Investment and securities Books
John Wiley & Sons Inc Investment Strategies of Hedge Funds
Book SynopsisOne of the fastest growing investment sectors ever seen, hedge funds are considered by many to be exotic and inaccessible. This book provides an intensive learning experience, defining hedge funds, explaining hedge fund strategies while offering both qualitative and quantitative tools that investors need to access these types of funds.Trade Review"This is a very good place to investigate the reality of hedge funds." (Pensions World, October 2007)Table of ContentsForeword xi Preface xiii Acknowledgments xvii About the Author xix 1 A Few Initial Remarks 1 1.1 What is a hedge fund? 1 1.2 History of hedge funds 2 1.3 Proprietary trading 4 1.4 The growth of the hedge fund industry 4 1.5 Main characteristics of the current industry 6 1.6 Capacity 8 1.7 Commissions 8 1.8 Industry performance overview 9 1.9 The hedge fund manager 12 1.10 Alpha and beta 12 1.11 Investment strategies 13 1.12 Explorers and frontiers 16 1.13 SEC’s vigilance 16 1.14 Considerations on performance sustainability 16 1.15 Capacity and performance sustainability 17 1.16 Ability or chance? 17 1.17 The importance of avoiding losses 18 1.18 Decreasing returns with longer investment horizons 19 1.19 Business case: A hedge fund start-up 19 2 Arbitrage 21 2.1 The transaction costs barrier 22 2.2 ADR arbitrage 23 2.3 Arbitrage between off-the-run and on-the-run thirty-year Treasury Bonds 24 3 Short Selling 27 3.1 A brief history of short selling 27 3.2 What is short selling? 30 3.3 A simplified example of short selling on US markets 31 3.4 Who lends securities for short selling? 32 3.5 Regulations governing short selling 33 3.6 The risks of short selling 34 3.7 Short interest and short interest ratio 35 3.8 Wall Street’s alter ego 36 3.9 Stock picking in short selling 37 3.10 The art of contrary thinking 41 3.11 Measuring the strategy’s historical performance 42 3.12 Conclusions 45 4 Long/Short Equity 47 4.1 History of the first hedge fund 48 4.2 Market exposure 48 4.3 Management styles 52 4.4 Specialized long/short equity funds 55 4.4.1 Long/short equity technology-media-telecommunication (TMT) 56 4.4.2 Long/short equity biotech 57 4.4.3 Long/short equity gold 58 4.4.4 Long/short equity on emerging markets 58 4.5 Share class arbitrage 62 4.6 Pairs trading 62 4.7 Covered call and covered put options sale 64 4.8 Strategy’s historical performance analysis 65 4.9 Equity market neutral 69 4.9.1 Equity market neutral strategy’s historical performance analysis 70 5 Merger Arbitrage 75 5.1 A brief history of M&A 76 5.2 Strategy description 82 5.3 Risk associated with the outcome of an extraordinary corporate event 83 5.4 Types of mergers and acquisitions 86 5.4.1 Cash mergers or tender offers 86 5.4.2 Stock swap mergers or stock-for-stock mergers 87 5.4.3 Stock swap mergers with a collar 89 5.4.4 Multiple bidder situations 90 5.4.5 Leveraged buyouts and hostile takeovers 90 5.4.6 Spin-offs 92 5.5 Risk management 92 5.6 Strategy’s historical performance analysis 93 5.7 Conclusions 96 6 Convertible Bond Arbitrage 99 6.1 Why issue a convertible bond? 101 6.2 A brief history of convertible bonds 101 6.3 The convertible bond market 102 6.4 Definitions 106 6.5 Quantitative models to value convertible bonds 107 6.5.1 Analytical models 108 6.5.2 Numerical models 109 6.6 Implied volatility and historical volatility 110 6.6.1 Credit spreads, implied volatility and risk appetite 110 6.7 Convertible bond arbitrage 110 6.7.1 Cash-flow arbitrage 111 6.7.2 Volatility trading 113 6.7.3 Gamma trading 117 6.7.4 Credit arbitrage 120 6.7.5 Skewed arbitrage 124 6.7.6 Carry trade 124 6.7.7 Refinancing plays 126 6.7.8 Late stage restructuring plays 126 6.7.9 Multi-strategy 126 6.8 Mandatory convertibles 126 6.9 Strategy’s historical performance analysis 128 6.10 Risk control 132 6.11 Conclusions 133 7 Fixed Income Arbitrage 135 7.1 Issuance driven arbitrage or snap trade 137 7.2 Yield curve arbitrage 137 7.3 Intermarket spread trading 140 7.4 Futures basis trading or basis trading 140 7.5 Swap spread trading 140 7.6 Capital structure arbitrage 141 7.7 Long/short credit or credit pair trading 144 7.8 Carry trade 148 7.9 Break-even inflation trades 148 7.10 Cross-currency relative value trade 149 7.11 Treasuries over eurodollars (TED) spread or international credit spread 151 7.12 Leveraged loans 151 7.13 Strategy’s historical performance analysis 153 7.14 Conclusions 157 8 Strategies on CDOs 159 8.1 A brief history of CDOs 162 8.2 Hedge fund investment strategies 163 8.2.1 Carry trade 163 8.2.2 Long/short structured credit 164 8.2.3 Correlation trade 164 8.3 Conclusions 166 9 Mortgage-Backed Securities Arbitrage 167 9.1 A brief history of mortgage-backed securities 167 9.2 Originators of mortgage-backed securities 167 9.3 The industry of mortgage-backed securities 169 9.3.1 Pass-through securities 169 9.3.2 Collateralized mortgage obligations 170 9.3.3 “Interest Only” securities and “Principal Only” securities 170 9.4 The sensitivity of mortgage-backed securities to interest rates 171 9.5 Arbitrage on mortgage-backed securities 173 9.6 Risk factors 174 9.7 Strategy’s historical performance analysis 174 9.8 Conclusions 178 10 Distressed Securities 179 10.1 A brief history of distressed securities 180 10.2 The distressed debt market 181 10.3 Bankruptcy laws 186 10.4 Strategy description 187 10.4.1 Securities involved 187 10.4.2 Investment thesis 192 10.4.3 The valuation process 194 10.4.4 Hedging techniques 195 10.5 Risks 195 10.6 A brief consideration of the directional nature of distressed securities hedge funds 196 10.7 Trade claims 198 10.8 Strategy’s historical performance analysis 202 10.9 Conclusions 206 11 Event Driven or Special Situations 207 11.1 Activist investors 208 11.2 Strategy’s historical performance analysis 211 12 Multi-Strategy 217 12.1 Multi-strategy funds 217 12.2 Strategy’s historical performance analysis 217 13 Managed Futures 223 13.1 What is a futures contract? 224 13.2 A brief history of managed futures 224 13.3 Managed futures strategy 225 13.4 “Do storks deliver babies?” and the predictability of financial time series 233 13.5 Strategy’s historical performance analysis 233 13.6 Conclusions 238 14 Global Macro 239 14.1 A brief history of macro funds 240 14.2 Investment strategies adopted 242 14.3 The characteristics shared by great traders 242 14.4 The legs of a trade 243 14.5 The theory of reflexivity by George Soros 248 14.6 Debt emerging markets 249 14.7 Strategy’s historical performance 255 14.8 Conclusions 258 15 Other Strategies 259 15.1 Holding company arbitrage 259 15.2 Closed-end fund arbitrage 260 15.3 Statistical arbitrage 261 15.4 Index arbitrage 262 15.5 Volatility trading 262 15.5.1 Option trading 263 15.5.2 Delta hedging 264 15.5.3 Variance swaps 264 15.5.4 Other instruments 264 15.6 Split-strike conversion 265 15.7 Lending 265 15.8 PIPEs or Regulation D 268 15.9 Real estate 270 15.10 Natural resources 270 15.11 Energy trading 274 15.12 Natural events 275 16 Hedge Fund Performance Analysis 279 16.1 Risks inherent in hedge fund investments 279 16.2 Hedge fund strategies indices 281 16.2.1 Benchmarking 282 16.3 Statistical analysis of indices 283 16.4 Value at risk 287 16.5 Statistical analysis of data from the LIPPER TASS database 289 17 Conclusions 291 Bibliography 295 Index 299
£68.40
John Wiley & Sons Inc Millionaire Traders
Book SynopsisTrading is a battle between you and the market. And while you might not be a financial professional, that doesn't mean you can't win this battle. Through interviews with twelve ordinary individuals who have worked hard to transform themselves into extraordinary traders, Millionaire Traders reveals how you can beat Wall Street at its own game.Table of ContentsPreface vii Acknowledgments ix Chapter 1 The Art of Trading 1 Chapter 2 The Man Who Buys Crashes 9Dana “Dan” Allen Chapter 3 The 100-Pip Trader 37Rob Booker Chapter 4 Rags to Riches 77Hoosain Harneker Chapter 5 The Wisdom of Experience 107Franki Law Chapter 6 The Treasure Hunter 129Indi Jones Chapter 7 The News Junkie 179Roland Campbell Chapter 8 The Great Adapter 209Tyrone Ball Chapter 9 Surfing for Profits 245Ashkan Bolour Chapter 10 The All-American Trader 273Paul Willette Chapter 11 FX Family Values 307Marcelino Livian Chapter 12 Man Versus Machine 325Steven Ickow Chapter 13 Getting Started in Trading 347 Index 355
£13.50
John Wiley & Sons Inc Buffett Beyond Value
Book SynopsisIn this book, Jain expands upon Buffett's annual letters to Berkshire shareholders and uncovers the key elements that every investors should know. Readers will learn that, contrary to popular beliefs, Warren Buffett is not a pure value investor - Buffett's strategy includes principles of both value and growth strategies.Table of ContentsPreface ix Acknowledgments xv Part One Introduction and Background 1 Chapter 1 The Thrill of Investing in Common Stocks 3 Chapter 2 1965–2009: Lessons from Significant Events in Berkshire History 9 Part Two Buffett Investing = Value + Growth 23 Chapter 3 Value Investing—It's Like Buying Christmas Cards in January 25 Chapter 4 Growth Investing 43 Chapter 5 Intrinsic Value 57 Chapter 6 Buffett Investing = Value + Growth 69 Part Three Other People’s Money 87 Chapter 7 Insurance—Other People’s Money 89 Chapter 8 Reinsurance: More of Other People’s Money 99 Chapter 9 Tax Deferment: Interest-Free Loans from the Government 109 Part Four Success in Retailing, Manufacturing, and Utilities 113 Chapter 10 If You Don’t Know Jewelry, Know Your Jeweler 115 Chapter 11 Compete Like Mrs. B 123 Chapter 12 Why Invest in Utility Companies? 129 Chapter 13 High Profits in Honest-to-Goodness Manufacturing Companies 137 Part Five Risk, Diversification, and When to Sell 143 Chapter 14 Risk and Volatility: How to Think Profitably About Them 145 Chapter 15 Why Hold Cash: Liquidity Brings Opportunities 155 Chapter 16 Diversification: How Many Baskets Should You Hold? 161 Chapter 17 When to Sell 169 Part Six Market Efficiency 175 Chapter 18 How Efficient Is the Stock Market? 177 Chapter 19 Arbitrage and Hedge Funds 185 Part Seven Profitability and Accounting 193 Chapter 20 M = Monopoly = Money 195 Chapter 21 Who Wins in Highly Competitive Industries? 205 Chapter 22 Property, Plant and Equipment: Good or Bad? 211 Chapter 23 Key to Success: ROE and Other Ratios 217 Chapter 24 Accounting Goodwill: Is It Any Good? 223 Part Eight Psychology 229 Chapter 25 How Much Psychology Should You Know? 231 Chapter 26 How to Learn from Mistakes 243 Part Nine Corporate Governance 249 Chapter 27 Dividends: Do They Make Sense in This Day and Age? 251 Chapter 28 Should You Invest in Companies That Repurchase Their Own Shares? 257 Chapter 29 Corporate Governance: Employees, Directors, and CEOs 263 Chapter 30 Large Shareholders: They Are Your Friends 273 Conclusion B = Baseball = Buffett 277 Appendix A Summary of the Book 281 Notes 283 About the Author 295 Index 297
£18.69
John Wiley & Sons Inc Trade Like an ONeil Disciple
Book Synopsis* Trade Like an O Neil Disciple is a detailed look at how to trade William O Neil strategies under various market conditions by two O Neil insiders something never before written about.Table of ContentsForeword xi Preface xiii Acknowledgments xvii Chapter 1 The Evolution of Excellence: The O’Neil Trading Method 1 Preparation, Study, and Practice 2 Buy Expensive—Not Cheap—Stocks 4 Averaging Down 5 Cutting Losses Quickly 5 Taking Profits Too Soon—Letting Your Winners Run 6 Position Concentration 7 Dealing in Big Stocks and Institutional Sponsorship 8 Chart Patterns 9 Pivotal Points versus Pivot Points 12 Timing the Market: When to Be In, When to Be Out 13 Emotions and Predictions 14 Listening to Opinions, News, and Tips 15 Overtrading 16 The O’Neil Approach: Techno-Fundamentalism 17 Conclusion 17 Chapter 2 How Chris Kacher Made Over 18,000 Percent in the Stock Market Over Seven Years 19 Gaining a Foothold in the Business 20 1996—“Y2K” Stocks Put Me Over the Top 22 1997—Keeping Profits during the Asian Contagion 27 1998—Demoralization Sets In Just Before the Market Takes Off 29 1999—The Bubble Expands 31 2000—The Bubble Bursts 35 2001—A Lesson in Shorting 37 2002 to Present—Choppy, Sideways Markets and the Birth of the Pocket Pivot 39 Chapter 3 How Gil Morales Made Over 11,000 Percent in the Stock Market 43 A Rocky Start Turns Golden 44 Climbing on Board the Rocket Ride 46 Joining the 1,000 Percent Club 49 Oracle Bubbles Up 50 Patience and a Watchful Eye 53 Cleared for Take-Off 54 Verisign: The “Spice in the Soup” 56 Sitting Not Thinking 60 Closing In on the Top 62 The Theme of Success 64 The Secret Ingredients 65 Chapter 4 Failing Forward 67 The Psychology of Success Lies in Taming the Ego 68 Learning from Our Mistakes 72 Problems, Situations, and Solutions 107 Conclusion 125 Chapter 5 Tricks of the Trade 127 Dr. K’s Laboratory: The Pocket Pivot Advantage 128 Characteristics of Pocket Pivots 131 Definition of a Pocket Pivot Buy Point 132 Pocket Pivots and Standard Breakout Buy Points 133 Buying “in the Pocket” 136 Bottom-Fishing with Pocket Pivots 149 Continuation Pocket Pivots: Using the 10-Day Moving Average 153 Improper or “Do Not Buy” Pocket Pivot Points 157 Using Moving Averages as Sell Guides 163 Dr. K’s Laboratory: Buying Gap-Ups in Leading Stocks 165 Selling Techniques Using the 10-Day and 50-Day Moving Averages 173 Putting It All Together 177 Conclusion 185 Chapter 6 Riding the Bear Wave: Timely Tools for Selling Stocks Short 186 The Golden Rules of Short-Selling 187 Short-Sale Set-Ups 192 Shorting Rocket Stocks 221 Conclusion 224 Chapter 7 Dr. K’s Market Direction Model 226 Timing the Market 226 Chart Examples 234 Stealing the Model’s Secrets 243 Timing Model FAQ 244 Conclusion 259 Chapter 8 Our Bill of Commandments 260 Misconceptions 260 Surviving by Keeping Ego in Check 263 The First Commandment 265 The Second Commandment 265 The Third Commandment 267 The Fourth Commandment 267 The Fifth Commandment 267 The Sixth Commandment 268 The Seventh Commandment 268 The Eighth Commandment 268 The Ninth Commandment 269 The Tenth Commandment 269 Conclusion 270 Chapter 9 In the Trenches with Bill O’Neil 272 1997–1998 272 1999–2000 286 The Great Bear of 2001–2002 307 2003–2005 Bull Market 318 Conclusion 329 Chapter 10 Trading Is Life; Life Is Trading 331 Ed Seykota: Teaching a Technique That Has Helped Traders around the World 332 Eckhart Tolle: Helping People Achieve Inner Peace and Greater Fulfillment, a Prerequisite to Optimized Trading and Living 334 Esther Hicks: Teacher of the Law of Attraction 340 Jack Canfield: Seminal Works on Personal Optimization 341 Psychological Checklist: Questions to Ask Yourself 343 Parallels between Teachings 345 In Conclusion 346 Appendix Dr. K’s Top 50 Wall Street Books 347 About the Authors 351 Index 353
£41.60
John Wiley & Sons Inc Trader VicMethods of a Wall Street Master
Book SynopsisTrader Vic -- Methods of a Wall Street Master Investment strategies from the man Barron's calls "The Ultimate Wall Street Pro" "Victor Sperandeo is gifted with one of the finest minds I know. No wonder he's compiled such an amazing record of success as a money manager. Every investor can benefit from the wisdom he offers in his new book.Table of ContentsForeword iii Preface ix Acknowledgments xiv Part 1 Building Your Knowledge from the Ground Up 1 Introduction: The Secret of the Gamboni 1 1 From Gambler to Market Master: The Making of a Professional Speculator 3 A Quest for Freedom 5 The Wisdom of the Tape 6 Horsetrading Options 8 A Taste of Independence 10 Discovering the Nature of Trends 12 Finding My Freedom 13 2 The Alligator Principle: Proof of the Need to Think in Essentials 15 Being Eaten Alive 15 Thinking in Essentials16 3 A Business Philosophy for Consistent Success 21 Preservation of Capital 21 Consistent Profitability 24 Pursuit of Superior Returns 26 Conclusion 27 4 Finding Order in Market Chaos: An Introduction to Dow Theory 29 Good Ideas Often Misunderstood 30 The “Hypotheses” of Dow Theory 32 The “Theorems” of Dow Theory 35 Conclusion 46 5 A True Understanding of Trends 49 Uptrend, Downtrend, Move All Around Trend 49 Let’s Reduce It to Basics 49 The Importance of Confirmation 52 The Four Phases of a Market 54 Important Volume Relationships 57 Conclusion 57 6 The Merits and Hazards of Technical Analysis 59 Tidewatchers 60 The Manipulators 63 The Purists 66 Summary 67 7 Where Fortunes Are Made: Identifying a Change of Trend 69 Determining the Trend—Drawing the Trendline 71 Identifying a Change of Trend: It's Easy as 1-2-3 74 2B, or Not 2B? That’s Worth Some Money! 78 The Cause of Tests and the 2B Pattern 81 The ABCs of Secondary Corrections 84 Summary 84 8 What the Analysts Don’t Know Can Kill You 87 How Important Can Anchovies Be? 87 Understanding Moving Averages8 8 A Different Perspective on Relative Strength 93 Momentum Indicators (Oscillators) 96 Making Specific Stock Selections 104 Conclusion 108 9 The Way the World Really Works: The Basics of Economics 109 The Jigsaw Puzzle 109 Economics According to Robinson Crusoe 112 The Role of Money 115 Economics and Human Nature 118 Production Before Affluence 121 Savings, Investment, Credit, and Wealth 124 Summary: The Closest Thing There Is to a Free Breakfast 130 10 Booms and Busts: Who Holds the Pump and Who Holds the Needle? 133 Booms and Busts: The Business Cycle 133 The Nature of the Business Cycle 134 The Structure and Role of the Federal Reserve System 144 How Money and Credit Availability Is Created and Controlled 146 Reserve Requirements, Fed Funds Rate, and the Discount Rate 151 How to Predict the Trend and Changes of Trend Based on Fed and Treasury Policy 160 Conclusion 162 11 Managing Money By Measuring Risk 163 The True Meaning of Risk 163 A Revolutionary Approach to Risk Assessment 166 Allocating Capital with Odds Management 170 12 There Must Be Fifty Ways to Lose Your Money 175 The $4017 Hairdryer 175 Trading Rules and the Reasons Behind Them 176 The Rules Defined 177 The 85% Rule 187 Conclusion to Part 1: Putting It All Together 189 Part II The Commitment to Make It Happen: Emotional Discipline 191 The Trader’s Dream: A Fable 191 13 The Spock Syndrome: Reason and Emotions at War197 Introduction 197 From Predator to Trader: The Evolution of Human Emotions 199 Emotions as Benefactor 202 Emotions as the Villain 204 The Source of Consistency: Emotional Discipline 206 Conclusion 208 14 Success is What You Make It 211 The Prerequisites of Success 211 The Meaning of Success 212 The Supercomputer of the Mind 214 Discovering and Using Motivation 216 Conclusion220 15 Changing So It Sticks 221 Using Your Body 222 Using Your Conscious Mind 225 Discovering Awareness 226 Finding Your Focus 228 The Power of Questions 231 The Importance of Evaluation 232 Values and Character 232 Beliefs and Personality 234 Harnessing the Power of the Subconscious 239 Anchoring 242 Conclusion 244 16 Conquering False Pride 245 The Most Important Reason People Fail in Trading 245 Your Evil Twin: The Idealized Self-Image 246 The Search for Glory 247 Compulsion and Imagination 250 When Wishes Become Claims 251 The Tyranny of the Shoulds 252 Real Pride/False Pride 256 17 Finding Your Freedom2 59 Notes 263 Glossary of Terms 271 Bibliography 281 Index 283
£23.80
Taylor & Francis Ltd Property Finance Sourcebook
Book SynopsisThis book is a complete directory of UK and overseas lenders that helps you with your financial property needs. Servicing the commercial, residential and real estate development markets, it provides crucial information such as contact names, phone and fax numbers, addresses and details of lenders' terms, rates and conditions. The book identifies who the lenders are, namely corporate and private banks, building societies, and private mortgage providers. Moreover, it isolates the type of finance each company caters for, such as: agricultural finance, development investment, hotels and leisure and even healthcare. With all this valuable information contained within one title, this book can work as a tool to aid anyone seeking finance for their property development or re-sale. Richard von Goetzen has worked in the financial services and property industry for over thirty years. He worked at the Michael Laurie PartnershiTable of ContentsIntroduction; Glossary of Terms; Lender Indices; Company Listings
£71.24
Harriman House Publishing The Definitive Guide to Point and Figure
Book SynopsisPoint and Figure charts are one of the great secrets of the Technical Analysis world. Highly sophisticated and with a thoroughbred pedigree, they can, however, be overlooked by traders today. This book provides an introduction of brand new techniques, demystifies the world of Point and Figure charting.Table of ContentsAbout the Author Preface to the Second Edition Preface to the First Edition Introduction Introduction to Technical Analysis 1. Introduction to Point and Figure Charts History and development Where did Point and Figure charts get their name? The use of Point and Figure charts over the years The voice of the market 2. Characteristics and Construction Characteristics of Point and Figure charts Point and Figure construction 3-box reversal charts 5-box reversal charts 2-box and other reversal charts Summary so far The move from intra-day to end-of-day - The great controversy End-of-interval time-frame Point and Figure charts Log scale Point and Figure charts Summary 3. Understanding Patterns and Signals 1-Box and 3-Box Reversal Charts Point and Figure signals The strength of the pattern The breakout and pullback Terminology clarification 1-box and 3-box patterns Traps Broadening patterns Bullish and bearish patterns that reverse Poles Other Patterns Congestion analysis Signals with the trend or against the trend Summary 4. Understanding and using Trend lines Trend line breaks 45 Bullish support and bearish resistance lines Trend lines and signal rules Summary 5. Projecting Price Targets Counts on 1-box reversal charts Counts on 3-box reversal charts Things you should know about Point and Figure counts Counts on other box reversal charts Counts on log scale charts De Villiers and Taylor 3-box horizontal counts Risk and reward Another way of projecting targets - Fibonacci retracements Summary 6. Analysing Point and Figure Charts Implications of changing the construction parameters Choosing your chart parameters Drawing your first Point and Figure chart Showing gaps Other ways of determining box size Analysis of 3-box reversal charts Analysis using 1-box reversal charts Analysis of 2-box charts Stoplosses on Point and Figure Low-risk entries Summary 7. Point and Figure Charts of Indicators Point and Figure of relative strength Point and Figure of on-balance volume Point and Figure of oscillators Summary 8. Optimisation of Point and Figure Charts The case for and against optimisation Approaching Point and Figure optimisation Optimising for specific patterns Conclusion 9. Point and Figure's Contribution to Market Breadth Introduction A caveat Bullish Percent Bullish Trend Percent X-Column Percent Other Market Breadth Indicators based on Point and Figure Market Breadth on other markets Summary 10. Advanced Point and Figure Techniques Moving averages on Point and Figure Parabolic stop and reverse (SAR) on Point and Figure Bollinger Bands on Point and Figure Activity histograms Summary 11. Chart Examples Spot Euro Dollar (daily) 0.01 x 1 Spot Euro Dollar (60 minute) 0.01 x 1 Gold PM Fix 5 x 1 Gold PM Fix 5 x 3 Brent Crude Index (IPE) 2% x 1 Brent Crude Index (IPE) 1% x 3 MIB 30 Index 1% x 3 Nikkei 225 Index 100 x3 Hang Seng Index 100 x3 DJ Euro Stoxx 50 1% x3 Infineon Technologies AG 2% x 3 IBM 1% x 3 Compuware Corporation 1% x 1 Intel Corporation 0.25 x 3 American Express Company 1.5% x 3 Three month sterling interest rate future (June 2005) (60 minute) 0.025 x 1 Gold 15 x 3 US 10 year yield 0.025 x 3 Brent Crude Summary 12. Dividing your Stocks into Bullish and Bearish Conclusion References and Further Reading Appendix A - Construction of 2-Box Reversal Charts Example of a 10 x 2 Point and Figure chart Appendix B - Construction of 1-Box Reversal High/Low Charts Example of a 10 x 1 Point and Figure chart using high/low prices Appendix C - Construction of Log Scaled Charts Index
£52.46
Harriman House Publishing The Law of Vibration
Book SynopsisDrawing on the research on gematria, the enneagram and financial market analysis, this title reveals the existence of a behavioural pattern that may have profound implications for the way that we view the world. It is suitable for investors, economists and scientists who have an interest in the laws that underpin systemic coherence.
£21.25
Harriman House Publishing Excess Returns
Book SynopsisAn analysis of the investment approach of the world''s top investors, showing how to achieve market-beating returnsIt is possible to beat the market. Taking this as a starting point, Excess Returns sets out to explore how exactly the most famous investors in the world have done it, year after year, sometimes by huge margins.Excess Returns is not a superficial survey of what investors have said about what they do. Rather, Frederik Vanhaverbeke applies a forensic analysis to hundreds of books, articles, letters and speeches made by dozens of top investors over the last century and synthesises his findings into a definitive blueprint of how exactly these investment legends have gone about their work.Among the legends whose work has been studied are Warren Buffett, Benjamin Graham, Anthony Bolton, Peter Lynch, Charles Munger, Joel Greenblatt, Seth Klarman, David Einhorn, Daniel Loeb, Lou Simpson, Prem Watsa and many more.Among the revealing insights, you will learn of the striking similarities in the craft of great investors, crucial subtleties in their methods that are ignored by many, and the unconscious errors investors commonly make and how these are counter to successful investing. Special attention is given to two often overlooked areas: effective investment philosophy and investment intelligence.The investing essentials covered include:- Finding bargain shares- Making a quantitative and qualitative business analysis- Valuation methods- Investing throughout the business cycle- Timing buy and sell decisions- And much, much more!Excess Returns is full of timeless and practical insights, presented in a unique style, to help investors focus on the most promising opportunities and lead the way to beating the market.
£28.00
Harriman House Publishing Your Retirement Salary
Book SynopsisYou have spent a few decades working, earning a salary, and saving into company and personal pensions along the way. Now, retirement is approaching.How will you turn your savings into a salary to pay for essentials and and non-essentials in retirement? How will you make sure that you don't run out of money in retirement? What do the UK pension freedoms mean for you?In this one-of-a-kind book, personal finance experts Richard Dyson and Richard Evans answer these questions and equip you with everything you need to know to turn your pension savings into an income that will last throughout your retirement.You will learn:-- How to take control of your pension savings by tracking down all of your pension pots and combining them.-- When you can afford to retire.-- Steps to take to avoid running out of money.-- How to build an income-paying portfolio of fund investments from scratch.-- How to withdraw a sustainable income from your portfolio.-- How annuities work and whether they have a role for you.-- How to make the most of the tax rules.-- The importance of the state pension and how to maximise it.-- When to seek professional advice.This is your complete, step-by-step guide to organising your pension money and making the most out of it to pay yourself a retirement salary. Don't enter retirement without it.
£13.49
Harriman House Publishing The Smart Money Method
Book SynopsisIn The Smart Money Method, the stock-picking techniques used by top industry professionals are laid bare for investors. This is the inside track on how top hedge funds pick stocks and build portfolios to make outsize returns.Stephen Clapham is a retired hedge fund partner who now trains stock analysts at some of the world's largest and most successful institutional investors. He explains step-by-step his research process for picking stocks and testing their market-beating potential.His methodology provides the tools and techniques to research new stock ideas, as well as maintain and eventually sell an investment.From testing your thesis and making investment decisions, to managing your portfolio and deciding when to buy and sell, The Smart Money Method covers everything you need to know to avoid common pitfalls and invest with confidence.Unique insight is presented in several specific areas, including how to:Find stock ideasAssess the quality of any businessJudge management's abilityIdentify shady accounting and avoid dying companiesValue any business to find bargain sharesNavigate the consequences of COVID-19And throughout, there are real-life investing examples and war stories from a 25-year career in stock markets.The message is clear you can beat the market. To do so, you need to learn and apply the insider secrets contained within this book.
£16.99
Harriman House Publishing 7 Mistakes Every Investor Makes And How To Avoid
Book SynopsisEvery investor makes mistakes. Private or professional, amateur or experienced, there is no exception.And many of these are common mistakes. Whether or not they want to admit it, many investors have committed the same errors. How can you avoid these mistakes? How can you distinguish yourself as an investor and improve your performance?Joachim Klement, research analyst and former Chief Investment Officer with 20 years' experience in financial markets, has the answers.Seven Mistakes Every Investor Makes (And How To Avoid Them) calls upon years of experience and scientific research to deliver expert insight into the most common mistakes plaguing investors. From there, Klement outlines his personal tools and techniques, developed, refined and successfully implemented over many years in the finance industry, to help avoid and mitigate such mistakes. His ultimate aim: to help you help yourself.The mistakes covered include forecasting, short- and long-term orientation, repeating past errors, confirmation bias, not delegating to experts, and blind trust of traditional assumptions.Seven Mistakes Every Investor Makes (And How to Avoid Them) is a must-have guide for every investor. Packed with scientific research and personal wisdom, this book draws together the most common investing mistakes in order to practically reveal how to overcome and eliminate them.Don't make another avoidable mistake by missing out on this book.
£21.24
Harriman House Publishing Trend Following Masters Volume 1
Book SynopsisExclusive insights into the trading strategies of some of world's leading traders and investors.
£24.00
Harriman House Publishing Four Ways to Beat the Market
Book SynopsisInvestors in stocks are faced with two major problems:How to find and interpret the most useful data from company accounts.How to whittle down the list of thousands of public companies into a smaller pool of candidates for further research.In Four Ways to Beat the Market, experienced financial journalist Algy Hall provides the solution to both problems and helps investors in their quest to pick winning shares.The answer lies in stock screens.Over a decade, the four stock screens described here outperformed the market by 242% to 388%. These stock screens are ridiculously powerful – but staggeringly simple.Algy starts with four strategies for equity investing:Quality, Value, Income and Momentum.He shows how to construct four stock screens and use data from company accounts, including common accounting ratios, to filter stocks on the criteria that each of these strategies is looking for.And once the shortlist of screened stocks is produced, Algy explains how to use that shortlist as a basis for further analysis and research, before making an investment.Along the way, Algy also reveals the logical and empirical basis behind Quality, Value, Income and Momentum strategies, to help investors understand why they work and give them the confidence that they will continue to work in the future. Many other hints, tricks and tactics for investors are revealed, to help investors spot the best stocks and avoid the duds.With Algy Hall as your guide, discover the surprising ideas and stories that lie behind these strategies, while building the necessary know-how to improve your investment returns.
£21.24
Harriman House Publishing The Worlds Simplest Stock Picking Strategy
Book SynopsisEdward Ryan describes the investment strategy he has used for his own personal investments for the last ten years and shows you, step by step, with full practical guidance, how to put it into practice yourself.
£13.49
Harriman House Publishing Crossing the Street
Book SynopsisVietnam is the last significant opportunity for investors in Southeast Asia. But, as with any frontier market, that doesn't mean it's simple. Investing in this fast-growing and exciting country can be rather like the infamous experience of attempting to cross its busy streets. To get to the other side in one piece takes nerves and experience.Crossing the Street by Andy Ho is the answer. This is a candid, actionable guide to investing in Vietnam, written by an investor with almost two decades of experience in navigating the challenges involved and seeing people safely across to the rewards.Today, Vietnam ranks among the fastest growing countries in the world. Much like China two decades before it, the country is experiencing rapid development. It has an increasingly affluent population of nearly 100 million. It is quickly transforming into a key manufacturing hub in Asia. And it is one of the few countries in the world whose economy has continued to grow despite the global pandemic.Investors from around the globe have taken note of the opportunities that abound in Vietnam's market-oriented socialist' economy. Thanks to Crossing the Street they can take advantage of them without getting run over.
£23.99
Harriman House Publishing Trend Following Masters Volume 2
Book SynopsisMichael Covel's Trend Following podcast has delivered millions of listens across 80+ countries for over a decade. On the podcast, Michael invites you to take a seat next to him as he interviews the world's top experts in investor psychology. Encouraged by Michael's skilled and knowledgeable questions, legendary guests reveal the best of their wisdom, guidance, and ideas to help you manage your trading mindset. It is the ultimate mentorship circle serving one goal: To give everyone the chance to learn how to profit in the markets.This second volume of Trend Following Masters features Michael's conversations with great psychologists and behavioral scientists, including:Annie Duke, Alexander Elder, Van Tharp, Denise Shull, Daniel Crosby, Daniel Kahneman, Charles Faulkner, Gerd Gigerenzer, Brett Steenbarger, Philip Tetlock, K. Anders Ericsson, Alison Gopnik.If you aspire to be a Trend Following Master, this collection of insightful interviews is an essential addition to your trading library.
£25.50
Cambridge University Press Constructing Economic Nationalisms in Brazil and India
a huge range and FREE tracked UK delivery on ALL orders.
£18.00
Taylor & Francis Navigating the Factor Zoo
Book SynopsisBridging the gap between theoretical asset pricing and industry practices in factors and factor investing, Zhang et al. provides a comprehensive treatment of factors, along with industry insights on practical factor development.Chapters cover a wide array of topics, including the foundations of quantamentals, the intricacies of market beta, the significance of statistical moments, the principles of technical analysis, and the impact of market microstructure and liquidity on trading. Furthermore, it delves into the complexities of tail risk and behavioral finance, revealing how psychological factors affect market dynamics. The discussion extends to the sophisticated use of option trading data for predictive insights and the critical differentiation between outcome uncertainty and distribution uncertainty in financial decision-making. A standout feature of the book is its examination of machine learning's role in factor investing, detailing how it transforms data preprocessing,
£31.34
John Wiley & Sons Inc Trade Mindfully
Book SynopsisOvercome psychological obstacles to increase trading success Successful traders need to be well-versed and skilled in a wide range of business and economic areas.Table of ContentsAcknowledgments ix About the Author xi Introduction 1 Part I Understanding Your Mind 7 Chapter 1 Traders’ Mental Blind Spots 9 Chapter 2 Strong Emotions in Trading 35 Chapter 3 The Struggle to Control and Eliminate Emotions 59 Chapter 4 The Necessity of Emotions in Trading 79 Part II Using Cutting-edge Psychology 95 Chapter 5 The Traders’ Psychological Edge Lies in a Different Kind of Thinking 97 Chapter 6 Practice Mindfulness, Trade Mindfully 121 Chapter 7 Defusion: An Advanced Mindfulness Skill 145 Chapter 8 Acceptance and Committed Trading 171 Part III Maximizing Your Trading Performance 203 Chapter 9 The Trading Psychology Process: High-Quality Preparation 205 Chapter 10 The Trading Psychology Process: Effective Execution 231 Chapter 11 The Trading Psychology Process: Constructive Self-Assessment 251 Chapter 12 Final Thoughts 273 References 277 Index 285
£46.40
John Wiley & Sons Inc Family Trusts
Book SynopsisAn insightful and practical guide to family trusts Family Trusts is a step-by-step guide for anyone involved in family trusts: trust creators, trustees, beneficiaries, and advisors. It will help families create and administer a culture that recognizes trusts as a gift of love.Table of ContentsAcknowledgments xv Foreword xvii Preface xxv Introduction 1Keith Whitaker Principles 3 Notes 13 Part One: Introducing the Trustscape 15 Chapter 1 Navigation Works Better When You Have a Destination in Mind 17 Beyond the Thought Experiment 20 Questions for Reflection 22 Note 22 Chapter 2 The Trustscape 23 Introducing Your Trustscape 25 A Dynamic Tableau 26 A Closing Exercise 27 Note 28 Chapter 3 Some Key Terms 29 Chapter 4 Know Your Narratives 33 Depends Where You’re Sitting 35 A Thirst for Education 36 Note 39 Part Two: The Players 41 Chapter 5 The Trust 43 A Short Description of a Long History 44 A Closing Exercise 47 Notes 50 Chapter 6 The Trustee 51 The Trustee 52 Choices 55 Chapter 7 Beneficiaries and Trust Creators 59 Beneficiaries 62 Trust Creators 66 Notes 75 Chapter 8 The Trust Protector and the Trust Adviser 77 Trust Advisers 78 Trust Protectors 79 Choices 81 Part Three: Building Great Relationships 85 Chapter 9 Considerations Prior to Accepting Appointment as Trustee 87 So—You’ve Been Asked to Serve as Trustee 89 Now for Some Homework 89 If You are New to the Trustscape 90 Understanding the Technical Side 91 Almost There 93 A Final Step 94 Note 95 Chapter 10 Creating Preambles 97 Preambles and Purpose 98 “But My Trust Was Drafted 20 Years Ago!” 100 Themes and Schemes 101 Preambles Created by Trustees and Beneficiaries 102 Revisit the Preamble 103 As You Begin to Create Your Preamble 104 Note 105 Chapter 11 Action Steps Prior to the First Trustee-Beneficiary Meeting 107 If You are a Trustee 108 If You are a Beneficiary 110 Note 113 Chapter is Positive Events, Supportive Responses 115 Matching Mind-set to Task 116 Supportive Responses to Positive Events 119 Play to Your Strengths 121 Notes 122 Chapter 13 Trustee-Beneficiary Meetings 123 Premeeting Checklists 124 If This is the First Meeting 126 A Sampling of Agenda Items 128 An “Appreciative” Exercise 130 Note 131 Chapter 14 Requests for Distribution 133 “This Worked because I Knew Susan . . .” 135 The Request Process 137 Analysis of a Request 139 About Enhancement 142 Note 143 Chapter 15 Working with Addictions 145 Chapter 16 Trusts and Marriage 153 Prenuptials 154 Within Marriage 157 Second Marriages and Beyond 161 Notes 163 Chapter 17 Transitions 165 Solomon’s Ring 165 This Too Shall Pass 166 Changing the Trust 167 Changing the Players 169 Coming to an End 171 Note 173 Part Four: A Comprehensive Model for a Humane Trustscape 175 Chapter 18 A Promise and a Challenge for Trust Creators 177 A Trust Creator’s Challenge 178 First, an Exercise for Trust Creators 179 Note 180 Chapter 19 The Highest Duty of the Trustee and the Corresponding Responsibility of the Beneficiary 181 I Wrote These Great Docs, but My Clients Won’t Sign . . . 183 The Highest Duty of the Trustee and the Corresponding Responsibility of the Beneficiary 184 Support for the Trustee 186 Support for the Beneficiary 188 Chapter 20 The Distribution Committee and the Office of the Beneficiary 191 Distribution Committee 192 The Office of the Beneficiary 195 Conclusion 201 Chapter 21 The Trustee and the Trust Protector Revisited 203 Which Cap’s on Top? 205 A Different Approach 206 Reconsidering the Institutional Trustee 209 Note 211 Appendices 213 Appendix 1 Sample Legacy Letter 215 Appendix 2 Sample Language Regarding Addiction 223 Appendix 3 The Distribution Committee 235 The Core Concept 236 Committee Members 237 Drafting Points 238 Appendix 4 Private Trust Companies 243 Definitions 243 PTCs versus Individual Trustees 244 Governance 246 Best Practices 248 Appendix 5 Family Trust Review 253 Purpose 253 Content 253 Process 254 Why Commission a Family Trust Review? 254 Opportunities for Commissioning a Family Trust Review 255 Note 256 Appendix 6 Reflections on the Often Unexpected Consequences of the Creation of a Perpetual Trust 257By James E. Hughes Jr., Esq. Notes 273 About the Authors 275 Index 279
£26.40
John Wiley & Sons Inc So You Want to Start a Hedge Fund
Book SynopsisHelpful, Accessible Guidance for Budding Hedge Funds So You Want to Start a Hedge Fund provides critical lessons and thoughtful insights to those trying to decipher the industry, as well as those seeking to invest in the next generation of high performers.Table of ContentsForeword xi Acknowledgments xv Introduction xix 1 The Lessons 1 Lessons for Managers 2 Lessons for Allocators 4 2 So You Want to Start a Hedge Fund? 7 3 Attracting Capital 11 Signals of Success 12 A Classic Chicken-and-Egg Problem 30 Investment Funds are Sold, Not Bought (Just Don’t Tell the Buyers) 43 Leveraging the Buzz 49 Riding the Wave 55 Building a Great Business 60 4 Team 65 Your Single Best Investment 66 The Best a Man Can Get 73 The Two-Headed Portfolio Manager Monster 76 Where Do Nice Guys Finish? 83 Turnover: Don’t Knock It Till You Try It 86 Pacing Growth 91 5 Investment Strategy 97 Finding True North 97 Best Foot Forward, With Both Feet 100 The Tug of War between Flexibility and Style Drift 106 Stick to Your Knitting 117 Building Blocks of Process 123 6 Investment Performance 129 A Slave to Monthly Numbers 130 Sustaining Performance 134 Reaching for Return 138 The Role of Luck 144 The Best Month in a Manager’s Career 150 7 So You Want to Invest in a Start-Up Hedge Fund? 153 Influencing Outcomes 154 Terms 158 Preparing for Bumps in the Road 164 Heed the Stop Sign 167 Crossing the Velvet Rope 173 Making Decisions 177 8 Parting Thoughts 183 Author’s Disclaimer 189 About the Author 193 Notes 197 Index 205
£23.80
John Wiley & Sons Inc Trend Following
Book SynopsisWant to take the financial journey to a new investing philosophy that might very well affect the rest of your moneymaking life? No one can guarantee the yellow brick road, but Michael Covel promises the red pill will leave you wide freaking awake.Table of ContentsForeword by Barry L. Ritholtz xv Preface xix Section I Trend Following Principles 1 1 Trend Following 3 Speculation 3 Winning versus Losing 9 Investor versus Trader 10 Fundamental versus Technical 11 Discretionary versus Systematic 15 Hiding in Plain Sight 17 Change Is Life 19 Follow the Trend to the End When It Bends 22 Surf the Waves 26 2 Great Trend Followers 31 David Harding 33 Bill Dunn 37 John W. Henry 49 Ed Seykota 62 Keith Campbell 69 Jerry Parker 74 Salem Abraham 75 Richard Dennis 77 Richard Donchian 83 Jesse Livermore and Dickson Watts 87 3 Performance Proof 91 Absolute Returns 92 Volatility versus Risk 93 Drawdowns 99 Correlation 104 Zero Sum 106 George Soros 108 Berkshire Hathaway 111 4 Big Events, Crashes, and Panics 117 Event 1: Great Recession 119 Event 2: Dot-com Bubble 132 Event 3: Long-Term Capital Management 145 Event 4: Asian Contagion 157 Event 5: Barings Bank 161 Event 6: Metallgesellschaft 164 Event 7: Black Monday 167 5 Thinking Outside the Box 177 Baseball 178 Billy Beane 180 Bill James 181 Stats Take Over 183 6 Human Behavior 189 Prospect Theory 190 Emotional Intelligence 195 Neuro-Linguistic Programming 197 Trading Tribe 197 Curiosity, Not PhDs 199 Commitment 201 7 Decision Making 205 Occam’s Razor 206 Fast and Frugal Decision Making 207 Innovator’s Dilemma 210 Process versus Outcome versus Gut 211 8 The Scientific Method 215 Critical Thinking 216 Linear versus Nonlinear 217 Compounding 222 9 Holy Grails 225 Buy and Hope 228 Warren Buffett 229 Losers Average Losers 231 Avoiding Stupidity 236 10 Trading Systems 247 Risk, Reward, and Uncertainty 248 Five Questions 252 Your Trading System 263 Frequently Asked Questions 264 11 The Game 273 Acceptance 274 Don’t Blame Me 276 Decrease Leverage, Decrease Return 277 Fortune Favors the Bold 278 Section II Trend Following Interviews 281 12 Ed Seykota 283 13 Martin Lueck 295 14 Jean-Philippe Bouchaud 311 15 Ewan Kirk 319 16 Alex Greyserman 335 17 Campbell Harvey 353 18 Lasse Heje Pedersen 367 Section III Trend Following Research 381 19 A Multicentennial View of Trend Following 383 The Tale of Trend Following: A Historical Study 385 Return Characteristics over the Centuries 388 Risk Characteristics over the Centuries 398 Portfolio Benefits over the Centuries 400 20 Two Centuries of Trend Following 405 Trend Following on Futures since 1960 408 Extending the Time Series: A Case-by-Case Approach 412 Trend over Two Centuries 417 21 Trend Following 425 Introduction to Different Trend Following Models 425 Diversification between Different Trend Following Models 427 Aspect’s Approach to Trend Following 429 Aspect’s Model Compared to Other Trend Following Models 431 22 Evaluating Trading Strategies 435 Testing in Other Fields of Science 435 Revaluating the Candidate Strategy 437 Two Views of Multiple Testing 440 False Discoveries and Missed Discoveries 442 Haircutting Sharpe Ratios 444 An Example with Standard and Poor’s Capital IQ 445 In Sample and Out of Sample 446 Trading Strategies and Financial Products 447 23 Black Box Trend Following—Lifting the Veil 451 The Strategies 452 Performance Results and Graphs 456 Sector Performance 458 Performance of Long versus Short Trades 461 Stability of Parameters 463 Are CTAs a Diversifier or a Hedge to the SP500? 466 24 Risk Management 471 Risk 471 Risk Management 471 Optimal Betting 473 Hunches and Systems 473 Simulations 474 Pyramiding and Martingale 474 Optimizing—Using Simulation 475 Optimizing—Using Calculus 477 Optimizing—Using the Kelly Formula 478 Some Graphic Relationships Between Luck, Payoff, and Optimal Bet Fraction 479 Nonbalanced Distributions and High Payoffs 479 Almost-Certain-Death Strategies 480 Diversification 482 The Uncle Point 482 Measuring Portfolio Volatility: Sharpe, VaR, Lake Ratio, and Stress Testing 483 Stress Testing 484 Portfolio Selection 485 Position Sizing 485 Psychological Considerations 486 25 How to GRAB a Bargain Trading Futures ... Maybe 489 How to GRAB a Bargain Trading Futures 490 Following Trends Is Hard Work 490 Figuring Out How the Pros Do It 491 A Computer Model of the Pros 492 A Terrible Discovery 493 Solving the Mystery—Why Does the GRAB System Lose? 494 Often It Is Out of Sync with the Market 494 Worse Still, It Misses the Best Moves! 495 Maybe Being Profitable Means Being Uncomfortable? 496 GRAB Trading System Details 496 Buys on Break of Support, Sells on Break of Resistance 496 Testing Reveals Some Behavior I Do Not Expect 498 Difference between Parameter Values Defines Character of GRAB System 498 GRAB Trading System Code 500 26 Why Tactical Macro Investing Still Makes Sense 503 Managed Futures 504 Defining Managed Futures and CTAs 507 Where Institutional Investors Position Managed Futures and CTAs 507 Skewness and Kurtosis 507 Data 509 Basic Statistics 510 Stocks, Bonds, Plus Hedge Funds or Managed Futures 511 Hedge Funds Plus Managed Futures 512 Stocks, Bonds, Hedge Funds, and Managed Futures 513 27 Carry and Trend in Lots of Places 533 Carry and Trend: Definitions, Data, and Empirical Study 536 Carry and Trend in Interest Rate Futures 539 Trend and Carry across Asset Classes 541 Carry and Trend across Rate Regimes 545 28 The Great Hypocrisy 549 Epilogue 569 Afterword by Larry Hite 575 Trend Following Podcast Episodes 579 Endnotes 583 Bibliography 621 Acknowledgments 635 About the Author 639 Index 641
£28.00
John Wiley & Sons Inc Positional Option Trading
Book SynopsisTable of ContentsIntroduction xi Trading as a Process xiii Summary xv Chapter 1 Options: A Summary 1 Option Pricing Models 1 Option Trading Theory 4 Conclusion 10 Summary 10 Chapter 2 The Efficient Market Hypothesis and Its Limitations 11 The Efficient Market Hypothesis 11 Aside: Alpha Decay 15 Behavioral Finance 16 High-Level Approaches: Technical Analysis and Fundamental Analysis 21 Conclusion 27 Summary 27 Chapter 3 Forecasting Volatility 29 Model-Driven Forecasting and Situational Forecasting 30 The GARCH Family and Trading 33 Implied Volatility as a Predictor 36 Ensemble Predictions 36 Conclusion 38 Summary 38 Chapter 4 The Variance Premium 39 Aside: The Implied Variance Premium 40 Variance Premium in Equity Indices 42 The Implied Skewness Premium 46 The Implied Correlation Premium 47 Commodities 47 Bonds 49 The VIX 50 Currencies 50 Equities 50 Reasons for the Variance Premium 51 Insurance 52 Jump Risk 52 Trading Restrictions 52 Market-Maker Inventory Risk 52 Path Dependency of Returns 53 The Problem of the Peso Problem 55 Conclusion 56 Summary 56 Chapter 5 Finding Trades with Positive Expected Value 57 Aside: Crowding 57 Trading Strategies 61 Options and Fundamental Factors 63 Post-Earnings Announcement Drift (PEAD) 68 Confidence Level Two 71 The Overnight Effect 75 FOMC and Volatility 75 The Weekend Effect 77 Volatility of Volatility Risk Premia 78 Confidence Level One 80 Earnings-Induced Reversals 80 Pre-Earnings Announcement Drift 81 Conclusion 82 Summary 83 Chapter 6 Volatility Positions 85 Aside: Adjustment and Position ‘‘Repair’’ 86 Straddles and Strangles 86 Aside: Delta-Hedged Positions 93 Butterflies and Condors 95 Aside: Broken Wing Butterflies and Condors 99 Calendar Spread 100 Including Implied Volatility Skew 102 Strike Choice 104 Choosing a Hedging Strike 107 Expiration Choice 109 Conclusion 111 Summary 111 Chapter 7 Directional Option Trading 113 Subjective Option Pricing 113 A Theory of Subjective Option Pricing 115 Distribution of Option Returns: Summary Statistics 118 Strike Choice 120 Fundamental Considerations 124 Conclusion 124 Summary 125 Chapter 8 Directional Option Strategy Selection 127 Long Stock 128 Long Call 129 Long Call Spread 130 Short Put 131 Covered Calls 131 Components of Covered Call Profits 134 Covered Calls and Fundamentals 136 Short Put Spread 137 Risk Reversal 138 Aside: The Risk Reversal as a Skew Trade 141 Ratio Spreads 142 Conclusion 145 Summary 145 Chapter 9 Trade Sizing 147 The Kelly Criterion 147 Non-normal Discrete Outcomes 149 Non-normal Continuous Outcomes 151 Uncertain Parameters 154 Kelly and Drawdown Control 158 The Effect of Stops 161 Conclusion 170 Summary 170 Chapter 10 Meta Risks 171 Currency Risk 171 Theft and Fraud 173 Example One: Baring’s Bank 174 Example Two: Yasumo Hamanaka, aka ‘‘Mr. Copper’’ 175 Example Three: Bernie Madoff 176 Index Restructuring 177 Arbitrage Counterparty Risk 178 Conclusion 179 Summary 179 Conclusion 181 Appendix 1 Traders’ Adjustments to the BSM Assumptions 183 The Existence of a Single, Constant Interest Rate 183 The Stock Pays No Dividends 186 Absence of Taxes 186 The Ability to Trade and Short the Underlying 187 Nonconstant Volatility 190 Conclusion 192 Summary 193 Appendix 2 Statistical Rules of Thumb 195 Converting Range Estimates to Option Pricing Inputs 195 Rule of Five 196 Rule of Three 197 Appendix 3 Execution 199 Example 204 References 207 Index 219
£45.75
John Wiley & Sons Inc Commercial Real Estate Investing For Dummies
Book SynopsisMake your money work for you with sound commercial real estate investment strategies If you''re looking for more detailed advice on the commercial real estate market than, Buy low, sell high, you''ve come to the right place. Commercial Real Estate Investing For Dummies is where you can find the smart, straightforward, and accurate info you need to get your startor grow your portfolioin commercial real estate. You''ll learn foundational strategies, tips, and tricks for investing in all sorts of commercial properties, from apartments to shopping malls. You''ll also get rock-solid advice on: How to get started in commercial real estate investing, even if you''ve never tried it before How to work with business and investment partners and protect your own interests with contracts Financing your investments with a variety of instruments and taking advantage of legal tax opportunities Growing wealth by investing in real estate is a strategy as old as money itself. Do yourself a favor and get in on the action with this straightforward and up-to-date guide!Table of ContentsIntroduction 1 Part 1: Getting to Know Commercial Real Estate Investing 5 Chapter 1: Just Imagine Commercial Real Estate and You! 7 Chapter 2: A Crash Course in Commercial Real Estate Investing 17 Chapter 3: Evaluating Commercial Real Estate 33 Part 2: Getting Started Making Deals 63 Chapter 4: Getting Started by Wholesaling 65 Chapter 5: On Your Mark, Get Set, Go Find Deals 81 Chapter 6: Strategies for Making Offers and Negotiating 97 Chapter 7: Due Diligence: Doing Your Homework 119 Part 3: Funding Your Deals: Financing and Lending 141 Chapter 8: Conventional Financing Options 143 Chapter 9: Getting Creative with Financing 169 Chapter 10: Forming Partnerships and Syndicating Deals 187 Chapter 11: Closing Your Deal 201 Part 4: Day-to-Day Ownership and Operations 221 Chapter 12: Property Management: Who’s Minding Your Ship? 223 Chapter 13: Protecting Your Assets 245 Chapter 14: Why Properties Fail 255 Part 5: Kicking Your Investing into High Gear 273 Chapter 15: Making a Success Out of Commercial Fixer-Uppers 275 Chapter 16: Land Development: The Heart of Commercial Real Estate 299 Chapter 17: Self-Storage: A Favored Asset 319 Chapter 18: Expert Tax Advantages and Strategies 333 Part 6: The Part of Tens 353 Chapter 19: Ten Ways to Increase Your Property Value 355 Chapter 20: Ten Easy Ways to Network 363 Index 371
£17.84
McGraw-Hill Education Cryptoassets The Innovative Investors Guide to
Book Synopsis The innovative investor’s guide to an entirely new asset class—from two experts on the cutting edge With the rise of bitcoin and blockchain technology, investors can capitalize on the greatest investment opportunity since the Internet. Bitcoin was the first cryptoasset, but today there are over 800 and counting, including ether, ripple, litecoin, monero, and more. This clear, concise, and accessible guide from two industry insiders shows you how to navigate this brave new blockchain world’and how to invest in these emerging assets to secure your financial future. Cryptoassets gives you all the tools you need: An actionable framework for investigating and valuing cryptoassets Portfolio management techniques to maximize returns while managing risk Historical context and tips to navigate inevitablTable of ContentsAuthor's Note Foreword Acknowledgments Introduction Part I: What Chapter 1: Bitcoin and the Financial Crisis of 2008 Chapter 2: The Basics of Bitcoin and Blockchain Technology Chapter 3: "Blockchain, Not Bitcoin?" Chapter 4: The Taxonomy of Cryptoassets Chapter 5: Cryptocommodities and Cryptotokens Part II: Why Chapter 6: The Importance of Portfolio Management and Alternative Assets Chapter 7: The Most Compelling Alternative Asset of the Twenty-First Century Chapter 8: Defining Cryptoassets as a New Asset Class Chapter 9: The Evolution of Cryptoasset Market Behavior Chapter 10: The Speculation of Crowds and "This Time is Different" Thinking Chapter 11: "It's Just a Ponzi Scheme, Isn't It?" Part III: How Chapter 12: Fundamental Analysis and a Valuation Framework for Cryptoassets Chapter 13: Evaluating the Health of Cryptoasset Networks and Technical Analysis Chapter 14: Directly Investing in Cryptoassets: Mining, Exchanges, and Wallets Chapter 15: "Where's the Bitcoin ETF?" Chapter 16: The Wild World of ICOs Chapter 17: Preparing Current Portfolios for Blockchain Disruption Chapter 18: The Future of Investing is Here Chris and Jack's Go-to Crypto Resources Notes Index
£29.59
Pearson Education Student Solutions Manual for Options Futures and
Book SynopsisTable of ContentsPreface Chapter 1 Introduction Chapter 2 Mechanics of Futures Markets Chapter 3 Hedging Strategies Using Futures Chapter 4 Interest Rates Chapter 5 Determination of Forward and Futures Prices Chapter 6 Interest Rate Futures Chapter 7 Swaps Chapter 8 Securitization and the Credit Crisis of 2007 Chapter 9 OIS Discounting, Credit Issues, and Funding Costs Chapter 10 Mechanics of Options Markets Chapter 11 Properties of Stock Options Chapter 12 Trading Strategies Involving Options Chapter 13 Binomial Trees Chapter 14 Wiener Processes and Itô’s Lemma Chapter 15 The Black-Scholes-Merton Model Chapter 16 Employee Stock Options Chapter 17 Options on Stock Indices and Currencies Chapter 18 Futures Options Chapter 19 The Greek Letters Chapter 20 Volatility Smiles Chapter 21 Basic Numerical Procedures Chapter 22 Value at Risk Chapter 23 Estimating Volatilities and Correlations Chapter 24 Credit Risk Chapter 25 Credit Derivatives Chapter 26 Exotic Options Chapter 27 More on Models and Numerical Procedures Chapter 28 Martingales and Measures Chapter 29 Interest Rate Derivatives: The Standard Market Models Chapter 30 Convexity, Timing, and Quanto Adjustments Chapter 31 Interest Rate Derivatives: Models of the Short Rate Chapter 32 HJM, LMM, and Multiple Zero Curves Chapter 33 Swaps Revisited Chapter 34 Energy and Commodity Derivatives Chapter 35 Real Options
£65.54
John Wiley & Sons Inc Catching Up to Crypto
Book SynopsisTable of ContentsForeword xi Preface xiii Acknowledgments xv Introduction xvii 1 The Great Devaluation 1 Central Banks 2 The Fed 4 2 Digital Money Tree 7 New Money 9 New Ways to Spend 11 3 First- Gen Giants 13 Cypherpunk 14 Disruptive Tech 17 4 Genesis Block 21 A Culture Is Born 25 Bitcoin for President 26 5 A Short Course in Blockchain 29 Blockchain 101 29 Blockchain 201 32 Blockchain 365 34 6 A Necessary Evil 35 Silk Road 37 The Streisand Effect 41 7 “Mo’ Money, Mo’ Problems” 43 BitInstant 45 Regulators Take Notice 47 8 What the Fork? 49 Shots Fired 52 ASICBoost 55 9 The Future Is Born 59 The Ethereum Team 61 Blast Off 62 The DAO 63 10 Digital Gold Transformation 67 Bitcoin Becomes Digital Gold 68 Halving 70 11 Crypto Turning Point 73 Buy Bitcoin 74 Moonboys and Lambos 77 12 New Layer to the Internet 79 DeFi 81 The Challengers 83 13 Brave New World 87 Stablecoins 87 Oracles 88 Memecoins 89 Community Coins 90 14 Investment Prep 91 Step One: Researching 92 Step Two: Choosing 94 Step Three: Deploying Capital 97 15 Tips of the Trade 99 Trading Tokens 100 Some Trading Caveats 102 Trader Training 103 Types of Trading 105 Risk Management 107 Nothing Ventured, Nothing Gained 107 16 Non- Fungible Tokens (NFTs) 109 Historical NFTs 110 The Next Generation 111 The Next-Next Generation 114 17 Web3 and the Metaverse 117 The Metaverse 121 Not a New Idea 123 18 Crypto FUD 127 The Long Arm of the Law 128 19 Crypto Warnings 133 Hackers 133 Scammers 135 Contagion 140 20 The Future of Crypto 141 Crypto Grows Up 141 Stablecoins 142 Blockchain Equities 143 The Flippening 143 Regenerative Finance 144 Universal Basic Income 146 21 Where Do You Go from Here? 149 Community Is Key 149 Mainstream Takes Time 151 Embrace Change 151 Appendix: Essential Resources and Tools of the Trade 153 Notes 159 Index 195
£17.84
Adams Media Corporation A Beginner's Guide to High-Risk, High-Reward
Book SynopsisMake the best choices for your money and earn big with this guide to high-risk, high-reward investment strategies including options trading, investing in meme stocks, and the business of cryptocurrency. Your favorite sites are filled with the latest investment trends and stories of other people making bank by making smart moves in the market. But how can you get your own share of the wealth? A Beginner’s Guide to High-Risk, High-Reward Investing can help you make sense of trends, from short selling to cryptocurrency and “meme stock,” breaking down the buzzwords to give you hard facts about the opportunities and risks of fringe investment strategies. With advice from expert Robert Ross, this easy-to-follow investing guide gives you everything you need to determine which high-risk, high-reward investment strategies are the best fit for your portfolio. Trade Review"A Beginner’s Guide to High-Risk, High-Reward Investing can provide a firm grasp on alternative investment ideas." —Money Buffalo
£11.69
Bloomberg Press Family: The Compact Among Generations
Book Synopsis
£27.99
Bloomberg Press Chart Patterns
Book Synopsis
£20.40
Humanix Books Mega Returns
Book SynopsisCHOOSE MEGA RETURNS OVER MEDIOCRE RETURNS!If you follow the masses and adhere to media predictions then MEGA RETURNS is not right for you. If, however, you’re not afraid to go against the grain and like to think outside box by buying when others are selling, and you enjoy undervalued assets then MEGA RETURNS is your bible for investing.For the last 13 years, the explosion of debt and ease of money printing has caused global stock market and property market expansion. However, it has also left governments worldwide vulnerable to a large downturn in the economy. The end result of these bailouts is grim; the impending downturn will inevitably bankrupt affluent Western nations and send shockwaves through second tier economies.With all that being said, this book is not all doom and gloom. While the current state of the global economy is indeed alarming, you must not let the failure of large governments and multinational corporations to properly manage their funds negatively affect your investment decisions. In fact, quite the opposite - with the bursting of the bubble, great opportunities will arise for the informed investor. The world financial system is experiencing serious changes in terms of emerging technologies, fluctuating commodities and precious metals markets, and debt servicing capabilities. Even the fiat system is evolving with the developments and implementation of cryptocurrencies globally. With so many rapidly emerging and changing markets and sectors of the economy, many opportunities will present themselves for financial gain in the short and long term alike.There is an old proverb that a crisis brings opportunity. John Templeton famously said you “buy at the point of maximum pessimism” While the current crises in debt and cost of living will bring pain to markets and the economies around the world there will also be opportunities for those who are patient and seize them. MEGA RETURNS can be your guide.
£20.89
G&D Media Feel the Deal
Book Synopsis
£20.03
Cornerstone The Quants: The maths geniuses who brought down
Book SynopsisYou're a genius. Nobody plays the financial markets better than you. What could possibly go wrong?Quants - quantitative analysts - were the maths masterminds let loose on Wall Street in the belief that their brilliant, impregnable computer programs would always beat the market. But as the catastrophic events of 2007 and 2008 showed, their seemingly failproof methods were little more than ticking timebombs.Inspired by the 'Godfather of Quants' - maths-professor-turned-gambler Ed Thorp, who began applying skills learned at the Vegas tables to the financial markets back in the 1950s - the quants achieved extraordinary success and massive wealth. This book charts their rise from obscurity to boom and then to bust, explaining why they were so confident - and how they got it so disastrously wrong.Trade ReviewMr Patterson is onto a big story that already begs follow-up * New York Times *... a riveting account * Financial Times *The Quants ... radiates with hubris, high stakes and pricey toys * Business Week *[an] intriguing history of the Quants...[Patterson] explains how hedge funds combined techniques of arbitrage and hedging using complex computer-driven models (one was named Midas) to reduce the risk of making losing bets -- Stephen Fay * TLS *Patterson paints a clear picture of the history and evolution of quantitative trading on Wall Street, before shifting focus to the 'crisis before the crisis' in which a number of quant funds almost collapsed in 2007...definitely worth reading for an in depth analysis of one of the points in recent financial history where things may have started to go awry * Insider *
£12.34
World Scientific Publishing Co Pte Ltd Stocks, Bonds, And The Investment Horizon:
Book SynopsisA century ago, life expectancy was roughly 40 years, hence all income could be consumed, as for most people, there was no need to save for retirement. Today, things have drastically changed: Life expectancy exceeds 80 years in many countries, and one should expect to live and consume many years after retirement. Thus, we have many investors with various investment horizons, where the length of the investment horizon becomes a crucial factor in determining the best investment diversification.This book analyzes the effect of the investment horizon on the optimal diversification, specifically between stocks and bonds: Should a young investor and an older investor have the same portfolio? Is it recommended to savers for retirement to change the asset allocation between stocks and bonds as they grow older, as life cycle mutual funds do in practice? Is the idiom 'stocks for the long run' backed by scientific evidence? We analyze for which horizons it is recommended to employ the popular Mean-Variance rule and for which horizons employing this rule induces an economic distortion, hence a loss to the investors. It is shown that all relevant parameters for investment choice (means, variances, and correlations) change in a non-linear way with the horizon, a fact that makes the investment horizon crucial for investment choices. Similarly, the popular Sharpe, Treynor, and Jensen performance indices vary with the assumed horizon even in the case of independence over time. To analyze all the above issues, we employ the Mean-Variance rule and Stochastic Dominance rules, as well as direct expected utility calculations.
£121.50
Marshall Cavendish International Deflated
Book SynopsisTurning complex financial instruments such as cryptocurrency into eminently readable stories, Leng Hoe Lon, the author of Decrypted, is back with Deflated. In his second book, he lays bare the labyrinth of events that led to the manic and the tumultuous fall of cryptocurrencies in December 2018. Moving from Wall Street to Singapore, Hoe Lon tells the story of the great boom and bust in an authoritative and entertaining narrative. Featuring iconic figures of the financial era, he ties together all of the characters and offers a heart-to-heart discussion on how they have fallen and fought their way back up. Most importantly, he shares how one can fight back from deflation, To be somebody, you must last.
£13.59
Advantage Media Group Property Management Excellence
£25.19
Columbia University Press Inside the Investments of Warren Buffett
Book SynopsisTrade ReviewWarren Buffett has talked extensively about his investment philosophy but unfortunately less so on actual investments. By digging up long forgotten annual reports and sharing his own thoughtful insights, Yefei Lu does an excellent job of filling in the missing pieces of the puzzle in understanding how Buffett invests. -- Robert Vinall, CEO, RV CapitalIn the crowded market for books about Warren Buffett, portfolio manager Yefei Lu has written a uniquely valuable, information-packed volume. This instant classic analyzes twenty of Buffett's most notable investments, starting in 1958 and continuing through to today. A must read! -- John Mihaljevic, publisher, The Manual of IdeasA simple and useful analysis of Warren Buffett's twenty key investments over the course of his fifty-plus-years career. Lu has done a great job in illustrating the key factors that Buffett paid attention to in assessing the risk-reward profile of each investment. There are many lessons to be learned in this book for anyone interested in long-term investing. -- John Elkann, Chairman and CEO, Exor S.p.A.Yefei Lu does us all a great favor in making it so easy to follow him as he looks back at the key investments Buffett made throughout his career. Lu provides his own analysis of what Buffett would have seen, and invites us to sit in Buffett's shoes ourselves by providing as much primary source information as possible—a monumental research effort by any measure. One even has the feeling of reaching certain critical investment insights, right alongside Buffett, that greatly influenced his development as an investor. -- Joel Cohen, MIT Investment Management CompanyFor serious investors and analysts eager to transcend the cult of personality around Buffett and discern what actually makes him great, this study comes highly recommended. * Publishers Weekly *Recommended for any investor or student seeking financial expertise. * Library Journal *[Inside the Investments of Warren Buffett] provide[s] great insights into deep value investing. * Seeking Alpha *By examining twenty of Warren Buffett's investments over a fifty-year period from 1960 through 2011, Yefei Lu discusses Buffett's likely analysis of each one and the lessons to be learned from them. Inside the Investments of Warren Buffett should appeal to value investors and those wanting to benefit from Buffett's investment experience. -- M. Ali Khan, Abram Hutzler Professor of Political Economy, Johns Hopkins Universityuniquely valuable, information-packed volume.... By digging up long forgotten annual reports and sharing his own thoughtful insights, Yefei Lu does an excellent job filling in the missing pieces of the puzzle in understanding how Buffest invests. * Value Walk *The most detailed analysis to date of Buffett's long-term investment portfolio. * Value Walk *Lu's work is a must-have for anyone teaching or studying finance. Even if you have a shelf full of books about Warren Buffett and his investing style, this is an excellent edition.... Essential. * CHOICE *This is a well-written book based on foundational planning, research on the 20 companies presented, and good preparation. * Biz India *Table of ContentsAcknowledgmentsIntroductionPart I: The Partnership Years (1957-1968)1. 1958: Sanborn Map Company2. 1961: Dempster Mill Manufacturing Company3. 1964: Texas National Petroleum Company4. 1964: American Express5. 1965: Berkshire HathawayPart II: The Middle Years (1968-1990)6. 1967: National Indemnity7. 1972: See's Candies8. 1973: The Washington Post9. 1976: GEICO10. 1977: The Buffalo Evening News11. 1983: Nebraska Furniture Mart12. 1985: Capital Cities/ABC13. 1987: Salomon Inc.—Preferred Stock Investments14. 1988: Coca-ColaPart III: The Late Years (1990-2011)15. 1989: US Air Group16. 1990: Wells Fargo17. 1998: General Re18. 1999: MidAmerican Energy Holdings Company19. 2007-2009: Burlington Northern20. 2011: IBMPart IV: Lessons Learned21. Evolution of Buffett's Investment Strategy22. What We Can Learn from BuffettAppendix AAppendix BNotesSelected BibliographyIndex
£18.00
John Wiley & Sons Inc Market Sense and Nonsense
Book SynopsisBestselling author, Jack Schwager, challenges the assumptions at the core of investment theory and practice and exposes common investor mistakes, missteps, myths, and misreads When it comes to investment models and theories of how markets work, convenience usually trumps reality. The simple fact is that many revered investment theories and market models are flatly wrongthat is, if we insist that they work in the real world. Unfounded assumptions, erroneous theories, unrealistic models, cognitive biases, emotional foibles, and unsubstantiated beliefs all combine to lead investors astrayprofessionals as well as novices. In this engaging new book, Jack Schwager, bestselling author of Market Wizards and The New Market Wizards, takes aim at the most perniciously pervasive academic precepts, money management canards, market myths and investor errors. Like so many ducks in a shooting gallery, Schwager picks them off, one at a time, revealing the truth about manyTrade ReviewEverybody, and I mean everybody who has an investment portfolio will profit from reading this book kudos to the author for offering the investing world an uncommonly worthwhile book. (forexpros.com, 12th Novemebr 2012) Mr Schwager s book starts off with plenty of sound, basic advice before expertly demonstrating that a leveraged exchange traded fund is a dreadful investment because of its structure, being almost bound to disappoint (The Economist, January 2013) Full of common sense (Pensions World, February 2013)Table of ContentsForeword xv Prologue xvii Part One Markets, Return, and Risk Chapter 1 Expert Advice 3 Comedy Central versus CNBC 3 The Elves Index 6 Paid Advice 8 Investment Insights 11 Chapter 2 The Deficient Market Hypothesis 13 The Efficient Market Hypothesis and Empirical Evidence 14 The Price is Not Always Right 15 The Market is Collapsing; Where is the News? 24 The Disconnect between Fundamental Developments and Price Moves 27 Price Moves Determine Financial News 37 Is It Luck or Skill? Exhibit A: The Renaissance Medallion Track Record 39 The Flawed Premise of the Efficient Market Hypothesis: A Chess Analogy 40 Some Players are Not Even Trying to Win 42 The Missing Ingredient 44 Right for the Wrong Reason: Why Markets are Difficult to Beat 47 Diagnosing the Flaws of the Efficient Market Hypothesis 49 Why the Efficient Market Hypothesis is Destined for the Dustbin of Economic Theory 50 Investment Insights 52 Chapter 3 The Tyranny of Past Returns 55 S&P Performance in Years Following High- and Low-Return Periods 57 Implications of High- and Low-Return Periods on Longer-Term Investment Horizons 59 Is There a Benefit in Selecting the Best Sector? 63 Hedge Funds: Relative Performance of the Past Highest-Return Strategy 70 Why Do Past High-Return Sectors and Strategy Styles Perform So Poorly? 77 Wait a Minute. Do We Mean to Imply . . . ? 78 Investment Insights 85 Chapter 4 The Mismeasurement of Risk 87 Worse Than Nothing 87 Volatility as a Risk Measure 88 The Source of the Problem 92 Hidden Risk 95 Evaluating Hidden Risk 100 The Confusion between Volatility and Risk 103 The Problem with Value at Risk (VaR) 105 Asset Risk: Why Appearances May Be Deceiving, or Price Matters 107 Investment Insights 109 Chapter 5 Why Volatility is Not Just about Risk, and the Case of Leveraged ETFs 111 Leveraged ETFs: What You Get May Not Be What You Expect 112 Investment Insights 121 Chapter 6 Track Record Pitfalls 123 Hidden Risk 123 The Data Relevance Pitfall 124 When Good Past Performance is Bad 126 The Apples-and-Oranges Pitfall 128 Longer Track Records Could Be Less Relevant 129 Investment Insights 132 Chapter 7 Sense and Nonsense about Pro Forma Statistics 133 Investment Insights 136 Chapter 8 How to Evaluate Past Performance 137 Why Return Alone is Meaningless 137 Risk-Adjusted Return Measures 142 Visual Performance Evaluation 156 Investment Insights 166 Chapter 9 Correlation: Facts and Fallacies 169 Correlation Defined 169 Correlation Shows Linear Relationships 170 The Coefficient of Determination (r2) 171 Spurious (Nonsense) Correlations 171 Misconceptions about Correlation 173 Focusing on the Down Months 176 Correlation versus Beta 179 Investment Insights 182 Part Two Hedge Funds as an Investment Chapter 10 The Origin of Hedge Funds 185 Chapter 11 Hedge Funds 101 195 Differences between Hedge Funds and Mutual Funds 196 Types of Hedge Funds 200 Correlation with Equities 210 Chapter 12 Hedge Fund Investing: Perception and Reality 211 The Rationale for Hedge Fund Investment 213 Advantages of Incorporating Hedge Funds in a Portfolio 214 The Special Case of Managed Futures 215 Single-Fund Risk 217 Investment Insights 220 Chapter 13 Fear of Hedge Funds: It’s Only Human 223 A Parable 223 Fear of Hedge Funds 225 Chapter 14 The Paradox of Hedge Fund of Funds Underperformance 231 Investment Insights 236 Chapter 15 The Leverage Fallacy 239 The Folly of Arbitrary Investment Rules 241 Leverage and Investor Preference 242 When Leverage is Dangerous 243 Investment Insights 245 Chapter 16 Managed Accounts: An Investor-Friendly Alternative to Funds 247 The Essential Difference between Managed Accounts and Funds 248 The Major Advantages of a Managed Account 249 Individual Managed Accounts versus Indirect Managed Account Investment 250 Why Would Managers Agree to Managed Accounts? 251 Are There Strategies That are Not Amenable to Managed Accounts? 253 Evaluating Four Common Objections to Managed Accounts 253 Investment Insights 259 Postscript to Part Two: Are Hedge Fund Returns a Mirage? 261 Part Three Portfolio Matters Chapter 17 Diversification: Why 10 is Not Enough 267 The Benefits of Diversification 267 Diversification: How Much is Enough? 268 Randomness Risk 269 Idiosyncratic Risk 272 A Qualification 273 Investment Insights 274 Chapter 18 Diversification: When More is Less 277 Investment Insights 281 Chapter 19 Robin Hood Investing 283 A New Test 286 Why Rebalancing Works 290 A Clarification 291 Investment Insights 292 Chapter 20 Is High Volatility Always Bad? 295 Investment Insights 299 Chapter 21 Portfolio Construction Principles 301 The Problem with Portfolio Optimization 301 Eight Principles of Portfolio Construction 305 Correlation Matrix 309 Going Beyond Correlation 310 Investment Insights 314 Epilogue 32 Investment Observations 315 Appendix A Options—Understanding the Basics 319 Appendix B Formulas for Risk-Adjusted Return Measures 323 Sharpe Ratio 323 Sortino Ratio 324 Symmetric Downside-Risk Sharpe Ratio 325 Gain-to-Pain Ratio (GPR) 326 Tail Ratio 326 MAR and Calmar Ratios 326 Return Retracement Ratio 327 Acknowledgments 329 About the Author 331 Index 333
£25.60
HarperCollins India The Joys of Compounding:: The Passionate Pursuit
Book SynopsisValue investing is more than market success; it's about deeper understanding. "The Joys of Compounding" by Gautam Baid combines practical approaches, self-cultivation, and business wisdom inspired by Buffett and Munger. Emphasizes investing in oneself for holistic growth and practical wisdom in decision-making.
£17.09
Columbia University Press More Than You Know
Book SynopsisTrade ReviewMore Than You Know is a lucid explanation of the exciting new developments in behavioral economics and cognitive science on the rationality and irrationality of people's economic choices. Michael J. Mauboussin has an excellent understanding of the science of what it does and does not imply for investing, purchasing, and other real-life decisions. This book is essential reading for anyone interested in the science of human nature and its relevance to the world of finance. -- Steven Pinker, Harvard University Refreshingly intelligent... engagingly shows how a multidisciplinary perspective can deepen your sense of how financial markets work. Wall Street Journal Few readers could come away from this book without being stimulated and intrigued.Los Angeles Times Los Angeles Times Wonderfully thoughtful and insightful... sophisticated and accessible, intriguing and entertaining.The Washington Post The Washington Post A fun read that draws insights from a wide range of scholarly disciplines. BusinessWeek Anyone can appreciate its flashes of Oliver Sacks-like insight. Bloomberg Magazine Mauboussin is not your average Wall Street equity analyst... [his book] can be read for entertainment... or to broaden your investment thinking. Publishers Weekly A conceptually brilliant, highly practical book that every investor and analyst needs to read-several times. Mauboussin has no peers; he understands how value is created better than anyone, anywhere. -- Clayton Christensen, Harvard Business School Mauboussin has found great insights about the science of human behavior in unconventional places and has written superbly about it. -- Robert Sapolsky, Stanford University A fascinating compendium-like a Ph.D. in investment wisdom. If you want to understand how the world's best investors think, you must read this book. -- Bill Miller, Chairman and Chief Investment Officer, Legg Mason Capital Management An insightful book on investing and investment management. -- Tom Bradley Globe & Mail
£15.99
Cambridge University Press Hydrodynamics of Markets
Book SynopsisAn intriguing link between a wide range of problems occurring in physics and financial engineering is presented. These problems include the evolution of small perturbations of linear flows in hydrodynamics, the movements of particles in random fields described by the Kolmogorov and Klein-Kramers equations, the Ornstein-Uhlenbeck and Feller processes, and their generalizations. They are reduced to affine differential and pseudo-differential equations and solved in a unified way by using Kelvin waves and developing a comprehensive math framework for calculating transition probabilities and expectations. Kelvin waves are instrumental for studying the well-known Black-Scholes, Heston, and Stein-Stein models and more complex path-dependent volatility models, as well as the pricing of Asian options, volatility and variance swaps, bonds, and bond options. Kelvin waves help to solve several cutting-edge problems, including hedging the impermanent loss of Automated Market Makers for cryptocurrency trading. This title is also available as Open Access on Cambridge Core.
£17.00
John Wiley & Sons Inc Common Sense on Mutual Funds
Book SynopsisJohn Bogle is a revolutionary pioneer of championing better funds at lower costs to investors. This Second Edition is updated to fully reflect structural and regulatory changes in the industry since he published his first edition of Common Sense on Mutual Funds.Trade Review"As founder of the giant mutual fund company, Vanguard Group, Bogle writes what he knows: how to steer one’s way through mutual funds and the numbing variety of investment alternatives available today. His is a clear and readable style, and Bogle helps make still somewhat-arcane terms such as quantitative investing understandable."(SmartMoney.com) "Common Sense on Mutual Funds," by John Bogle, inventor of the retail index fund and founder of the Vanguard Group. It’s the best book ever on fund investing, just updated for new investors. The case for indexing is rock solid, as you’ll see here. It’s the only strategy that works, long term." —Jane’s Book Club, http://janebryantquinn.com "Never before [have] I seen a book that so openly and successfully juxtaposed that which was said against that which actually happened over the period of a decade. . . As a long-time believer in low cost indexing, I didn’t think I’d learn much from this book. I was wrong! Reading this book offers investors a glimpse of the perspective and lessons learned from recent years that were anything but normal. . . This book, of course, is even more valuable to those that aren’t a believer in indexing. It may be a hard read if you’re among those who still believe that 90 percent of investors can all be above average. Consider the effort well worth it because the common sense in this book may save your retirement. Reading this book might also help you realize, as I have, that common sense really is pretty uncommon." —Allan Roth, CBS Moneywatch.com "The definitive book on index fund investing. It explains why index fund investing is the best way — no, the only way — for people to invest their savings. . . [Bogle] does something few in the investing world would dare to do. He stands by what he said 10 years ago. The original text is presented unchanged. New data is added to reveal what happened over the past 10 years." —Scott Burns, The Austin American Statesman A worthwhile addition to one’s library, particularly as a reference publication. . . This . . revision of a book written ten years ago . . . with the original text still present in the book, and an analysis of the predictions that were made ten years ago. . . makes fascinating reading. The analysis of the predictions on their own makes the book worth a read, even if all one does is look at the coloured sections which contain the updated material.” (Australian Investors Association) “More Common Sense from Jack Bogle. Jack’s back and he’s unbowed. . . The tome holds up well after a decade. Bogle hasn’t altered a word of the original text, just added color coded data and text boxes to show where he was on or off the mark. Guess what? Jack doesn’t offer many mea culpas. . . The book is still essential reading for investors. Whether you think indexing is the best way to investor not, it’s filled with simple, powerful advice that can help stack the odds of long-term financial success in your favor. Reading it then helped shape me as an investor and analyst. Here are the most important lessons (besides the obvious one: that indexing works) that I’ve drawn from the pages of both editions, as well as a couple of points where I, and many of my colleagues, dare to differ from St. Jack.” (Morningstar)Table of ContentsForeword for the 10th Anniversary Edition ix Foreword for the Original Edition xiii Preface to the 10th Anniversary Edition xv Preface to the Original Edition xix Acknowledgments for the 10th Anniversary Edition xxvii Acknowledgments for the Original Edition xxix About the Author xxxi Part I: On Investment Strategy 1 Chapter 1 On Long-Term Investing 3 Chance and the Garden Chapter 2 On the Nature of Returns 45 Occam’s Razor Chapter 3 On Asset Allocation 77 The Riddle of Performance Attribution Chapter 4 On Simplicity 109 How to Come Down to Where You Ought to Be Part II: On Investment Choices 143 Chapter 5 On Indexing 145 The Triumph of Experience over Hope Chapter 6 On Equity Styles 191 Tick-Tack-Toe Chapter 7 On Bonds 217 Treadmill to Oblivion? Chapter 8 On Global Investing 251 Acres of Diamonds Chapter 9 On Selecting Superior Funds 277 The Search for the Holy Grail Part III: On Investment Performance 303 Chapter 10 On Reversion to the Mean 305 Sir Isaac Newton’s Revenge on Wall Street Chapter 11 On Investment Relativism 329 Happiness or Misery? Chapter 12 On Asset Size 347 Nothing Fails Like Success Chapter 13 On Taxes 373 The Message of the Parallax Chapter 14 On Time 401 The Fourth Dimension—Magic or Tyranny? Part IV: On Fund Management 423 Chapter 15 On Principles 425 Important Principles Must Be Inflexible Chapter 16 On Marketing 445 The Message Is the Medium Chapter 17 On Technology 465 To What Avail? Chapter 18 On Directors 483 Serving Two Masters Chapter 19 On Structure 503 The Strategic Imperative Part V: On Spirit 533 Chapter 20 On Entrepreneurship 535 The Joy of Creating Chapter 21 On Leadership 549 A Sense of Purpose Chapter 22 On Human Beings 567 Clients and Crew Afterword 585 Appendix I Some Thoughts about the Current Stock Market as 2010 Begins 591 Appendix II Some Thoughts about the Current Stock Market as 1999 Begins 599 Notes 607 Index 613
£26.10
Harriman House Publishing The Ruff Guide to Trading
Book SynopsisExplains the fundamental and technical aspects you need to use to get the right balance in your market analysis. This book shows how to put these into practice with examples from real-life market action.
£21.24
Harriman House Publishing The Model
Book SynopsisThe Model is composed primarily of storiesof the people, companies, executives and events that have punctuated three decades at Overlook. There are stories of success, but also stories of problems and failure.
£31.99
Harriman House Publishing Icelands Secret
Book SynopsisBorn in Massachusetts, Jared Bibler relocated to Iceland in 2004 only to find himself in the middle of an unprecedented financial crisis a handful of years later.Personally wiped out and seeking to uncover the truth about a collapse that brought the pastoral country to its knees, he became the lead investigator into some of the largest financial crimes in the world. This work helped Iceland to famously become the only country to jail its bank CEOs in the wake of the 2008 crisis.But the real story behind that headline is far more complex and sinister.A decade after the investigations, the story can be told at last and in full. The crisis, barely understood inside or outside of Iceland even today, is a cautionary tale for the world: an inside look at the high crimes that inevitably follow Wild West capitalism.With the next global financial meltdown just around the corner, this untold tale is as timely as ever.
£999.99
Harriman House Publishing How I Invest My Money
Book SynopsisThe world of investing normally sees experts telling us the ''right'' way to manage our money. How often do these experts pull back the curtain and tell us how they invest their own money? Never.How I Invest My Money changes that.In this unprecedented collection, 25 financial experts share how they navigate markets with their own capital. In this honest rendering of how they invest, save, spend, give, and borrow, this group of portfolio managers, financial advisors, venture capitalists and other experts detail the ''how'' and the ''why'' of their investments. They share stories about their childhood, their families, the struggles they face and the aspirations they hold. Sometimes raw, always revealing, these stories detail the indelible relationship between our money and our values.Taken as a whole, these essays powerfully demonstrate that there is no single ''right'' way to save, spend, and invest. We see a kaleidoscope of perspectives on stocks, bonds, real assets, funds, charity, and other means of achieving the life one desires. With engaging illustrations throughout by Carl Richards, How I Invest My Money inspires readers to think creatively about their financial decisions and how money figures in the broader quest for a contented life.With contributions from:Morgan Housel, Christine Benz, Brian Portnoy, Joshua Brown, Bob Seawright, Carolyn McClanahan, Tyrone Ross, Dasarte Yarnway, Nina O''Neal, Debbie Freeman, Shirl Penney, Ted Seides, Ashby Daniels, Blair duQuesnay, Leighann Miko, Perth Tolle, Josh Rogers, Jenny Harrington, Mike Underhill, Dan Egan, Howard Lindzon, Ryan Krueger, Lazetta Rainey Braxton, Rita Cheng, Alex Chalekian
£17.09
John Wiley & Sons Inc Penny Stocks For Dummies
Book SynopsisWant big returns? Look at small stocks! Penny stocks are low-cost equities that often make large price moves, potentially leading to big gainsor lossesfor investors.Penny StocksForDummieswill help you determine whether this wild ride is right for you. With this hands-on guide, you can grasp the basics, find smart investments, avoid scams, and look for big success, even if youonly have pocket change to start out with. This latest edition takes you right into today's unique penny stock market.You'lllearn how to read penny stock charts, evaluate the strength of small companies, recognize price manipulations, anduse smart trading strategies to maximize your returns. Buying and selling penny stocks can be extremely lucrativeif you know exactly whatyou'redoing. This book will make a penny trader out of you, so you can start making money for the future.(Heads up: you're going to need a bigger piggy bank!) WithPenny StocksForDummies, you will: Find out whether penny stocks are a good fit for your investment goals, available capital, and risk toleranceDo your due diligence and learn how to research potential penny stock investmentsUse fundamental analysis, financial ratios, and penny-specific technical analysis to identify winning betsUncover expert tips that will boost your results and help prevent big losses Penny StocksForDummieswill give youtheknowledge andconfidenceyou needto get in on the ground floorand discover those hidden gems for high rewards.Table of ContentsIntroduction 1 About This Book 1 Foolish Assumptions 2 Icons Used in This Book 3 Beyond the Book 4 Where to Go from Here 4 Part 1: Getting Started with Penny Stocks 5 Chapter 1: Getting to Know Penny Stocks 7 A Big, Fat, “Tiny” Penny Stock Summary 8 Defining Penny Stocks 9 Price per share 10 Market capitalization 10 Stock market 10 Mix and match 11 Why does it matter? 11 Comparing Penny Stocks to Their Blue-Chip Cousins 13 Volatility and speed 14 Safety and risk 14 Investor following and visibility 15 Larger stones take more force to move 16 Chapter 2: Deciding If Penny Stocks Are Right for You 19 Gauging the Popularity of Penny Stocks 20 A high risk/reward ratio 20 Limited funds 22 Risky misconceptions 22 Taking Stock of the Big Business of Penny Stocks 23 You’re not alone 23 Room to grow 24 Making Sense of What You’ve Heard (Much of Which is True!) 25 Penny stocks represent low-quality companies 25 Penny stocks are subject to price manipulation scams 26 Trading penny stocks is a game of chance 26 Making a Fast Million Not! 27 Penny stocks appeal to the impatient 27 Newer investors gravitate to penny stocks 28 Penny stocks appeal to smaller portfolios 29 Being Honest with Yourself: Are Penny Stocks Right For You? 29 Chapter 3: Buying and Selling Penny Stocks 31 The Ins and Outs of the Stock Market 32 Factors influencing which exchange a company lists on 32 A who’s who of stock exchanges 34 Issuing Shares 37 Diluting a good thing 38 How dilution affects investors 39 When new share issues are a good thing 40 When new share issues are not a good thing 41 Stock Buybacks 42 Acquisitions and Takeovers 43 Why penny stock companies are frequently bought 45 Resisting a takeover 46 Understanding which companies are takeover targets 46 Being the buyer 48 Mergers and Amalgamations 49 Stock splits and reverse splits 50 Why you don’t see splits in low-priced shares 51 Why reverse splits are common in penny stocks 51 Bankruptcies 52 Chapter 4: Avoiding Promotions, Scams, and Bribes 53 Why Penny Stocks Are Perfect for Price Manipulation 53 Who is Moving the Price? 57 Promoters 58 Investor or public relations 58 The touter 59 The advisor 59 Rooting Out Poor Quality Companies 60 A good story 60 Financially broken 61 Weak business model 61 Swimming against the trend 62 The 2-pound gorilla 62 Obstacles That Even High-Quality Companies Face 63 Lawsuits 65 Lost customers 66 The 500-pound gorilla 67 Even the Good Can Die Young 67 Part 2: Research and Investment Strategies 69 Chapter 5: Developing a Strategy 71 Trading Risk Free without Using Real Money 72 Keeping it simple: What you need to get started 72 Setting your paper trading parameters 73 Some paper trading considerations 74 Tracking the success (or failure) of your paper trades 75 What You Need Before Your First Trade 76 Choosing a Great Broker 77 Penny-stock-friendly brokers 78 When to upgrade your broker 79 Types of Trading Orders 79 Bids, asks, and spreads 79 Limit orders 80 Market orders 81 Other types of orders 82 Characteristics of a Successful Penny Stock Trader 84 Investing Versus Trading 86 Investing in penny stocks 86 Trading in penny stocks 86 Chapter 6: Doing Your Research 89 Doing Your Due Diligence 90 Skimming the surface 90 Digging a little (or a lot) deeper 91 The Where’s and How’s of Research 92 Stock quotes 93 Trading charts 93 Stock screeners 95 Company financials 95 Press releases 96 Media outlets 97 Paid analysts 97 Investor relations 98 Penny stock newsletters 98 Message boards 100 Calling the Penny Stock Company 101 Be prepared before you dial 101 Questions to ask management or IR 102 Dead-end questions to avoid 104 How to interpret IR responses 104 Corporate and Analyst Guidance 105 Should you trust guidance issued by the company? 106 Following analyst guidance 107 Generating your own guidance data 107 How Expectations Drive Prices: Getting Baked in the Pie 108 Expectations are more important than results 108 Beating estimates 110 Missing guidance numbers 110 Penny Stocks Are Affected by Trends 111 Sector and industry trends 111 Trends in the overall market 113 Trends in consumer and social behavior 113 Market and Company Risk 115 Let the rising tide lift your boat 115 Investing against the current 116 Reacting to nonsystemic (company-specific) risk 117 Reacting to systemic (market) risk 117 Buying What You Understand: The Free and Instant Advantage 118 Chapter 7: Picking a Winner 121 Narrowing Your Choices 122 Your Elimination Criteria 122 Who Do You Trust? 124 Your number one ally: You 124 Considering the motives of others 125 Reviewing their track record 126 Paid advertisements: The wolf in sheep’s clothing 126 Unreliable analysts 127 Stock Screeners 128 Choosing criteria to focus your search 128 Screening your screens: Getting even more focused 130 What stock screeners won’t tell you 131 Choosing Penny Stocks Manually 132 Chapter 8: Penny Stock Manias 133 Wild Speculation and Investor Stampedes 134 Why manias affect penny stocks the most 135 The next stampede: It’s just around the corner 136 Penny Stock Manias of the Past: Learning from Other People’s Mistakes 137 Pot penny stocks 137 Bitcoin mania? 143 The dot-com bubble in penny stocks 150 Surviving and Profiting from Penny Stock Manias 153 Spotting the Next Mania 154 Why the next mania plays out 154 How the next mania plays out 155 Part 3: Trading Penny Stocks 157 Chapter 9: Trading Strategies 159 Scaling In and Scaling Out 160 Averaging Up Not Down 161 The many downsides of averaging down 161 The upsides of averaging up 163 Limiting Your Losses and Locking In Your Gains 163 Stop-loss orders 163 Position sizing 165 Diversification 166 Limit orders 167 Using only the best markets 167 Trading Windows 167 Timing Trades: When to Hold ’Em and When to Fold ’Em 168 Know when to take a profit 168 Know when to sell at a loss 169 Chapter 10: Fundamental Analysis 171 Financial Reports 172 The income statement 173 Balance sheet 174 The statement of cash flows 176 Numbers to Look for in Penny Stocks 179 Good numbers on the financial statements 180 Trends in financial results 184 Acting On Analysis 186 Management is Steering This Ship 187 Who’s who at the helm 187 What have these managers done before? 188 The corporate commitment level 189 News Releases and Events 191 Press releases from the company 192 Coverage from third-party sources 192 The timing of milestone events 193 The Outlook for the Sector and Industry 194 Microeconomic influences 195 Macroeconomic influences 196 Keeping your macros and micros straight 197 Chapter 11: Financial Ratios: Comparing Apples to Apples 199 Leveling the Playing Field with Financial Ratios 200 Eliminating size as a factor 200 Comparing stocks across industries 201 The Five Categories of Financial Ratios 201 Liquidity Ratios 202 Current ratio 203 Quick ratio 203 Cash ratio 204 Operating cash flow 205 Activity Ratios 206 Inventory turnover 207 Receivables turnover 207 Payables turnover 208 Working capital turnover 209 Fixed asset turnover 209 Total asset turnover 210 Leverage Ratios 211 Debt ratio 211 Debt to equity 212 Interest coverage 212 Performance Ratios 213 Gross profit margin 214 Operating profit margin 215 Net profit margin 216 Return on assets 217 Return on equity 217 Valuation Ratios 218 Price to earnings 218 Price to earnings to growth rate ratio 220 Price to sales 220 Price to cash flow 221 Chapter 12: The Abstract Review in Penny Stocks 223 Making Products Meaningful with Branding 224 Why branding is more important with penny stocks 225 When branding is done well 226 Harnessing a Unique Selling Proposition 227 Ensuring Product or Service Acceptance 228 Market Share 229 How to find out the market share for a penny stock 230 Profit from changes in market share 230 Barriers to Entry 231 Gauging barriers to new competition 232 The best first movers are the small ones 232 Marketing Strategy and Results 234 Poor marketing is bottomless 234 Marketing is hard to track with penny stocks 235 Loyalty and Attrition 236 Customer turnover 237 Relative order sizes and frequencies 237 Chapter 13: Technical Analysis with Penny Stocks 239 When Technical Analysis is Good 240 Why TA Often Doesn’t Work with Penny Stocks 243 Use Technical Indicators to Spot Trading Opportunities 244 All Patterns Break Down 246 Technical Analysis That Will Work with Penny Stocks 247 Clues from trading volume 247 Support levels 248 Resistance 250 Trends are friends 251 Price spikes 252 Price dips 253 Topping out patterns 254 Bottoming out patterns 256 Consolidation patterns 257 On-balance volume 260 Momentum indicators 261 Moving averages 262 Relative strength 263 Part 4: Scaling Up Your Success 265 Chapter 14: The Surprising Power of Mental Focus 267 Taking a Situational Audit 268 Unless you increase your time and energy 268 When the weeds envelope you 269 Why the dearth of quality? 271 Are Your Expectations Realistic? 271 Truly knowing yourself 272 The purpose is deeper 273 Goals? Not everyone needs them 273 The first step is the longest 273 Your Penny Stock Plan 274 Frequency and fine-tuning 276 You do not get to have luck 276 Take a forced rest 277 Chapter 15: Finding the One Strategy That Works 279 Your Solo Strategy 280 Do less of what doesn’t work 281 Rinse and repeat 282 Simplicity is misunderstood 282 One Penny Stock Truth Above All 282 Dancing on quicksand 283 Changing landscape 283 Adapting to What’s Next 285 Creating a Ritual 286 Shrine, studio, war room, or kitchen table? 287 A statement of commitment 288 Opportunity Costs and Your Results 288 Unseen small investments for major gains 289 Extrapolate your destination 289 Chapter 16: Debriefing for Dollars and Cents 291 Your Opinion is Your Mental Blind Spot 292 Comparing results to expectations 292 Comparing expectations to environments 293 The intentions-to-profits contrast 295 The assumptions you were given 296 Media Imagery and Misunderstandings 297 Tunnel-vision gurus 297 Trusted friends and family 298 Buying excitement 298 Building Your Investing Power 299 Collect 100 mistakes 301 List your lessons 301 Take an emotional assessment 303 Change yourself to change your results 303 Part 5: The Part of Tens 307 Chapter 17: Ten Rapid Result Tactics 309 Call the Company 310 Average Up 310 Don’t Confuse Market Risk with Company Risk 311 Try the Product, Use the Service 312 Compare the Wares 313 Paper Trade 313 Know the Corporate Life Cycle 314 What’s Really Driving the Share Price? 315 Watch the Short Interest 316 Don’t Diversify, Pinpoint Invest Instead 317 Chapter 18: Ten Trading Truths 319 Investor Sentiment is Contrarian 319 Big Moves Occur During Brief Trading Windows 321 Greater Volume Means Greater Sustainability 321 Making Up for Losses is Harder than Preventing Them 322 Bigger Things Take More Energy to Move 322 Rapid Rise, Rapid Fall 323 Dilution Disguises Losses 324 Buy the Rumor, Sell the Fact 324 Don’t Try Catching Falling Knives 325 Resistance Levels Can Flip 326 Chapter 19: Ten Key Considerations for Companies 327 Barriers to Entry 327 Competitive Advantages 328 Market Share (and Room for Growth) 329 Customer Diversity and the Company’s Reliance 330 Allies 331 Insider Ownership 331 Institutional Ownership 332 Positioning 333 The Secret of Flag Fall Fees 333 It’s All About Recurring Revenues and Attrition 334 Index 337
£19.54
