Investment and securities Books

Book SynopsisIf you were to make a list of financial topics that have grabbed the interest of the wider public over recent years then spread betting and foreign exchange trading would surely be near the top. These have both been around for decades, but developments in technology and financial markets in the past five to ten years have made them extremely hot topics right now. This book starts by covering the basics of spread betting and explains why it has become such a popular method for trading a whole host of markets. Next the forex markets are explained - cutting through the jargon to help you understand how they work, what makes currency prices move second by second, 24 hours a day, and how you can trade forex using spread betting. Finally, some trading strategies are examined - approaches that you can put into practise straightaway using spread betting, and at a level of risk that suits your own particular circumstances. If you are looking to trade forex then this book provides an expert introduction - helping you to succeed by avoiding the most common pitfalls of this highly volatile but fascinating market.Table of ContentsAbout the author Preface Introduction Part One - The Basics Spread Betting - The spread bet price - Time frames for trading - Trading in terms of pounds per point - The different contracts available and margin trading - Example of a trade Forex Explained - Background of the forex market - What is a currency pair? - The most traded currencies - Quoting conventions and terminology - Strength and weakness in forex - What moves the forex market? - The mechanics of trading forex - Why forex has become such a popular market Managing Risk - Position Sizing - Stop losses - managing the risk of being wrong - Risk versus reward - is the trade really worth doing? Technical Analysis Part Two - Trading Strategies Support and Resistance - Support and resistance - Example 1 - Support and resistance - Example 2 - Support and resistance - Example 3 - When support/resistance levels are broken... Trends and Trend Following - Examples of trending markets in forex - How to draw trend lines - Trend following - Example 1 - Trend following - Example 2 Indicators - A More Mathematical Approach to Trading - Relative Strength Index (RSI) - A twist on RSI - spotting divergences ...And Finally Index

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Book SynopsisThis book deals with the issue of problematic market price prediction in the context of crowd behaviour affected by the psychology of the masses. It highlights the contrast between a phenomenon of mass psychology and the efficient market hypothesis, which is essentially based on a common economic theory. The basic assumption is that if there is a model of interaction between masses and agents participating in markets, then there also exist means for prediction of the whole market's behaviour, though nevertheless the behaviour of every single agent is not predictable. From a practical point of view, this book describes technical analysis methods used to predict price movements, and discusses a soft computing approach used in a composition of automated trading systems. This book brings alternative, soft computing computational models to trading strategies and innovatively combines two different areas of science - artificial intelligence and technical analysis. One of the main benefits of this book is a demonstration that the soft computing approach in a combination with the "soft" social sciences accounts more reliable results than the conventional mathematical models.This book is for anyone interested in trading, financial markets and security exchanges, as well as for those who have theoretical or practical knowledge from the fields of artificial intelligence and soft computing, and want to know how these topics can be applied in financial markets.Table of ContentsIntroduction 1: Reality, the intersection of multiple theories Efficient market hypothesis The theory of chaos Behavioral market theory 2: The dynamics of crowd behavior Methodologies for the study of markets The system theory point of view The wave principle Fibonacci mathematics in financial markets 3: Security exchanges at a glance Financial markets Security exchanges Exchange clearing systems 4: Basic tenets of automated trading Indicators and oscillators Money management Statistics The sensitivity to changes of system parameters 5: Simulation and backtesting of trading strategies The value of simulation in the trading Human factor in the trading chain Modeling of order execution Modeling of time and price skews Discrete Event System Specification Simulation of the trading environment Embedding trading strategies into the simulation Simulation case study 6: Optimization of trading strategies Parametric trading strategies Genetic algorithms Inspiration from nature Computational model of genetic evolution Optimization case study 7: Fuzzy approach to trading strategies Concept of uncertainty and the basics of fuzzy logic theory Fuzzy logic and fuzzy inference Fuzzy-based trading strategies Analysis of sensitivity and robustness Case study Summary Bibliography and further reading Notations, functions and mathematical symbols

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Book SynopsisIn Designing Stock Market Trading Systems Bruce Vanstone and Tobias Hahn guide you through their tried and tested methodology for building rule-based stock market trading systems using both fundamental and technical data. This book shows the steps required to design and test a trading system until a trading edge is found, how to use artificial neural networks and soft computing to discover an edge and exploit it fully.Learn how to build trading systems with greater insight and dependability than ever beforeMost trading systems today fail to incorporate data from existing research into their operation. This is where Vanstone and Hahn''s methodology is unique. Designed to integrate the best of past research on the workings of financial markets into the building of new trading systems, this synthesis helps produce stock market trading systems with unrivalled depth and accuracy.This book therefore includes a detailed review of key academic research, showing how t

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Book SynopsisRatios provide an extremely effective method of understanding company accounts. At their most basic this usually involves taking one figure from the published accounts and dividing it by another - however, this seemingly simple process can reveal an enormous amount about both the nature and performance of a company. 'Ratios Made Simple' looks at ratios from the perspective of an investor, providing a toolkit for investors to use to accurately analyse a company from its accounts. This book is divided into nine chapters, with each chapter looking at a different aspect of potential concern to an investor: 1. Profitability Ratios 2. Investment Ratios 3. Dividend Cover 4. Margins 5. Gearing 6. Solvency Ratios 7. Efficiency Ratios 8. Policy Ratios 9. Volatility For each ratio, financial expert Robert Leach provides a detailed definition, explains how it works, describes its use. Investors are also given a simple explanation of how to calculate each ratio, what the ratio means and how the investor should apply the answers in making investment decisions.This book provides the investor with an essential guide to the use of these powerful analytical tools - tools that should form a vital part of an investor's decision-making process.Table of ContentsAbout the Author Introduction 1. Profitability Ratios 1.1. Earnings per Share (EPS) 1.2. Price-to-Earnings Ratio (P/E) 1.3. Enterprise Value/Earnings Before Interest, Taxes, Depreciation and Amortization Ratio (EV/EBITDA) 1.4. Price-to-Sales Ratio (PSR) 2. Investment Ratios 2.1. Dividend Yield 2.2. Total Return 2.3. Return On Capital Employed (ROCE) 2.4. Return On Equity (ROE) 2.5. Premium To Asset Value (PAV) 2.6. Internal Rate Of Return (IRR) 2.7. Return On Assets (ROA) 2.8. Dividend Payout Ratio 3. Dividend Cover 3.1. Dividend Cover 4. Margins 4.1. Gross Margin and Net Margin 4.2. Overheads To Turnover 5. Gearing 5.1. Gearing Ratio 5.2. Interest Cover 6. Solvency Ratios 6.1. Acid Test 6.2. Current Ratio 6.3. Cash Burn 6.4. Defensive Interval 6.5. Fixed Charges Cover 7. Efficiency Ratios 7.1. Stock Turn 7.2. Price-To-Book Value (PBV) 7.3. Overtrading and Undertrading 7.4. Item Comparison 8. Policy Ratios 8.1. Creditor Period 8.2. Debtor Period 8.3. Fixed Asset Spending Ratio 9. Volatility 9.1. Volatility Ratio 9.2. Standard Deviation Appendix

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Book SynopsisSovereign Wealth Funds (SWFs) - state investment vehicles based on balance of payment surpluses - have come increasingly under the scrutiny of public opinion over the past decade. Their remarkable investments in developed economies have also attracted the attention of politicians, academics and financial operators. At first ignored, then seen as a cause for concern, they finally came to be viewed as stabilising agents amid the troubles of the 2007-2009 financial tsunami. Having sponsored the bailouts of some significant Western banks, SWFs underwent a phase of retrenchment concomitant with the shrinking of economic growth, the bursting of financial and real-estate bubbles and the emphasis on refocusing liquidity on domestic markets that followed in the wake of the crisis. Since the second half of 2009, however, SWFs have adjusted targets and strategies to the new financial paradigm and re-engaged in the global economy, proving to be major players in the international financial markets. The universe of SWFs symbolises a shift in the balance of economic power, with the dominant areas being the Gulf Council countries, China, Singapore, Russia, Libya and Norway.It is also an area of finance that has hitherto remained - and not accidentally - profoundly obscure. This book presents comprehensive research and analysis of this shift, as well as the related issue of transparency. It furthermore brings together the best research and information available on the activities of SWFs, detailing previously hard to find operational information. In this book the authors answer key questions, such as: - What defines a SWF? - When and how did SWFs emerge? - What investment strategies do SWFs pursue? - What are the main financial, economic and political consequences of the operations of SWFs? - What reactions have SWFs triggered in their domicile countries and abroad? - Is transparency in SWFs really important and for whom? - What approach has been taken by international organisations towards SWFs? 'Sovereign Wealth Funds' provides a detailed guide to an area of finance worth trillions of dollars, involving many of the world's governments, and affecting a wide array of sectors. It should prove essential reading for anyone looking to understand this international financial phenomenon.Table of ContentsList of Figures and Tables About the Authors Introduction 1. How and When Sovereign Wealth Funds Came About 2. What Are Sovereign Wealth Funds? 3. The Most Representative Actors 4. Strategies and Effects on Global Financial Markets 5. Geoeconomics and Geopolitics 6. The United States and the European Union Confronted with SWFs 7. The Principles of the IMF and the OECD: Towards a Multilateral Framework Conclusion Appendix - The Santiago Principles Notes Bibliography Abbreviations and Acronyms

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Book SynopsisThe remarkable inside story of Archangels, the oldest and one of the biggest business angel syndicates in the world. In 1992, angel investment was unheard of in the business community in Scotland… yet just a quarter of a century later, Archangels has led investment of over £220m into more than 80 early-stage companies, helping many of them grow into flourishing enterprises. This book uncovers the unique business relationship between Archangels’ founders Barry Sealey and Mike Rutterford, and follows their groundbreaking journey to the present day. Providing invaluable advice for would-be investors, The Archangels’ Share tells of successes and failures along the way, explores just how they formed such a successful business angel syndicate, and explains why Scotland has emerged as a global leader in angel investing. And it reveals the energy, passion and skill of two extraordinary men who created an international phenomenon.Trade ReviewPraise for Kenny Kemp: Scottish Business Writer of the Year 2001, 2003, 2010. "One of the business reads of the year." - Sunday Times. "A must-read for business managers." - The Scotsman. Praise for Graham Lironi: "Intelligent, original" - AL Kennedy. "A slick, unfussy writer who keeps things moving." - Sunday Herald.

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Book SynopsisAs the banking crisis and its effects on the world economy have made plain, the stock market is of importance to our livelihoods. This book looks at the history of the market to figure out how we arrived at a point where investing is commonplace, as market fluctuations threaten our plans to send our children to college or retire comfortably.Trade Review"Framing Finance looks at the history of finance from a completely new perspective, combining sociology, history, economics, and literary and cultural studies. Drawing on his original historical data, Preda proposes several innovative theoretical ideas and concepts that may well become household notions in writings on finance." - Karen Knorr Cetina, University of Chicago"

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Book SynopsisAs the banking crisis and its effects on the world economy have made plain, the stock market is of importance to our livelihoods. This book looks at the history of the market to figure out how we arrived at a point where investing is commonplace, as market fluctuations threaten our plans to send our children to college or retire comfortably.Trade Review"Framing Finance looks at the history of finance from a completely new perspective, combining sociology, history, economics, and literary and cultural studies. Drawing on his original historical data, Preda proposes several innovative theoretical ideas and concepts that may well become household notions in writings on finance." - Karen Knorr Cetina, University of Chicago"

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Book SynopsisPolicy makers often call for increased spending on infrastructure, which can encompass a broad range of investments, from roads and bridges to digital networks that will expand access to high-speed broadband. Some point to the near-term macroeconomic benefits, such as job creation, associated with infrastructure spending; others point to the long-term effects of such spending on productivity and economic growth.Economic Analysis and Infrastructure Investment explores the links between infrastructure investment and economic outcomes, analyzing key economic issues in the funding and management of infrastructure projects. It includes new research on the short-run stimulus effects of infrastructure spending, develops new estimates of the stock of US infrastructure capital, and explores incentive aspects of public-private partnerships with particular attention to their allocation of risk. The volume provides a reference for researchers seeking to study infrastructure issues and for policymakers tasked with determining the appropriate level and allocation of infrastructure spending.Table of ContentsAcknowledgments Introduction Edward L. Glaeser and James M. Poterba1. Measuring Infrastructure in BEA’s National Economic Accounts Jennifer Bennett, Robert Kornfeld, Daniel Sichel, and David WasshausenComment: Peter Blair Henry2. Can America Reduce Highway Spending? Evidence from the States Leah Brooks and Zachary LiscowComment: Clifford Winston3. Transportation Infrastructure in the US Gilles Duranton, Geetika Nagpal, and Matthew A. TurnerComment: Stephen J. Redding4. The Macroeconomic Consequences of Infrastructure Investment Valerie A. RameyComment: Jason Furman5. Procurement Choices and Infrastructure Costs Dejan Makovšek and Adrian BridgeComment: Shoshana Vasserman6. When and How to Use Public-Private Partnerships in Infrastructure: Lessons from the International Experience Eduardo Engel, Ronald D. Fischer, and Alexander GaletovicComment: Keith Hennessey7. A Fair Value Approach to Valuing Public Infrastructure Projects and the Risk Transfer in Public-Private Partnerships Deborah Lucas and Jorge Jimenez MontesinosComment: R. Richard Geddes8. Digital Infrastructure Shane GreensteinComment: Catherine Tucker Contributors Author Index Subject Index

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Book SynopsisTrade Review“I’m reading the wonderful Invested: How Three Centuries of Stock Market Advice Reshaped Our Money, Markets, and Minds, a magnificent effort from five dedicated academics covering a full 300 years of printed investment advice. That adds up to an awful lot of books. But skim the contents of a few and you will find that under different titles and guises, they mostly give the same rather good advice—advice we are as well to follow today as we were in the eighteenth century.” * Bloomberg *"A magnificent effort from five dedicated academics covering a full 300 years of printed investment advice." * The Washington Post *“Invested is an engrossing survey . . . . This is a sourcebook I’ll return to frequently for my own work. Fascinating and highly recommended.” * The Patient Investor *“This book is well written and sustains the general themes over three centuries whilst having the space in each chapter to explore different topics. . . . The book itself is a positive gold mine of information on investment advice, and also raises new research questions to be explored through such histories. Invested should be on every financial historian’s bookshelf.” * Economic History Review *"Recommended." * Choice *"[An] ambitious and entertaining book on the history of stock market advice in the UK and US from 1720 to today. . . . Invested shows that the lure of stock market advice is persistent." * Business History *“Invested is a comprehensive and very well-informed account of the development of financial advice literature from its first appearance in 1761 to the present day, including a very useful afterword on the effect of the current pandemic on the genre. This excellent book provides a vast and original understanding of how financial advice has grown in relation to both the evolution of the stock market and the financialization of everyday life.” * Anne Murphy, University of Portsmouth *Table of ContentsIntroduction: Three Centuries of Financial Advice Chapter 1. Making the Market (1720–1800) Chapter 2. Navigating the Market (1800–1870) Chapter 3. Playing the Market (1870–1910) Chapter 4. Chartists and Fundamentalists (1910–1950) Chapter 5. Domestic Budgets and Efficient Markets (1950–1990) Chapter 6. Gurus and Robots (1990–2020) Conclusion: Investing through the Crisis Acknowledgments Notes Index

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Book SynopsisShows how traders, brokers, and global financial markets have adapted to the digital age. The author explains how changes at the world's leading financial exchanges have transformed economic cultures and the craft of speculation, and how people and places are responding to the digital transition.Trade Review"Zaloom's superb book is a double-site ethnography [that shows how] the appearance of chaos hid a complex social order, which Zaloom delineates beautifully." - London Review of Books "The book is half fascinating cultural portrait and half in-depth academic text.... What emerges from the mix is a nuanced, bottom-up picture of Chicago's economic importance in the world market, and how our city's working-class swagger has shaped derivatives trading from the inception of the market." - Time Out Chicago"

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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 Capital In 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 Ideas A 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 Company For 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 University uniquely 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 Buffet'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. CHOICETable of ContentsAcknowledgments Introduction Part I: The Partnership Years (1957-1968) 1. 1958: Sanborn Map Company 2. 1961: Dempster Mill Manufacturing Company 3. 1964: Texas National Petroleum Company 4. 1964: American Express 5. 1965: Berkshire Hathaway Part II: The Middle Years (1968-1990) 6. 1967: National Indemnity 7. 1972: See's Candies 8. 1973: The Washington Post 9. 1976: GEICO 10. 1977: The Buffalo Evening News 11. 1983: Nebraska Furniture Mart 12. 1985: Capital Cities/ABC 13. 1987: Salomon Inc.-Preferred Stock Investments 14. 1988: Coca-Cola Part III: The Late Years (1990-2011) 15. 1989: US Air Group 16. 1990: Wells Fargo 17. 1998: General Re 18. 1999: MidAmerican Energy Holdings Company 19. 2007-2009: Burlington Northern 20. 2011: IBM Part IV: Lessons Learned 21. Evolution of Buffett's Investment Strategy 22. What We Can Learn from Buffett Appendix A Appendix B Notes Selected Bibliography Index

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Book SynopsisThe first biography of a major early-twentieth-century business leader and the historical and ethical implications of his work.Trade ReviewPassion for Reality is an intelligent and well-written account of the career of an important figure in the formation of the modern investment management business.Financial Analysts Journal -- Martin S. Fridson Financial Analysts Journal Paul Cabot created and led the first mutual fund. He didn't manage it; he led it-a crucial difference. It takes exceptional leaders to create sound new forms of investing that are profitable for investors and not merely for their creators. Reading this book had me asking, 'Who are the finance industry's next leaders, and where are they going to come from?' -- Harry Markopolos, financial fraud investigator, author of No One Would Listen: A True Financial Thriller Passion for Reality is a special kind of social history, a piece of Harvard's history, and a compelling biographical study, but above all it is a history of major financial developments. And it is a very readable book. -- Bernard Bailyn, Pulitzer Prize-winning historian, Harvard University Anyone who works in the mutual fund industry will want to read this compelling biography of Paul Cabot, a Boston Brahmin and cofounder of one of the first mutual funds. Read about early stock pickers at a time when markets were unregulated and sufficiently inefficient so that outperforming was as easy as visiting a few corporations and asking questions. Then there was the 1929 crash and Depression-era regulation. Cabot's life provides a front row seat. Highly recommended! -- Glyn A. Holton, author of Value at Risk: Theory and Practice This book is thoroughly researched, comprehensive, candid, elegantly written, and eminently readable. I applaud it as a vital link to returning the mutual fund industry to the high fiduciary standards that were once its hallmark. -- from the foreword by John C. Bogle, Founder and former CEO, the Vanguard Group Recommended for those who like business biographies of successful men living in interesting time. Library Journal As Michael R. Yogg makes clear in his readable, short biography, 'Passion for Reality,' Paul Cabot was a central figure in the remarkable 20th century democratization of capitalism Wall Street Journal All advisors interested in the development of their craft will profit from - and richly enjoy - this lovely book. Financial Advisor Michael Yogg's book on Paul Cabot, one of the founders of State Street Corporation, is a welcome and valuable addition to the history of mutual funds... Well written and broadly researched. Economic History ReviewTable of ContentsForeword, by John C. Bogle Acknowledgments Introduction: "That Passion for Reality" 1. Family, Education, and Army Service 2. The Twenties 3. The Crash, the Depression, and State Street's Response 4. The Revenue Act and the Investment Company Act 5. Moses and Jeremiah 6. Harvard's Treasurer 7. North Haven and Needham 8. Letting Go Epilogue Notes Index

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Book SynopsisIn Big Money Thinks Small, veteran fund manager Joel Tillinghast offers a set of simple but crucial steps to successful investing. Tillinghast teaches readers how to learn from their mistakes—and his own, giving investors the tools to ask the right questions in any situation and to think objectively and generatively about portfolio management.Trade ReviewTillinghast provides a very useful checklist of the required due diligence of investments, the tenets of value investing, the need to more carefully understand the culture and rule of law of foreign countries before investing in them, and how to stay within your circle of competence. -- David Kass, University of MarylandTable of ContentsForewordAcknowledgmentsPart I: Sleight of Mind1. It’s a Mad, Mad World2. Silly Human Tricks (Decision Biases)3. Gamblers, Speculators, and Investors4. Mind Over MoneyPart II: Blind Spots5. Need to Know?6. It's the Simple Life for Me7. Thinking Small8. Bulls in the China ShopPart III: Honest, Capable Fiduciaries9. Dare to Be Great! Or, Distinctive Character10. Bang for the Buck11. Do the Bad Guys Wear Black Hats?12. Shipping Bricks and Other Accounting RiddlesPart IV: Live Long and Prosper13. Is the End Near?14. Oil Gushers and Slicks15. Tech Stocks and Science Fiction16. How Much Debt Is Too Much?Part V: What’s It Worth?17. Will the Lowest Be Raised Up?18. Which Earnings Number?19. The Art of Judging Value20. Double Bubble Trouble21. Two ParadigmsIndex

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Book SynopsisNicholas Jepson shows how Chinese demand not only transformed commodity markets but also provided resource-rich states with the financial leeway to set their own policy agendas. He combines analysis of China-led structural change with fine-grained detail on how the boom played out across fifteen different resource-rich countries.Trade ReviewIn China's Wake is a bold and thorough piece of research in the tradition of ‘big picture’ global political economy. Steered by a theoretical framework, it weaves together China’s soaring demand for commodities; the boom in global markets for metals, fuels, and agricultural products; and development trajectories in resource-rich economies. The result is a fascinating contribution to development studies. -- Robert H. Wade, London School of Economics and Political ScienceThe commodity boom driven by China’s demand has come and gone. Yet Nicholas Jepson shows that this boom transformed the developmental landscape of natural resource exporters forever. In China’s Wake is the most comprehensive account to date of the different responses to the boom across the global South and their consequences. It is an incisive introduction to the post-neoliberal, post-China world of development. -- Ho-fung Hung, author of The China Boom: Why China Will Not Rule the WorldThis is an excellent book about China’s rise and its major ramifications for developing countries. Focusing on the role of commodities exports, Jepson employs a thoughtful, carefully honed analytical approach. He further adds quantitative analyses and fieldwork interviews. This book makes an important contribution to development studies. -- Jan Nederveen Pieterse, author of Multipolar Globalization: Emerging Economies and DevelopmentAmong the excellent books that explore the consequences of China’s externalization for the global South, In China’s Wake is perhaps the best. Theoretically robust and empirically rich, it engages with the implications of China-driven shifts in global market conditions for the development trajectories of fifteen countries across four world-regions. This is a path-breaking and stunningly original contribution that substantially advances our understanding of China’s relation to global transformation. -- Jeffrey Henderson, professor emeritus of international development, University of BristolWhile much of today’s China scholarship focuses on the negative impact of China’s growing technological and economic power on other countries, this important book looks at the other side of the argument: how China’s break with neoliberal orthodoxy benefited resource-rich countries, particularly during the boom period of commodity exports. This balanced account is a must-read for anyone interested in China’s global role with developing countries. -- Richard P. Appelbaum, coauthor of Innovation in China: Challenging the Global Science and Technology SystemHighly recommended * Choice *Table of ContentsList of Figures and TablesAcknowledgmentsList of AbbreviationsIntroduction1. World Markets in China’s Wake2. Natural Resources and Development Under Shifting Global Regimes3. The Rise of China as a Necessary Condition for Post-Neoliberal Breaks4. A Typology of Political-Economic Trajectories Under Commodity Boom Conditions5. Neodevelopmentalist Type: Argentina and Brazil6. Extractivist-Redistributive Type: Ecuador, Bolivia, and Venezuela7. Extractivist-Oligarchic Type: Angola and Kazakhstan8. Donor-Dependent Orthodoxy Type: Zambia, Laos, and Mongolia9. Homegrown Orthodoxy Type: Jamaica, Peru, South Africa, Colombia, and Indonesia10. China and Global TransformationAppendix: Research Design—Qualitative Comparative Analysis and InterviewsNotesBibliographyIndex

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Book SynopsisRoger Murray (1911–1998) was a crucial figure in the history of value investing. This book offers a compelling account of Murray’s multifaceted career alongside a series of remarkable lectures he gave late in his life that encapsulated his philosophy of investing.Trade ReviewJohnson and Sonkin provide a great account of Roger Murray's career and speeches. It is a careful record that sticks to the facts. -- Erin Bellissimo, Managing Director, Notre Dame Institute for Global InvestingThoroughly enjoy[able]. [A] fresh look at a great investment personality of the last millennium. This excellent tribute to Roger Murray and his enduring value will delight seasoned investment professionals and those who are just beginning their careers in investment research and management. * Enterprising Investor *Table of ContentsForeword, by Mario Gabelli and Leon CoopermanA Personal Tribute to Professor Roger Murray, by James Russell KellyPrefaceAcknowledgmentsIntroductionPart I. Biography1. Murray’s First Career: Bankers Trust (1932–1955)2. Murray’s Second Career: Influential Economist (1950–1998)3. Murray’s Third Career: Beloved and Respected Business School Professor (1956–1978)4. Murray’s Fourth Career: Fund Manager (1965–1970)5. Murray’s Role in the Formation of the Private Pension Industry (1950–1980)6. The Fifth Edition of Securities Analysis (1988)7. Rebirth of Value Investing at Columbia Business School (1993)8. Recognition and Awards (1999 to the present)9. The “New” Roger Murray Lecture Series (2000)Part II. Museum of Television and Radio Lectures10. Lecture 1—Value Versus Price (January 22, 1993)11. Lecture 2—Ingredients of Markets and Value (January 29, 1993)12. Lecture 3—Equity Pricing and Capitalization Rates (February 5, 1993)13. Lecture 4—Convergence of Price and Value (February 12, 1993)Part III. Interview14. Full Interview with Peter Tanous (1996)Bibliography of Roger Murray’s PublicationsNotes

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Book SynopsisIn Creating Strategic Value, Joseph Calandro Jr. explores how the core ideas and methods of value investing can be profitably applied to corporate strategy and management. He builds from an analysis of traditional value investing concepts to their strategic applications.Trade ReviewUnderstanding values is the key to corporate success, and Graham and Dodd is the Rosetta Stone of unlocking values. In this book, Joseph Calandro Jr. continues his application of core value investing principles into both strategy and management. A must-read for corporate managers and investors alike. -- Mario J. Gabelli, founder, chairman, and CEO of GAMCO Investors, Inc.I loved this book. Calandro has written a highly engaging work on an incredibly important, often overlooked topic: how corporate managers should allocate capital according to the principles of value investment. He draws on theory and practice to deliver a resoundingly persuasive argument. The book is fantastically well written and a pleasure to read. Every director, officer, and general manager should read it. -- Tobias Carlisle, principal, Acquirers Funds, LLC; author of The Acquirer's Multiple and Deep Value; and founder, acquirersmultiple.comA riveting blend of skill sets on strategy and management in the corporate world. Information sharing and analysis at the speed of the internet, animated by the experience of an author whose findings and recommendations are both thoughtfully and practically displayed. -- Lenny DePaul, chief inspector/commander, U. S. Marshals Service (Ret.)Joseph Calandro’s book about value investing and corporate management is timely: for more than ten years ‘value’ stocks have underperformed ‘growth’ stocks. If we assume that we will find value stocks among depressed and neglected sectors of the market, it follows that there is now ‘double value’ in the stock market; double value arises from unpopular shares and from a completely neglected investment strategy that value investing has become. I highly recommend Calandro’s book as we shall move away from passive investment styles to more active management. -- Marc Faber, editor, The Gloom, Boom, & Doom Report, and author of Tomorrow’s Gold: Asia’s Age of DiscoveryValue investing is more than a capital allocation strategy. It is a philosophy of business based on the idea that the best way to navigate a volatile marketplace is not with gut, instinct, and savvy, but with facts, verifiable data, and a margin of safety. Joseph Calandro’s Creating Strategic Value expertly shows how the principles of value investing can be applied to business strategy and management. -- Jeff Gramm, fund manager and author of Dear Chairman: Boardroom Battles and the Rise of Shareholder ActivismCalandro wastes no words in building the case for applying the precepts of value investing to general corporate management. He illustrates those precepts with portraits of the careers of a host of accomplished practitioners, from old Jay Gould to the immortals Benjamin Graham and Henry Singleton to the contemporary standouts Howard Marks and Seth Klarman. Find your “information advantage” is the theme of this fine and useful volume—and you can begin your quest in these very pages. -- James Grant, editor, Grant’s Interest Rate Observer, and author of The Forgotten Depression: 1921, The Crash That Cured ItselfThe lessons of classic, mixed, and contemporary value investing, through interviews with accomplished value practitioners, inspiring anecdotes, and thought-provoking case studies, leave the reader well equipped to see value creating opportunity and avoid value destroying activity. An invaluable resource for both corporate capital allocators and those who evaluate their effectiveness. Every corporate decision maker will emerge a more “intelligent investor” as a result of reading this essential book. -- John J. Hughes, president of Quantum Capital Management, LLCThis book fills a much needed gap for those in corporate strategy and management. Utilizing sound research and leveraging examples by thought leaders in the field, Calandro illustrates how to apply the principles of value investing theory for corporate success. Reading it will definitely give you a leg up on the competition! -- Mark McNeilly, author of Sun Tzu and the Art of BusinessThrough historical example and financial analyses, Joseph Calandro does an excellent job showing executives how to manage corporate value over the long haul. First: how to identify and then control the companies' greatest risks. Second: How and when to pounce on cheap assets offered up by companies not so enlightened. Creating Strategic Value is exactly the guide to read after a decades-long bull market has created amnesia towards financial cyclicality. -- Frederick J. Sheehan, Jr., author of Panderer to Power: The Untold Story of how Alan Greenspan Enriched Wall Street and Left a Legacy of Recession and The Coming Collapse of the Municipal Bond MarketThanks to its readable text and non-technical approach, this book will be a valuable resource for business students, their instructors, and management practitioners. * Choice *Table of ContentsForeword—Professor Sris Chatterjee, Gabelli Chair in Global Security Analysis at Fordham UniversityIntroductionAppendix: Common Ground and/or Areas of Further ResearchPart I Preface: Theory1. Value Investing and Corporate Management: Overview2. Corporate Strategy and the “Margin of Safety”3. Cash and Competitive Advantage4. Corporate Management and “Security Analysis” (including an interview with Seth A. Klarman)5. Value Creating Corporate Management: Henry E. SingletonAppendix 5.1: Evaluating a Stock BuybackAppendix 5.2: Managing Funding Obligations6. Managerial “Rationality”7. Corporate Management and “Modern Security Analysis” (including an interview with the late Martin J. Whitman)8. Value Realization Is “The Most Important Thing”Part IIPreface: Practice9. Value Realization at GEICOAppendix 9.1: Note on Estimating Growth Value10. Value Realization at GTI Corporation11. Value Realization at the Union PacificConclusion and Information AdvantageAcknowledgmentsNotesIndex

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Book SynopsisTrade Review"Susca has written a valuable guide to this world of greed, unbound by any sense of mission beyond lining the pockets of wealthy investors. As we move into the post-newspaper era, it would serve all of us who care about local news and its role in fostering civic life to look back at what happened, and what is happening still." --Arts Fuse“Hedged shines a light on one of the most underdiscussed and underappreciated parts of the collapse of local news--the role of hedge funds and private equity firms. It’s an important book for anyone who wants to truly understand the decline of local journalism or who wants to craft solutions.”--Steven Waldman, President and cofounder of Report for AmericaTable of ContentsAcknowledgments Introduction: What Crisis The Private Investment Era Democracy for Sum Profit Harvesting Mergers and Acquisitions The Debt Layoffs Neglected Audiences Conclusion: Ending the Era Notes Index

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Book SynopsisThe history and theory of information as a commodity in the contemporary world Trade Review"How to Think About Information is a critically important book. . . . Schiller provides fundamentally important insights into the infrastructural and superstructural demands of commodification."--Global Media and Communication"Dan Schiller's oeuvre is clear and one that scholars must acknowledge if they deem themselves fit to reflect on the character of the information age."--European Journal of Comunication"Dan Schiller is today probably the most lucid and critical scholar writing on the structure and history of communication and information systems--not just in the U.S., by the way--and this book demonstrates that in spades. He unites his usual clarity of vision of the present with his always-insightful examination and interpretation of communication history. This work will be another significant advancement of our knowledge, informing not just academic curiosity but also how we ought to think and rethink public policy that is shaping information and media today."--Richard Maxwell, professor of media studies, Queens College, City University of New York"Read this book and you will never look at media convergence the same way again. By tracking business trends across media and telecom industries, Schiller demonstrates how much has been lost while citizens have been lulled by the discourses of globalization, deregulation, and the technology boom. Schiller's dazzling research and cogent argument make this book unforgettable."--Ellen Seiter, Stephen K. Nenno Professor of Television Studies, University of Southern California"With a formidable command of knowledge in seemingly disparate fields and a truly transnational perspective, Dan Schiller cuts beneath the theoretical debates about information society and sifts through historical records and today's headlines to reveal the overarching logic of informationalized capitalism. The result is a profound, incisive and essential book for anybody interested in the contemporary world and the role of information in it."--Yuezhi Zhao, Canada Research Chair in Political Economy of Global Communication, Simon Fraser University

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Book SynopsisTrade Review"Susca has written a valuable guide to this world of greed, unbound by any sense of mission beyond lining the pockets of wealthy investors. As we move into the post-newspaper era, it would serve all of us who care about local news and its role in fostering civic life to look back at what happened, and what is happening still." --Arts Fuse“Hedged shines a light on one of the most underdiscussed and underappreciated parts of the collapse of local news--the role of hedge funds and private equity firms. It’s an important book for anyone who wants to truly understand the decline of local journalism or who wants to craft solutions.”--Steven Waldman, President and cofounder of Report for AmericaTable of ContentsAcknowledgments Introduction: What Crisis The Private Investment Era Democracy for Sum Profit Harvesting Mergers and Acquisitions The Debt Layoffs Neglected Audiences Conclusion: Ending the Era Notes Index

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Book SynopsisDeploys 'complex adaptive theory' to track the movement of trends and new groupings of consumers. This book shows how to monitor new trends, whether and when to introduce new brands and brand extensions, how to speak to niche markets, and how to avoid costly mistakes. It is intended for those trying to keep up with marketplace changes.Trade ReviewThe author attempts to clarify the strategies and goals corporations should employ to market their products using the latest trends. Examples from diverse industries and numerous photos enhance this volume. . . . Recommended. * Choice *Table of ContentsContentsIntroduction: More Like MarshallPart 1. Consumers in a Dynamic Marketplace1. In the Flock and Flow2. Flock and Flow: Early SystemsPart 2. Flock and Flow: The Micro Model3. Flows4. FlocksPart 3. Flock and Flow: The Macro Model5. The Brand6. The Consumer7. The CorporationPart 4. Flock and Flow: How to Build a System8. Seventeen Steps in the Flock and Flow System9. Six Marketing StrategiesAppendix: Where This Book Sits on the Management/Marketing MapNotesIndex

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Book Synopsis"One of the best baseball—and management—books out.... Deserves a place in the Baseball Hall of Fame."—ForbesTrade Review"The single most influential baseball book ever." -- Rob Neyer - Slate"Another journalistic tour de force." -- Wall Street Journal"Engaging, informative, and deliciously contrarian." -- Washington Post"Anyone who cares about baseball must read Moneyball." -- Newsweek"An extraordinary job of reporting and writing." -- San Jose Mercury News"You have to read Moneyball.... Amazing anecdotes... an entertaining, enlightening read." -- Baseball America"Ebullient, invigorating... provides plenty of action, both numerical and athletic, on the field and in the draft-day war room." -- Time"One of the most enjoyable baseball books in years." -- New York Times Book ReviewTable of ContentsIn major league baseball the biggest wallet is supposed to win. However, over the past four years, the Oakland Athletics, a major league team with a minor league payroll, have had one of the best records. Lewis reports on the tactics and revolutionary principles that have brought this into effect.

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Book SynopsisSimply put, the essential first book for any investor.Trade Review"A blessedly brief bare-bones guide to investing." Business BookPage "Brilliant, entertaining, and eminently readable" CBS MarketWatch

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Book SynopsisIncludes a chapter on options risk management, as well as information on parametric risk, non-parametric measurements and liquidity risks. This title also includes practical information to help with specific calculations, and various examples including Q&A's and case studies. It is accompanied by a CD-ROM.Table of ContentsPreface to the Second Edition xiii Acknowledgements xix 1 The Rise of Value at Risk 1 1.1 The emergence of financial risk management 2 1.2 Market risk measurement 4 1.3 Risk measurement before VaR 5 1.3.1 Gap analysis 5 1.3.2 Duration analysis 5 1.3.3 Scenario analysis 6 1.3.4 Portfolio theory 7 1.3.5 Derivatives risk measures 8 1.4 Value at risk 9 1.4.1 The origin and development of VaR 9 1.4.2 Attractions of VaR 11 1.4.3 Criticisms of VaR 13 Appendix: Types of Market Risk 15 2 Measures of Financial Risk 19 2.1 The mean–variance framework for measuring financial risk 20 2.2 Value at risk 27 2.2.1 Basics of VaR 27 2.2.2 Determination of the VaR parameters 29 2.2.3 Limitations of VaR as a risk measure 31 2.3 Coherent risk measures 32 2.3.1 The coherence axioms and their implications 32 2.3.2 The expected shortfall 35 2.3.3 Spectral risk measures 37 2.3.4 Scenarios as coherent risk measures 42 2.4 Conclusions 44 Appendix 1: Probability Functions 45 Appendix 2: Regulatory Uses of VaR 52 3 Estimating Market Risk Measures: An Introduction and Overview 53 3.1 Data 53 3.1.1 Profit/loss data 53 3.1.2 Loss/profit data 54 3.1.3 Arithmetic return data 54 3.1.4 Geometric return data 54 3.2 Estimating historical simulation VaR 56 3.3 Estimating parametric VaR 57 3.3.1 Estimating VaR with normally distributed profits/losses 57 3.3.2 Estimating VaR with normally distributed arithmetic returns 59 3.3.3 Estimating lognormal VaR 61 3.4 Estimating coherent risk measures 64 3.4.1 Estimating expected shortfall 64 3.4.2 Estimating coherent risk measures 64 3.5 Estimating the standard errors of risk measure estimators 69 3.5.1 Standard errors of quantile estimators 69 3.5.2 Standard errors in estimators of coherent risk measures 72 3.6 The core issues: an overview 73 Appendix 1: Preliminary Data Analysis 75 Appendix 2: Numerical Integration Methods 80 4 Non-parametric Approaches 83 4.1 Compiling historical simulation data 84 4.2 Estimation of historical simulation VaR and ES 84 4.2.1 Basic historical simulation 84 4.2.2 Bootstrapped historical simulation 85 4.2.3 Historical simulation using non-parametric density estimation 86 4.2.4 Estimating curves and surfaces for VAR and ES 88 4.3 Estimating confidence intervals for historical simulation VaR and ES 89 4.3.1 An order-statistics approach to the estimation of confidence intervals for HS VaR and ES 89 4.3.2 A bootstrap approach to the estimation of confidence intervals for HS VaR and ES 90 4.4 Weighted historical simulation 92 4.4.1 Age-weighted historical simulation 93 4.4.2 Volatility-weighted historical simulation 94 4.4.3 Correlation-weighted historical simulation 95 4.4.4 Filtered historical simulation 96 4.5 Advantages and disadvantages of non-parametric methods 99 4.5.1 Advantages 99 4.5.2 Disadvantages 100 4.6 Conclusions 101 Appendix 1: Estimating Risk Measures with Order Statistics 102 Appendix 2: The Bootstrap 105 Appendix 3: Non-parametric Density Estimation 111 Appendix 4: Principal Components Analysis and Factor Analysis 118 5 Forecasting Volatilities, Covariances and Correlations 127 5.1 Forecasting volatilities 127 5.1.1 Defining volatility 127 5.1.2 Historical volatility forecasts 128 5.1.3 Exponentially weighted moving average volatility 129 5.1.4 GARCH models 131 5.1.5 Implied volatilities 136 5.2 Forecasting covariances and correlations 137 5.2.1 Defining covariances and correlations 137 5.2.2 Historical covariances and correlations 138 5.2.3 Exponentially weighted moving average covariances 140 5.2.4 GARCH covariances 140 5.2.5 Implied covariances and correlations 141 5.2.6 Some pitfalls with correlation estimation 141 5.3 Forecasting covariance matrices 142 5.3.1 Positive definiteness and positive semi-definiteness 142 5.3.2 Historical variance–covariance estimation 142 5.3.3 Multivariate EWMA 142 5.3.4 Multivariate GARCH 142 5.3.5 Computational problems with covariance and correlation matrices 143 Appendix: Modelling Dependence: Correlations and Copulas 145 6 Parametric Approaches (I) 151 6.1 Conditional vs unconditional distributions 152 6.2 Normal VaR and ES 154 6.3 The t-distribution 159 6.4 The lognormal distribution 161 6.5 Miscellaneous parametric approaches 165 6.5.1 Lévy approaches 165 6.5.2 Elliptical and hyperbolic approaches 167 6.5.3 Normal mixture approaches 167 6.5.4 Jump diffusion 168 6.5.5 Stochastic volatility approaches 169 6.5.6 The Cornish–Fisher approximation 171 6.6 The multivariate normal variance–covariance approach 173 6.7 Non-normal variance–covariance approaches 176 6.7.1 Multivariate t-distributions 176 6.7.2 Multivariate elliptical distributions 177 6.7.3 The Hull–White transformation-into-normality approach 177 6.8 Handling multivariate return distributions with copulas 178 6.8.1 Motivation 178 6.8.2 Estimating VaR with copulas 179 6.9 Conclusions 182 Appendix: Forecasting Longer-term Risk Measures 184 7 Parametric Approaches (II): Extreme Value 189 7.1 Generalised extreme-value theory 190 7.1.1 Theory 190 7.1.2 A short-cut EV method 194 7.1.3 Estimation of EV parameters 195 7.2 The peaks-over-threshold approach: the generalised Pareto distribution 201 7.2.1 Theory 201 7.2.2 Estimation 203 7.2.3 GEV vs POT 204 7.3 Refinements to EV approaches 204 7.3.1 Conditional EV 204 7.3.2 Dealing with dependent (or non-iid) data 205 7.3.3 Multivariate EVT 206 7.4 Conclusions 206 8 Monte Carlo Simulation Methods 209 8.1 Uses of Monte carlo simulation 210 8.2 Monte Carlo simulation with a single risk factor 213 8.3 Monte Carlo simulation with multiple risk factors 215 8.4 Variance-reduction methods 217 8.4.1 Antithetic variables 218 8.4.2 Control variates 218 8.4.3 Importance sampling 219 8.4.4 Stratified sampling 220 8.4.5 Moment matching 223 8.5 Advantages and disadvantages of Monte Carlo simulation 225 8.5.1 Advantages 225 8.5.2 Disadvantages 225 8.6 Conclusions 225 9 Applications of Stochastic Risk Measurement Methods 227 9.1 Selecting stochastic processes 227 9.2 Dealing with multivariate stochastic processes 230 9.2.1 Principal components simulation 230 9.2.2 Scenario simulation 232 9.3 Dynamic risks 234 9.4 Fixed-income risks 236 9.4.1 Distinctive features of fixed-income problems 237 9.4.2 Estimating fixed-income risk measures 237 9.5 Credit-related risks 238 9.6 Insurance risks 240 9.6.1 General insurance risks 241 9.6.2 Life insurance risks 242 9.7 Measuring pensions risks 244 9.7.1 Estimating risks of defined-benefit pension plans 245 9.7.2 Estimating risks of defined-contribution pension plans 246 9.8 Conclusions 248 10 Estimating Options Risk Measures 249 10.1 Analytical and algorithmic solutions for options VaR 249 10.2 Simulation approaches 253 10.3 Delta–gamma and related approaches 256 10.3.1 Delta–normal approaches 257 10.3.2 Delta–gamma approaches 258 10.4 Conclusions 264 11 Incremental and Component Risks 265 11.1 Incremental VaR 265 11.1.1 Interpreting Incremental VaR 265 11.1.2 Estimating IVaR by brute force: the ‘before and after’ approach 266 11.1.3 Estimating IVaR using analytical solutions 267 11.2 Component VaR 271 11.2.1 Properties of component VaR 271 11.2.2 Uses of component VaR 274 11.3 Decomposition of coherent risk measures 277 12 Mapping Positions to Risk Factors 279 12.1 Selecting core instruments 280 12.2 Mapping positions and VaR estimation 281 12.2.1 Basic building blocks 281 12.2.2 More complex positions 287 13 Stress Testing 291 13.1 Benefits and difficulties of stress testing 293 13.1.1 Benefits of stress testing 293 13.1.2 Difficulties with stress tests 295 13.2 Scenario analysis 297 13.2.1 Choosing scenarios 297 13.2.2 Evaluating the effects of scenarios 300 13.3 Mechanical stress testing 303 13.3.1 Factor push analysis 303 13.3.2 Maximum loss optimisation 305 13.3.3 CrashMetrics 305 13.4 Conclusions 306 14 Estimating Liquidity Risks 309 14.1 Liquidity and liquidity risks 309 14.2 Estimating liquidity-adjusted VaR 310 14.2.1 The constant spread approach 311 14.2.2 The exogenous spread approach 312 14.2.3 Endogenous-price approaches 314 14.2.4 The liquidity discount approach 315 14.3 Estimating liquidity at risk (LaR) 316 14.4 Estimating liquidity in crises 319 15 Backtesting Market Risk Models 321 15.1 Preliminary data issues 321 15.2 Backtests based on frequency tests 323 15.2.1 The basic frequency backtest 324 15.2.2 The conditional testing (Christoffersen) backtest 329 15.3 Backtests based on tests of distribution equality 331 15.3.1 Tests based on the Rosenblatt transformation 331 15.3.2 Tests using the Berkowitz transformation 333 15.3.3 Overlapping forecast periods 335 15.4 Comparing alternative models 336 15.5 Backtesting with alternative positions and data 339 15.5.1 Backtesting with alternative positions 340 15.5.2 Backtesting with alternative data 340 15.6 Assessing the precision of backtest results 340 15.7 Summary and conclusions 342 Appendix: Testing Whether Two Distributions are Different 343 16 Model Risk 351 16.1 Models and model risk 351 16.2 Sources of model risk 353 16.2.1 Incorrect model specification 353 16.2.2 Incorrect model application 354 16.2.3 Implementation risk 354 16.2.4 Other sources of model risk 355 16.3 Quantifying model risk 357 16.4 Managing model risk 359 16.4.1 Managing model risk: some guidelines for risk practitioners 359 16.4.2 Managing model risk: some guidelines for senior managers 360 16.4.3 Institutional methods to manage model risk 361 16.5 Conclusions 363 Bibliography 365 Index 379

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Book SynopsisThe Repo markets have grown dramatically in the past few years because of the need to hedge short positions in the capital and derivatives markets. Virtually all major currency markets in the world now have an established repo market, the facility is also increasingly being used in developing currency markets as well.Table of ContentsForeword xv Preface xvii Preface to First Edition xix About the author xxi 1 Introduction to Repo 1 Importance of repo 3 Market participants 4 The repo instrument 5 Characteristics of repo 5 Classic repo 6 Summary 11 The sell/buy-back 11 Stock lending 13 Other repo products 14 Tri-party repo 15 Hold in custody repo 16 Safe-keeping repo 17 Borrow/Loan versus cash 17 Bonds borrowed/collateral pledged 17 Cross-currency repo 18 Exotic repo structures 19 Selected references 20 2 Market Background 21 Discounting and present value 22 Compounding 22 Discounting 23 Compounding more than once a year 23 Internal rate of return 24 Money market instruments 24 Securities quoted on a yield basis 25 Securities quoted on a discount basis 26 Money market formulae 27 Overview of bond market instruments 29 Definition of a bond 30 Fair pricing of bonds and bond yield 31 The yield curve 33 Theories of the yield curve 34 Bond price/yield relationship 34 Accrued interest 35 Accrual conventions 35 Selected references 36 3 The Mechanics of Repo 37 Uses and economic functions 38 Funding positions 38 Covering short positions 39 Yield enhancement 41 Margin 41 Initial margin 41 Variation margin 43 Other repo mechanics 44 Repo dealing risks 45 Interdependent risks 45 Financial market risks 46 Dealing with risk 49 Selected reference 50 4 Basket Repo, Synthetic Repo and Structured Finance Repo 51 Basket repo 52 Illustration of basket repo trade: Malaysian Government securities 52 Illustration using structured finance securities 55 Synthetic repo via the total return swap 58 Structured funding vehicles: repo conduit 62 Securities repo conduit 62 Selected reference 66 5 The UK Gilt Repo Market 67 Introduction 68 Growth of market 69 Gilt repo and other sterling money markets 70 Impact on the gilt market 72 Market structure 73 Repo and stock lending 73 Market participants: market making in repo 73 Market participants: brokers 74 Market participants: end-users 74 Gilt repo and the yield curve 75 Impact of the yield curve 75 Hedging through repo 75 Patterns of trading 76 Maturities 76 Specials 76 Gilts settlement and CREST 78 CREST settlement 79 CREST reference prices 79 Delivery by value 80 Gilt repo code of best practice 80 Selected references 81 6 Overview of Repo Trading and The Futures Contract Implied Repo Rate 83 Trading approaches 84 Positive yield curve environment 84 Negative yield curve environment 85 Yield curve arbitrage 86 Other spread trades 87 Specials trading 88 Credit intermediation 90 Matched book trading 90 Hedging tools 91 Futures strip 92 Forward rate agreements 93 Interest-rate swaps 94 The implied repo rate and basis trading 95 Contract definition 95 Conversion factors 98 The cheapest-to-deliver bond 99 The implied repo rate 102 Hedging implications 106 Selected references 108 7 Repo and the Yield Curve 109 Zero-coupon rates 110 Discount factors and the discount function 110 Spot and forward rates: boot-strapping from the par yield curve 111 Spot rates and boot-strapping 111 Implied spot and forward rates 112 The Relationship between par, zero and forward rates 121 Exercises and calculations 122 Forward rates: breakeven principle 122 Examples 123 Forward rates and compounding 126 Forward pricing and repo 126 Selected references 126 8 The Global Master Repurchase Agreement 129 TBMA/ICMA Agreement 130 The Global Master Repurchase Agreement 131 Scope 131 Structure 132 Key principles 133 Title transfer 133 Master netting agreement 137 Margin maintenance 140 Negotiation of the GMRA 141 Margin maintenance 142 Failure to deliver 144 Condition precedent 145 Set-off 146 Automatic early termination 146 Product- and counterparty-specific amendments and additional annexes 147 Gilt Repo Legal Agreement 147 Select references 148 9 Accounting, Tax and Regulatory Capital Issues in Repo 149 Accounting, tax and capital issues 150 Accounting 150 Taxation 150 Capital treatment 151 Capital Adequacy Directive 151 CAD treatment for repo 152 Balance sheet implications 153 The Basel II Framework 153 Basel II Framework 154 Exercises 157 Answers to exercises 162 Case study: ABC Bank plc 169 Glossary 181 Appendix A Duration 186 Appendix B Basis Trading and the CTD Bond 188 Appendix C Volatility 190 Abbreviations 192 Index 194

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Book SynopsisThe deep understanding of the forces that affect the valuation, risk and return of fixed income securities and their derivatives has never been so important. As the world of fixed income securities becomes more complex, anybody who studies fixed income securities must be exposed more directly to this complexity.Table of ContentsPreface. Acknowledgments. PART I: BASICS. 1 An Introduction to Fixed Income Markets. 2 Basics of Fixed Income Securities. 3 Basics of Interest Rate Risk Management. 4 Basic Refinements in Interest Rate Risk Management. 5 Interest Rate Derivatives: Forwards and Swaps. 6 Interest Rate Derivatives: Futures and Options. 7 Inflation, Monetary Policy, and the Federal Funds Rate. 8 Basics of Residential Mortgage Backed Securities. PART II: TERM STRUCTURE MODELS: TREES. 9 One Step Binomial Trees. 10 Multi-Step Binomial Trees. 11 Risk Neutral Trees and Derivative Pricing. 12 American Options. 13 Monte Carlo Simulations on Trees. PART III: TERM STRUCTURE MODELS: CONTINUOUS TIME. 14 Interest Rate Models in Continuous Time. 15 No Arbitrage and the Pricing of Interest Rate Securities. 16 Dynamic Hedging and Relative Value Trades. 17 Risk Neutral Pricing and Monte Carlo Simulations. 18 The Risk and Return of Interest Rate Securities. 19 No Arbitrage Models and Standard Derivatives. 20 The Market Model for Standard Derivatives. 21 Forward Risk Neutral Pricing and the LIBOR Market Model. 22 Multifactor Models. References. Index.

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Book SynopsisIn Secrets of Swiss Banking, offshore financial specialist Hoyt Barber shows how to protect your hard-earned assets by safely and legally moving your money into trusted Swiss financial institutions. Along with timely banking advice and solid investment insights, Barber provides authoritative information on a variety of Swiss banking-related issuesfrom the basics of opening an account to the nuances of numerous Swiss banking and investment strategies. He also details Swiss banking policies and regulations along with U.S. tax and reporting requirements.Table of ContentsPreface ix Chapter 1 Challenges and Threats 1 The Economic Front 3 Political Landscape 14 The Un-Patriotic Act 22 The New America 25 Personal Sovereignty and the Urgency to Act 27 Chapter 2 Switzerland—Alpine Financial Oasis 29 Roots of Political and Monetary Stability 30 The Swiss Reject the European Union 32 Armadillo-Tough Asset Protection 33 Twin Democratic Republics 34 Bankers to the World 35 Bank Secrecy in a World of Transparency 36 Cloak and Dagger 40 Swiss Franc 41 Chapter 3 Where to Begin: Opening a Swiss Bank Account 49 Types of Swiss Banks 53 How to Select a Swiss Bank 58 Types of Swiss Bank Accounts 62 Other Swiss Banking Facilities 70 Opening Your Swiss Bank Account 71 Online Banking 78 Written Instructions to Your Bank 79 Perfectly Legal Secret Account 80 Tax Evasion or Tax Fraud? 81 Worried about an Audit? 82 Chapter 4 Investing through Your Swiss Bank 85 Stocks and Bonds 87 Swiss Bank Bonds 88 Forward Contracts and Margin Accounts 89 Precious Metals 91 Foreign Currencies 105 Commodities 112 Warrants and Options 113 Mutual Funds and Electronic Traded Funds 114 Real Estate Investment Trusts 115 Real Estate 116 Your Own Private Monetary Policy 118 Chapter 5 Banking Policies and Regulations 127 Swiss Regulators 128 Financial Actions Task Force 130 Money Laundering 130 Qualified Intermediaries 131 U.S. Taxpayer Requirements 133 Structuring 134 Tax Treaties 135 Chapter 6 The Ultimate Investment Plan 137 Secrecy Factor 139 Investment Safety 140 World’s Best Asset Protection 140 Swiss Legal Proceedings 142 Swiss Franc 143 U.S. Tax and Reporting Requirements 144 Tax-Deferred Earnings 144 1035 Tax-Free Exchange 145 Swiss Taxes 145 Compound Earnings and Interest 145 Swiss Portfolio Bond 146 Swiss Annuity 147 Swiss Life Insurance 151 Blacked-Out, Forbidden, and Little-Known Investment Opportunities 153 Chapter 7 Alpine Retreat for Business and Pleasure 155 Business Practices 156 Travel 158 Tax-Advantaged Residency 161 Immigration 163 Swiss Real Estate 164 Swiss Real Estate Investment Companies 165 The Swiss Company 166 Doing Business in Switzerland 167 Back Door to Switzerland 169 Chapter 8 The Best Alternatives to Switzerland 171 T-7 Tax Havens 172 Liechtenstein 175 Andorra 176 Austria 177 Panama 178 Belize 179 Saint Kitts and Nevis 181 Tax Information Exchange Agreement 182 Mutual Legal Assistance Treaty 184 Appendix A Swiss Banks 189 Appendix B Other Swiss Service Companies 249 Appendix C Resources 257 Appendix D Suggested Reading 261 About the Author 265 Index 267

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Book SynopsisBullish Thinking is packed with hard-hitting true stories of financial professionals who have faced the many job stressors that fill this competitive industry. In it, you'll learn how to identify particular problems and initiate the process of getting help, all while reading in-depth case studies and extensive examples that exemplify the obstacles you may face. Throughout the book, the authors take the time to introduce you to action-oriented approaches that will help you survive and thrive during even the toughest times.Trade Review"Filled with in-depth insights, strategies, case studies and expert advice" HerelsTheCity.com Monday 21 April 2008 "Filled with in-depth insights, strategies, case studies and expert advice" HerelsTheCity.com Monday 21 April 2008Table of ContentsPreface ix Acknowledgments xiii About the Authors xv Introduction 1 Chapter 1 The Hard Issues on Your Desk 5 Chapter 2 Emotional Issues 11 Chapter 3 Bullish Thinking 27 Chapter 4 Mirror, Mirror on the Wall 49 Chapter 5 Plight of the Wholesaler 61 Chapter 6 Do You Know Your Mindset? 71 Chapter 7 The 10 Investor Styles 81 Chapter 8 Getting What You Want and Need from Others 99 Chapter 9 Family Therapy for Advisors 115 Chapter 10 Gender Challenges on the Street 131 Chapter 11 You Are Not Alone 141 Appendix A Dr. Alden Cass’s Landmark Research Study 151 Appendix B Bad Medicine for Wall Street 167 Recommended Readings and Resources 179 Index 181

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Book SynopsisMany investors are intrigued by the profit potential of today's hedge funds, but most feel like they're on the outside looking in, due to the high investment requirements and complexity of these vehicles. Create Your Own ETF Hedge Fund allows you to break down these barriers and effectively operate within this environment. By focusing on the essential approaches of global macro long/short and aggressive growth, this book will help you create a fund that can take advantage of both bullish and bearish conditions across the globe.Table of ContentsAcknowledgments. About the Author. Introduction. Part One. Contemporary Investment Conditions. Chapter 1. Hobson's Choice. Current Situation: The Captive Client. How the Investment Business Changed. The Age of the DIY Investor. If You Can't Beat 'Em, Join 'Em. Bad Apples and Unethical Practices. High Pressure Environment. The Regulators Crackdown. The Mother of All Mutual Fund Scandals. But Wait, There's More Potential Scandal Ahead. Client Rumblings and Grumblings. I Still Want Someone Else To Do It. Reports of My Death Have Been Greatly Exaggerated. Future Area of Growth: Unified Accounts. The Future for Financial Advisors Never Brighter...Maybe. Two Body Blows to Wall Street Fees. Conclusion. Chapter 2. ETFs - The New Investment of Choice. DIY Investors Take Charge. What Took ETFs So Long To Catch On? Indexing versus Active Management. ETFs and Indexing. The ETF Tsunami. Current Choices. New Quantitative Indexes. International ETFs. Inverse ETFs. Ultra, Leveraged Short, or Long ETFs. Commodity and Currency Etfs. Actively Managed ETFs? With Growth Comes Other Problems. A Disruptive Technology Indeed! Chapter 3. The Rise of Hedge Funds. What We Really Mean By Hedge Fund. Hot New Sector: Private Equity. Growth of Hedge Funds. Who Invests In These Complex Strategies? Why Invest In Hedge Funds Anyway? But Can Retail Investors Participate? Hedge Fund Disasters. To Regulate or Not. Hedge Funds Are Here To Stay. Chapter 4. A Convergence Story. Mutual Funds, ETFs, and Hedge Funds. Mutual Funds Adopting Some Hedge Fund Strategies. Alternative Investment Strategies in Hedge Funds. Rydex Investments Leads a Big Change. PowerShares Actively Traded ETF. PowerShares Private Equity ETF. Commodity ETFs Direct. Currency ETFs Direct. Inverse ETFs Direct. New Margin Rules. The Zero Commission. Convergence Well Underway. Chapter 5. The Bullish Bias Gets a Makeover. Other Contributing Forces. Commissions Out, Fees In. Recurring Fees. The Greenspan and Bernanke Put. Money Supply Shenanigans. Excess Liquidity and Stock Buybacks. I’m Forever Blowing Bubbles. Bye Bye Glass-Steagall. "Da Boyz" and Primary Dealers Merge. Does the Fed or Treasury Manipulate Markets? Time to Connect the Dots. The New Robber Barons. Two Jokers in the Deck. What Bears Are Up Against. Part Two. Strategies. Chapter 6. Market Neutral. The Northwest Quadrant. Even Here, Risks Remain. ETFs and Market Neutral Strategies. Alpha Strategies. Market Neutral Mutual Funds. Conclusion. Chapter 7. Global Macro. LTCM Blows Up. Gunslingers. Think Global, Invest Global. Trade Global. So You Wanna Be a Gunslinger Too? Conclusion. Chapter 8. Doing It Their Way. Selected "Trader" Profiles. Selected "Stock Pickers" Profiles. Selected "Distressed Securities" Profiles. Selected "Quantitative" Profiles. Other Famous Hedge Fund Practitioners. Insider Trading Building Performance? So if it's a Game for the Big Boys, How Can We Play? Chapter 9. Trading...Do I Have To? One True Thing. Market Timing Myths and Realities. The Lazy or Passive Investor: No Single Strategy Always Performs Best. The Lazy Hedge Fund Investor: The Do-Nothing Crowd. Merrill and Goldman Try To Shake Things Up: Can Passive Indexes Destroy Fees? Day Trading: Frenetic and Intense. Shorting Explained: To Go North, Head South. Quantitative Trading: Reserved for the Left Brain Crowd. Multistrategy: All Things to All People. Conclusion. Part Three. Hedge Funds for the Rest of Us. Chapter 10. Lower Risk Global Macro Long/Short Strategies. The ETF Digest Methodology. Overwhelmed. Fast Forward 35 Years. Trend Following. Risk Management. The Two-Thirds Objective. Finding Your Sacred Cows. ETFs Provide the Tools for Implementing Global Macro Long/Short Strategies. The Trick Is Putting Them Together. Chapter 11. Constructing Your Own ETF Hedge Fund. Typical Questionnaire. Long-Term Investor or Short-Term Trader. Awash in ETF Choices. Performance Myths and Realities of Style. One World Market. True Diversification. Shorting Essentials. Portfolio Reallocation. Actively Managed ETFs and Mutual Fund Posers. Conclusion. Chapter 12. ETF Hedge Fund Portfolios. Long-Term or Short-Term Approach. Aggressive Growth. Growth. Growth and Income. Dave's Special Portfolio. ETF Substitutes. Conclusion. Chapter 13. Tools and Resources. Where to Get the Help You Need. Online Tools. Important Tools I Like. Market Information Resources. Conclusion. Chapter 14. Eight Steps To Building Your ETF Hedge Fund. Step 1. Define Yourself. Step 2. Develop Your Hedge Fund Strategy. Step 3. Use ETFs as the Primary Tool. Step 4. Using Mutual Funds as an Alternate Vehicle. Step 5. Get Help, Even if You're a DIY. Step 6. If You Want To Use a Financial Advisor, Find the Right One. Step 7. DIYs Need an Online Broker. Step 8. Find the Support Tools You Need. Conclusion. Index.

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Book SynopsisReal estate, like any other investment, is a means to an end: that end might be a secondary source of income, a strategic plan for your retirement, or a way to attain complete financial independence. Whatever your goal is, you''ve decided that real estate is a tool you want to use. So how do you use it? How do you make it work for you and avoid getting burned in the market? And how much of it do you need to fulfill your ambitions? Peter Kinch is one of Canada''s top mortgage brokers and has helped thousands of investors clarify their dreams and turn them into reality. In The Canadian Real Estate Action Plan, Peter walks you through one of his investor workshops, helping you develop not just a plan, but your plan, including: Defining your end goal, and how much real estate you need to achieve it Determining the kinds of investments that are right for you Identifying obstacles to your success, and overcoming them DiscovTable of ContentsForeword by Don R. Campbell. Mission Statement. Introduction. PART I: CREATING YOUR LIFE ON PURPOSE. Chapter 1: Why Are You Buying Real Estate? Chapter 2: What Is the Goal for Your Real Estate Investment? Chapter 3: What Will You Need to Support Your Lifestyle? Chapter 4: How Much Real Estate Will You Need to Buy to Reach Your Goal? Chapter 5: Overcoming Obstacle One—Qualifying at the Bank. Chapter 6: Managing Your Cap Space. Chapter 7: Commercial Mortgages. Chapter 8: Overcoming Obstacle Two—Coming Up with the Down Payment. PART II: THREE-PHASE ACTION PLAN. Chapter 9: Phase One—Seed Capital. Chapter 10: Utilizing Your Seed Capital. Chapter 11: Attracting Joint Venture Capital. Chapter 12: The Halfway Point. Chapter 13: Phase Two of the Three-Phase Action Plan. Chapter 14: Phase Three—The Final Phase. Epilogue. Acknowledgements. About the Author. Summary Page for Mortgage Coaching. Index.

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Book SynopsisStart making money todaywith the ultimate guide for first-time investors No matter what the market does, real estate stilloffers plenty of money-making opportunities. In this new edition of The Beginner''s Guide to Real Estate Investing, Gary W. Eldred presents the toolsand knowledge new investors need to get started profitably. Packed with smart money-making strategies and real-life stories from successful investors, this edition also covers the latest information on financing, foreclosures, cash flow, and much more. You''ll not only master the basics of investing, but also discover specialized techniques that the pros rely on to grow their long-term wealth. Concise yet comprehensive, this practical guide shows you how to: Find great deals on properties with big potential Get started with low- or no-down payment financing Utilize creative financing options and otherpeople''s money Buy low-cost foreclosures and REOs <Table of ContentsAbout This Book xi Part One: Mindset + Knowledge = Wealth 1 Chapter 1 Start Now 3 Just Say No to Excuses 3 You Must Believe It to See It 7 Set Goals Now 12 Chapter 2 Multiple Paths to Building Wealth 19 Appreciation in Market Values 19 Inflation 21 Cash Flows 24 Mortgage Payoff (Amortization) 24 Buy at a Bargain Price 25 Create Value with Property Improvements 26 Improve the Neighborhood and the Neighbors 27 Convert the Use 28 Manage and Market Your Properties More Profitably 30 Protect Your Profits from the IRS (Tax Shelter) 30 Discounted Notes, Tax Liens, Tax Deeds, and Realty Stocks 34 Part Two: How to Raise Money 37 Chapter 3 Strengthen Your Credit Power 39 Consistency: Fast Track or Flake 39 Character Counts 40 Credit Scores Count Most 42 Summing Up 51 Chapter 4 How to Invest Using Little (or None) of Your Own Cash 52 Why Low-Cash Deals Magnify Your Returns 52 Minimize Your Down Payment with Owner-Occupant Financing 56 Don’t Overlook FHA 59 Discover FHA’s Best Kept Secret: The 203(k) Program 62 Too Many Vets Pass Up VA Loans 63 Even Fannie and Freddie Accept Little- or Nothing-Down Loans 65 Summing Up 66 Chapter 5 Avoid Banks, Seek Seller Financing 68 How to Persuade the Sellers 69 What Type of Seller Financing? 71 Try a Contract-for-Deed 74 Assume a Low-Interest-Rate Mortgage 77 “Assume” a Nonassumable Mortgage 80 Chapter 6 Five More Techniques to Finance Your Investments 84 Wraparounds Benefit Buyers and Sellers 84 Lease Options 85 Lease-Purchase Agreements 91 Master-Lease an Apartment Building 92 Chapter 7 How to Come Up with the Cash to Close 96 Cash Out Some of Your Current Home’s Equity 96 Bring in Partners 97 Second Mortgages 99 Personal Savings 100 Sell Unnecessary Assets 100 Easy Money—Hard Terms 101 Use Credit Cards 105 Personal Loans 105 Sweat Equity (Creating Value through Improvements) 105 Eliminate Your Down Payment with Pledged Collateral 106 Student Loans 107 Use Creative Finance 107 Chapter 8 Here’s How to Qualify 109 Be Wary of Prequalifying (and Preapproval) 109 You Can Make Your Qualifying Ratios Look Better 111 The Application Itself Contains Many Clues to Your Integrity 121 No Preset Qualifying Income Applies to Commercial Properties 122 Part Three: How to Invest for Maximum Gain 127 Chapter 9 Twenty-Seven Ways to Find or Create Below-Market Deals 129 Why Properties Sell for Less (or More) than Their Market Value 129 Don’t Dilly-Dally with Due Diligence 135 How to Find Bargain Sellers 137 Chapter 10 Make Money with Foreclosures and REOs 143 The Stages of Foreclosure 143 Approach Owners with Empathy: Step One 145 Some Investors Profit from the Foreclosure Auction: Step Two 148 The Benefits of Buying REOs: Step Three 151 Chapter 11 More Sources of Bargains 156 Federal Government Auctions 156 Sheriff Sales 157 Buy from Foreclosure Speculators 157 Probate and Estate Sales 157 Private Auctions 159 Short Sale Bargains 162 Chapter 12 Run Numbers Like a Pro 169 Monitor the Construction Cycle 170 How to Profit from the Construction Cycle 170 Per-Unit Measures 173 Gross Rent Multipliers (GRMs) 175 Capitalized Value 176 Cash Flow Returns 181 Create Your Own Appreciation 183 Chapter 13 Greatly Increase the Value of Your Investment Property 184 Search for Competitive Advantage 185 First, Verify Actual Rent Collections, Not Merely Rental Rates 186 Talk with Tenants 187 Set Your Rents with Market Savvy 188 Your Apartment Checklist 189 Give the Interior a Martha Stewart Makeover 190 Safety, Security, and Convenience 193 Rightsize the Rooms 194 Create More Storage 195 Check Noise Levels 197 Overall Livability 198 Chapter 14 Twenty-One More Ways to Push Up the Value of Your Properties 199 Create Strikingly Attractive Curb Appeal 199 Collect More than Rent 202 Convert a Garage, Attic, or Basement 203 Create an Accessory Apartment 204 Create a Special Purpose Use 205 Change the Use of a Property 205 Cut Operating Expenses 208 Gentrification and Other Value Plays 210 Part Four: Onward and Upward to Build Wealth 217 Chapter 15 Win What You Want through Negotiation 219 How to Define Win-Win 219 Know Thyself 222 Know the Property and Neighborhood 222 Know the Sellers 223 Establish Favorable Benchmarks 225 Tit for Tat 226 Get Seller Concessions Early 226 Come Ready to Buy 227 Ask for More than You Expect 227 Establish Credibility 228 Never Offer to Split the Difference 229 List Your BATNAs 230 Negotiate for Yourself 231 Leave Something on the Table 233 Chapter 16 Write Your Purchase Offer 235 No Single Contract Form 235 Draft Clauses with Understanding 236 Summing Up 246 Chapter 17 Craft Your Lease to Increase Profits 247 Achieve Competitive Advantage 247 Craft Your Rental Agreement 248 Landlording: Pros and Cons 260 Chapter 18 The 12 Secrets of Successful Landlording 262 The Good News 262 Hired Management versus Self-Management 263 Before You Buy, Verify, Verify, Verify 267 Prepare the Property for Rental 269 Craft a Winning Value Proposition 270 Attract Topflight Tenants 271 Set Up a Flawless Move-In Policy 275 Retain Topflight Residents 276 Strong Market? Raise Rents 277 Prepare for Special Problems 279 Maintain the Property 280 Process Move-Outs Smoothly 280 Persistently Seek Ways to Increase Your Cash Flow 282 Keep Trading Up 283 Internet Appendix 285 Index 291

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Book SynopsisDolf de Roos's Commercial Real Estate Investing reveals all the differences between residential and commercial investing and shows you how to make a bundle. De Roos explores the different sectors-retail, office space, industrial, hospitality, or specialist-to help you discover which is right for you.Table of ContentsPreface xi Acknowledgments xiii Notes on Reading This Book xv Introduction xvii CHAPTER 1 Just What Is Commercial Real Estate? 1 CHAPTER 2 People versus Contracts 5 CHAPTER 3 Why Invest in Commercial Real Estate? 11 Lease Duration 11 Assignment of Lease 15 The Tenants Pay the Outgoings 17 Tenants Earn Their Income on Your Premises 18 Landlord Pays for Improvements to Commercial Premises 21 Certainty of Collecting Rent 22 Upward-Only Rent Reviews 24 Government Interference 25 Management Overhead 27 CHAPTER 4 The Downside of Commercial Real Estate 29 Much More Difficult to Acquire Commercial Tenants 29 Banks Will Lend a Smaller Proportion of a Commercial Property 30 CHAPTER 5 The True Value of Real Estate 33 CHAPTER 6 How to Overcome the Disadvantages of Commercial Real Estate 41 CHAPTER 7 How to Attract a Tenant 45 Who Wants to Run a Funeral Business? 45 Finding a Tenant for a Warehouse in an Oversupplied Market 50 The Power of the Internet 55 Many Prospective Tenants Know Your Building 56 Engage a Real Estate Firm or Property Management Company to Find a Tenant 59 Wait for (or Cause) a Zone Change 60 Split a Single Tenancy into Multiple Tenancies 62 Consolidate Multiple Tenancies into One 64 The Ultimate Way to Attract a Tenant 66 CHAPTER 8 How to Increase Rental Income (and hence the Capital Value) 71 Helipads 72 Cell Phone Towers 73 More Rooftop Antics 74 Naming Rights 76 Air Space 77 Parking 81 The Humble Webcam 89 Interior Remodel 93 The Triple Win of Alarm Systems 100 Rent Reviews to Market 101 CHAPTER 9 What Were the Disadvantages of Commercial Real Estate? 103 CHAPTER 10 Finding Commercial Real Estate 107 Newspaper Advertisements 107 Real Estate Firms 112 The Internet 114 Keeping Your Eyes Peeled 116 Networking 118 Word of Mouth 118 Helping Other People 124 The 100:10:3:1 Rule 126 Summary 130 CHAPTER 11 Analyzing Deals 131 Due Diligence 132 Four Questions to Ask about Any Commercial Property 142 Return on Investment 144 CHAPTER 12 Negotiating Commercial Real Estate Deals 155 The Uncooperative Seller 156 Other Negotiations 159 CHAPTER 13 Financing Commercial Real Estate 163 Proposal for Finance 166 Summary Paragraph 171 General Description of Property Offered as Collateral 174 Property Portfolio Statistics and Cash Flows 176 Statement of Assets and Liabilities 177 What to Include in the Appendix 178 How to Use the Proposal for Finance 179 Umbrella Loans 182 CHAPTER 14 Structuring Commercial Real Estate Ownership 183 CHAPTER 15 Managing Commercial Real Estate 187 Tenant Selection 188 Rule Enforcement 189 Rent Reviews 190 How to Get a Tradesman to Do Your Work First 190 Accounting 193 Summary 193 CHAPTER 16 How to Beat the Average 195 Geography 196 Zone Changes 199 Proximity to Views 200 The Center of Town 200 High Technology 201 Leasing and Management Tactics to Beat the Average 202 Combining All Methods of Beating the Average 202 CHAPTER 17 Raw Land 205 Best Choice Properties 208 Spring Mountain Ski Ranch 211 The Benefit of Having Great Partners 214 Getting Back to Commercial Real Estate Investing 216 CHAPTER 18 Extraordinarily Odd Commercial Deals 217 Oil in Them Thar Hills 219 Marine Farms 222 CHAPTER 19 Property Ventures Limited 225 Five Mile 230 CHAPTER 20 Never Sell 233 CHAPTER 21 Thirteen Golden Rules of Commercial Real Estate Investment 239 Golden Rule 1: Risk Is Equal to Yield 239 Golden Rule 2: Ensure Safety of Principal 240 Golden Rule 3: Control Your Liabilities 240 Golden Rule 4: Add Value to a Deal 241 Golden Rule 5: A Broker or Agent Must Bring Something to the Deal 242 Golden Rule 6: Real Estate Is a Long-Term Investment 243 Golden Rule 7: The Number of Voting Partners Is Directly Proportional to the Failure of the Project 244 Golden Rule 8: You Are Going to Be in a Lawsuit 244 Golden Rule 9: It Only Takes One Deal to Go Broke 245 Golden Rule 10: It Only Takes One Deal to Make a Million Dollars 245 Golden Rule 11: The Value of a Property Is Limited by the Tenant’s Ability to Pay Rent 246 Golden Rule 12: Appreciation and Inflation Are Compounded Annually 246 Golden Rule 13: You Cannot Give Kindness Away—It Is Always Returned 247 CHAPTER 22 Investing Abroad 249 CHAPTER 23 Live Life to the Fullest 261 About the Author 269 Appendix: Resources 271 Index 281

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Book SynopsisA declining market is the best market in which to make money. Donald J. Trump With rising foreclosure rates, it''s easy to find discount properties--especially in the abandoned property market. But how do you choose the best ones with the most profit potential? And how do you deal with the complexities and problems associated with abandoned properties? The Abandoned Property Investor''s Kit gives you all the practical, effective tools you need to break into this lucrative real estate niche. Reggie Brooks, the #1 abandoned property specialist in North America, shows you how to find abandoned properties, locate the owners, negotiate a cheap sale, get the financing you need, and turn your investment into big bucks. Brooks also explains the tricky aspects of abandoned property investing and offers proven solutions for dealing with them. Inside, you''ll discover how to: Start investing in your spare time, with little or no money downTable of ContentsChapter 1: How I Got Started Making an Extra $43,000 Investing in Abandoned Properties—And How You Can Too! Investing in Abandoned Properties Is a Public Service to Your Community. Foreclosures Feed the Abandoned Property Market. How I Got Started. The Beauty of Abandoned Property Investing: Very Few Competing Buyers! Chapter 2: Why Every Real Estate Investor Should Do at Least One Abandoned Property Deal. Motivated Sellers. Advantages of Abandoned Property Investing over Other Strategies. Combining Abandoned Properties with Other Techniques. Chapter 3: How to Nail Low- or No-Money-Down Deals. Raise the Price, Lower the Interest Rate. Government Programs. How to Research Grants in Your Area. Available Loan Programs. Chapter 4: Find Abandoned Properties Fast. Target Your Search. Spread the Word. Join the Club. Other Commonsense Strategies. Stick with a System. Chapter 5: Track Down the Owner. Ask the Neighbors. The Tax Advantage. Other Public Records. Simplicity Itself. Chapter 6: Negotiating: Understand What Owners Want. Key Principles. Emotions in Negotiation. Preparing to Negotiate. Striving for a Win-Win. Establishing Rapport. What Does the Seller Need? Chapter 7: Want an Option? Be Convincing. A Sample Option Purchase. Purchase Agreement and Receipt for Deposit. Another Great Option Story. Selling an Option. Other Option Techniques. Chapter 8: Creative Financing Techniques. The Wraparound Mortgage. The Subject-To Deal. The Contract for Deed. Other Creative Strategies. Chapter 9: Turning the Corner and Heading Down the Home Stretch to the Abandoned Properties Winner’s Circle. Determining the Value of a Property. Making an Offer. A Standard Real Estate Purchase Contract. The Purchase Contract Explained. Chapter 10: Rehabbing Abandoned Properties: Creating Curb Appeal and Homes in Demand for Maximum Profit. Preparation and Inspection. Renovating for Rental. Renovating for Resale. A Shopping Trip. Chapter 11: An Abandoned Property Deal from A to Z. Schedule Reggie Brooks to Speak at Your Event. Special Bonus: How to Create Massive Wealth in Real Estate. Here’s How to Get Your Free Wealth-Building Bonus . . . . Who Is Reggie Brooks? Index.

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