of Money, Discounted Cash Flows, and Valuation 126 6 Risk and Return 183 7 Bond Valuation and the Structure of Interest Rates 221 8 Stock Valuation 253 PART 4 CAPITAL BUDGETING DECISIONS 9 The Fundamentals of Capital Budgeting 284 10 Cash Flows and Capital Budgeting 328 11 The Cost of Capital 363 PART 5 FINANCING DECISIONS 12 Working Capital Management 395 13 How Firms Raise Capital 426 14 Capital Structure Policy 458 15 Dividends, Stock Repurchases, and Payout Policy 495 PART 6 FINANCIAL PLANNING 16 Financial Planning and Managing Growth 519 PART 7 INTERNATIONAL DECISIONS 17 International Financial Management 554

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Book SynopsisIn his new book, History of Greed, noted financial fraud expert David E.Y. Sarna posits that the major scandals that came to light in 2008, like most of those in the last two hundred years are just the superficial manifestations of a system that, at its core, is based on fraud, greed and dishonesty.Trade ReviewIt is sure to make any reader gasp at the sheer inventiveness and persistence of the world's fraudsters. (Irish Independent.ie, january 2011). a potted history of human greed is indeed to be found here . (Diplomat, February 2011). a great addition to the library of the investor, historian and psychologist alike. (UK-Analyst.com, March 2011).Table of ContentsForeword. Acknowledgments. Introduction. Chapter 1 Selling Air. Why Now? Chapter 2 Crash Postmortem. How Greed, Hubris, and Lack of Supervision Did Investors In. Chapter 3 Why We Do It. Bubbles and Fraud. Chapter 4 Securities Fraud. Its Long and Storied Past. Chapter 5 The Perils of Greed. It’s All for the Easy Money. Chapter 6 The Elements of Financial Fraud. A Case Study with "Crazy Eddie" Antar. Chapter 7 "Other People's Money". The O.P.M. Leasing Fraud. Chapter 8 Smaller-Company Fraud. The "ISC" Story. Chapter 9 Selling Long and Short. But Mostly Short. Chapter 10 Market Manipulation. Improper Short Selling and Other Abuses. Chapter 11 PIPEs. Investing Unfairly. Chapter 12 Promotion Fraud. Pump and Dump. Chapter 13 Leaks, Front-Running, and Insider Trading. Test Yourself. Chapter 14 Fictitious Volume. A Pump-and-Dump Scam with Intrigue. Chapter 15 Parachute into Prison. U.S. v. Schrenker. Chapter 16 Affi nity Group Fraud. Scamming Your Own Community. Chapter 17 Twentieth-Century Ponzi Schemes. Larger and Longer-Lasting Scams. Chapter 18 Hit Charade. Lou Pearlman. Chapter 19 Hedge Fund Ponzi Fraud. Hedge Funds Are for Big Boys. Chapter 20 Madoff and the World’s Largest Ponzi Scheme. The Mother of All Ponzi Schemes. Chapter 21 How Madoff Got Away with It. Who Helped Plot in the Mother of All Ponzi Schemes; Who Can Be Made to Pay? Chapter 22 Madoff Plea and Its Aftermath. Governments Go after Merkin, Kohn, and Maybe Others in the Mother of All Ponzi Schemes. Chapter 23 Mopping up after Madoff. Lawyers Feast on Madoff Feeders in the Mother of All Ponzi Schemes. Chapter 24 Other Recent Ponzi Schemes. Madoff was a Crook but He Had No Monopoly on Recent Ponzi Schemes. Chapter 25 Stanford Group. Massive $7 Billion, Multinational Fraud Comes to Light. Chapter 26 Ultimate Chutzpah. The Strange Tale of Marc Dreier, Esq. Chapter 27 Detecting Fraudulent Financial Schemes. How Much to Regulate? How Much to Verify? Chapter 28 Fraudulent Offerings. A Short Look. Chapter 29 Auction-Rate Securities A $330 Billion Fraud? Chapter 30 $132 Million Tax-Free Exchange Fraud. Section 1031. Chapter 31 Not Smart. The Smart Online Trading Scam. Chapter 32 Boiler Rooms. Where the Heat Rises. Chapter 33 Accounting Frauds. With Examples. Chapter 34 Stock Option Frauds. Alchemy That Benefi ts Insiders. Chapter 35 Odd and Unusual Financial Frauds. Not Your Everyday Fraud. Afterword: What Does the Future Hold? Notes. About the Author. Further Reading. Index.

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Book Synopsis* In this book, the authors give an applied approach to relative value techniques, showing readers how to decide on the best place to put their money in order to get the best return.Table of ContentsPreface xiii Acknowledgements xv About the Authors xvii 1 Product Fundamentals 1 1.1 Chapter Overview 1 1.2 Bond Fundamentals 1 1.2.1 Fixed income structures 1 1.2.2 Floating-rate notes 2 1.2.3 Inflation 2 1.3 Repurchase Agreements 5 1.4 Credit Fundamentals 7 1.5 Derivative Fundamentals 8 1.5.1 Futures 8 1.5.2 Forwards 9 1.5.3 Swaps 11 1.5.4 Vanilla options 18 1.5.5 Exotic options 21 2 Pricing Relationships 23 2.1 Relative Value 23 2.2 The Relative Value Triangle 23 2.3 Spot Pricing 24 2.3.1 Pricing fixed income securities 24 2.3.2 Par yield curves 27 2.3.3 Zero-coupon yield curves 27 2.3.4 Forward yield curves 30 2.3.5 Pricing floating-rate notes 36 2.3.6 Inflation pricing 37 2.3.7 Credit pricing 39 2.4 The Spot–Forward Relationship 40 2.4.1 Fixed income 40 2.4.2 Credit markets 42 2.5 The Spot–Swap Relationship 43 2.5.1 Pricing swaps – counterparty credit risk 46 2.6 The Forward–Swap Relationship 49 2.7 Pricing Options–Relationship With The Underlying Market 49 2.7.1 Black–Scholes–Merton: an intuitive approach 50 2.7.2 From closed-form to binomial pricing techniques 52 2.7.3 Monte Carlo simulation 55 2.7.4 Put–call parity 56 Appendix 2.1 Monetary Policy and Overnight Interest Rates 57 Appendix 2.2 OIS Discounting 59 3 Market Risk Management 63 3.1 What Do We Mean By Risk? 63 3.2 Defining Market Risk 63 3.3 Spot Market Risk 64 3.3.1 Macaulay duration 64 3.3.2 Modified duration 65 3.3.3 Convexity 66 3.3.4 Dollar value of an 01 68 3.3.5 Market risk of a floating-rate note 69 3.3.6 Market risk of credit instruments 70 3.4 Forward Risk 72 3.4.1 Fixed income 73 3.4.2 Credit 73 3.5 Swap Market Risk 73 3.5.1 Spot swap risk 73 3.5.2 Carry and roll down 75 3.5.3 Application of DV 01 75 3.5.4 Forward-starting swap risk 76 3.6 Option Risk Management 79 3.6.1 Delta 80 3.6.2 Gamma 82 3.6.3 Theta 87 3.6.4 Vega 88 3.6.5 Smiles, skews and surfaces 92 3.7 Value at Risk 93 4 Expressing Views on the Interrelationships between Products 97 4.1 The Spot–Forward Relationship 98 4.1.1 Bond futures 98 4.1.2 The cheapest to deliver 100 4.1.3 Changes in the cheapest to deliver 105 4.1.4 The yield beta 108 4.1.5 Trading the basis 108 4.1.6 Implementing a basis trade 113 4.2 The Spot–Swap Relationship 117 4.2.1 Understanding swap spreads 117 4.2.2 Negative swap spreads 121 4.3 The Forward–Swap Relationship 122 4.4 Options and Trading Volatility 123 4.4.1 Expressing views on market direction and volatility 123 4.4.2 Assessing volatility: cheap or rich? 138 4.4.3 Expressing views on volatility of volatility 139 4.4.4 The relationship between volatility and the underlying asset 140 5 Identifying Value in Sovereign Bonds 149 5.1 What Is Relative Value? 149 5.2 Understanding the Yield Curve 150 5.2.1 Yield curve formation 150 5.2.2 How does the yield curve move? 153 5.2.3 Yield curve movements 154 5.2.4 How do yield curves actually move? 154 5.2.5 Yield curve modelling 160 5.3 Measures of Spread 162 5.3.1 Decomposing bond yields 162 5.3.2 Swap spreads 164 5.3.3 CDS spreads 164 5.3.4 I-spread 165 5.3.5 TED spread 165 5.3.6 Z-spread 165 5.3.7 Option-adjusted spread 166 5.3.8 Asset swap spread 167 5.4 Identifying Value in Sovereign Bonds Using Asset Swaps 170 5.4.1 Determining the appropriate benchmark 170 5.4.2 Term structure of asset swap spreads 171 5.4.3 Assessing value in sovereign bonds 172 5.4.4 Forward asset swap spreads 176 5.4.5 Inflation-linked asset swaps 178 5.5 Summary of Yield Measures 179 Appendix 5.1 Curve flattening trade 180 6 Trading the Yield Curve 183 6.1 Trading Terminology 183 6.1.1 Long or short? 183 6.1.2 Roll down and carry revisited 183 6.2 Trading the Short End of the Yield Curve 186 6.2.1 Money-market loans and deposits 186 6.2.2 Interest rate futures 186 6.2.3 Interest rate swaps 190 6.2.4 Options on single-period short-term interest rates 192 6.3 Trading the Slope of the Yield Curve 192 6.3.1 Short-term interest rate futures vs. bond futures 192 6.3.2 Fed Funds futures vs. interest rate swaps 193 6.3.3 Bonds and swaps 193 6.3.4 Conditional curve trades 197 6.3.5 Identifying slope trades using swaptions 199 6.3.6 Volatility and the level of interest rates 200 6.4 Trading the Curvature of the Yield Curve 202 6.4.1 An overview of butterfly spreads 202 6.4.2 2s5s10s Butterfly trade using bonds 203 6.4.3 2s5s10s Butterfly trade using swaps 206 6.4.4 Forward and spot spreads and carry 213 6.4.5 Volatility and yield curve slope and curvature 213 6.5 Volatility, Curvature and Skew 214 6.6 Constant-Maturity Products 217 6.6.1 Product definitions 217 6.6.2 CMS product pricing 218 6.6.3 CMS sensitivities and impact on market 219 6.6.4 Applications of CMS products 219 6.7 Structured Products – Range Accruals 220 7 Relative Value in Credit 223 7.1 Applying the Relative Value Triangle to Credit 223 7.1.1 The bond–credit default swap relationship 223 7.1.2 The forward–swap relationship 228 7.1.3 Volatility 230 7.2 Expressing Views on the Credit Term Structure 235 7.2.1 Steepening/flattening trades 235 7.2.2 Butterfly trades 237 7.2.3 Convexity 238 7.3 Expressing a View on a Single Reference Entity 239 7.3.1 Credit-linked notes 239 7.3.2 Expressing a view on a single reference entity – an example 242 7.4 Expressing a View on a Basket of Reference Entities 243 7.4.1 Total return swaps 243 7.4.2 Basket default swaps 244 7.4.3 Index tranche investing 246 8 Relative Value in Inflation 251 8.1 Payers and Receivers of Inflation 252 8.2 Term Structure of Breakeven Inflation and Real Yields 252 8.2.1 Trading the slope of inflation curves 252 8.2.2 The importance of liquidity 253 8.3 Seasonality 254 8.4 Identifying Value in Inflation-Linked Bonds 255 8.4.1 Fitted curves - cheap/rich analysis 255 8.4.2 Forward rate analysis 257 8.4.3 Butterfly trades 258 8.5 An Overview of Inflation-Linked Trading Strategies 258 8.5.1 Inflation market risk 258 8.5.2 Forward prices and carry 259 8.5.3 Summary of popular inflation trades 260 8.6 Expressing Views on Breakeven Inflation 260 8.6.1 Cash strategies 260 8.6.2 Derivative strategies 263 8.6.3 Expressing views on swap breakevens 265 8.7 Expressing Views on Real Yields 266 8.7.1 Total return inflation swaps 267 8.7.2 Real rate swap 267 8.8 Forward Breakevens 268 8.8.1 Background 268 8.8.2 Assessing the risk premium 269 8.8.3 Trading forward breakevens using bonds 269 8.8.4 Trading forward breakevens using swaps 272 8.8.5 Calculating forward swap rates 273 8.8.6 Forward real-yield trades 274 8.9 Using Options to Express Views on Breakeven and Real Yields 274 9 Trading Axioms: An A to Z 277 Notes 281 Bibliography 283 Index 285

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Book SynopsisAn up-to-date guide to the complex world of equities Getting Started in Stock Investing and Trading walks investors and traders through the essential information they need to know before they decide what kind of participant they want to be in equities.Table of ContentsIntroduction The Potential of the Stock Market vii Part I Investing Chapter 1 Investment Risks 3 Chapter 2 Value Investment 21 Chapter 3 Market Strategies 31 Chapter 4 Fundamental Analysis 43 Chapter 5 Alternatives: Stocks or Mutual Funds 61 Part II Trading Chapter 6 Trading Risks 79 Chapter 7 Trading Methods: Day and Swing Trading 95 Chapter 8 Charting Tools and Interpretation 109 Chapter 9 Essential Technical Indicators 125 Chapter 10 Technical Analysis, Dow Theory, and Practice 149 Part III Combining Investing and Trading Chapter 11 The Contrarian Approach to Trading 163 Chapter 12 Mixing Speculation and Investing 177 Chapter 13 Options to Leverage and Manage Your Portfolio 189 Chapter 14 Your Sensible Approach to the Market 203 Glossary 209 About the Author 226 Index 227

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Book SynopsisFrom the Foreword by John J. Murphy DeMark's work as a consultant has been restricted to large institutions and many of the legendary traders in the world today.Table of ContentsIntroduction 1 1 Trendlines 5 2 Retracements 59 3 Overbought/Oversold 85 4 Wave Analysis 101 5 Accumulation/Distribution 109 6 Moving Averages 129 7 SequentialTM 135 8 Gaps 183 9 Daily Range Projections 193 10 Rate of Change 197 11 Equities 215 12 Options 227 13 ``Waldo'' Patterns 233 Conclusion 241 Index 243

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Book SynopsisThe way you live in a home and the way you sell it are two different things. That's the premise of staging, a hot new trend that's sweeping the country. In any real estate market, staged homes sell faster or sell for more money--or both! In Home Staging, readers learn how to play up a home's strong points and improve its presentation.Trade ReviewStaging a home doesn't require deep pockets, but it does require an open mind. Take inventory of materials you already own and consider how you could use them to make your listing more attractive. For example, take a plastic table from your backyard and cover it with a tablecloth to dress up an empty kitchen. Read the latest book review for more tips.-- realtor.comTable of ContentsAcknowledgments ix Introduction 1 CHAPTER 1 So You’re Selling Your House . . . 11 CHAPTER 2 Ready, Stage, Sell: Home Staging Guidelines That Work 15 CHAPTER 3 Staging Magic: How to Stage Each Room in Your House 31 CHAPTER 4 Take the Staging Magic Outside 59 CHAPTER 5 Getting It Done: It’s Commitment Time 79 CHAPTER 6 Staging on a Dime 91 CHAPTER 7 Showing Your Staged House: Lights! Music! Action! 103 CHAPTER 8 Welcome to Barb’s House: Staging to Live! 109 CHAPTER 9 What Do You Do When You Need Help? ASPs to the Rescue! 119 CHAPTER 10 Staging Tales from the Trenches 125 CHAPTER 11 How to Work with Your Real Estate Agent 151 CHAPTER 12 How Home Staging Is Changing the Real Estate Industry 161 STAGING RESOURCE CENTER Recipe for a Sale 175 Why Should You Stage Your Home? 177 Your Personal Moving Checklist 179 Barb Schwarz’s Home Staging Wisdom: Words That Work 183 Who Is an Accredited Staging Professional? 185 What You Can Expect If You Work with an Accredited Staging Professional 187 Barb Schwarz’s Staging Criteria 189 Showing Your Staged Home 201 Quick Tips for Staging Your Home 203 Index 207

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Book SynopsisStripping away the mystique from the world of investment and finance, How to Read the Financial Pages is a layman''s guide to reading and understanding the financial press and the markets and events it covers. Assuming no financial knowledge, Michael Brett provides a valuable explanation of the workings of the financial world - from money markets to commodity markets, investment ratios to takeover bids. With an extensive glossary of financial terms, this book will help you through the financial columns to a better understanding of the language of markets and money. For ten years How to Read the Financial Pages has been an outstanding first-choice buy for everyone who wants a thorough - but friendly - grounding in finance and investment.--What are stock markets, currency markets, commodities markets? How do they operate?--What are derivatives? Could they cause the financial system to crash?--What is meant by insider dealing? Why is it illegal?--Who are the main players in the world of money? What do stock brokers, market makers, merchant bankers and underwriters actually do?--How has the Internet affected private investors? What are the new opportunities?

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Book SynopsisFor aspiring producers and directors who need to learn film finance from the ground up, this revolutionary new book teaches the fundamentals, through the voices of more than 60 successful independent producers. Using a research and data-based approach, award-winning professor David Offenberg combines the wisdom of well-known and successful producers into one fun, easy-to-follow guide.Within, readers will learn how to talk to potential investors and what those financiers will expect from them in return. The book is also packed with informative anecdotes and examples to enrich each chapter and contextualize the film financing landscape. As the book progresses, equity, debt, revenue, profits, and their role in your movie will be explored. Accessible information about tax incentives and profit participations is included to help emerging filmmakers build out a workable financing plan. The book combines hard numbers and data sets, with direct guidance from successful producers, to Trade Review"This is the ideal book for those looking to peek behind the curtain of how films are actually financed and therefore completed. A must read for independent producers and filmmakers." – Josh Ellis, Professor at Miami Dade CollegeTable of ContentsPart 1: Business and Finance Basics 1. The Wisdom of the Crowd 2. The (Movie) Business 3. The Language of Business 4. Debt Financing 5. Participation and Deferred Compensation 6. Tax Incentives and Soft Money 7. Budgets 8. Four Paths to Funding Your Budget Part 2: Financing Your Film 9. First Law of Film Finance 10. The Market Value of Your Film 11. A Financing Plan 12. Equity in Independent Film Part 3: Beyond the Basics 13. Experience Matters 14. People Matter 15. Pipelines Matter 16. Luck Matters 17. Many Other Things Matter Too 18. Action Plan

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Book SynopsisOne of the most challenging issues for the current state of global economy is a highly uneven distribution of global financial assets and liabilities. Drawing on extensive data, this book analyses the new global divisions in economic and financial inequality across the globe in the first two decades of this century.After outlining the context of the global financial system in the aftermath of the Global Financial Crisis of 2008/2009, this book provides a detailed examination of the data on economic and financial inequality, analysing growth rates relative to financial liabilities and assets for all countries where data is available. The central issues in understanding the financial and environmental efficiency of economic growth are also addressed as well as the development of financial and regulatory technologies (FinTech and RegTech). The final part of this book explores the changes in economic growth and financial assets/liabilities as a result of major events in the past Table of Contents1. Globalization and deglobalization – introduction with literature review 2. The world economy in 2000–2020 3. Global financial inequality: 2000–2020 4. Economic growth in the context of financial and environmental efficiency 5. Disequilibrium economics and Black and Green Swans 6. FinTech and RegTech and their role in the structure of finance Concluding remarks Appendix - Tables

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Book SynopsisSuitable for exams until December 2026

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Book SynopsisSuitable for exams from September 2025 until August 2026

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Book SynopsisIn this book, well-known expert Riccardo Rebonato provides the theoretical foundations (no-arbitrage, convexity, expectations, risk premia) needed for the affine modeling of the government bond markets. He presents and critically discusses the wealth of empirical findings that have appeared in the literature of the last decade, and introduces the ''structural'' models that are used by central banks, institutional investors, sovereign wealth funds, academics, and advanced practitioners to model the yield curve, to answer policy questions, to estimate the magnitude of the risk premium, to gauge market expectations, and to assess investment opportunities. Rebonato weaves precise theory with up-to-date empirical evidence to build, with the minimum mathematical sophistication required for the task, a critical understanding of what drives the government bond market.Trade Review'Rebonato has produced a unique and intensely engaging treatment of modern dynamic yield curve modeling: where we've been, where we are, where we're going, and why. Without slipping into spineless eclecticism - indeed he stays far from it, emphasizing a structural approach throughout - he beautifully blends rigor with penetrating intuition, seriousness of purpose with entertaining quips and quotes, historical awareness with forward-looking insight, and crucially, statistics with theory.' Francis X. Diebold, University of Pennsylvania'I have been waiting for Riccardo to write this book for years, and finally the wait is over! This book represents a brilliant combination of theory and practice as used by practitioners in a lucid yet rigorous manner. I can confidently say that the depth of perception that this book brings will be indispensable for anyone interested in understanding bonds and the yield curve, especially in today's market environment.' Vineer Bhansali, LongTail Alpha'Rebonato's book integrates practical aspects of yield curve investing with the most up-to-date research. It is a superb synthesis for anyone interested in rigorous analysis of these capital markets, which are among the most important globally.' Ian Cooper, London Business School, University of London'Rebonato takes readers on a thought-provoking journey that will elevate their thinking about term-structure modeling. In this journey, they will likely become increasingly familiar and comfortable with some simple mathematical techniques that are new to them.' Enterprising Investor, CFA Institute (www.blogs.cfainstitute.org)Table of ContentsPart I. The Foundations: 1. What this book is about; 2. Definitions, notation, and a few mathematical results; 3. Links between models, monetary policy, and the macroeconomy; 4. Bonds: their risks and their compensations; 5. The risk factors in action; 6. Principal components: theory; 7. Principal components: empirical results; Part II. The Building Blocks – A First Look: 8. A preview – a first look at the Vasicek model; 9. Expectations; 10. Convexity – a first look; Part III. No Arbitrage: 11. No arbitrage in discrete time; 12. No arbitrage in continuous time; 13. No arbitrage with state price deflators; 14. No-arbitrage conditions for real bonds; 15. The links with an economics-based description of rates; Part IV. Solving the Models: 16. Solving affine models: the Vasicek case; 17. First extensions; 18. A general pricing framework; 19. The shadow rate: dealing with a near-zero lower bound; Part V. The Value of Convexity: 20. The value of convexity; 21. A model-independent approach to valuing convexity; 22. Convexity: empirical results; Part VI. Excess Returns: 23. Excess returns: setting the scene; 24. Risk premia, the market price of risk, and expected excess returns; 25. Excess returns: empirical results; 26. Excess returns: the recent literature – I; 27. Excess returns: the recent literature – II; 28. Why is the slope a good predictor?; 29. The spanning problem revisited; Part VII. What the Models Tell Us: 30. The doubly-mean-reverting Vasicek model; 31. Real yields, nominal yields, and inflation: the D'Amico–Kim–Wei model; 32. From snapshots to structural models: the Diebold and Rudebush approach; 33. Principal components as state variables of affine models: the PCA affine approach; 34. Generalizations: the ACM model; 35. An affine, stochastic-market-price-of-risk model; 36. Conclusions; 37. References.

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Book SynopsisA must-read for anyone who makes business decisions that have a major financial impact Tomorrow's stock price, next month's sales, next year's costs these are all numbers we don't know yet. Yet everyday, we base our personal and business plans on these kinds of uncertainties.Table of ContentsForeword xv Preface xvii Acknowledgments xxi Introduction Connecting the Seat of the Intellect to the Seat of the Pants 1You cannot learn to ride a bicycle from a book,and I claim the same is true for coping with uncertainty. Paradoxically, this book attempts to dowhat it claims is impossible. Foundations Part 1 The Big Picture 9 Chapter 1 The Flaw of Averages 11In planning for the future, uncertain outcomes are often replaced with single, so-called average numbers. This leads to a class of systematic errors that I call the Flaw of Averages, which explains among other things why forecasts are always wrong. Chapter 2 The Fall of the Algebraic Curtain and Rise of the Flaw of Averages 22The electronic spreadsheet brought the power of business modeling to tens of millions. In so doing, it also paved the way for an epidemic of the Flaw of Averages. Chapter 3 Mitigating the Flaw of Averages 26New technologies are illuminating uncertainty much as the lightbulb illuminates darkness. Probability Management is a scientific approach to harnessing these developments to cure the Flaw of Averages. Chapter 4 The Wright Brothers Versus the Wrong Brothers 34The success of the Wright Brothers’ airplane was the result of carefully constructed models that they tested in their wind tunnel. Analogous models ca help us manage uncertainty and risk, but as we saw in the financial crash of 2008, models can also be used to obfuscate. Chapter 5 The Most Important Instrument in the Cockpit 40The proper use of models, like the instruments in an airplane, is not obvious. Part 2 Five Basic Mindles for Uncertainty 45 Chapter 6 Mindles are to Minds What Handles are to Hands 49Just as industrial designers develop handles to help us grasp the power of physics with our hands, informational designers develop Mindles (first syllable rhymes with “mind”) to help us grasp the power of information with our minds. Section 2will provide some important Mindles for grasping uncertainty. Chapter 7 Mindle 1: Uncertainty Versus Risk 52These two concepts are often used interchangeably but they shouldn’t be. Uncertainty is an objective feature of the universe, whereas risk is in the eye of the beholder. Chapter 8 Mindle 2: An Uncertain Number Is a Shape 55Even graduates of statistics courses have a hard time visualizing uncertainty. A shape in the form of a simple bar graph, called the histogram, does the trick. Try running a simulation in your head or better yet, on your web browser at FlawOfAverages.com. Chapter 9 Mindle 3: Combinations of Uncertain Numbers 67When uncertain numbers are added or averaged, the chance of extreme events goes down. I cover a case study in the film industry. Chapter 10 I Come to Bury Sigma, Not to Praise it 78Just as the height and weight of a criminal suspect have been superseded by surveillance videos and DNA samples, sigma is pushing obsolescence. Chapter 11 Mindle 4: Terri Dial and the Drunk in the Road 83A banking executive discovers the Strong Form of the Flaw of Averages: Average inputs don’t always result in average outputs. Designing an incentive plan around your average employee is systematically erroneous. Chapter 12 Who Was Jensen and Why Wasn’t He Equal? 91The Nuts and Bolts of the Strong Form of the Flaw of AveragesThis chapter shows how to identify the Flaw of Averages before it occurs by understanding your options and restrictions. Chapter 13 Mindle 5: Interrelated Uncertainties 98Interrelated uncertainties are at the heart of modern portfolio theory. They are best understood in terms of scatter plots. Part 3 Decisions and Information 109 Chapter 14 Decision Trees 111Decision trees are a powerful Mindle for thinking through decisions in the face of uncertainty. Chapter 15 The Value of Information Because There Isn’t Anything Else 118The flip side of decision trees. Information is the complement of uncertainty. What is it worth to find things out? Part 4 The Seven Deadly Sins of Averaging 127 Chapter 16 The Seven Deadly Sins of Averaging 129So here are the Seven Deadly Sins, all eleven of them. And the twelfth deadly sin is believing we won’t discover even more tomorrow. Chapter 17 The Flaw of Extremes 133Viewing uncertainties solely in terms of nonaverage outcomes also leads to devastatingly wrong answers and policy decisions. Chapter 18 Simpson’s Paradox 139Imagine a weight loss treatment that makes people lose weight on average, unless they are either male or female, in which case it makes them gain weight on average. Chapter 19 The Scholtes Revenue Fallacy 142Suppose you have various product lines with different unit sales. The average unit sales times the average profit per unit might be positive while your average profit might be negative. Chapter 20 Taking Credit for Chance Occurrences 147If you execute a marketing campaign and make a bunch of sales, how do you know the increase wasn’t just by chance? Applications Part 5 The Flaw of Averages in Finance 155 Chapter 21 Your Retirement Portfolio 157If your retirement fund will last you 20 years given average returns, then you are as likely as not to suffer financial ruin before you get there. Chapter 22 The Birth of Portfolio Theory: The Age of Covariance 163Harry Markowitz started a revolution in finance in the early 1950s by explicitly recognizing risk/return trade-offs. Chapter 23 When Harry Met Bill(y) 169Bill Sharpe extended the work of Markowitz and brought it into widespread practice. Chapter 24 Mindles for the Financial Planning Client 175How the pros explain this stuff to their clients. Chapter 25 Options: Profiting from Uncertainty 181Options allow us to exploit uncertainty through an understanding of the Strong Form of the Flaw of Averages. Chapter 26 When Fischer and Myron Met Bob: Option Theory 192The theory of three economists led to the trillion-dollar derivatives industry. Chapter 27 Prices, Probabilities, and Predictions 200The new phenomenon of prediction markets is changing the way we perceive and report uncertain events, such as political races. Part 6 Real Finance 213 Chapter 28 Holistic Versus Hole-istic 215When people invest in portfolios of oil exploration sites, they often use the hole-istic approach. That is, they rank the places to drill hole by hole, then start at the top and go down the list until they run out of money. This ignores the holistic effects of portfolios. Chapter 29 Real Portfolios at Shell 222For several years, Shell has been using Probability Management to manage its portfolios of petroleum exploration sites in a more holistic manner. Chapter 30 Real Options 228An example of a real option is a gas well in which you have the choice of whether or not to pump depending on the price of gas. Chapter 31 Some Gratuitous Inflammatory Remarks on the Accounting Industry 236You can’t rely on accountants to detect risks because generally accepted accounting principles are built on the Flaw of Averages. Part 7 The Flaw of Averages in Supply Chains 245 Chapter 32 The DNA of Supply Chains 247The inventory problem introduced in Chapter 1 is at the heart of all supply chains. Chapter 33 A Supply Chain of DNA 254When stocking out is not an option. Chapter 34 Cawlfield’s Principle 257A manager at Olin creates a simulation to get two divisions of his organization to work as a team and discovers a general principle in the process. Part 8 The Flaw of Averages and Some Hot Button Issues 263 Chapter 35 The Statistical Research Group of World War II 265The exciting environment in which my father became a statistician. Chapter 36 Probability and the War on Terror 272Two inescapable statistical trademarks of the war on terror are the problem of false positives and implications of Markov chains. Chapter 37 The Flaw of Averages and Climate Change 289The earth’s average temperature may actually be going down, not up, but you won’t be happy when you find out why. The Flaw of Averages permeates this issue. Chapter 38 The Flaw of Averages in Health Care 299Treating the average patient is not healthy. Chapter 39 Sex and the Central Limit Theorem 307Women have a diversified portfolio of two X chromosomes, whereas men have only one. Apparently it makes a difference. Probability Management Part 9 Toward a Cure for the Flaw of Averages 317 Chapter 40 The End of Statistics as You Were Taught It 319The ninetheenth-century statisticians confirmed their theories by simulating uncertainty with dice, cards, and numbered balls. Today, computerized dice, cards, and balls are bypassing the very theories they were trying to confirm. Chapter 41 Visualization 324Visual statistics provides a window into distributions. You need to see it to appreciate it. Chapter 42 Interactive Simulation: A New Lightbulb 328Imagine simulating 100,000 rolls of a die before your finger leaves the Enter key. A new technology does for probability distributions what the spreadsheet did for numbers. Chapter 43 Scenario Libraries: The Power Grid 332New data structures allow the results of simulations to be added together like numbers, providing a more practical approach to enterprisewide risk models. Chapter 44 The Fundamental Identity of SLURP Algebra 341This looks like math. Feel free to skip it. Chapter 45 Putting It into Practice 343The technology surrounding Probability Management is improving fast, and recent breakthroughs promises to make it more accessible than ever. Chapter 46 The CPO: Managing Probability Management 354The CPO must strike the correct balance between transparency of presentation, data collection, and statistical rigor. Chapter 47 A Posthumous Visit by My Father 364Some comments from the hereafter. Red Word Glossary 367 Notes 371 About the Author 382 Index 383

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Book SynopsisThe key to building wealth the low-priced stock way Low-priced gems, or what author Hilary Kramer calls breakout stocks come in all kinds of shapes and sizes but they all have three things in common: (1) they are mostly under $10; (2) they are undervalued; and (3) they have specific catalysts in the near future that put them on the threshold of breaking out to much higher prices. In The Little Book of Big Profits from Small Stocks, small stock expert Hilary Kramer looks for stocks with fifty to two hundred percent upside potential! From drug stocks that may have been punished because an FDA approval failed to materialize when Wall Street expected it to, to the overly zealous selling off of Ford, there are many great low-priced stock opportunities. In this Little Book you''ll learn: How to identify the low cost stocks that have the potential to yield big profits The most important secret to making money in stock investing Plus, youTable of ContentsForeword xi Acknowledgments xv Introduction: The Investing Edge You Have on Wall Street xix Chapter One The Classic Under $10 Stock 1 Chapter Two The Price Is Not Just Right, It’s Critical 9 Chapter Three Oh, How the Mighty Have Fallen 21 Chapter Four Growing Out of Sight 37 Chapter Five Shopping the Bargain Bin 53 Chapter Six Getting the World Healthy and Wealthy 65 Chapter Seven Around the World Under $10 77 Chapter Eight Forget Everything You Thought You Knew 89 Chapter Nine Looking for the Right Stuff 97 Chapter Ten Well Bought is Half Sold 111 Chapter Eleven Beware the Wolves of Wall Street 125 Chapter Twelve Low Prices and High Profits 135 Appendix Getting Started with Quick Response (QR) Codes 145 More from Hilary Kramer 147

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Book SynopsisThe bestselling guide to real estate, newly revised for today's investors More than ever, investing in property today will set you on track to conquer financial uncertainty and build your long-term net worth. Investing in Real Estate, Seventh Edition offers dozens of experience- proven methods to convert these challenging times into the best of times. Whether you want to fix and sell or buy, improve, and hold, market savvy real estate investor Gary W. Eldred shows you how to achieve your goals. He provides time-tested ways to grow a profitable portfolio and shows you how property investing can deliver twenty-two sources of financial return. You'll learn how to negotiate like a pro, read market trends, and choose from multiple possibilities to finance your properties. This timely new edition also includes: Historical context to emphasize how bargain prices and near record low interest rates now combine to offer unprecedented potential for short-Table of ContentsAcknowledgments xix Prologue: Invest in Property Now xxi 1 Achieve a Prosperous Future: 22 Ways You Can Earn Profits with Property 1 22 Sources of Profit from Investment Property 2 Will the Property Experience Price Gains from Appreciation? 2 Will You Gain Price Increases from Inflation? 4 Earn Good Returns from Cash Flows 5 Magnify Your Equity Gains with Leverage 5 Magnify Returns from Cash Flows with Leverage 6 Build Wealth through Mortgage Payoff 7 Over Time, Returns from Rents Go Up 7 Refinance to Lift Your Cash Flows 9 Refinance to Pocket Cash 10 Buy at a Below-Market Price 11 Sell at an Above-Market-Value Price 11 Create Property Value through Smarter Management 12 Create Value with a Savvy Market Strategy 12 Create Value: Improve the Location 13 Convert from Unit Rentals to Unit Ownership 13 Subdivide Your Bundle of Property Rights 14 Subdivide the Physical Property (or Space within a Property) 15 Create Plottage (or Assemblage) Value 16 Obtain Development or Redevelopment Rights 16 Diversify Away from Financial Assets 18 Is Property Your Best Investment Choice? 18 2 Opm: Borrow Smart, Raise Cash, Build Equity 21 The Birth of “Nothing Down” 22 Should You Invest with Little or No Cash or Credit? 23 What’s Wrong with “No Cash, No Credit, No Problem”? 23 Leverage: Pros and Cons 26 What Are Your Risk-Return Objectives? 32 Maximize Leverage with Owner-Occupancy Financing 33 Owner-Occupied Buying Strategies 34 Current Homeowners, Too, Can Use This Method 34 Why One Year? 34 Where Can You Find High-LTV Owner-Occupied Mortgages? 35 What Are the Loan Limits? 35 High Leverage for Investor-Owner Financing 37 High Leverage versus Low (or No) Down Payment 37 Creative Finance Revisited 37 Are High-Leverage Creative-Finance Purchases Readily Available? 45 Build Confi dence with Lenders, Investors, Sellers, and Sales Agents 46 Credit Scores and Credit Record 48 Capacity (Monthly Income) 48 Cash Reserves and Source of Down Payment 50 Collateral 51 Loan-to-Value Ratios 51 Recourse to Other Assets or Income 52 Character 53 Competence and Experience 54 Compensating Factors 54 Automated Underwriting (AUS) 55 3 Appraisal: Ins And Outs Of Market Value 57 What Is Market Value? 58 Sales Price Doesn’t Necessarily Equal Market Value 59 Underwriting Rules Determine the Value in LTV 59 How to Estimate Market Value 60 Property Description 61 Identify the Subject Property 68 Neighborhood 68 Site (Lot) Characteristics 69 Improvements 70 The Cost Approach 71 Calculate Cost to Build New 71 Deduct Depreciation 72 Lot Value 73 Estimate Market Value (Cost Approach) 73 The Comparable Sales Approach 75 Select Comparable Properties 75 Approximate Value Range—Subject Property 76 Adjust for Differences 76 Explain the Adjustments 77 The GRM Income Approach 78 Income Capitalization 80 Net Operating Income 80 Estimate Capitalization Rates (R) 83 Compare Cap Rates 84 Relative Prices: The Paradox of Risk and Appreciation (Depreciation) 85 Valuation Methods: Summing Up 86 Appraisal Limiting Conditions 87 Valuation versus Investment Analysis 87 4 Maximize Cash Flows and Grow Your Equity 89 Will the Property Yield Good Cash Flows? 89 Arrange Alternative Terms of Financing 91 Decrease (or Increase) Your Down Payment 92 Buy at a Bargain Price 94 Should You Ever Pay More than Market Value for a Property? 95 The Debt Coverage Ratio 97 Numbers Change, Principles Remain 97 Will the Property Yield Profi table Increases in Price? 98 Low-Involvement versus High-Involvement Investing 99 Compare Relative Prices of Neighborhoods (Cities) 100 Undervalued Neighborhoods and Cities 101 Beverly Hills versus Watts (South Central Los Angeles) 101 Demographics 103 Accessibility (Convenience) 103 Improved (Increased) Transportation Routes 104 Jobs and Economic Base 104 Taxes, Services, and Fiscal Solvency 105 New Construction, Renovation, and Remodeling 106 Land-Use Laws 106 Pride of Place 107 Sales and Rental Trends 107 Summing Up 109 5 Pay Less Than Market Value 111 Why Properties Sell for Less (or More) than Market Value 112 Owners in Distress 113 The Grass-Is-Greener Sellers 114 Stage-of-Life Sellers 115 Seller Ignorance 116 Prepare Screening Criteria 117 Bargain Sellers 118 Networking/Get the Word Out/Social Media 118 Newspapers and Other Publications 119 Cold Call Owners 119 Agent Services 121 Internet Listings 124 Seller Disclosures 124 The Disclosure Revolution 125 Income Properties 126 Summary 126 6 Profit with Foreclosures 127 The Foreclosure Process 128 Lender Tries to Resolve Problem 128 Filing Legal Notice 128 The Foreclosure Sale 129 REOs 129 Buy Preforeclosures from Distressed Owners 130 Approach Owners with Empathy 131 The Difficulties of Dealing Profitably with Owners in Default 131 Prequalify Homeowners and Properties 134 Finding Homeowners in Default (Prefiling) 135 Networking 135 Mortgage Collections Personnel 135 Drive Neighborhoods 136 Find Homeowners (Postfiling) 136 Cultivate a Relationship with Property Owners 137 Two More Issues 137 Vacant Houses 139 Satisfy Lenders and Lien Holders 140 All Parties Are Better Off 141 Win by Losing Less 142 Profi t from the Foreclosure Auction 142 Why Foreclosures Sell for Less than Market Value 143 Make the Adverse Sales Efforts Work for You 144 How to Arrange Financing 145 The Foreclosure Sale: Summing Up 146 7 Profit from Reos and other Bargain Sales 147 Sad for Sellers and Builders, Bargains for You 147 How to Find REOs 148 Follow Up with Lenders after Foreclosure Sales 148 Locate Specialty Realtors 149 HUD Homes and Other HUD Properties 150 Homeowners versus Investors 151 As-Is Condition 151 Potential Conflict of Interest 152 Buyer Incentives 153 The Bid Package 153 Department of Veterans Affairs (REOs) 153 Big Advantages for Investors 154 Fannie Mae and Freddie Mac REOs 155 Agent Listings 156 Investors Invited 156 Federal Government Auctions 157 Buy from Foreclosure Speculators 157 Probate and Estate Sales 158 Probate 158 Estate Sales 158 Private Auctions 159 How to Find Auctions 160 8 Profit by Creating Value 163 Fix, Sell, Profit! 163 Your Fixer-Upper Search 164 The Browns Create Value in a Down Market 165 Research, Research, Research 166 Improvement Possibilities 167 Deep Clean the Property 167 Add Pizzazz with Color Schemes, Decorating Patterns, and Fixtures 168 Create Usable Space 168 Create a View 169 Capitalize on Owner Nearsightedness 170 Eliminate a Negative View 170 Enhance the Unit’s Natural Light 171 Reduce Noise 171 Required Repairs and Improvements 172 Plumbing 172 Electrical System 172 Heating and Air Conditioning 173 Windows 173 Appliances 173 Walls and Ceilings 173 Doors and Locks 174 Landscaping 174 Storage Areas 174 Clean Well 174 Safety and Health 175 Roofs 175 Improvements and Alterations 175 You Can Improve Everything about a Property—Including Its Location 175 South Beach: From Derelicts to Fashion Models 176 Community Action and Community Spirit Make a Difference 177 Neighborhoods Offer Potential 177 What Types of Improvements Pay the Greatest Returns? 178 How Much Should You Budget for Improvements? 179 Beware of Overimprovement 179 Other Benefits 180 No-No Improvements? 180 Budgeting for Resale Profits 181 Estimate the Sales Price First 181 Estimate Costs 181 Future Sales Price – (Costs + Profi t) = Maximum Acquisition Price 182 Comply with Laws and Regulations 183 Should You Buy a Fixer-Upper? 184 Too Little Time? 184 Put Your Creativity to Work 185 9 More Techniques to Profit With Property 187 Lease Options 187 Here’s How Lease Options Work 188 Benefits to Tenant-Buyers (an Eager Market) 188 Benefits to Investor-Sellers 190 The Lease Option Sandwich 191 How to Find Lease Option Buyers and Sellers 192 A Creative Beginning with Lease Options (for Investors) 192 Lease Purchase Agreements 193 Seems More Defi nite 193 Amount of the Earnest Money (Option) Deposit 194 Contingency Clauses 194 Conversions 194 Condominium Conversion 195 Convert Apartments to Office Space 196 Tenants in Common 197 Master Leases 198 Assignments: Flipping Purchase Contracts 200 Summary 202 10 Negotiate a Win-Win Purchase Agreement 203 Win-Win Principles 204 The Purchase Contract 207 Names of the Parties 208 Site Description 208 Building Description 208 Personal Property 209 Price and Financing 210 Earnest Money Deposit 210 Quality of Title 211 Property Condition 212 Preclosing Property Damage (Casualty Clause) 212 Closing (Settlement) Costs 213 Closing and Possession Dates 214 Leases 214 Contingency Clauses 216 Assignment and Inspection 217 Public Records 217 Systems and Appliances 218 Environmental Hazards 218 No Representations 218 Default Clause 219 Summary 221 11 Strategic Management Builds Equity 225 The 10:1 Rule (More or Less) 225 Think First 226 Know Yourself 227 Know Your Finances 228 Know Your Capabilities 228 Smart Strategic Decisions 229 Tailor Strategy to Local Markets 229 Craig Wilson’s Profi t-Boosting Market Strategy 229 How Craig Wilson Used Market Information to Enhance Profitability 232 Results 236 Cut Operating Expenses 236 Energy Audits 237 Property Insurance 237 Maintenance and Repair Costs 240 Property Taxes and Income Taxes 241 Add Value: Closing Words 241 12 Develop the Best Lease 243 The Mythical Standard Lease 243 Your Market Strategy 243 Search for Competitive Advantage 245 Craft Your Rental Agreement 246 Names and Signatures 246 Joint and Several Liability 247 Guests 247 Length of Tenancy 247 Holdover Tenants (Mutual Agreement) 248 Holdover Tenants (without Permission) 248 Property Description 248 Inventory and Describe Personal Property 249 Rental Amounts 249 Late Fees and Discounts 250 Multiple Late Payments 250 Bounced Check Fees and Termination 250 Tenant “Improvements” 251 Owner Access 251 Quiet Enjoyment 251 Noxious Odors 252 Disturbing External Influences 252 Tenant Insurance 253 Sublet and Assignment 253 Pets 253 Security Deposits 254 Yard Care 255 Parking, Number, and Type of Vehicles 256 Repairs 256 Roaches, Fleas, Ants 257 Neat and Clean 257 Rules and Regulations 257 Wear and Tear 257 Lawful Use of Premises 258 Notice 258 Failure to Deliver 258 Utilities, Property Taxes, Association Fees 259 Liquid-Filled Furniture 259 Abandonment of Property 260 Nonwaivers 260 Breach of Lease (or House Rules) 260 No Representations (Full Agreement) 261 Arbitration 261 Attorney Fees (Who Pays?) 261 Written Notice to Remedy 263 Tenants’ Rights Laws 263 Tenant Selection 263 Property Operations 265 Evictions 265 Landlording: Pros and Cons 266 Possibilities, Not Probabilities 266 Professional Property Managers 266 13 Create Promotions That Sell 269 Design a Winning Value Proposition 269 Yet Generic Prevails 269 USP versus WVP 270 Craft Your Selling Message 272 Use a Grabber Headline or Lead 273 Reinforce and Elaborate 273 Add Hot Buttons 273 Establish Credibility 274 Compare to Substitutes 274 Evoke Emotional Appeal 274 Reduce Perceived Risks 274 Make It Easy for Prospects to Respond 275 Follow Up with Your Prospects 276 Reach Potential Buyers 277 For Sale Signs 277 Flyers and Brochures 277 Networking (Word of Mouth) 278 Websites and Links 279 Sales Agents 279 Should You Employ a Realty Agent? 279 Services to Sellers 279 Services to Buyers 280 Co-Op Sales 282 Listing Contracts 282 14 Pay Less Tax 285 The Risks of Change and Complexity 285 Homeowner Tax Savings 286 Capital Gains without Taxes 286 Rules for Vacation Homes 287 Mortgage Interest Deductions 288 Credit Card Interest 288 Rules for Your Home Offi ce 289 Depreciation Expense 289 Land Value Is Not Depreciable 289 Land Values Vary Widely 290 After-Tax Cash Flows 290 Passive Loss Rules 292 Taxpayers in the Real Property Business (No Passive Loss Rules) 292 Alternative Minimum Tax 293 Capital Gains 293 A Simplified Example 293 The Installment Sale 294 What’s the Bottom Line for Sellers? 295 Implications for Buyers 295 Tax-Free Exchanges 296 Exchanges Don’t Necessarily Involve Two-Way Trades 296 The Three-Party Exchange 296 Exchanges Are Complex but Easy 297 Are Tax-Free Exchanges Really Tax Free? 298 Section 1031 Exchange Rules 299 Reporting Rental Income and Deductions 300 Tax Credits 301 Complexity, Tax Returns, and Audits 303 Use a Tax Pro 305 Property Taxes 306 Summary 308 15 More Ideas for Profitable Investing 311 Out-of-Area Investing 312 Reasons to Invest Elsewhere 312 What about Property Management? 313 Tenant-Assisted Management 314 Property Management Companies 314 Emerging Growth Areas 314 The Creative Class 314 Implications for Investing in Real Estate 315 Right Place, Right Time 315 Emerging Retirement and Second-Home Areas 316 Which Cities and Areas? 316 Income Investing 317 Out-of-Area Caveats 317 Commercial Properties 318 Low Effort Management 319 The Upside and Downside 319 Opportunity for High Reward 320 Commercial Leases Create (or Destroy) Value 320 Triple Net (NNN) 322 Self-Storage 323 Mobile Home Parks 325 Profitable Possibilities with Zoning 327 Tax Liens and Tax Deeds 327 Localities Differ 328 Are Tax Liens and Tax Deeds an Easy Way to Make Big Profits? 328 Discounted Paper 328 What Is Discounted Paper? 329 Here’s How the Loan Sale Works 329 Sell the Note at a Premium 330 Delinquent and Nonperforming Loans 330 Due Diligence Issues 331 Should You Form an LLC? 332 Different Strokes for Different Folks 332 Court Rulings 332 One Size Doesn’t Fit All 332 16 Opportunity For A Lifetime 335 USA: Right Time, Right Price, Right Place 335 Personal Opportunity 336 Index 339

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