Investment and securities Books
World Scientific Publishing Co Pte Ltd Kelly Capital Growth Investment Criterion, The:
Book SynopsisThis volume provides the definitive treatment of fortune's formula or the Kelly capital growth criterion as it is often called. The strategy is to maximize long run wealth of the investor by maximizing the period by period expected utility of wealth with a logarithmic utility function. Mathematical theorems show that only the log utility function maximizes asymptotic long run wealth and minimizes the expected time to arbitrary large goals. In general, the strategy is risky in the short term but as the number of bets increase, the Kelly bettor's wealth tends to be much larger than those with essentially different strategies. So most of the time, the Kelly bettor will have much more wealth than these other bettors but the Kelly strategy can lead to considerable losses a small percent of the time. There are ways to reduce this risk at the cost of lower expected final wealth using fractional Kelly strategies that blend the Kelly suggested wager with cash. The various classic reprinted papers and the new ones written specifically for this volume cover various aspects of the theory and practice of dynamic investing. Good and bad properties are discussed, as are fixed-mix and volatility induced growth strategies. The relationships with utility theory and the use of these ideas by great investors are featured.Table of ContentsThe Early Ideas and Contributions: Introduction to the Early Ideas and Contributions; Exposition of a New Theory on the Measurement of Risk (translated by Louise Sommer) (D Bernoulli); A New Interpretation of Information Rate (J R Kelly, Jr); Criteria for Choice among Risky Ventures (H A Latane); Optimal Gambling Systems for Favorable Games (L Breiman); Optimal Gambling Systems for Favorable Games (E O Thorp); Portfolio Choice and the Kelly Criterion (E O Thorp); Optimal Investment and Consumption Strategies under Risk for a Class of Utility Functions (N H Hakansson); On Optimal Myopic Portfolio Policies, with and without Serial Correlation of Yields (N H Hakansson); Evidence on the "Growth-Optimum-Model" (R Roll); Classic Papers and Theories: Introduction to the Classic Papers and Theories; Competitive Optimality of Logarithmic Investment (R M Bell and T M Cover); A Bound on the Financial Value of Information (A R Barron and T M Cover); Asymptotic Optimality and Asymptotic Equipartition Properties of Log-Optimum Investment (P H Algoet and T M Cover); Universal Portfolios (T M Cover); The Cost of Achieving the Best Portfolio in Hindsight (E Ordentlich and T M Cover); Optimal Strategies for Repeated Games (M Finkelstein and R Whitley); The Effect of Errors in Means, Variances and Co-Variances on Optimal Portfolio Choice (V K Chopra and W T Ziemba); Time to Wealth Goals in Capital Accumulation (L C MacLean, W T Ziemba, and Y Li); Survival and Evolutionary Stability of Rule the Kelly (I V Evstigneev, T Hens, and K R Schenk-Hoppe); Application of the Kelly Criterion to Ornstein-Uhlenbeck Processes (Y Lv and B K Meister); The Relationship of Kelly Optimization to Asset Allocation: Introduction to the Relationship of Kelly Optimization to Asset Allocation; Survival and Growth with a Liability: Optimal Portfolio Strategies in Continuous Time (S Browne); Growth versus Security in Dynamic Investment Analysis (L C MacLean, W T Ziemba, and G Blazenko); Capital Growth with Security (L C MacLean, R Sanegre, Y Zhao, and W T Ziemba); Risk-Constrained Dynamic Active Portfolio Management (S Browne); Fractional Kelly Strategies for Benchmark Asset Management (M Davis and S Lleo); A Benchmark Approach to Investing and Pricing (E Platen); Growing Wealth with Fixed-Mix Strategies (M A H Dempster, I V Evstigneev, and K R Schenk-Hoppe); Critics and Assessing the Good and Bad Properties of Kelly: Introduction to the Good and Bad Properties of Kelly; Lifetime Portfolio Selection by Dynamic Stochastic Programming (P A Samuelson); Models of Optimal Capital Accumulation and Portfolio Selection and the Captial Growth Criterion (W T Ziemba and R G Vickson); The "Fallacy" of Maximizing the Geometric Mean in Long Sequences of Investing or Gambling (P A Samuelson); Why We Should Not Make Mean Log of Wealth Big Though Years to Act Are Long (P A Samuelson); Investment for the Long Run: New Evidence for an Old Rule (H M Markowitz); Understanding the Kelly Criterion (E O Thorp); Concave Utilities Are Distinguished by Their Optimal Strategies (E O Thorp and R Whitley); Medium Term Simulations of the Full Kelly and Fractional Kelly Strategies Investment (L C MacLean, E O Thorp, Y Zhao, and W T Ziemba); Good and Bad Kelly Properties of the Kelly Criterion (L C MacLean, E O Thorp, and W T Ziemba); Utility Foundations: Introduction to the Utility Foundations of Kelly; Capital Growth Theory (N H Hakansson and W T Ziemba); A Preference Foundation for Log Mean-Variance Criteria in Portfolio Choice Problems (D G Luenberger); Portfolio Choice with Endogenous Utility: A Large Deviations Approach (M Stutzer); On Growth-Optimality vs. Security against Underperformance (M Stutzer); Evidence of the Use of Kelly Type Strategies by the Great Investors and Others: Introduction to the Evidence of the Use of Kelly Type Strategies by the Great Investors and Others; Efficiency of the Market for Racetrack Betting (D B Hausch, W T Ziemba, and M E Rubinstein); Transactions Costs, Extent of Inefficiencies, Entries and Multiple Wagers in a Racetrack Betting Model (D B Hausch and W T Ziemba); The Dr Z Betting System in England (W T Ziemba and D B Hausch); A Half Century of Returns on Levered and Unlevered Portfolios of Stocks, Bonds and Bills, with and without Small Stocks (R R Grauer and N H Hakansson); A Dynamic Portfolio of Investment Strategies: Applying Capital Growth with Drawdown Penalties (J M Mulvey, M Bilgili, and T M Vural); Intertemporal Surplus Management (M Rudolf and W T Ziemba); The Symmetric Downside-Risk Sharpe Ratio and the Evaluation of Great Investors and Speculators (W T Ziemba); Postscript: The Renaissance Medallion Fund (R E S Ziemba and W T Ziemba); The Kelly Criterion in Blackjack Sports Betting and the Stock Market (E O Thorp).
£999.99
World Scientific Publishing Co Pte Ltd Technical Analysis And Financial Asset
Book SynopsisTechnical analysis is defined as the tracking and prediction of asset price movements using charts and graphs in combination with various mathematical and statistical methods. More precisely, it is the quantitative criteria used in predicting the relative strength of buying and selling forces within a market to determine what to buy, what to sell, and when to execute trades. This book introduces simple technical analysis tools like moving averages and Bollinger bands, and also advanced techniques such as wavelets and empirical mode decomposition. It first discusses some traditional tools in technical analysis, such as trend, trend Line, trend channel, Gann's Theory, moving averages, and Bollinger bands. It then introduces a recent indicator developed for stock market and two recent techniques used in the technical analysis field: wavelets and the empirical mode decomposition in financial time series. The book also discusses the theory to test the performance of the indicators and introduces the MATLAB Financial Toolbox, some of the functions/codes of which are used in our numerical experiments.Table of ContentsIntroduction to Technical Analysis; The Primary Tools for Technical Analysis; Chart Pattern Reading - Trend, Trend Line and Trend Channel; Chart Pattern Reading - Identifying Important Chart Patterns; Linear Filters; Momentum Indicators; Moving Averages; Wavelets in Financial Market Trading; Bollinger Bands and Relative Strength Index; Unraveling Mysticism in Gann's Theory: Prophecy of Stock Market Trends; Standardized Yield Differential Indicator; Empirical Mode Decomposition in Financial Time Series; Other Trading Methods in Technical Analysis.
£38.00
Advantage Media Group, Inc. How the Rich Get Richer
Book Synopsis
£999.99
MIT Press Ltd Customer Portfolio Management
Book SynopsisHow to create value with all the customers in a portfolio, from the stronger relationships that increase profit margins to the weaker relationships that increase scale.
£21.60
Penguin Books Ltd Tap Dancing to Work
Book SynopsisTap Dancing to Work compiles six decades of writing on legendary investor Warren Buffett, from Carol Loomis, the reporter who knows him best.Warren Buffett built Berkshire Hathaway into something remarkable - and Fortune had a front-row seatWhen Fortune writer Carole Loomis first mentioned a little-known Omaha hedge fund manager in a 1966 article, she didn''t dream that Warren Buffett would become the world''s greatest investor. Nor did she imagine that she and Buffett would be close friends.As Buffett''s fortune and reputation grew, Loomis used her unique insight into his thinking to chronicle his work, writing scores of stories that tracked his many accomplishments - and his occasional mistakes.Now Loomis has collected and updated the best Buffett articles from Fortune, including cover stories and pieces by Buffett himself. Readers will gain fresh insights into Buffett''s investment strategies and his thinking on management, philanthropy, public policy, and even parenting.Scores of Buffett books have been written, but none can claim this combination of trust, deep understanding of Buffett''s world, and a long-term perspective.''The clearest picture of life according to the world''s fourth-richest man'' Evening Standard''Stuffed with nuggets and insights - a Christmas fruitcake for the investor'' Financial TimesTrade ReviewThe clearest picture of life according to the world's fourth-richest man. * Evening Standard *Stuffed with nuggets and insights - a Christmas fruitcake for the investor. * Financial Times *
£12.34
Harriman House Publishing The EventDriven Edge in Investing
Book SynopsisAccomplished multi-strategy investor Asif Suria provides a simple, in-depth introduction to highly profitable strategies, making them available to all investors.
£21.24
Harvard University Press The End of Astronauts
Book SynopsisHuman space journeys are awe-inspiring but risky and immensely expensive. Donald Goldsmith and Martin Rees argue that science calls for leaving space exploration to AI-guided robots, since robots range more widely and see more than any human can. Humanity’s future in space must await decisions based on results from our ever-better machines.Trade ReviewThe End of Astronauts offers exquisitely formulated arguments in support of robotic exploration in space. Along the way, Goldsmith and Rees occasionally tell us what we don’t want to know, but in the end we find ourselves compelled to agree with them. -- Neil deGrasse Tyson, author of Space Chronicles: Facing the Ultimate FrontierA must-read for anyone wishing to debate about the human future in space. With clarity, wit, and breathtaking knowledge, Goldsmith and Rees tell of the dangers never hinted at in idyllic images of human settlement. There is a more direct route to the stars and this fascinating book plots that course with powerful, reasoned argument. -- Ann Druyan, Emmy Award–winning writer, director, and producer of CosmosA delightfully lucid and succinct manifesto for reforming science policy…Evidently passionate in their conviction that robots should be the ones to boldly go where no man (or woman) has gone before, they present their case soberly and systematically, carefully evaluating counterarguments. -- Patricia Fara * Literary Review *Informs us about the full cost of human space exploration and how AI and robotic missions deserve their place in this story. It’s a terrific read and an invaluable reference in the debate of human versus robotic spaceflight. * BBC Sky at Night *Explain[s] why we should give up on manned space exploration…For anyone seriously interested in space exploration, this slaughter of impractical ideas in The End of Astronauts will be welcome. -- Simon Ings * The Times *Argue[s] that, given the vast distances and the dangers involved in space travel, it is robots, not humans, that will lead us to the stars. * New Scientist *Make[s] a convincing case that blasting humans into space has become a wasteful indulgence. Far more can be accomplished by robotic missions of scientific discovery. -- John Thornhill * Financial Times *Thought-provoking…Goldsmith and Rees make a compelling case for robotics over astronauts. -- Bruce Dorminey * Forbes *In this refreshingly no-nonsense brief, [Goldsmith and Rees] take a sharp-focused look at the hyperbolic aspirations of space enthusiasts who promote colonies on the Moon and Mars as the next great step for mankind…In the half century since the last footprint on the Moon, humans haven’t boldly gone any further, while robot explorers have been very busy. -- Laurence A. Marschall * Natural History *A provocative primer on the future of space travel. * Publishers Weekly *A readable and useful contribution to this longstanding debate. -- James B. Meigs * Wall Street Journal *Martin Rees has always thought outside the box, and now he and Donald Goldsmith are thinking outside the boundaries of Earth. Just the way a telescope can let us see across a vast distance without leaving where we are, they show how modern machines and machine learning will take us across the solar system without having to phone home. -- Alan Alda, actor, author, and advocate for science communication[A] thought-provoking vision of the coming decades in space exploration. -- Andrew Robinson * Physics World *One big advantage of crewed space missions is the human intelligence embodied by the astronauts—but does this benefit outweigh the costs? How far are robots from catching up to human capabilities in space? These are the sorts of questions that astrophysicists Donald Goldsmith and Martin Rees ask in The End of Astronauts, examining the pros and cons of proposals for human exploration in the Solar System. * Nature Astronomy *What is so interesting about this book is how it constructs or deconstructs, depending on your view, the evidence for continuing the process of sending astronauts into space…It is exceptionally well written and cleverly split into well thought out chapters. It most importantly provides evidence without siding one way or the other. * Physics Education *Is there a balance to be struck between our species’ obsession with space and the constraints, dangers, and cost of human exploration? This utterly fascinating yet soberly realistic examination lays out our options for how to explore the solar system in the coming decades. -- Jim Al-Khalili, author of The World According to PhysicsA thoughtful, clear, and informed opinion on how space science and space exploration should be conducted in the future. Goldsmith and Rees treat the question of whether there will still be a role for humans in crewed spacecraft thoroughly and methodically, and the result is a fascinating read. -- Mario Livio, author of Galileo and the Science DeniersA boom in space tourism may loft more people into the heavens than ever before. But robotic probes powered by artificial intelligence are already more capable—and improving fast. Donald Goldsmith’s excellent writing draws on deep insights from renowned astrophysicist and futurist Martin Rees, making this the most thoughtful, provocative book yet about humanity’s future in space. -- Nathan Myhrvold, Founder and CEO, Intellectual Ventures, and former Chief Technology Officer, MicrosoftMeticulous and vivid. Goldsmith and Rees paint a striking picture of the future of space exploration, one that might surprise you! -- Jaan Tallinn, cofounder of the Centre for the Study of Existential Risk and the Future of Life InstituteA provoking argument for space exploration sans astronauts…A tour de force of well-written, compelling rationales. The authors believe that beyond low-Earth orbit, space exploration should proceed without humans. -- Leonard David * Inside Outer Space *Imagines a future where frugal humans can have their cosmic cake and eat it too—as long as they don't mind robot bakers…The book's main argument is convincing. Robots offer more bang for the buck, not just because they cost less but also because they can do a lot. If, eventually, robots are able to do nearly everything astronauts currently can, sending people into space may well become pure vanity. -- Mike Riggs * Reason *
£19.76
John Wiley & Sons Inc Investing AllinOne For Dummies
Book SynopsisTable of ContentsIntroduction 1 Book 1: Getting Started with Investing 5 Chapter 1: Exploring Your Investment Choices 7 Chapter 2: Weighing Risks and Returns 17 Chapter 3: The Workings of Stock and Bond Markets 37 Book 2: Investing in Your 20s and 30s 49 Chapter 1: Using Investments to Accomplish Your Goals 51 Chapter 2: Minimizing Your Taxes When Investing 61 Chapter 3: Laying Out Your Financial Plans 71 Chapter 4: Starting Out with Bank and Credit Union Accounts 85 Book 3: Checking Out Stock Investing 97 Chapter 1: Gathering Information on Stocks 99 Chapter 2: Investing for Long-Term Growth 117 Chapter 3: Investing for Income and Cash Flow 127 Chapter 4: Using Basic Accounting to Choose Winning Stocks 141 Book 4: Looking at Bond Investing 159 Chapter 1: Bond Fundamentals 161 Chapter 2: All about the Interest 177 Chapter 3: Checking Out Types of Bonds 197 Chapter 4: Investing (Carefully!) in Individual Bonds 213 Chapter 5: Picking a Bond Fund That Will Serve You for Life 225 Book 5: Moving on to Mutual Funds and Exchange-Traded Funds 233 Chapter 1: Considering Mutual Funds’ Pros and Cons 235 Chapter 2: Finding the Best Mutual Funds 251 Chapter 3: Buying Mutual Funds from the Best Firms 267 Chapter 4: What the Heck Is an ETF, Anyway? 279 Chapter 5: Risk Control, Diversification, and Other Things to Know about ETFs 301 Book 6: Investing Online 313 Chapter 1: Getting Ready for Online Investing 315 Chapter 2: Getting Your Device Ready for Online Investing 325 Chapter 3: Connecting with an Online Broker 347 Chapter 4: Entering and Executing Trades 371 Book 7: Introducing Fundamental Analysis 383 Chapter 1: Understanding Fundamental Analysis 385 Chapter 2: Getting Up to Speed with Fundamental Analysis 395 Chapter 3: Gaining an Edge with Fundamental Analysis 413 Chapter 4: Getting Your Hands on Fundamental Data 431 Book 8: Investing in Real Estate 449 Chapter 1: Evaluating Real Estate as an Investment 451 Chapter 2: Covering Common Real Estate Investments 469 Chapter 3: Identifying Sources of Capital 489 Chapter 4: Location, Location, Value 497 Book 9: Investing in Trends 527 Chapter 1: Taking the Nickel Tour of Cannabis Investing 529 Chapter 2: The Political, Cultural, and Regulatory Landscape of Cannabis Investing 545 Chapter 3: What Is a Cryptocurrency? 563 Chapter 4: How Cryptocurrencies Work 573 Chapter 5: Entering the World of ESG Investing 585 Index 601 ntroduction 1 Book 1: Getting Started with Investing 5 Chapter 1: Exploring Your Investment Choices 7 Chapter 2: Weighing Risks and Returns 17 Chapter 3: The Workings of Stock and Bond Markets 37 Book 2: Investing in Your 20s and 30s 49 Chapter 1: Using Investments to Accomplish Your Goals 51 Chapter 2: Minimizing Your Taxes When Investing 61 Chapter 3: Laying Out Your Financial Plans 71 Chapter 4: Starting Out with Bank and Credit Union Accounts 85 Book 3: Checking Out Stock Investing 97 Chapter 1: Gathering Information on Stocks 99 Chapter 2: Investing for Long-Term Growth 117 Chapter 3: Investing for Income and Cash Flow 127 Chapter 4: Using Basic Accounting to Choose Winning Stocks 141 Book 4: Looking at Bond Investing 159 Chapter 1: Bond Fundamentals 161 Chapter 2: All about the Interest 177 Chapter 3: Checking Out Types of Bonds 197 Chapter 4: Investing (Carefully!) in Individual Bonds 213 Chapter 5: Picking a Bond Fund That Will Serve You for Life 225 Book 5: Moving on to Mutual Funds and Exchange-Traded Funds 233 Chapter 1: Considering Mutual Funds’ Pros and Cons 235 Chapter 2: Finding the Best Mutual Funds 251 Chapter 3: Buying Mutual Funds from the Best Firms 267 Chapter 4: What the Heck Is an ETF, Anyway? 279 Chapter 5: Risk Control, Diversification, and Other Things to Know about ETFs 301 Book 6: Investing Online 313 Chapter 1: Getting Ready for Online Investing 315 Chapter 2: Getting Your Device Ready for Online Investing 325 Chapter 3: Connecting with an Online Broker 347 Chapter 4: Entering and Executing Trades 371 Book 7: Introducing Fundamental Analysis 383 Chapter 1: Understanding Fundamental Analysis 385 Chapter 2: Getting Up to Speed with Fundamental Analysis 395 Chapter 3: Gaining an Edge with Fundamental Analysis 413 Chapter 4: Getting Your Hands on Fundamental Data 431 Book 8: Investing in Real Estate 449 Chapter 1: Evaluating Real Estate as an Investment 451 Chapter 2: Covering Common Real Estate Investments 469 Chapter 3: Identifying Sources of Capital 489 Chapter 4: Location, Location, Value 497 Book 9: Investing in Trends 527 Chapter 1: Taking the Nickel Tour of Cannabis Investing 529 Chapter 2: The Political, Cultural, and Regulatory Landscape of Cannabis Investing 545 Chapter 3: What Is a Cryptocurrency? 563 Chapter 4: How Cryptocurrencies Work 573 Chapter 5: Entering the World of ESG Investing 585 Index 601 ntroduction 1 Book 1: Getting Started with Investing 5 Chapter 1: Exploring Your Investment Choices 7 Chapter 2: Weighing Risks and Returns 17 Chapter 3: The Workings of Stock and Bond Markets 37 Book 2: Investing in Your 20s and 30s 49 Chapter 1: Using Investments to Accomplish Your Goals 51 Chapter 2: Minimizing Your Taxes When Investing 61 Chapter 3: Laying Out Your Financial Plans 71 Chapter 4: Starting Out with Bank and Credit Union Accounts 85 Book 3: Checking Out Stock Investing 97 Chapter 1: Gathering Information on Stocks 99 Chapter 2: Investing for Long-Term Growth 117 Chapter 3: Investing for Income and Cash Flow 127 Chapter 4: Using Basic Accounting to Choose Winning Stocks 141 Book 4: Looking at Bond Investing 159 Chapter 1: Bond Fundamentals 161 Chapter 2: All about the Interest 177 Chapter 3: Checking Out Types of Bonds 197 Chapter 4: Investing (Carefully!) in Individual Bonds 213 Chapter 5: Picking a Bond Fund That Will Serve You for Life 225 Book 5: Moving on to Mutual Funds and Exchange-Traded Funds 233 Chapter 1: Considering Mutual Funds’ Pros and Cons 235 Chapter 2: Finding the Best Mutual Funds 251 Chapter 3: Buying Mutual Funds from the Best Firms 267 Chapter 4: What the Heck Is an ETF, Anyway? 279 Chapter 5: Risk Control, Diversification, and Other Things to Know about ETFs 301 Book 6: Investing Online 313 Chapter 1: Getting Ready for Online Investing 315 Chapter 2: Getting Your Device Ready for Online Investing 325 Chapter 3: Connecting with an Online Broker 347 Chapter 4: Entering and Executing Trades 371 Book 7: Introducing Fundamental Analysis 383 Chapter 1: Understanding Fundamental Analysis 385 Chapter 2: Getting Up to Speed with Fundamental Analysis 395 Chapter 3: Gaining an Edge with Fundamental Analysis 413 Chapter 4: Getting Your Hands on Fundamental Data 431 Book 8: Investing in Real Estate 449 Chapter 1: Evaluating Real Estate as an Investment 451 Chapter 2: Covering Common Real Estate Investments 469 Chapter 3: Identifying Sources of Capital 489 Chapter 4: Location, Location, Value 497 Book 9: Investing in Trends 527 Chapter 1: Taking the Nickel Tour of Cannabis Investing 529 Chapter 2: The Political, Cultural, and Regulatory Landscape of Cannabis Investing 545 Chapter 3: What Is a Cryptocurrency? 563 Chapter 4: How Cryptocurrencies Work 573 Chapter 5: Entering the World of ESG Investing 585 Index 601 ntroduction 1 Book 1: Getting Started with Investing 5 Chapter 1: Exploring Your Investment Choices 7 Chapter 2: Weighing Risks and Returns 17 Chapter 3: The Workings of Stock and Bond Markets 37 Book 2: Investing in Your 20s and 30s 49 Chapter 1: Using Investments to Accomplish Your Goals 51 Chapter 2: Minimizing Your Taxes When Investing 61 Chapter 3: Laying Out Your Financial Plans 71 Chapter 4: Starting Out with Bank and Credit Union Accounts 85 Book 3: Checking Out Stock Investing 97 Chapter 1: Gathering Information on Stocks 99 Chapter 2: Investing for Long-Term Growth 117 Chapter 3: Investing for Income and Cash Flow 127 Chapter 4: Using Basic Accounting to Choose Winning Stocks 141 Book 4: Looking at Bond Investing 159 Chapter 1: Bond Fundamentals 161 Chapter 2: All about the Interest 177 Chapter 3: Checking Out Types of Bonds 197 Chapter 4: Investing (Carefully!) in Individual Bonds 213 Chapter 5: Picking a Bond Fund That Will Serve You for Life 225 Book 5: Moving on to Mutual Funds and Exchange-Traded Funds 233 Chapter 1: Considering Mutual Funds’ Pros and Cons 235 Chapter 2: Finding the Best Mutual Funds 251 Chapter 3: Buying Mutual Funds from the Best Firms 267 Chapter 4: What the Heck Is an ETF, Anyway? 279 Chapter 5: Risk Control, Diversification, and Other Things to Know about ETFs 301 Book 6: Investing Online 313 Chapter 1: Getting Ready for Online Investing 315 Chapter 2: Getting Your Device Ready for Online Investing 325 Chapter 3: Connecting with an Online Broker 347 Chapter 4: Entering and Executing Trades 371 Book 7: Introducing Fundamental Analysis 383 Chapter 1: Understanding Fundamental Analysis 385 Chapter 2: Getting Up to Speed with Fundamental Analysis 395 Chapter 3: Gaining an Edge with Fundamental Analysis 413 Chapter 4: Getting Your Hands on Fundamental Data 431 Book 8: Investing in Real Estate 449 Chapter 1: Evaluating Real Estate as an Investment 451 Chapter 2: Covering Common Real Estate Investments 469 Chapter 3: Identifying Sources of Capital 489 Chapter 4: Location, Location, Value 497 Book 9: Investing in Trends 527 Chapter 1: Taking the Nickel Tour of Cannabis Investing 529 Chapter 2: The Political, Cultural, and Regulatory Landscape of Cannabis Investing 545 Chapter 3: What Is a Cryptocurrency? 563 Chapter 4: How Cryptocurrencies Work 573 Chapter 5: Entering the World of ESG Investing 585 Index 601
£23.19
£24.80
John Wiley & Sons Inc Stay the Course
Book SynopsisA journey through the Index Revolution from the man who started it all Stay the Course is the story the Vanguard Group as told by its founder, legendary investor John C. Bogle. This engrossing book traces the history of Vanguardthe largest mutual fund organization on earth. Offering the world's first index mutual fund in 1976, John Bogle led Vanguard from a $1.4 billion firm with a staff of 28 to a global company of 16,000 employees and with more than $5 trillion in assets under management. An engaging blend of company history, investment perspective, and personal memoir, this book provides a fascinating look into the mind of an extraordinary man and the company he created. John Bogle continues to be an inspiring and trusted figure to millions of individual investors the world over. His creative innovation, personal integrity, and stubborn determination infuse every aspect of the company he founded. This accessible and engaging book will help you: Explore the history of some of VTable of ContentsAbout Stay the Course xiii Foreword by Burton G. Malkiel xvii Part I. The Story of Vanguard 1 Chapter 1 1974:The Prophecy 3 Chapter 2 1945–1965: The Background –Blair, Princeton, Fortune, and Wellington 9 Chapter 3 1965–1974:The “Go-Go” Era, the Aftermath, and the Formation of Vanguard 17 Chapter 4 The Index Fund Revolution: From Birth to Dominance 37 Chapter 5 1974–1981: A New Beginning 53 Chapter 6 1981–1991: Setting the Stage for Future Growth 75 Chapter 7 1991–1996: Preparing for a New Mutual Fund Industry 89 Chapter 8 1996–2006: The ETF Revolutionizes Indexing 107 Chapter 9 2006–2018: The Momentum Continues – Strategy Follows Structure 121 Chapter 10 Caring: The Founder’s Legacy 149 Part II. The Vanguard Funds 163 Chapter 11 Wellington Fund: Vanguard’s Alpha and Omega 165 Chapter 12 The Index Funds 177 Chapter 13 The Windsor Funds 187 Chapter 14 The PRIMECAP Funds 195 Chapter 15 The Bond Funds 205 Chapter 16 Problems and Perspectives 217 Part III. The Future of Investment Management 227 Chapter 17 The Fund Industry Becomes Mutual 229 Chapter 18 The Challenge to the S&P 500 Index Fund 241 Chapter 19 “The Financial Institutions Act of 2030” 249 Part IV. Personal Refl ections 255 Chapter 20 What Really Matters: A Memoir 257 Index 281 Books by John C. Bogle 293
£22.94
John Wiley & Sons Inc The Missing Billionaires
Book SynopsisTrade Review"The most important investment decision is not 'what' but 'how much.' If you ever hear a professional investor talk about a trade that taught them a lot, prick up your ears. Usually, this is code for 'a time I lost an absolutely colossal amount of money,' and you are in for one of the better stories about how finance works at the coalface. On this front, Victor Haghani is a man to whom it is worth listening. Now, along with his present-day colleague James White, he has written a book that aims to spare other investors his mistakes . . . The Missing Billionaires . . . examines what its authors argue is a much more important—and neglected—question than picking the right investments to buy or sell: not 'what' but 'how much.'"—The Economist's Buttonwood column "Size Matters," September 21, 2023 "A compelling book dealing with an important and neglected question in finance: not what to buy or sell, but how much. Even sophisticated professionals tend to answer this question badly, leading to lost fortunes. But financial theory provides the answer. Mathematical but not excessively so, this will appeal to anyone with an interest in markets."—The Economist Best Books of 2023, December 9-15, 2023Table of ContentsForeword xiii Preface xvii About the Authors xxi Acknowledgments xxiii Chapter 1: Introduction: The Puzzle of the Missing Billionaires 1 Section I: Investment Sizing 13 Chapter 2: Befuddled Betting on a Biased Coin 15 Chapter 3: Size Matters When It’s for Real 27 Chapter 4: A Taste of the Merton Share 41 Chapter 5: How Much to Invest in the Stock Market? 49 Chapter 6: The Mechanics of Choice 67 Chapter 7: Criticisms of Expected Utility Decision- making 103 Chapter 8: Reminiscences of a Hedge Fund Operator 117 Section II: Lifetime Spending and Investing 127 Chapter 9: Spending and Investing in Retirement 129 Chapter 10: Spending Like You’ll Live Forever 149 Chapter 11: Spending Like You Won’t Live Forever 165 Section III: Where the Rubber Meets the Road 173 Chapter 12: Measuring the Fabric of Felicity 175 Chapter 13: Human Capital 193 Chapter 14: Into the Weeds: Characteristics of Major Asset Classes 201 Chapter 15: No Place to Hide: Investing in a World with No Safe Asset 235 Chapter 16: What About Options? 245 Chapter 17: Tax Matters 265 Chapter 18: Risk Versus Uncertainty 275 Section IV: Puzzles 285 Chapter 19: How Can a Great Lottery Be a Bad Bet? 287 Chapter 20: The Equity Risk Premium Puzzle 291 Chapter 21: The Perpetuity Paradox and Negative Interest Rates 297 Chapter 22: When Less Is More 303 Chapter 23: The Costanza Trade 309 Chapter 24: Conclusion: U and Your Wealth 319 Bonus Chapter: Liar’s Poker and Learning to Bet Smart 327 Cheat Sheet 335 A Few Rules of Thumb 340 Endnotes 343 Suggested Reading 357 References 359 Index 373
£20.36
John Wiley & Sons Inc Study Guide for The New Trading for a Living
Book SynopsisTest your trading knowledge and skills without risking any money You may read the best trading book, but how much of that knowledge will you retain a week later? This is why you need this Study Guide for The New Trading for a Living. It'll give you a firmer grasp of the essential trading rules and skills.Table of ContentsAbout This Study Guide ix Part I Questions and Rating Scales 1 Introduction 3 One Individual Psychology 7 Two Mass Psychology 13 Three Classical Chart Analysis 19 Four Computerized Technical Analysis 27 Five Volume and Time 37 Six General Market Indicators 49 Seven Trading Systems 57 Eight Trading Vehicles 65 Nine Risk Management 71 Ten Practical Details 79 Eleven Good Record-Keeping 85 Part II Answers and Comments 89 Introduction 91 One Individual Psychology 95 Two Mass Psychology 99 Three Classical Chart Analysis 103 Four Computerized Technical Analysis 107 Five Volume and Time 113 Six General Market Indicators 119 Seven Trading Systems 123 Eight Trading Vehicles 129 Nine Risk Management 133 Ten Practical Details 137 Eleven Good Record-Keeping 141 Afterword 145 Sources 147 About the Author 149
£28.80
Princeton University Press Dynamic Asset Pricing Theory
Book SynopsisSuitable for doctoral students and researchers, this book talks about the theory of asset pricing and portfolio selection in multiperiod settings under uncertainty. The asset pricing results are based on the three restrictive assumptions: absence of arbitrage, single-agent optimality, and equilibrium.Trade Review"This is an important addition to the set of text/reference books on asset pricing theory. It will, if it has not already, become the standard text for the second Ph.D. course in security markets. Its treatment of contingent claim valuation, in particular, is unrivaled in its breadth and coherence."--Journal of Economic LiteratureTable of ContentsPreface xiii PART I DISCRETE-TIME MODELS 1 1. Introduction to State Pricing 3 A. Arbitrage and State Prices 3 B. Risk-Neutral Probabilities 4 C. Optimality and Asset Pricing 5 D. Efficiency and Complete Markets 8 E. Optimality and Representative Agents 8 F. State-Price Beta Models 11 Exercises 12 Notes 17 2. The Basic Multiperiod Model 21 A. Uncertainty 21 B Security Markets 22 C. Arbitrage, State Prices, and Martingales 22 D. Individual Agent Optimality 24 E. Equilibrium and Pareto Optimality 26 F. Equilibrium Asset Pricing 27 G. Arbitrage and Martingale Measures 28 H. Valuation of Redundant Securities 30 I. American Exercise Policies and Valuation 31 J. Is Early Exercise Optimal? 35 Exercises 37 Notes 45 3 The Dynamic Programming Approach 49 A. The Bellman Approach 49 B. First-Order Bellman Conditions 50 C. Markov Uncertainty .51 D. Markov Asset Pricing 52 E. Security Pricing by Markov Control 52 F. Markov Arbitrage-Free Valuation 55 G Early Exercise and Optimal Stopping 56 Exercises 58 Notes 63 4. The Infinite-Horizon Setting 65 A. Markov Dynamic Programming .65 B. Dynamic Programming and Equilibrium.69 C. Arbitrage and State Prices 70 D. Optimality and State Prices.71 E. Method-of-Moments Estimation .73 Exercises 76 Notes 78 PART 11 CONTINUOUS-TIME MODELS 81 5. The Black-Scholes Model 83 A. Trading Gains for Brownian Prices 83 B. Martingale Trading Gains 85 C. Ito Prices and Gains 86 D. Ito's Formula 87 E. The Black-Scholes Option-Pricing Formula 88 F. Black-Scholes Formula: First Try 90 G. The PDE for Arbitrage-Free Prices 92 H. The Feynman-Kac Solution 93 I. The Multidimensional Case 94 Exercises 97 Notes 100 6. State Prices and Equivalent Martingale Measures 101 A. Arbitrage 101 B. Numeraire Invariance 102 C. State Prices and Doubling Strategies 103 D. Expected Rates of Return 106 E. Equivalent Martingale Measures 108 F. State Prices and Martingale Measures 110 G. Girsanov and Market Prices of Risk 111 H. Black-Scholes Again 115 I. Complete Markets 116 J. Redundant Security Pricing 119 K. Martingale Measures from No Arbitrage 120 L. Arbitrage Pricing with Dividends 123 M. Lumpy Dividends and Term Structures 125 N. Martingale Measures, Infinite Horizon 127 Exercises 128 Notes 131 7. Term-Structure Models 135 A. The Term Structure 136 B. One-Factor Term-Structure Models 137 C. The Gaussian Single-Factor Models 139 D. The Cox-Ingersoll-Ross Model 141 E. The Affine Single-Factor Models 142 F. Term-Structure Derivatives 144 G. The Fundamental Solution 146 H. Multifactor Models 148 1. Affine Term-Structure Models 149 J. The HJM Model of Forward Rates 151 K. Markovian Yield Curves and SPDEs 154 Exercises 155 Notes 161 8. Derivative Pricing 167 A. Martingale Measures in a Black Box 167 B. Forward Prices 169 C. Futures and Continuous Resettlement 171 D. Arbitrage-Free Futures Prices 172 E. Stochastic Volatility 174 F. Option Valuation by Transform Analysis 178 G. American Security Valuation 182 H. American Exercise Boundaries 186 1. Lookback Options 189 Exercises 191 Notes 196 9. Portfolio and Consumption Choice 203 A. Stochastic Control 203 B. Merton's Problem 206 C. Solution to Merton's Problem 209 D. The Infinite-Horizon Case 213 E. The Martingale Formulation 214 F. Martingale Solution 217 G. A Generalization 220 H. The Utility-Gradient Approach 221 Exercises 224 Notes 232 10. Equilibrium 235 A. The Primitives 235 B. Security-Spot Market Equilibrium 236 C. Arrow-Debreu Equilibrium 237 D. Implementing Arrow-Debreu Equilibrium 238 E. Real Security Prices 240 F. Optimality with Additive Utility 241 G. Equilibrium with Additive Utility 243 H. The Consumption-Based CAPM 245 I. The CIR Term Structure 246 J. The CCAPM in Incomplete Markets 249 Exercises 251 Notes 255 11. Corporate Securities 259 A. The Black-Scholes-Merton Model 259 B. Endogenous Default Timing 262 C. Example: Brownian Dividend Growth 264 D. Taxes and Bankruptcy Costs 268 E. Endogenous Capital Structure 269 F. Technology Choice 271 G. Other Market Imperfections 272 H. Intensity-Based Modeling of Default 274 I. Risk-Neutral Intensity Process 277 J. Zero-Recovery Bond Pricing 278 K. Pricing with Recovery at Default 280 L. Default-Adjusted Short Rate 281 Exercises 282 Notes 288 12. Numerical Methods 293 A. Central Limit Theorems 293 B. Binomial to Black-Scholes 294 C. Binomial Convergence for Unbounded Derivative Payoffs 297 D. Discretization of Asset Price Processes 297 E. Monte Carlo Simulation 299 F. Efficient SDE Simulation 300 G. Applying Feynman-Kac 302 H. Finite-Difference Methods 302 I. Term-Structure Example 306 J. Finite-Difference Algorithms with Early Exercise Options 309 K. The Numerical Solution of State Prices 310 L. Numerical Solution of the Pricing Semi-Group 313 M. Fitting the Initial Term Structure 314 Exercises 316 Notes 317 APPENDIXES 321 A. Finite-State Probability 323 B. Separating Hyperplanes and Optimality 326 C. Probability 329 D. Stochastic Integration 334 E. SDE, PDE, and Feynman-Kac 340 F. Ito's Formula with jumps 347 G. Utility Gradients 351 H. Ito's Formula for Complex Functions 355 I. Counting Processes 357 J. Finite-Difference Code 363 Bibliography 373 Symbol Glossary 445 Author Index 447 Subject Index 457
£55.25
John Wiley & Sons Inc Debunkery
Book SynopsisLegendary money manager Ken Fisher outlines the most common and costly mistakes investors make. *Small cap stocks are best for all time. Bunk! *A trade deficit is bad for markets. Bunk! *Stocks can't rise on high unemployment.Trade Review"... thoroughly recommended.... If I were a novice investor, I'd make sure I read this book and memorised the first 32 lessons." (Financial Times, November 2010) "It's about time someone drove a stake into the folklore that permeates Wall Street, and Mr. Fisher does it in convincing-and often entertaining-fashion." (The Globe and Mail, November 2010) "... challenges and refutes common, widely held investing myths and misperceptions... bite-size chunks-where you can read one chapter or many...." (Euroinvestor.co.uk, October 2010)Table of ContentsAcknowledgments ix Introduction: Debunkery Made Easy xiii PART 1 Basic Bunk to Make You Broke 1 Bunk 1 Bonds Are Safer Than Stocks 5 Bunk 2 Well-Rested Investors Are Better Investors 9 Bunk 3 Retirees Must Be Conservative 13 Bunk 4 Age Equals Asset Allocation 17 Bunk 5 You Should Expect Average Returns 20 Bunk 6 "Capital Preservation and Growth" Is Possible! 23 Bunk 7 Trust Your Gut 26 Bunk 8 One Big Bear and You’re Done 30 Bunk 9 Make Sure It’s a Bull Before Diving In 34 Bunk 10 Growth Is Best for All Time. No, Value. No, Small Caps 39 Bunk 11 A Good Con Artist Is Hard to Spot 44 PART 2 Wall Street "Wisdom" 49 Bunk 12 Stop-Losses Stop Losses! 51 Bunk 13 Covered Calls . . . Gotcha Covered 54 Bunk 14 Dollar Cost Averaging—Lower Risk, Better Returns 57 Bunk 15 Variable Annuities Are All Upside, No Downside 60 Bunk 16 Equity-Indexed Annuities—Better Than Normal Annuities 65 Bunk 17 Passive Investing Is Easy 68 Bunk 18 Do Better With Mutual Funds by Sending Your Spouse on a Shopping Spree 72 Bunk 19 Beta Measures Risk 75 Bunk 20 Equity Risk Premiums—Forecasting Future Returns With Ease 80 Bunk 21 When the VIX Is High, It's Time to Buy 84 Bunk 22 Be Confident on Consumer Confidence 88 Bunk 23 All Hail the Mighty Dow! 92 PART 3 "Everyone Knows" 99 Bunk 24 So Goes January 101 Bunk 25 Sell in May 104 Bunk 26 Low P/Es Mean Low Risk 107 Bunk 27 A Strong Dollar Is Super 112 Bunk 28 Don’t Fight the Fed 116 Bunk 29 Interest Pays Dividends 120 Bunk 30 Buy a 5% CD for 5% Cash Flow—Easy! 123 Bunk 31 Baby Boomers Retire, World Ends, Etc. 126 Bunk 32 Concentrate to Build Wealth 130 PART 4 History Lessons 135 Bunk 33 Pray for Budget Surpluses 137 Bunk 34 High Unemployment Is a Killer 143 Bunk 35 With Gold, You’re Golden 148 Bunk 36 Stocks Love Lower Taxes 152 Bunk 37 Oil and Stocks Seesaw 158 Bunk 38 Swine Flu, SARS, Ebola, and Other Viral Disasters Make Markets Sick 163 Bunk 39 Consumers Are King 167 Bunk 40 Presidential Term Cycles Are Stock Market Voodoo 172 Bunk 41 My Political Party Is Best for Stocks 178 Bunk 42 Stock Returns Are Too High and Must Fall 182 PART 5 It's a Great Big World! 187 Bunk 43 Foreign Stocks Just Feel So . . . Foreign 189 Bunk 44 Who Needs Foreign? 192 Bunk 45 Big Debt Is National Death 195 Bunk 46 America Can’t Handle Its Debt 199 Bunk 47 Indebted to China 202 Bunk 48 Trade Deficits Make Deficient Markets 206 Bunk 49 GDP Makes Stocks Grow 211 Bunk 50 Terrorism Terrorizes Stocks 215 Notes 219 About the Authors 228 Index 229
£13.50
Pearson Education Trading Options at Expiration
Book SynopsisJeff Augen, currently a private investor and writer, has spent over a decade building a unique intellectual property portfolio of databases, algorithms, and associated software for technical analysis of derivatives prices. His work, which includes more than a million lines of computer code, is particularly focused on the identification of subtle anomalies and price distortions. Augen has a 25-year history in information technology. As a cofounding executive of IBM's Life Sciences Computing business, he defined a growth strategy that resulted in $1.2 billion of new revenue and managed a large portfolio of venture capital investments. From 2002 to 2005, Augen was President and CEO of TurboWorx Inc., a technical computing software company founded by the chairman of the Department of Computer Science at Yale University. He is the author of three previous books: The Option Trader's Workbook (FT PressTable of ContentsIntroduction and Explanatory Notes 1 Chapter 1: Expiration Pricing Dynamics 13 Chapter 2: Working with Statistical Models 55 Chapter 3: Day Trading Strategies 105 Appendix 1: Excel VBA Program for Counting Strike Price Crosses 143 Index 149
£999.99
Penguin Random House India The Indian Stock Market Simplified
Book Synopsis
£15.99
The University of Chicago Press The Internationalization of Equity Markets
Book SynopsisThis volume addresses important trends in the internationalization of equity markets. Essays examine such issues as: the current extent of international market integration; gains to US investors through international diversification; and the behaviour of country funds.Table of ContentsPreface Introduction 1 Jeffrey A. Frankel 1: A Test of the International CAPM Using Business Cycles Indicators as Instrumental Variables 23 Bernard Dumas 2: An Exploratory Investigation of the Fundamental Determinants of National Equity Market Returns 59 Wayne Ferson, Campbell R. Harvey. 3: Tests of CAPM on an International Portfolio of Bonds and Stocks 149 Charles M. Engel 4: International Equity Transactions and U.S. Portfolio Choice 185 Linda L. Tesar, Ingrid M. Werner. 5: The Effect of Barriers to Equity Investment in Developing Countries 231 Stijn Claessens, Moon-Whoan Rhee. 6: International Experiences with Securities Transaction Taxes 277 John Y. Campbell, Kenneth A. Froot. 7: Price Volatility and Volume Spillovers between the Tokyo and New York Stock Markets 309 Wen-Ling Lin, Takatoshi Ito. 8: What Moves the Discount on Country Equity Funds? 345 Gikas Hardouvelis, Rafael La Porta, Thierry A. Wizman. Contributors 405 Author Index 407 Subject Index 411
£83.60
University of Chicago Press Foreign Investment in American Telecommunications
Book SynopsisArgues that restrictions on foreign investment in US telecommunications firms have harmed American interests. Basing its analysis on legislative history, statutory and constitutional interpretation, and finance and trade theory, this book seeks to show why these restrictions should be repealed.Table of ContentsAcknowledgments About the Author 1: Beyond America's Borders 2: The Legislative History 3: The Statute 4: Ownership and Control 5: Foreign Direct Investment in the United States 6: Trade Policy 7: Free Speech 8: The 1997 World Trade Organization Agreement - and Beyond App: Selected WTO Documents Concerning Trade in Telecommunications Services Bibliography Case and Regulatory Proceeding Index Subject Index
£47.50
Pearson Education Financial Times Guide to Options The
Book SynopsisTable of Contents Preface About the author About this book Introduction Part 1 – Options fundamentals 1 Options in Everyday life 2 The basics of calls 3 The basics of puts 4 Pricing and behaviour 5 Volatility and pricing models 6 The Greeks and risk assessment: delta 7 Gamma and theta 8 Vega Part 2 - Options spreads 9 Call spreads and put spreads 10 One by two directional spreads 11 Combos and hybrid spreads for market direction 12 Volatility spreads 13 Iron butterflies and iron condors 14 Butterflies and condors 15 The covered write, the calendar spread and the diagonal spread Part 3 – Thinking about options 16 The interaction of the Greeks 17 Options performance based on cost 18 Options talk 1 19 Options talk 2: trouble shooting and common problems 20 Volatility skews Part 4 – Basic non-essentials 21 Futures, synthetics and put-call parity 22 Conversions, reversals, boxes and options arbitrage 23 Conclusion Glossary Suggestions for further reading Index of underlying contracts
£30.39
Pearson Education Financial Times Guide to Technical Analysis The
Book SynopsisJacinta Chan trades full time for a living. She was the head of the derivative desk of a large investment bank in South East Asia where her responsibilities included the sales and dealing of futures and options contracts. She also conducts continued professional education for other professionals in her field, besides giving lectures for her online university course. Jacinta is the author of Pearson Malaysia's book, Everything Technical Analysis.Table of ContentsIntroduction Part 1: What do traders know? Introduction – The market technicians 1. Know the market: how to read and construct charts 2. History has a habit of repeating itself 3. Spot the bubble and win 4. Follow the winners: trading with the trend 5. The tools that professionals use 6. Leading technical indicators in the market 7. The profit opportunities 8. Wave after wave 9. Booms and busts: risks and returns 10.The secret Conclusion Part 2: Trading with professional technical systems Introduction: the trading game plan 11. Technical indicators to use 12. Principles of a technical algorithm trading system 13. Understanding market characteristics and what to do 14. Simple formulas to design your own trading models 15. Programming trading rules into your system 16. How to write a good trading plan 17. Losing a little to grow your capital 18. Practise stop loss 19. Fine tuning the trading wheel 20. The total trader – winning trading psychology Conclusion
£30.39
Pearson Education Financial Times Guide to Foreign Exchange Trading
Book SynopsisTable of Contents1. Foreign exchange trading: getting started 2. Accessing the markets: different types of trading account 3. Risk management for the forex trader 4. Currencies in brief 5. Trading emerging markets currencies 6. What moves the markets 7. Developing a trading plan for currency markets 8. Technical analysis for the FX trader 9. Further resources for the forex trader 10. Careers in FX trading
£25.64
CRC Press Parrys Valuation and Investment Tables
Book SynopsisFirst published in 1913, Richard Parryâs Valuation and Investment Tables has since become an essential tool for students and professionals in the study and practice of valuation and appraisal. That the book reached its centenary year in print and now fourteenth edition is a testament to its acclaim by the valuation and property professionals in an era of calculators and computers, and furthermore a tribute to the historical importance of Parryâs original vision and continued legacy.The purpose of the book is to provide a comprehensive range of different valuation and investment tables in one volume. Although many of the tables will be used by practicing surveyors for valuation purposes, they will also be useful to accountants and others concerned with various types of investment and financial calculations.Surveyors valuing freehold or leasehold interests in property have the choice of using either (a) annually in arrear, or (b) quarterly in advance figures of yeTable of ContentsForeword - Preface - The Construction and Use of the Tables - Tables without Allowance for Tax - Conversion Tables - Tables with Allowance for Tax - Years’ Purchase Quarterly in Advance Tables - Years’ Purchase Annually in Arrear Tables
£43.99
Taylor & Francis Ltd Your Essential Guide to Quantitative Hedge Fund
Book SynopsisYour Essential Guide to Quantitative Hedge Fund Investing provides a conceptual framework for understanding effective hedge fund investment strategies. The book offers a mathematically rigorous exploration of different topics, framed in an easy to digest set of examples and analogies, including stories from some legendary hedge fund investors. Readers will be guided from the historical to the cutting edge, while building a framework of understanding that encompasses it all. Features Filled with novel examples and analogies from within and beyond the world of finance Suitable for practitioners and graduate-level students with a passion for understanding the complexities that lie behind the raw mechanics of quantitative hedge fund investment A unique insight from an author with experience of both the practical and academic spheres. Trade ReviewThis wise and lucid treatise explaining the promise and the hazards of alternative hedge fund strategies should be required reading for both investors and students of financial engineering.-Burton G. Malkiel, author of A Random Walk Down Wall Street, 50th anniversary edition.The book covers both the classical works and recent advances in quantitative aspects of hedge fund investing. Broad in scope and commendable in erudition, the book easily earns a prime spot on hedge fund allocator’s proverbial book shelf. Particular focus is rightfully paid to the portfolio construction aspects of hedge fund investing, alpha/beta separation of hedge fund returns, and persistence of those returns more generally. Personal stories covered among other material are a nice touch and make the whole book even more fun to read. In all, a welcome and long overdue addition to the professional literature on this thorny but relevant subject matter.-Alexander Rudin, Ph.D., Global Head of Multi-Asset and Fixed Income Research as State Street Global Advisors. Molyboga and Swedroe have produced a comprehensive guide to the theory and practice of hedge fund investing. From strategy and manager selection to portfolio construction, the book offers rigorous and pragmatic advice. I wish this book existed when I was starting out.-Tobias Carlisle, Managing Director, Acquirers Funds. This book covers a vast range, from classic topics of hedge fund performance sources, biases, and persistence, to smartly constructing hedge fund portfolios, to newer topics like diversity. Wonderful practitioner and expert interviews bring further flesh and color to the subject. I wish I had read this before I wrote my own books.-Antti Ilmanen, Principal, AQR Capital.Molyboga and Swedroe provide a comprehensive and insightful guide to quantitative investing in hedge funds. They explain carefully and lucidly all the technical details of this important area of investing. For each topic, they provide an excellent account of both the empirical evidence and the theory, based on results from the most recent academic research. This book provides the definitive cutting-edge guide for graduate students and investment professionals who wish to acquire a broader and deeper understanding of hedge fund investing. If you are going to read one book on hedge funds, you should read this one.-Raman Uppal, Professor of Finance, EDHEC Business School.The title doesn’t do this book justice. It’s about much more than quantitative hedge fund investing. It also discusses general manager and factor selection, whether performance persists, risk parity vs. traditional investing, even cutting edge topics like machine learning and important less quantitative topics like inclusion and diversity. In particular the interview section of the book was exceptionally informative save the one negative being that I was not an interviewee :) We will correct that in the next edition. The authors tackle this wide range of topics with their typical thoroughness and insight and I recommend this book whole-heartily if you’re interested in the titled subject or just good investing in general.-Cliff Asness, Managing and Founding Principal, AQR Capital Management.A very thorough guide on hedge funds from a refreshing allocator’s perspective. Unlike the many books on hedge funds that take the fund manager’s point of view and inevitably fall short on details for obvious secrecy reasons, this book gets deep into the data and modeling. The allocator’s perspective, and this book in particular, would be my choice for a business school course on hedge funds.-Michael W. Brandt, Kalman J. Cohen Professor of Finance, Fuqua School of Business, Duke University.Finally, a comprehensive guidebook to systematic hedge fund investing that bridges the gap between academic research and the real-world practice of asset management. The authors do a great job de-mystifying popular trading strategies and the statistical tools behind them, zeroing in on the key problem: distinguishing investing skill from luck is fiendishly hard. The "human" side of the book in the form of interviews with practitioners exhibiting a wide diversity of backgrounds and experiences brings a refreshing new perspective on the opaque world of hedge fund investing.-Nikolai Roussanov, Moise Y. Safra Professor of Finance, Wharton Business School, University of Pennsylvania.I learned a lot from this book. There are cautionary histories of hedge funds’ successes and failures, an impressively thorough review of the research on hedge fund performance, and engaging personal stories of hedge fund managers. Each chapter is followed by succinct "key takeaways." My grand takeaway is that investing in hedge funds is complex enough that I would not attempt to find a select set of them for my portfolio without the help of a wise, knowledgeable, and trusted advisor.-Edward Tower, Professor of Economics, Duke University.Hedge funds benefit from a mystique supported by perceptions of exclusivity and outsize performance available only to institutions and wealthy investors. This book takes a much-needed clear eyed approach to evaluating the portfolio value of hedge funds. Backed by dozens of academic studies, the authors provide a realistic evaluation of the headwinds faced by hedge funds hoping to provide value in a market filled with smart traders and barriers to persistence. I know of no other book that provides an equally exhaustive evaluation of the methodologies used to evaluate whether hedge funds are able to improve performance, and whether skilled advisors can select managers that provide value.-Michael Finke, Frank M. Engle Chair of Economic Security at The American College.As someone who teaches quantitative investing, this book is a wonderful resource for practical insight on quantitative methods in investing. Covering a wide range of topics that include portfolio construction, performance evaluation (and its biases), discretionary versus systematic funds, and newer topics on diversity, this book offers a wealth of information and tools for applying quant methods in finance. A wonderful resource for students and practitioners.-Toby Moskowitz, Dean Takahashi Professor of Finance at Yale University and AQR Principal.Well-researched and easy to read, this book is a must-read for all investors considering alternative investments. Grab a copy!-Wesley R. Gray, PhD, CEO of Alpha Architect.Table of Contents1. Introduction To Hedge Funds. 2. Hedge Fund Research And Data. 3. Manager Selection and Hedge Fund Factors. 4. Performance Persistence. 5. From Mean-Variance to Risk Parity. 6. Advanced Portfolio Construction. 7. Expert Hedge Fund Managers. 8. Expert Hedge Fund Investors. 9. Inclusion and Diversity. 10. Conclusion.
£45.99
John Wiley & Sons Inc Warren Buffett Speaks
Book SynopsisWhen Warren Buffett Speaks. . . people listen. If people want to improve their investing skills, it has to help to study how the Master does it. This short book outlines Buffett''s philosophy and techniques. Peter S. Lynch, Fidelity Investments Common sense with a deft irony . . . John C. Bogle, founder of The Vanguard Group and author, The Little Book of Common Sense Investing It was Warren Buffett''s thoughts and philosophy that first captivated investors. Janet Lowe has done us all a great service by collecting and arranging Warren Buffett''s wit and wisdom in an easy-to-read and enjoyable book. Robert G. Hagstrom, Portfolio Manager, Legg Mason Growth Trust mutual fund, and author, The Warren Buffett Way, Second Edition A must-read. Buffett''s wit and wisdom is a roadmap for anyone looking to succeed in business, investing, and life. Steve Halpern, Editor, www.thestockadvisors.comTable of ContentsAcknowledgments xiii Introduction 1 ABOUT LIFE 13 Omaha? Omawhere? Omawhat? 13 Live how you want to live 15 Eat what you want to eat 15 Have a hobby 16 Be passionate 19 Aim high 20 Aim well 23 Focus on your goals 23 Keep life in perspective 23 Be honest 27 Tell the whole truth, please 28 Letter to the Wall Street Journal 30 Cultivate good character 36 Believe in yourself 37 But don’t get too stuck on yourself 38 Dodge the hype 44 Share your wisdom 44 Disregard old age 45 ALSO: Attention Investors: Warren Buffett is crossing the street 20 Nice guys finish first—sometimes 24 Choose your heroes well 40 Rose Blumkin, matriarch of the Nebraska Furniture Mart 47 ABOUT FRIENDS 51 Know what friendship is 51 Go to bat for your pals 51 Guiding Governor Schwarzenegger 52 Build lifelong friendships 54 ALSO: Charlie Munger 54 ABOUT FAMILY 58 Don’t spoil your kids 58 The Buffett children 62 Work things out with your wife 75 Be kind to your mother 81 ALSO: What others say about Warren Buffett 70 Astrid Menks, Buffett’s second wife 78 The controversial Susan T. Buffett Foundation 79 What Leila Buffett had to say about her son 82 What the critics say 82 ABOUT WORK 85 Work for the fun of it 85 Start early 88 Work where you want to work 89 Work with good people 90 Give a pat on the back 92 Be loyal to your partners 93 Guard your time 95 Know when to quit 97 ABOUT RUNNING A BUSINESS 99 Communicate well 99 Know when to say no 100 Set an example 101 Take care of shareholders 104 Hire well, manage little 110 Put a premium on experience 111 Be smart about allocating capital 111 Be brave 112 Use crossover skills 112 The mighty machine called Berkshire Hathaway 113 ALSO: The Berkshire Hathaway annual meeting 102 Goodbye to a good idea 106 The Salomon scandal 108 Berkshire Hathaway online 109 ABOUT INVESTING 116 Have a philosophy 116 Recognize the enemy: inflation 117 Experience epiphany 119 Never mind what the professors say 125 Meet Mr. Market—your servant, not your guide 126 Ignore Mr. Market’s moods 129 Listen for opportunity’s call 130 Know the difference between price and value 133 Seek intrinsic value 133 Expect to be out of step 134 Earnings, earnings, earnings 137 Look forward, not back 138 Avoid risk 139 Don’t gamble 141 Watch for unusual circumstances 143 Don’t be surprised by circumstances 143 Avoid excessive debt 144 Look for screaming bargains 145 Arbitrage when possible 145 Be patient 148 Think for yourself 149 Have the right tools 150 Be wary of Wall Street 151 Only buy securities that you understand 152 An old dog prowls new markets 153 PetroChina 155 An expanding circle of competence 157 Buy reading glasses 160 Become an investigative reporter 161 Keep it simple 162 Think big 164 Know what you’re looking for 166 Don’t sweat the math 167 Admire frugality 169 Set realistic goals 171 Face facts 171 Expect change 174 Be capable of change 175 Admit your mistakes 182 No thumb sucking 185 Join AA (Airlines Anonymous) 186 Learn from your mistakes 190 Buy storybook stocks 191 Seek excellent companies 193 Stick with quality 196 Junk bonds 197 Appreciate franchise value 199 Respect pricing power 202 Find a company with cheap float (then try to not misplace the company) 203 Learn to like Monopoly 204 Find managers who think like owners 205 Management is important, but a good company is more important 206 Avoid the Institutional Imperative (the tendency for corporations to act like lemmings) 206 Favor companies that repurchase their own stock 207 Don’t worry about diversification 207 Invest for the long term 208 To sum up 209 And when you’ve become wealthy by following in the footsteps of Buffett, pay your dues to society 210 Investing is one way of contributing to the public well-being 210 When rewards are disproportionate 211 Pay your taxes and don’t complain 214 Give as generously as you receive 218 Thoughts on charitable giving 223 Will Buffett’s gift affect the company? 226 The last word 227 ALSO: Benjamin Graham 120 The Used-Cigar-Butt School of Investing 135 He tells them, but they don’t listen 172 Baby Berkshire shares 175 What does the Bill and Melinda Gates Foundation do? 224 Berkshire’s Book Value vs. the S&P 500 231 Berkshire Hathaway Share Price 233 Time Line 235 Endnotes 241 Permissions 271
£17.10
John Wiley & Sons Inc Fisher Investments on Materials
Book SynopsisThe second installment of the Fisher Investments On series is a comprehensive guide to the Materials sector. Fisher Investments on Materials can benefit both new and seasoned investors, covering everything from Materials sector basics to specific industry insights to practical investing tactics, including common pitfalls to avoid.Table of ContentsForeword ix Preface xi Acknowledgments xv Part I Getting Started in Materials 1 Chapter 1 Materials Basics 3 Materials 101 4 Commodity Pricing Basics 9 The Production Process 13 Chapter 2 A Brief History of Materials 29 The Industrial Revolution 29 Structural Shifts in Metals Since the Industrial Revolution 33 Industrialization of the Emerging Markets 37 Chapter 3 Materials Sector Drivers 41 Key Drivers 42 Drivers at Work 46 Case Study: Copper 51 Part II Next Steps: Materials Details 63 Chapter 4 Materials Sector Breakdown 65 Global Industry Classification Standard (GICS) 66 Global Materials Benchmarks 67 Metals & Mining Industry 74 Chemicals 88 Construction Materials 96 Paper & Forest Products 96 Containers & Packaging 98 Chapter 5 Staying Current: Tracking Sector Fundamentals 101 What to Watch 102 Chapter 6 Case Study: The 2003 to 2007 Bull Market in Materials 117 The Backdrop 119 Demand Growth 120 Supply Constraints 130 The Growth of Mergers and Acquisitions 136 Part III Thinking Like a Portfolio Manager 139 Chapter 7 The Top-Down Method 141 Investing is a Science 141 The Top-Down Method 144 Top-Down Deconstructed 150 Managing Against a Materials Benchmark 157 Chapter 8 Security Analysis 163 Make Your Selection 164 A Five-Step Process 165 Important Questions to Ask 173 Chapter 9 Materialize Your Portfolio: Investing Strategies 181 Strategy 1: Adding Value at the Industry and Sub-industry Level 182 Strategy 2: Adding Value at the Security Level 189 Strategy 3: Adding Value in a Materials Sector Downturn 190 Strategy 4: Investing in Commodities 191 Appendix A: Materials Sector Resources 195 Appendix B: Top 10 Materials Firms by Industry 199 Notes 203 Glossary 217 About the Authors 223 Index 225
£18.90
John Wiley & Sons Inc Fisher Investments on Consumer Staples
Book SynopsisThe definitive guide to investing in the consumer staples sector The third installment of the Fisher Investments On series is an all-encompassing guide to the Consumer Staples industry--which includes companies that manufacture and sell food and beverages, tobacco, prescription drugs, and household products to name a few.Table of ContentsForeword ix Preface xi Acknowledgments xv Part I Getting Started in Consumer Staples 1 Chapter 1 Consumer Staples Basics 3 Overview 4 Staples’ Distant Cousin—Consumer Discretionary 7 The Business Cycle’s Winds of Change 10 Boring Can Be Beautiful 15 Chapter 2 History of Consumerism in America 21 Colonial America and Consumerism 22 Mass Production in the Late Nineteenth Century 26 The Roaring Twenties and the Consumer Economy (1921–1929) 28 Mass Marketing and Modern Consumer Products 35 The Modern Landscape 37 Chapter 3 Consumer Staples Sector Drivers 39 Economic Drivers 39 Political Drivers 52 Sentiment Drivers 55 Part II Next Steps: Consumer Staples Details 59 Chapter 4 Consumer Staples Sector Breakdown 61 Global Industry Classification Standard (GICS) 62 Global Consumer Staples Benchmarks 63 Food, Beverage & Tobacco 65 Household & Personal Products 86 Food & Staples Retailers 90 Chapter 5 Challenges in the Consumer Staples Sector 101 Challenge 1: Growing in Mature Industries 101 Challenge 2: Dealing With Volatile Input Costs 113 Chapter 6 Consumer Staples in Emerging Markets 123 Opportunity Knocks 123 Emerging Markets and Consumer Products 125 Investment Idiosyncrasies 135 Part III Thinking Like a Portfolio Manager 139 Chapter 7 The Top-Down Method 141 Investing Is a Science 141 The Top-Down Method 145 Top-Down Deconstructed 150 Managing Against a Consumer Staples Benchmark 158 Chapter 8 Security Analysis 163 Make Your Selection 164 A Five-Step Process 165 Important Questions to Ask 173 Chapter 9 Consumerize Your Portfolio—Investing Strategies 181 Strategy 1: Playing the Market Cycle 182 Strategy 2: Playing Style Shifts 186 Strategy 3: Develop New Categorizations 189 Implementing Your Strategy 191 Appendix: Consumer Staples Sector Resources 195 Notes 199 About the Authors 209 Index 211
£20.69
John Wiley & Sons Inc Hot Commodities
Book SynopsisPraise for Jim Rogers and Adventure Capitalist [Jim Rogers is] the Indiana Jones of finance. Time Rogers has a knack for storytelling and drawing the reader in. You'll finish this book feeling as though you, too, have spun around the globe. USA Today A terrific read.Table of ContentsIntroduction. 1. The Next New Thing Is - Things. 2. But.... 3. Stepping up to Commodities. 4. Stepping into the Commodities Market. 5. Notes from the Wild, Wild East. 6. Goodbye, Cheap Oil. 7. Gold - Mystique vs. Fundamentals. 8. A Heavy Metal with the Potential to be a High Flyer. 9. Searching for the Next Sugar High. 10. Can Coffee Perk Up? Conclusion. Appendix. Index. About the Author.
£15.29
John Wiley & Sons Inc Exotic Options and Hybrids
Book Synopsis* Exotic Options and Hybrids is the first book to guide practitioners on how to structure, price and trade modern exotic and hybrid derivatives, without complicating matters with the use of maths.Table of ContentsList of Symbols and Abbreviations xvii Preface xix Part I Foundations 1 1 Basic Instruments 3 1.1 Introduction 3 1.2 Interest Rates 3 1.2.1 LIBOR vs Treasury Rates 4 1.2.2 Yield Curves 4 1.2.3 Time Value of Money 5 1.2.4 Bonds 6 1.2.5 Zero Coupon Bonds 7 1.3 Equities and Currencies 8 1.3.1 Stocks 8 1.3.2 Foreign Exchange 10 1.3.3 Indices 10 1.3.4 Exchange-traded Funds 11 1.3.5 Forward Contracts 11 1.3.6 Futures 12 1.4 Swaps 13 1.4.1 Interest Rate Swaps 13 1.4.2 Cross-currency Swaps 14 1.4.3 Total Return Swaps 16 1.4.4 Asset Swaps 16 1.4.5 Dividend Swaps 16 2 The World of Structured Products 19 2.1 The Products 19 2.1.1 The Birth of Structured Products 19 2.1.2 Structured Product Wrappers 20 2.1.3 The Structured Note 20 2.2 The Sell Side 21 2.2.1 Sales and Marketing 21 2.2.2 Traders and Structurers 22 2.3 The Buy Side 23 2.3.1 Retail Investors 23 2.3.2 Institutional Investors 24 2.3.3 Bullish vs Bearish, the Economic Cycle 24 2.3.4 Credit Risk and Collateralized Lines 25 2.4 The Market 26 2.4.1 Issuing a Structured Product 26 2.4.2 Liquidity and a Two-way Market 27 2.5 Example of an Equity Linked Note 28 3 Vanilla Options 31 3.1 General Features of Options 31 3.2 Call and Put Option Payoffs 32 3.3 Put–call Parity and Synthetic Options 34 3.4 Black–Scholes Model Assumptions 35 3.4.1 Risk-neutral Pricing 36 3.5 Pricing a European Call Option 37 3.6 Pricing a European Put Option 38 3.7 The Cost of Hedging 40 3.8 American Options 42 3.9 Asian Options 43 3.10 An Example of the Structuring Process 44 3.10.1 Capital Protection and Equity Participation 44 3.10.2 Capital at Risk and Higher Participation 46 4 Volatility, Skew and Term Structure 49 4.1 Volatility 49 4.1.1 Realized Volatility 49 4.1.2 Implied Volatility 51 4.2 The Volatility Surface 52 4.2.1 The Implied Volatility Skew 52 4.2.2 Term Structure of Volatilities 56 4.3 Volatility Models 57 4.3.1 Model Choice and Model Risk 57 4.3.2 Black–Scholes or Flat Volatility 58 4.3.3 Local Volatility 60 4.3.4 Stochastic Volatility 62 5 Option Sensitivities: Greeks 65 5.1 Delta 66 5.2 Gamma 72 5.3 Vega 74 5.4 Theta 76 5.5 Rho 77 5.6 Relationships between the Greeks 78 5.7 Volga and Vanna 80 5.7.1 Vega–Gamma (Volga) 80 5.7.2 Vanna 81 5.8 Multi-asset Sensitivities 81 5.9 Approximations to Black–Scholes and Greeks 82 6 Strategies Involving Options 87 6.1 Traditional Hedging Strategies 87 6.1.1 Protective Puts 87 6.1.2 Covered Calls 89 6.2 Vertical Spreads 90 6.2.1 Bull Spreads 90 6.2.2 Bear Spreads 93 6.3 Other Spreads 96 6.3.1 Butterfly Spreads 96 6.3.2 Condor Spreads 98 6.3.3 Ratio Spreads 99 6.3.4 Calendar Spreads 99 6.4 Option Combinations 100 6.4.1 Straddles 100 6.4.2 Strangles 101 6.5 Arbitrage Freedom of the Implied Volatility Surface 102 7 Correlation 105 7.1 Multi-asset Options 105 7.2 Correlation: Measurements and Interpretation 106 7.2.1 Realized Correlation 106 7.2.2 Correlation Matrices 109 7.2.3 Portfolio Variance 110 7.2.4 Implied Correlation 111 7.2.5 Correlation Skew 113 7.3 Basket Options 114 7.4 Quantity Adjusting Options: “Quantos” 116 7.4.1 Quanto Payoffs 116 7.4.2 Quanto Correlation and Quanto Option Pricing 116 7.4.3 Hedging Quanto Risk 117 7.5 Trading Correlation 118 7.5.1 Straddles: Index versus Constituents 118 7.5.2 Correlation Swaps 118 Part II Exotic Derivatives and Structured Products 121 8 Dispersion 123 8.1 Measures of Dispersion and Interpretations 123 8.2 Worst-of Options 125 8.2.1 Worst-of Call 125 8.2.2 Worst-of Put 127 8.2.3 Market Trends in Worst-of Options 128 8.3 Best-of options 129 8.3.1 Best-of Call 129 8.3.2 Best-of Put 131 8.3.3 Market Trends in Best-of Options 132 9 Dispersion Options 135 9.1 Rainbow Options 135 9.1.1 Payoff Mechanism 135 9.1.2 Risk Analysis 136 9.2 Individually Capped Basket Call (ICBC) 137 9.2.1 Payoff Mechanism 137 9.2.2 Risk Analysis 138 9.3 Outperformance Options 141 9.3.1 Payoff Mechanism 141 9.3.2 Risk Analysis 142 9.4 Volatility Models 143 10 Barrier Options 145 10.1 Barrier Option Payoffs 145 10.1.1 Knock-out Options 145 10.1.2 Knock-in Options 148 10.1.3 Summary 150 10.2 Black–Scholes Valuation 151 10.2.1 Parity Relationships 151 10.2.2 Closed Formulas for Continuously Monitored Barriers 151 10.2.3 Adjusting for Discrete Barriers 154 10.3 Hedging Down-and-in Puts 155 10.3.1 Monitoring the Barrier 155 10.3.2 Volatility and Down-and-in Puts 157 10.3.3 Dispersion Effect on Worst-of Down-and-in Puts 158 10.4 Barriers in Structured Products 160 10.4.1 Multi-asset Shark 160 10.4.2 Single Asset Reverse Convertible 163 10.4.3 Worst-of Reverse Convertible 164 11 Digitals 167 11.1 European Digitals 167 11.1.1 Digital Payoffs and Pricing 167 11.1.2 Replicating a European Digital 169 11.1.3 Hedging a Digital 169 11.2 American Digitals 172 11.3 Risk Analysis 174 11.3.1 Single Asset Digitals 174 11.3.2 Digital Options with Dispersion 176 11.3.3 Volatility Models for Digitals 177 11.4 Structured Products Involving European Digitals 178 11.4.1 Strip of Digitals Note 178 11.4.2 Growth and Income 179 11.4.3 Bonus Steps Certificate 181 11.5 Structured Products Involving American Digitals 183 11.5.1 Wedding Cake 183 11.5.2 Range Accrual 184 11.6 Outperformance Digital 185 11.6.1 Payoff Mechanism 185 11.6.2 Correlation Skew and Other Risks 186 12 Autocallable Structures 187 12.1 Single Asset Autocallables 187 12.1.1 General Features 187 12.1.2 Interest Rate/Equity Correlation 190 12.2 Autocallable Participating Note 192 12.3 Autocallables with Down-and-in Puts 194 12.3.1 Adding the Put Feature 194 12.3.2 Twin-Wins 194 12.3.3 Autocallables with Bonus Coupons 196 12.4 Multi-asset Autocallables 198 12.4.1 Worst-of Autocallables 198 12.4.2 Snowball Effect and Worst-of put Feature 200 12.4.3 Outperformance Autocallables 202 Part III More on Exotic Structures 205 13 The Cliquet Family 207 13.1 Forward Starting Options 207 13.2 Cliquets with Local Floors and Caps 208 13.2.1 Payoff Mechanism 209 13.2.2 Forward Skew and Other Risks 210 13.3 Cliquets with Global Floors and Caps 210 13.3.1 Vega Convexity 213 13.3.2 Levels of These Risks 215 13.4 Reverse Cliquets 217 14 More Cliquets and Related Structures 219 14.1 Other Cliquets 219 14.1.1 Digital Cliquets 219 14.1.2 Bearish Cliquets 220 14.1.3 Variable Cap Cliquets 221 14.1.4 Accumulators/Lock-in Cliquets 222 14.1.5 Replacement Cliquets 222 14.2 Multi-asset Cliquets 224 14.2.1 Multi-asset Cliquet Payoffs 224 14.2.2 Multi-asset Cliquet Risks 225 14.3 Napoleons 226 14.3.1 The Napoleon Structure 226 14.3.2 The Bearish Napoleon 227 14.4 Lookback Options 227 14.4.1 The Various Lookback Payoffs 227 14.4.2 Hedging Lookbacks 228 14.4.3 Sticky Strike and Sticky Delta 229 14.4.4 Skew Risk in Lookbacks 229 15 Mountain Range Options 231 15.1 Altiplano 231 15.2 Himalaya 233 15.3 Everest 235 15.4 Kilimanjaro Select 236 15.5 Atlas 238 15.6 Pricing Mountain Range Products 239 16 Volatility Derivatives 243 16.1 The Need for Volatility Derivatives 243 16.2 Traditional Methods for Trading Volatility 243 16.3 Variance Swaps 244 16.3.1 Payoff Description 245 16.3.2 Variance vs Volatility Swaps 246 16.3.3 Replication and Pricing of Variance Swaps 246 16.3.4 Capped Variance Swaps 248 16.3.5 Forward Starting Variance Swaps 249 16.3.6 Variance Swap Greeks 249 16.4 Variations on Variance Swaps 250 16.4.1 Corridor Variance Swaps 250 16.4.2 Conditional Variance Swaps 251 16.4.3 Gamma Swaps 253 16.5 Options on Realized Variance 254 16.6 The VIX: Volatility Indices 254 16.6.1 Options on the VIX 255 16.6.2 Combining Equity and Volatility Indices 256 16.7 Variance Dispersion 256 Part IV Hybrid Derivatives and Dynamic Strategies 259 17 Asset Classes (I) 261 17.1 Interest Rates 262 17.1.1 Forward Rate Agreements 262 17.1.2 Constant Maturity Swaps 263 17.1.3 Bonds 264 17.1.4 Yield Curves 265 17.1.5 Zero Coupon, LIBOR and Swap Rates 267 17.1.6 Interest Rate Swaptions 268 17.1.7 Interest Rate Caps and Floors 269 17.1.8 The SABR Model 270 17.1.9 Exotic Interest Rate Structures 271 17.2 Commodities 272 17.2.1 Forward and Futures Curves, Contango and Backwardation 273 17.2.2 Commodity Vanillas and Skew 276 18 Asset Classes (II) 279 18.1 Foreign Exchange 279 18.1.1 Forward and Futures Curves 279 18.1.2 FX Vanillas and Volatility Smiles 281 18.1.3 FX Implied Correlations 287 18.1.4 FX Exotics 287 18.2 Inflation 288 18.2.1 Inflation and the Need for Inflation Products 289 18.2.2 Inflation Swaps 289 18.2.3 Inflation Bonds 290 18.2.4 Inflation Derivatives 290 18.3 Credit 291 18.3.1 Bonds and Default Risk 292 18.3.2 Credit Default Swaps 293 19 Structuring Hybrid Derivatives 295 19.1 Diversification 295 19.1.1 Multi-asset Class Basket Options 296 19.1.2 Multi-asset Class Himalaya 297 19.2 Yield Enhancement 297 19.2.1 Rainbows 298 19.2.2 In- and Out-barriers 299 19.2.3 Multi-asset Class Digitals 299 19.2.4 Multi-asset Range Accruals 300 19.3 Multi-asset Class Views 301 19.4 Multi-asset Class Risk Hedging 303 20 Pricing Hybrid Derivatives 305 20.1 Additional Asset Class Models 305 20.1.1 Interest Rate Modelling 305 20.1.2 Commodity Modelling 309 20.1.3 FX Modelling 310 20.2 Copulas 312 20.2.1 Some Copula Theory 313 20.2.2 Modelling Dependencies in Copulas 314 20.2.3 Gaussian Copula 315 20.2.4 Pricing with Copulas 318 21 Dynamic Strategies and Thematic Indices 321 21.1 Portfolio Management Concepts 321 21.1.1 Mean–variance Analysis 321 21.1.2 Minimum-variance Frontier and Efficient Portfolios 322 21.1.3 Capital Asset Pricing Model 326 21.1.4 Sharpe Ratio 327 21.1.5 Portfolio Rebalancing 328 21.2 Dynamic Strategies 329 21.2.1 Why Dynamic Strategies? 329 21.2.2 Choosing the Assets 330 21.2.3 Building the Dynamic Strategy 330 21.3 Thematic Products 332 21.3.1 Demand for Thematic Products 333 21.3.2 Structuring a Thematic Index 334 21.3.3 Structured Products on Thematic Indices 335 21.3.4 Pricing Options on Thematic Indices 335 Appendices 339 A Models 341 A.1 Black–Scholes 341 A.1.1 Black–Scholes SDE 341 A.1.2 Black–Scholes PDE 341 A.2 Local Volatility Models 342 A.3 Stochastic Volatility 343 A.3.1 Heston’s Model 343 A.3.2 The SABR Model 345 A.4 Jump Models 346 A.5 Hull–White Interest Rate Model and Extensions 346 B Approximations 349 B.1 Approximations for Vanilla Prices and Greeks 349 B.2 Basket Price Approximation 351 B.3 ICBC/CBC Inequality 351 B.4 Digitals: Vega and the Position of the Forward 352 Postscript 355 Bibliography 357 Index 361
£66.50
John Wiley & Sons Inc Frequently Asked Questions in Quantitative
Book SynopsisQuantitative finance is the most fascinating and rewarding real-world application of mathematics. It is fascinating because of the speed at which the subject develops the new products and the new models which we have to understand. And it is rewarding because anyone can make a fundamental breakthrough.Table of ContentsPreface to the Second Edition x Preface to the First Edition xiii 1 The Quantitative Finance Timeline 1 2 FAQs 21 3 The Financial Modellers’ Manifesto 253 4 Essays 259 5 The Commonest Mistakes in Quantitative Finance: A Dozen Basic Lessons in Commonsense for Quants and Risk Managers and the Traders Who Rely on Them 313 6 The Most Popular Probability Distributions and Their Uses in Finance 383 7 Twelve Different Ways to Derive Black–Scholes 401 8 Models and Equations 429 9 The Black–Scholes Formulæ and the Greeks 453 10 Common Contracts 459 11 Popular Quant Books 483 12 The Most Popular Search Words and Phrases on Wilmott.com 497 13 Brainteasers 507 14 Paul & Dominic’s Guide to Getting a Quant Job 557 Index 579
£33.25
John Wiley & Sons Inc Market Risk Analysis Practical Financial
Book SynopsisWritten by leading market risk academic, Professor Carol Alexander, Practical Financial Econometrics forms part two of the Market Risk Analysis four volume set.
£52.25
Doctorzed Publishing First Time Investor
Book Synopsis
£999.99
Harriman House Hedging Commodities
Book SynopsisThis book is an invaluable resource of hedging case studies and examples, explaining with clarity and coherence how various instruments - such as futures and options - are used in different market scenarios to contain, control and eliminate price risk exposure. Its core objective is to elucidate hedging transactions and provide a systematic, comprehensive view on hedge performance.When it comes to hedge strategies specifically, great effort has been employed to create new instruments and concepts that will prove to be superior to classic methods and interpretations. The concept of hedge patterns - introduced here - proves it is possible to tabulate a hedging strategy and interpret its use with diagrams, so each example is shown visually with the result of radical clarity.A compelling visual pattern is also attached to each case study to give you the ability to compare different solutions and apply a best-fit hedging strategy in real-world situations.A diverse range of hedging transactions showing the ultimate payoff profiles and performance metrics are included. These have been designed to achieve the ultimate goal - to convey the necessary skills to allow business and risk management teams to develop proper hedging mechanisms and apply them in practice.
£40.00
Harriman House Publishing Your Essential Guide to Sustainable Investing
Book SynopsisSustainable investing is booming. The investment industry is fast approaching a point where one-third of global assets under management are invested with a sustainable objective.But do sustainable investment products do what investors expect them to do?How can an investor tell if their investments are having the social impact they want?Does that impact come at a financial cost?And how can investors weave their way through the web of confusing acronyms, conflicting agency ratings, and the mass of fund offerings, confident that they can recognize and avoid corporate greenwashing?Larry Swedroe and Sam Adams cut through the fog and bring clarity on all of this and more?providing investors with a firm plan for truly sustainable investing.The authors first define sustainable investing, illuminating the differences between ESG, SRI and impact investing, and reveal who is currently investing sustainably and why.They then move on to a comprehensive review of the academic research. What does the data really say about risk and return in sustainable investing? What performance can you genuinely expect from sustainable investments? And how are today?s sustainable investors using their influence to drive positive changes for society and the environment?Finally, this book arms you with a practical guide to investing sustainably, including how to effectively choose your asset allocation strategy, and select the managers and funds through which your money can create the change you want to see in the world.Your Essential Guide to Sustainable Investing is the definitive go-to resource that investors have been waiting for.
£16.99
Fruitful Publications Limited Moos Law
Book SynopsisMoo's Law is the latest title from successful investor Jim Mellon, to help readers understand the investment landscape in cultivated and plant-based proteins and materials.Jim has a vision that within the next couple of decades world agriculture will be radically transformed by the advent of cultivated meat technology. This book grounds the reader in why such an advancement is absolutely necessary and informs them of the investments they could make to become part of the New Agricultural Revolution themselves. The harrowing effects on our environment, animal cruelty in food and fashion, and the struggling ability to feed the world''s ever-growing population gives us no choice but to grow meat in labs or derive our proteins from plant-based sources.Not only this, he outlines what he sees as the major hurdles to the industry''s success in terms of scalability of production and the smart designing of regulatory frameworks to stimulate innovation in this sector.
£13.49
Routledge The Routledge Handbook of Commodification
Book SynopsisSome goods are freely traded as commodities without question or controversy. For other goods, their commodification â their being made available in exchange for money, or their being subject to market valuation and exchange â is hotly contested. âœContestedâ commodities range from labour and land, to votes, healthcare, and education, to human organs, gametes, and intimate services, to parks and emissions. But in the context of a market economy, what distinguishes these goods as non-commodifiable, or what defines them as contestable commodities? And why should their status as such justify restricting the market choices of rationally consenting parties to otherwise voluntary exchanges?This volume draws together wide-ranging, interdisciplinary research on the legitimate scope of markets and the kinds of goods that should be exempt therefrom. In bringing diverse answers to this question together for the first time, it finally identifies commodification studies as a unique field of scholarly research in its own right. In so doing, it fosters interdisciplinary dialogue, advances scholarship, and enhances education in this controversial, important, and growing field of research. Contemporary theorists who examine this question do so from across the disciplinary spectrum and ground their answers in diverse scholarly literature and divergent methodological approaches. Their arguments will be of interest to scholars and students of philosophy, economics, law, political science, sociology, policy, feminist theory, and ecology, among others.The contributors to this volume take diverse and divergent positions on the benefits of markets in general and on the possible harms of specific contested markets in particular. While some favour free markets and others regulation or prohibition, and while some engage in more normative and others in more empirical analysis, the contributors all advance nuanced and thoughtful arguments that engage deeply with the complex set of moral and empirical questions at the heart of commodification studies. This volume collects their new and provocative work together for the first time.
£999.99
Taylor & Francis Sustainable Finance and the Global Health Crisis
Book SynopsisThe speed with which the various economies recover from the Covid-19 pandemic will significantly determine the economic pressure placed on the environment in the medium-to-long-term. Furthermore, the pandemic has highlighted the strong interrelations between natural and societal systems, with societal resilience depending on a resilient environmental support system. In this context, the book argues that the pandemic represents a wake-up call for financial systems to be better prepared for the climate crisis and social risk, and has provided a stimulus to scale down the reliance of the global economy on fossil fuels. The first part of the book provides a deep and creative discussion between leading international researchers and experts on the policy options and financial instruments which can help to catalyze the green finance transition in the post-Covid-19 era. The contributions show that sustainable finance is emerging as a powerful tool to advance the transition towards a more environmentally and socially sustainable economic model. Instruments such as sovereign green bonds, green securities, and other sustainability-related securities can play a significant role in the post-Covid-19 world to fund economic stimulus and to lead the way to new and more sustainable future. The second part of the book supports the debate by highlighting a number of selected case studies on financing transitions in different regional contexts including Africa, Asia, Europe, and Latin America. The book marks a significant contribution to the literature on environmental economics and finance, climate change, and sustainability transitions.Chapter 12 of this book is freely available as a downloadable Open Access PDF at http://www.taylorfrancis.com under a Creative Commons Attribution-Non Commercial-No Derivatives (CC-BY-NC-ND) 4.0 license.
£37.99
Indy Pub Holistic Money Mindset
Book Synopsis
£26.99
O'Reilly Media Mastering Financial Pattern Recognition
Book Synopsis
£47.99
Cambridge University Press Grow the Pie
Book SynopsisA Financial Times Book of the Year 2020! What is a responsible business? Common wisdom is that it''s one that sacrifices profit for social outcomes. But while it''s crucial for companies to serve society, they also have a duty to generate profit for investors - savers, retirees, and pension funds. Based on the highest-quality evidence and real-life examples spanning industries and countries, Alex Edmans shows that it''s not an either-or choice - companies can create both profit and social value. The most successful companies don''t target profit directly, but are driven by purpose - the desire to serve a societal need and contribute to human betterment. The book explains how to embed purpose into practice so that it''s more than just a mission statement, and discusses the critical role of working collaboratively with a company''s investors, employees, and customers. Rigorous research also uncovers surprising results on how executive pay, shareholder activism, and share buybacks can be Trade Review'I do not know whether capitalism is in crisis. But I do know Alex Edmans' superb book makes the case, compellingly and comprehensively, for a radical rethink of how companies operate and indeed why they exist. It is the definitive account of the analytical case for responsible business, but is at the same time practical and grounded in real business experience. It is a tour de force.' Andy Haldane, Chief Economist, Bank of England'Politicians are calling for large companies to be regulated or split up. In this compelling book Alex Edmans argues that there is indeed a problem with corporate behavior but that the solution may be simpler: change corporate purpose so that companies focus on growing the pie rather than grabbing more of it. Edmans's arguments are a powerful and persuasive antidote to much of the conventional wisdom about the corporate world.' Oliver Hart, 2016 Nobel Laureate in Economics'This is a brilliant and timely book, taking the business case for responsible capitalism to a whole new level. Edmans provides a rigorous, evidence-based approach, exploring numerous angles around how businesses can (and, as he shows, must) combine profit-seeking with purpose as well as the role investors and other stakeholders can play in driving a genuine win-win approach. He tackles counter-arguments head-on and has the courage to expose examples of virtue-signalling that falsely discredit responsible businesses. Citing case studies collated over decades, it's a great read, too, offering fascinating examples well beyond the usual suspects. Grow the Pie really has the power to convince the sceptics as well as encourage advocates consider new ways to embed the approach further in their businesses.' Dame Helena Morrissey, financier and founder of the 30% Club'This is a must-read book for anyone interested in reforming capitalism - particularly in its role of serving wider society. The book is grounded in academic evidence, but the ideas are highly practical, and recognize the need for business to be profitable as well as purposeful. Most companies have inspiring mission statements; Edmans provides a concrete framework for translating them into actual practice. He does not shy away from acknowledging the challenges with running a purpose-driven company - balancing multiple objectives, achieving investor buy-in, and making decisions where the key criteria cannot be quantified. Instead, he tackles them head-on, giving clear guidelines on how to navigate tough decisions, which he illustrates with powerful examples.' Dominic Barton, former Global Managing Partner of McKinsey'The quest to encourage companies to adopt positive values, for the benefit of all stakeholders, sometimes seems long on vision and short on firepower. Edmans, a finance professor, provides plenty of ammunition to support the idea that visionary leaders can expand the whole “pie” in pursuit of purpose and profit.' Andrew Hill, Financial Times, Best Books of 2020'This is an original and important book that will help transform how business sees itself - and how we see business. Alex Edmans in his passionate advocacy of 'Pieconomics' challenges us all to adopt a mindset and unity of purpose in which all business actions contribute to pie growing. The implications are radical and far-reaching. Read it: it will challenge how you think.' Will Hutton, Principal of Hertford College, Oxford and Observer columnist'In Grow the Pie, Alex Edmans has provided us with a valuable contribution to contemporary thinking about how business can be a force for good in society. His thought-provoking, often contrarian, ideas are rigorously logical, delving beneath the superficial analyses we often see, which assume correlation implies causation. And Alex's engaging storytelling brings the principles of 'Pieconomics' to life with examples of prominent business people - not just those who understand the benefits of growing the pie - but also those who don't.' Sir James G. M. Wates, Chairman of Wates Group'Alex Edmans has done a great service to society by showing that business doesn't have to be a zero-sum game if we focus more on growing the pie rather than maximizing our slice of it. This is capitalism with a human face.' Andrew Lo, Massachusetts Institute of Technology'Just as Freakonomics encouraged readers to look beyond the conventional wisdom that underlies many public policies, now Professor Alex Edmans introduces the concept of Pieconomics. In Grow the Pie, he challenges popular rhetoric that the free enterprise system is broadly detracting from society. Instead, through many and varied examples, he offers an alternate lens through which we can interpret what constitutes responsible business. In this thoroughly readable book, Edmans debunks mythologies about corporate behavior and offers a new vocabulary by which we can have principled discussions about the role of business in society. A 'must read' for leaders in government, business and the media that reports on both.' Paula Rosput Reynolds, Director of GE, BP, and BAE'This book is a must-read for asset owners, fund managers and for the boards and executives who lead business enterprise. It provides evidence-based analysis and guidance on how the influence of well-designed stewardship can yield benefit in terms of both financial returns for savers and investors and returns for all stakeholders in a way that benefits society as a whole.' Sir David Walker, former Chairman of Barclays and Morgan Stanley International, author of the Walker Review'Alex Edmans has produced rigorous evidence that the choice between people and profits is a false dichotomy. Now he makes his work accessible to a broader audience and explains how it's possible to overcome the tradeoffs that hold so many leaders and companies back.' Adam Grant, author of Originals and Give and Take and host of the TED podcast WorkLife'This uplifting book provides powerful examples, as well as evidence, that socially responsible businesses generate even higher long term profits than corporations focused on short term profit maximisation. Value is created particularly in new economy enterprises by employee purpose, creation of brand and reputation which drives customer preference. The findings reflects my own real world experiences of striving for business excellence across the global LifeSciences industry.' David Pyott, former Chairman and CEO of Allergan'Finance Professor Alex Edmans defines his purpose in life as 'to use rigorous research to influence the practice of business.' This book, Grow the Pie, demonstrates his manifest success in fulfilling that purpose. Edmans mobilizes evidence - not anecdotes - to make a case, both accessible and compelling, for policies and practices that increase the value available for all stakeholders versus simply and simplistically maximizing profit. Edmans' critical contribution is to reframe arguments about business and capitalism from an all too prevalent short-term zero-sum game to collaborative games where, over time, all can benefit.' Bill Janeway, Warburg Pincus'Alex Edmans provides robust evidence against the claim that businesses must choose between shareholder value and social responsibility. Although there are trade-offs, there is no single trade-off. What is good for shareholders can be good for society: evidence matters.' Baroness Onora O'Neill, University of Cambridge'An important, thoughtful, and timely book. The conflicts surrounding business, and its effects on society, are the subject of a heated debate. With clarity and insight, Alex Edmans makes a valuable contribution to this key debate. Anyone interested in this important subject would find much to learn from, or wrestle with, in this book.' Lucian Bebchuk, Harvard University, MassachusettsTable of ContentsIntroduction; How to read this book; Part I. Why grow the pie? Introducing the idea: 1. The pie-growing mentality: a new approach to business that works for both investors and society; 2. Growing the pie doesn't aim to maximise profits – but often does: freeing a company to take more investments, ultimately driving its success: 3. Growing the pie doesn't mean growing the enterprise: three principles to guide trade-offs and which projects to turn down; 4. Does pieconomics work?: data – not wishful thinking – shows that companies can both do good and do well; Part II. What grows the pie? Exploring the evidence: 5. Incentives: rewarding long-term value creation while deterring short-term gaming; 6. Stewardship: the value of engaged investors that both support and challenge management; 7. Repurchases: investing with restraint, releasing resources to create value elsewhere in society; Part III. How to grow the pie? Putting it into practice: 8. Enterprises: the power of purpose and how to make it real; 9. Investors: turning stewardship from a policy into a practice; 10. Citizens: how individuals can act and shape business, rather than be acted upon; Part IV. The bigger picture: 11. Growing the pie more widely: win-win thinking at the national and personal levels; Conclusion; Action items; Appendix; Acknowledgements; Endnotes; Index.
£32.70
John Wiley & Sons Inc The Little Book of Big Profits from Small Stocks
Book SynopsisThe key to building wealth the low-priced stock way Low-priced gems, or what author Hilary Kramer calls breakout stocks come in all kinds of shapes and sizes but they all have three things in common: (1) they are mostly under $10; (2) they are undervalued; and (3) they have specific catalysts in the near future that put them on the threshold of breaking out to much higher prices. In The Little Book of Big Profits from Small Stocks, small stock expert Hilary Kramer looks for stocks with fifty to two hundred percent upside potential! From drug stocks that may have been punished because an FDA approval failed to materialize when Wall Street expected it to, to the overly zealous selling off of Ford, there are many great low-priced stock opportunities. In this Little Book you''ll learn: How to identify the low cost stocks that have the potential to yield big profits The most important secret to making money in stock investing Plus, youTable of ContentsForeword xi Acknowledgments xv Introduction: The Investing Edge You Have on Wall Street xix Chapter One The Classic Under $10 Stock 1 Chapter Two The Price Is Not Just Right, It’s Critical 9 Chapter Three Oh, How the Mighty Have Fallen 21 Chapter Four Growing Out of Sight 37 Chapter Five Shopping the Bargain Bin 53 Chapter Six Getting the World Healthy and Wealthy 65 Chapter Seven Around the World Under $10 77 Chapter Eight Forget Everything You Thought You Knew 89 Chapter Nine Looking for the Right Stuff 97 Chapter Ten Well Bought is Half Sold 111 Chapter Eleven Beware the Wolves of Wall Street 125 Chapter Twelve Low Prices and High Profits 135 Appendix Getting Started with Quick Response (QR) Codes 145 More from Hilary Kramer 147
£16.19
John Wiley & Sons Inc The Bogleheads Guide to Investing
Book SynopsisThe irreverent guide to investing, Boglehead style The Boglehead's Guide to Investing is a DIY handbook that espouses the sage investment wisdom of John C. Bogle.Table of ContentsAcknowledgments xiii Foreword by John C. Bogle xv Introduction xxiii Part I Essentials of Successful Investing Chapter 1 Choose a Sound Financial Lifestyle 3 Chapter 2 Start Early and Invest Regularly 13 Chapter 3 Know What You're Buying: Part One 25 Chapter 4 Know What You're Buying: Part Two 39 Chapter 5 Preserve Your Buying Power with Inflation-Protected Bonds 49 Chapter 6 How Much Do You Need to Save? 63 Chapter 7 Keep It Simple 75 Chapter 8 Asset Allocation 89 Chapter 9 Costs Matter 109 Chapter 10 Taxes: Part One 119 Chapter 11 Taxes: Part Two 131 Chapter 12 Diversification 143 Chapter 13 Performance Chasing and Market Timing are Hazardous to Your Wealth 153 Chapter 14 Savvy Ways to Invest for College 169 Chapter 15 How to Manage a Windfall Successfully 179 Chapter 16 Do You Need an Advisor? 187 Part II Follow-Through Strategies to Keep You On Target Chapter 17 Track Your Progress and Rebalance When Necessary 199 Chapter 18 Tune Out the "Noise" 211 Chapter 19 Mastering Your Investments Means Mastering Your Emotions 223 Chapter 20 Making Your Money Last Longer Than You Do 235 Chapter 21 Protect Your Assets by Being Well-Insured 243 Chapter 22 Passing It On When You Pass On 257 Chapter 23 You Can Do It 265 Appendices Appendix I: Glossary of Financial Terms 273 Appendix II: Books We Recommend 279 Appendix III: Financial Websites We Recommend 283 Appendix IV: Vanguard Asset Allocation Questionnaire and Pie Charts 287 About the Authors 293 Index 295
£17.84
John Wiley & Sons Inc Asset Allocation and Private Markets
Book SynopsisThe comprehensive guide to private market asset allocation Asset Allocation and Private Markets provides institutional investors, such as pension funds, insurance groups and family offices, with a single-volume authoritative resource on including private markets in strategic asset allocation. Written by four academic and practitioner specialists, this book provides the background knowledge investors need, coupled with practical advice from experts in the field. The discussion focuses on private equity, private debt and private real assets, and their correlation with other asset classes to establish optimized investment portfolios. Armed with the grounded and critical perspectives provided in this book, investors can tailor their portfolio and effectively allocate assets to traditional and private markets in their best interest. In-depth discussion of return, risks, liquidity and other factors of asset allocation takes a more practical turn with guidance on allocation construction and capital deployment, the endowment model, and hedging or lack thereof. Unique in the depth and breadth of information on this increasingly attractive asset class, this book is an invaluable resource for investors seeking new strategies. Discover alternative solutions to traditional asset allocation strategiesConsider attractive returns of private marketsDelve into private equity, private debt and private real assets Gain expert perspectives on correlation, risk, liquidity, and portfolio construction Private markets represent a substantial proportion of global wealth. Amidst disappointing returns from stocks and bonds, investors are increasingly looking to revitalise traditional asset allocation strategies by weighting private market structures more heavily in their portfolios. Pension fund and other long-term asset managers need deeper information than is typically provided in tangential reference in broader asset allocation literature; Asset Allocation and Private Markets fills the gap, with comprehensive information and practical guidance.Table of ContentsForeword Acknowledgments About the Authors Data Sources Abbreviations and Acronyms Introduction Chapter 1: Sources of Capital: Nature, Constraints, and Objectives Chapter 2: Asset Allocation: Models, Limits, and Adaptations Chapter 3: Private Markets Investing Chapter 4: The Three Dimensions of Investment Chapter 5: Portfolio Construction and Management Conclusion Glossary Bibliography Index
£61.75
John Wiley & Sons Inc Applications of Computational Intelligence in
Book SynopsisLife on earth is filled with many mysteries, but perhaps the most challenging of these is the nature of Intelligence. Prof. Terrence J. Sejnowski, Computational Neurobiologist The main objective of this book is to create awareness about both the promises and the formidable challenges that the era of Data-Driven Decision-Making and Machine Learning are confronted with, and especially about how these new developments may influence the future of the financial industry. The subject of Financial Machine Learning has attracted a lot of interest recently, specifically because it represents one of the most challenging problem spaces for the applicability of Machine Learning. The author has used a novel approach to introduce the reader to this topic: The first half of the book is a readable and coherent introduction to two modern topics that are not generally considered together: the data-driven paradigm and Computational InteTable of ContentsAbout the Author xvii Acknowledgments xix About the Website xxi Introduction xxiii Motivation xxiv Target Audience xxvi Book Structure xxvii 1 The Evolution of Trading Paradigms 1 1.1 Infrastructure-Related Paradigms in Trading 1 1.1.1 Open Outcry Trading 2 1.1.2 Advances in Communication Technology 2 1.1.3 The Digital Revolution in the Financial Markets 3 1.1.4 The High-Frequency Trading Paradigm 5 1.1.5 Blockchain and the Decentralization of Markets 6 1.2 Decision-Making Paradigms in Trading 7 1.2.1 Discretionary Trading 8 1.2.2 Systematic Trading 8 1.2.3 Algorithmic Trading 9 1.3 The New Paradigm of Data-Driven Trading 11 References 14 2 The Role of Data in Trading and Investing 15 2.1 The Data-Driven Decision-Making Paradigm 15 2.2 The Data Economy is Fueling the Future 17 2.2.1 The Value of Data – Data as an Asset 18 2.3 Defining Data and Its Utility 20 2.4 The Journey from Data to Intelligence 24 2.5 The Utility of Data in Trading and Investing 30 2.6 The Alternative Data and Its Use in Trading and Investing 34 References 36 3 Artificial Intelligence – Between Myth and Reality 39 3.1 Introduction 39 3.2 The Evolution of AI 41 3.2.1 Early History 41 3.2.2 The Modern AI Era 43 3.2.3 Important Milestones in the Development of AI 44 3.2.4 Projections for the Immediate Future 48 3.2.5 Meta-Learning – An Exciting New Development 49 3.3 The Meaning of AI – A Critical View 51 3.4 On the Applicability of AI to Finance 54 3.4.1 Data Stationarity 57 3.4.2 Data Quality 58 3.4.3 Data Dimensionality 59 3.5 Perspectives and Future Directions 60 References 62 4 Computational Intelligence – A Principled Approach for the Era of Data Exploration 63 4.1 Introduction to Computational Intelligence 63 4.1.1 Defining Intelligence 63 4.1.2 What is Computational Intelligence? 64 4.1.3 Mapping the Field of Study 66 4.1.4 Problems vs. Tools 68 4.1.5 Current Challenges 69 4.1.6 The Future of Computational Intelligence 70 4.1.7 Examples in Finance 71 4.2 The PAC Theory 72 4.2.1 The Probably Approximately Correct Framework 73 4.2.2 Why AI is a Very Lofty Goal to Achieve 75 4.2.3 Examples of Ecorithms in Finance 78 4.3 Technology Drivers Behind the ML Surge 81 4.3.1 Data 82 4.3.2 Algorithms 82 4.3.3 Hardware Accelerators 82 References 84 5 How to Apply the Principles of Computational Intelligence in Quantitative Finance 87 5.1 The Viability of Computational Intelligence 87 5.2 On the Applicability of CI to Quantitative Finance 91 5.3 A Brief Introduction to Reinforcement Learning 94 5.3.1 Defining the Agent 96 5.3.2 Model-Based Markov Decision Process 98 5.3.3 Model-Free Reinforcement Learning 101 5.4 Conclusions 104 References 104 6 Case Study 1: Optimizing Trade Execution 107 6.1 Introduction to the Problem 107 6.1.1 On Limit Orders and Market Microstructure 109 6.1.2 Formulation of Base-Line Strategies 111 6.1.3 A Reinforcement Learning Formulation for the Optimized Execution Problem 112 6.2 Current State-of-the-Art in Optimized Trade Execution 114 6.3 Implementation Methodology 116 6.3.1 Simulating the Interaction with the Market Microstructure 116 6.3.2 Using Dynamic Programming to Optimize Trade Execution 118 6.3.3 Using Reinforcement Learning to Optimize Trade Execution 119 6.4 Empirical Results 122 6.4.1 Application to Equities 122 6.4.2 Using Private Variables Only 123 6.4.3 Using Both Private and Market Variables 123 6.4.4 Application to Futures 124 6.4.5 Another Example 126 6.5 Conclusions and Future Directions 127 6.5.1 Further Research 127 References 128 7 Case Study 2: The Dynamics of the Limit Order Book 129 7.1 Introduction to the Problem 129 7.1.1 The New Era of Prediction 130 7.1.2 New Challenges 131 7.1.3 High-Frequency Data 132 7.2 Current State-of-the-Art in the Prediction of Directional Price Movement in the LOB 133 7.2.1 The Contrarians 136 7.3 Using Support Vector Machines and Random Forest Classifiers for Directional Price Forecast 138 7.3.1 Empirical Results 139 7.4 Studying the Dynamics of the LOB with Reinforcement Learning 141 7.4.1 Empirical Results 142 7.4.2 Conclusions 144 7.5 Studying the Dynamics of the LOB with Deep Neural Networks 145 7.5.1 Results 148 7.6 Studying the Dynamics of the Limit Order Book with Long Short-Term Memory Networks 149 7.6.1 Empirical Results 152 7.6.2 Conclusions 153 7.7 Studying the Dynamics of the LOB with Convolutional Neural Networks 153 7.7.1 Empirical Results 155 7.7.2 Conclusions 156 References 157 8 Case Study 3: Applying Machine Learning to Portfolio Management 159 8.1 Introduction to the Problem 159 8.1.1 The Problem of Portfolio Diversification 160 8.2 Current State-of-the-Art in Portfolio Modeling 161 8.2.1 The Classic Approach 161 8.2.2 The ML Approach 162 8.3 A Deep Portfolio Approach to Portfolio Optimization 163 8.3.1 Autoencoders 164 8.3.2 Methodology – The Four-Step Algorithm 166 8.3.3 Results 167 8.4 A Q-Learning Approach to the Problem of Portfolio Optimization 167 8.4.1 Problem Statement 168 8.4.2 Methodology 169 8.4.3 The Deep Q-Learning Algorithm 169 8.4.4 Results 170 8.5 A Deep Reinforcement Learning Approach to Portfolio Management 170 8.5.1 Methodology 170 8.5.2 Data 171 8.5.3 The RL Setting: Agent, Environment, and Policy 172 8.5.4 The CNN Implementation 172 8.5.5 The RNN and LSTM Implementations 172 8.5.6 Results 173 References 174 9 Case Study 4: Applying Machine Learning to Market Making 175 9.1 Introduction to the Problem 175 9.2 Current State-of-the-Art in Market Making 177 9.3 Applications of Temporal-Difference RL in Market Making 180 9.3.1 Methodology 180 9.3.2 The Simulator 181 9.3.3 Market Making Agent Specification 182 9.3.4 Empirical Results 185 9.4 Market Making in High-Frequency Trading Using RL 189 9.4.1 Methodology 190 9.4.2 Experimental Setting 191 9.4.3 Results and Conclusions 192 9.5 Other Research Studies 192 References 193 10 Case Study 5: Applications of Machine Learning to Derivatives Valuation 197 10.1 Introduction to the Problem 197 10.1.1 Problem Statement and Research Questions 199 10.2 Current State-of-the-Art in Derivatives Valuation by Applying ML 200 10.2.1 The Beginnings: 1992–2004 201 10.2.2 The Last Decade 202 10.3 Using Deep Learning for Valuation of Derivatives 204 10.3.1 Implementation Methodology 205 10.3.2 Empirical Results 207 10.3.3 Conclusions and Future Directions 208 10.3.4 Other Research Studies 208 10.4 Using RL for Valuation of Derivatives 210 10.4.1 Using a Simple Markov Decision Process 210 10.4.2 The Q-Learning Black-Scholes Model (QLBS) 212 References 214 11 Case Study 6: Using Machine Learning for Risk Management and Compliance 217 11.1 Introduction to the Problem 217 11.1.1 Challenges 218 11.1.2 The Problem 219 11.2 Current State-of-the-Art for Applications of ML to Risk Management and Compliance 219 11.2.1 Credit Risk 219 11.2.2 Market Risk 220 11.2.3 Operational Risk 221 11.2.4 Regulatory Compliance Risk and RegTech 222 11.2.5 Current Challenges and Future Directions 223 11.3 Machine Learning in Credit Risk Modeling 224 11.3.1 Data 225 11.3.2 Models 225 11.3.3 Results 226 11.4 Using Deep Learning for Credit Scoring 227 11.4.1 Introduction 227 11.4.2 Deep Belief Networks and Restricted Boltzmann Machines 228 11.4.3 Empirical Results 230 11.5 Using ML in Operational Risk and Market Surveillance 230 11.5.1 Introduction 230 11.5.2 An ML Approach to Market Surveillance 232 11.5.3 Conclusions 233 References 233 12 Conclusions and Future Directions 237 12.1 Concluding Remarks 237 12.2 The Paradigm Shift 239 12.2.1 Mathematical Models vs. Data Inference 240 12.3 De-Noising the AI Hype 243 12.3.1 Why Intellectual Honesty Should Not Be Abandoned 244 12.4 An Emerging Engineering Discipline 245 12.4.1 The Problem 246 12.4.2 The Market 246 12.4.3 A Possible Solution 246 12.5 Future Directions 247 References 248 Index 249
£45.12
John Wiley & Sons Inc Ignore the Hype
Book SynopsisSecure your investment gains and supercharge your results with this down-to-earth analysis of investing fundamentals Via powerful and unique insights, Ignore the Hype: Financial Strategies Beyond the Media-Driven Mayhem teaches readers how to keep their focus squarely on time-tested strategies for meeting their financial goals without getting distracted by a constant barrage of news headlines. The book takes a common-sense approach to the financial world that's ideally suited to the everyday investor. It covers topics including: How to avoid competing against hedge funds in a game they've rigged What you can do today to avoid taxes tomorrow Wall Street's Dirty Secret: Forecasting is just guessing Why some of your investments have worse odds than a casino game How the media circus can derail your financial plans Surviving a world where financial advisors don't have to act in your best interest Table of ContentsAcknowledgments xi About the Author xiii Preface xv Introduction 1 Part I: Yes, The Game is Rigged, But You Don’t Have to Play 7 Chapter 1: The Times They are a-Changin’ 9 There is a World of Difference Between Speculation and Investing 10 So, Why is It So Damn Hard to Ignore the Hype?! 12 To Play, or Not to Play, That is the Question 14 Life at the Speed of Light 15 Lower Transaction Costs 17 Self-Directed Investing 20 High-Frequency Trading 23 The 24-Hour News Cycle 24 Globalization 29 The Rise of the Institutional Investor 31 The Bottom Line 33 Chapter 2: Don’t Play a Game That’s Rigged 35 The Upward Path of Markets 36 Asset Class Returns 38 A Twist in the Plot 40 Time in the Market versus Timing the Market 41 Why are Las Vegas Casinos So Nice? 43 The True Cost of Sitting on the Sidelines 45 Does Crisis Equal Opportunity? 48 Chapter 3: Guess What? A Forecast is Just a Guess 51 But Forecasting is Fun 52 Economists 54 Wall Street Analysts 55 Media Pundits 57 The Federal Reserve (the Fed) 58 So, What’s the Problem? 59 The All-Star Team 60 What Should You Do with Forecasts? 62 Part II: If You Don’t Know Where You’re Going, You Probably Won’t Get There 65 Chapter 4: You Must Know What Drives Investment Returns 67 You Can Beat the Dealer, But Can You Beat the Market? 69 It’s Hard to Stand Above the Crowd in a Room Full of Tall People 70 So, What’s the Solution? 71 Indexed Products 72 A Rules-Based Approach 75 Fundamental Factors for Success 78 Stock Market Factors 79 Growth Stocks 80 Value Stocks 81 Bond Market Factors 87 The Bottom Line on Factor Premiums 93 Chapter 5: You Must Have a Specific Financial Goal 95 Step One: Determine Your Vision of Retirement 96 Step Two: Determine How Much You Spend Today 98 Step Three: Determine When You Want to Retire 99 Step Four: Determine How Much Income You’ll Need in Year One of Retirement 99 Step Five: Determine Your Sources of Retirement Income 103 Step Six: Determine How Much You’ll Need from Your Savings and Investments 103 Step Seven: Determine a Sustainable Distribution Rate 104 Step Eight: Determine How Much Money You Need to Retire 105 Step Nine: Determine Your Plan to Accumulate the Money You Need to Retire 105 Putting It All Together with a Step-by-Step Example 107 Already Retired? 111 The Bottom Line 111 Chapter 6: You Must Invest to Meet Your Goal 113 How Much Money Do You Want to Make? 114 How Much Money Do You Need to Make? 115 How Much Risk Should You Take? 116 Sleeping on a Bed of Money 120 Adding Some Stocks to the Mix 121 Portfolio A 123 Portfolio B 123 What Portfolio Do You Want? 124 Still Not Convinced? 125 Enjoy Your Retirement! 127 Chapter 7: You Must Practice Smart Diversification 129 What is Smart Diversification? 130 You Don’t Want to Be a Pig! 130 Owning What You Know May Not Be Best 132 It’s a Big World 137 Sometimes You’re Trapped by Your Own Success 140 Dealing with Concentrated Positions 143 Smart Diversification Enhances Your Odds of Success 145 Winning the Lost Decade 147 Chapter 8: You Must Learn How You’ll Be Taxed 151 But First, the Hype 153 And Now, the Truth 154 Income Taxes: A Quick Primer 154 Are Taxes Going Higher? 157 Tax Diversification 158 Do You Know Who Your Partner Is? 159 As If That’s Not Enough … 162 What’s Certain in Life? 163 Part III: Just Because You’re Paranoid Doesn’t Mean They Aren’t Out To Get You 169 Chapter 9: How to Avoid the Taxman Without Going to Jail 171 Building Your Tax-Free Pool of Money 172 Accelerating the Flow of Funds to Your Tax-free Pool 176 Building Your Taxable Pool of Money 177 Do You Want to Keep More of What You Make? 181 Chapter 10: Sorry, But You’re Probably Your Own Worst Enemy 185 Tales Your Parents Told You 187 Anchoring 189 Confirmation Bias 190 Overconfidence Bias 192 Herd Behavior 194 Framing Bias 196 Hindsight Bias 198 Self-attribution Bias 200 Myopic Loss Aversion 201 Chapter 11: FYI, the Media Doesn’t Care If You Make Money 205 But Then There’s the Media … 206 Did Black Monday Spell Doom for Investors? 211 What Side of the Aisle are You On? 214 Would You Hitch Your Family’s Future to the Circus? 217 Chapter 12: Avoid the Wolf in Sheep’s Clothing 223 Does It Pass the Sniff Test? 224 Who’s Got Your Back? 224 Focus on Minimizing Unnecessary Fees 229 Is What You’re Buying Even an Investment? 232 Drowning in a Sea of Complexity 234 Do You Even Know What You’re Buying? 236 But My “Regular” Bonds are Free from Commissions, Right? 237 What are You Using Derivatives For? 241 Market Voodoo (AKA Technical Analysis) 243 Let Me “Sell” You an Annuity… 244 Now, Let Me “Explain” an Annuity… 245 The Bottom Line 247 Chapter 13: How to Survive a Bear Attack 249 Prepare for the Bear 250 Risk Capacity versus Risk Tolerance 252 Rebalance to Stay on Course 254 Buy-and-Hold Investing 257 Buy-and-Forget Investing 258 So, What Do You Do When Market Valuations are Extreme? 259 Does What Gets Measured Get Improved? 260 Ready for Some Good News? 262 A Better Life 263 Conclusion 267 Index 271
£20.69
John Wiley & Sons Inc Foreclosure Investing For Dummies
Book SynopsisMake foreclosure investing work for you with this practical and easy-to-understand guide Looking to kick start your own property management career? Check out Foreclosure Investing For Dummies, which will get you started buying foreclosed properties to turn into your own income property! In this book, you''ll learn to navigate the complexities of home auctions, deal with emotional former homeowners, and how to handle renovations. You''ll also get a heads-up on the foreclosure laws in all 50 states so you don''t accidentally run afoul of any complicated regulations. Foreclosure Investing For Dummies shows you how to: Locate properties for sale and identify associated opportunities and risks Buy properties below market value at auction, from lending institutions, and from government agencies Fix up, renovate, and sell or lease your new property for a profit This hands-on guide can help anyone make foreclosure investing work. Table of ContentsIntroduction 1 Part 1: Prepping Yourself for Foreclosure Success 7 Chapter 1: Wrapping Your Brain around Foreclosure Investing 9 Chapter 2: Getting Up to Speed on the Foreclosure Process 29 Chapter 3: Picking Your Point of Entry in the Foreclosure Process 41 Part 2: Laying the Groundwork for Maximized Profit and Minimized Risk 57 Chapter 4: Building a Powerful Foreclosure Investment Team 59 Chapter 5: Filling Your Foreclosure Tank with Financial Fuel 77 Chapter 6: Networking Your Way to Foreclosure Success 95 Part 3: Creating Win–Win Situations in Pre-Foreclosure (Before Auction) 107 Chapter 7: Discovering Homeowners Facing Foreclosure 109 Chapter 8: Performing Your Due Diligence 125 Chapter 9: Contacting the Homeowners and Lenders 145 Chapter 10: Analyzing the Deal and Presenting Your Offer 173 Part 4: Finding and Buying Foreclosure and Bankruptcy Properties 187 Chapter 11: Bidding for Properties at a Foreclosure Sale 189 Chapter 12: Buying Repos: Bank Foreclosures and REO Properties 207 Chapter 13: Finding and Buying Government Repos 225 Chapter 14: Banking on Bankruptcies 241 Chapter 15: Sampling Some Other Foreclosure Strategies 255 Part 5: Cashing Out Your Profit After the Sale 277 Chapter 16: Assisting the Previous Homeowners Out the Door 279 Chapter 17: Repairing and Renovating Your Investment Property 291 Chapter 18: Cashing Out: Selling or Leasing Your Property 305 Chapter 19: Checking Out Other Cash-Out Strategies 319 Part 6: The Part of Tens 329 Chapter 20: Ten Common Beginner Blunders 331 Chapter 21: Ten Ways to Maximize Future Leads by Acting with Integrity 337 Chapter 22: Ten Tips for Avoiding Common Foreclosure Minefields 345 Appendix: Foreclosure Rules and Regulations for the 50 States 353 Index 367
£16.99
Pearson Education Financial Times Guide to Saving and Investing for
Book SynopsisYoram Lustig is a multi-asset portfolio manager and an author. He has been professionally managing assets since 2002 and writing since 2012. In 2013 he joined AXA Investment Managers as Head of Multi-Asset Investments UK and has been managing AXA IM Smart Diversified Growth Fund since its launch in April 2014. From 2009 to 2012, Yoram was Head of Multi-Asset Funds at Aviva Investors, leading the multi-asset team and managing a range of multi-billion pound, multi-asset portfolios, focusing on institutional investors. From 2002 to 2009 he was head of portfolio construction at Merrill Lynch, managing multi-asset discretionary portfolios, focusing on wealthy individuals. Table of Contents 1. Why should you save for retirement? 2. Saving for your retirement 3. Investment outcomes 4. Investment risk 5. Investment constraints 6. Investment strategy 7. Lifecycle investing 8. Asset classes 9. Traditional investments 10. Alternative investments 11. Residential real estate 12. Investment historic performance 13. Diversification 14. Expected return and risk 15. Strategic Asset Allocation 16. Behavioural finance 17. The economic cycle 18. Tactical Asset Allocation 19. Choosing investments 20. Investment vehicles 21. Managing your portfolio 22. Managing risks 23. Reviewing 24. Your financial life plan Acknowledgements About the author
£999.99
John Wiley & Sons Inc Investing in Bonds For Dummies
Book SynopsisImprove the strength of your portfolio with this straightforward guide to bond investing Investing in Bonds For Dummies introduces you to the basics you need to know to get started with bond investing. You'll find details on understanding bond returns and risks, and recognizing the major factors that influence bond performance. Unlike some investing vehicles, bonds typically pay interest on a regular schedule, so you can use them to provide an income stream while you protect your capital. This easy-to-understand guide will show you how to incorporate bonds into a diversified portfolio and a solid retirement plan. Learn the ins and outs of buying and selling bonds and bond funds Understand the risks and potential rewards in corporate bonds, government bonds, and beyond Diversify your portfolio by using bonds to balance stocks and other investments Gain the fundamental information you need to make smart bond investment choices<Table of ContentsIntroduction 1 Part 1: Getting Started with Bond Investing 5 Chapter 1: Focusing on Bond Fundamentals 7 Chapter 2: Investigating Interest 27 Chapter 3: Surveying Types of Bonds 53 Part 2: Exploring the Bond Marketplace 85 Chapter 4: Diving (Carefully!) into Individual Bonds 87 Chapter 5: Selecting Bond Funds Wisely 101 Chapter 6: Fulfilling Your Need for Steady Cash 129 Chapter 7: Aiming for Financial Security in Old Age 147 Part 3: Customizing Your Bond Portfolio 159 Chapter 8: Building Your Portfolio’s Foundation 161 Chapter 9: Considering Return, Risk, and Realism 175 Chapter 10: Slicing the Pie: Determining How Much Should Be in Bonds 191 Chapter 11: Figuring Out Your Bond Buys 221 Part 4: The Part of Tens 239 Chapter 12: Ten Common Misconceptions about Bonds 241 Chapter 13: Ten Mistakes That Bond Investors Should Avoid 247 Index 253
£13.49
John Wiley & Sons Inc Stock Traders Almanac 2024
Book Synopsis57th edition of the gold standard in US stock market trend, patterns, and cycles In Stock Trader?s Almanac 2024, veteran trader and market strategist Jeffrey Hirsch delivers the latest edition of the most trusted source used by traders around the world to make sense of the complexities of the US stock market. You?ll master key cycles and trends, including the ?January Barometer,? the ?Santa Claus Rally,? the ?Best Six Months,? and the four-year ?Presidential Election Cycle? as you learn to trade and invest with confidence. You?ll explore strategies for getting a handle on increased market volatility, identifying past periods of exceptional price movement in the market, as well as streaks of positive and negative performance likely to repeat themselves. You?ll also find: Month-by-month strategies that deliver reliably outsized market returns based on cyclical trends Key explanations and descriptions of seasonal and annual cycles that consistently repeat themselves, year after year Strategies and techniques that promise?and deliver?a sizeable impact on your investing bottom-line For 57 years, the Almanac has offered savvy investors the freshest data and most insightful advice. Stock Trader?s Almanac 2024 is the comprehensive roadmap to investing eagerly anticipated by day traders, long-term investors, and portfolio managers alike.Table of ContentsThe 2024 Stock Trader’s Almanac 7 Introduction to the Fifty-Seventh Edition 10 2024 Outlook 12 2024 Strategy Calendar 14 January Almanac 16 January’s First Five Days: An “Early Warning” System 18 The Incredible January Barometer (Devised 1972): Only 12 Significant Errors in 73 Years 20 Bulls Win When Market Hits The January Trifecta 22 February Almanac 24 Down Januarys: A Remarkable Record 26 2024 Presidential Election Year Perspectives 28 Market Charts of Presidential Election Years 30 March Almanac 32 How the Government Manipulates the Economy to Stay in Power 34 Incumbent Party Wins & Losses 36 The December Low Indicator: A Useful Prognosticating Tool 38 How to Trade Best Months Switching Strategies 40 April Almanac 42 Dow Jones Industrials One-Year Seasonal Pattern Charts Since 1901 44 S&P 500 One-Year Seasonal Pattern Charts Since 1930 46 NASDAQ, Russell 1000 & 2000 One-Year Seasonal Pattern Charts Since 1971 48 May Almanac 50 Summer Market Volume Doldrums Drive Worst Six Months 52 Top Performing Months: Standard & Poor’s 500 and Dow Jones Industrials 54 “Best Six Months”: Still an Eye-Popping Strategy 56 MACD-Timing Triples “Best Six Months” Results 58 June Almanac 60 Top Performing NASDAQ Months 62 Get More out of NASDAQ’s “Best Eight Months” with MACD-Timing 64 Triple Returns, Less Trades: Best 6 + 4-Year Cycle 66 July Almanac 68 First Month of Quarters Is the Most Bullish 70 2022 Daily Dow Point Changes (Dow Jones Industrial Average) 72 Don’t Sell Stocks on Monday or Friday 74 A Rally for All Seasons 76 August Almanac 78 Take Advantage of Down Friday/Down Monday Warning 80 Only Two Losses Last 7 Months of Election Years 82 Fourth Quarter Market Magic 84 September Almanac 86 Market Gains More on Super-8 Days Each Month Than on All 13 Remaining Days Combined 88 A Correction for All Seasons 90 First-Trading-Day-Of-The-Month Phenomenon 92 October Almanac 94 Sector Seasonality: Selected Percentage Plays 96 Sector Index Seasonality Strategy Calendar 100 Market Behavior Three Days Before and Three Days After Holidays 102 November Almanac 104 Traders Feast on Small Stocks Thanksgiving Through Santa Claus Rally 106 Trading the Thanksgiving Market 108 Aura of the Triple Witch—4th Quarter Most Bullish: Down Weeks Trigger More Weakness Week After 110 December Almanac 112 Most of the So-Called January Effect Takes Place in the Last Half of December 114 January Effect Now Starts in Mid-December 116 Wall Street’s Only “Free Lunch” Served Before Christmas 118 If Santa Claus Should Fail to Call, Bears May Come to Broad and Wall 120 2025 Strategy Calendar Directory of Trading Patterns & Databank 123 Dow Jones Industrials Market Probability Calendar 2024 124 Recent Dow Jones Industrials Market Probability Calendar 2024 125 S&P 500 Market Probability Calendar 2024 126 Recent S&P 500 Market Probability Calendar 2024 127 NASDAQ Market Probability Calendar 2024 128 Recent NASDAQ Market Probability Calendar 2024 129 Russell 1000 Index Market Probability Calendar 2024 130 Russell 2000 Index Market Probability Calendar 2024 131 Decennial Cycle: A Market Phenomenon 132 Presidential Election/Stock Market Cycle: The 190-Year Saga Continues 133 Dow Jones Industrials Bull and Bear Markets Since 1900 134 Standard & Poor’s 500 Bull and Bear Markets Since 1929/ NASDAQ Composite Since 1971 135 Dow Jones Industrials 10-Year Daily Point Changes: January and February 136 Dow Jones Industrials 10-Year Daily Point Changes: March and April 137 Dow Jones Industrials 10-Year Daily Point Changes: May and June 138 Dow Jones Industrials 10-Year Daily Point Changes: July and August 139 Dow Jones Industrials 10-Year Daily Point Changes: September and October 140 Dow Jones Industrials 10-Year Daily Point Changes: November and December 141 A Typical Day in the Market 142 Through the Week on a Half-Hourly Basis 143 Tuesday & Wednesday Most Profitable Days of Week 144 NASDAQ Strongest Last 3 Days of Week 145 S&P Daily Performance Each Year Since 1952 146 NASDAQ Daily Performance Each Year Since 1971 147 Monthly Cash Inflows into S&P Stocks 148 Monthly Cash Inflows into NASDAQ Stocks 149 November, December, and January: Year’s Best Three-Month Span 150 November Through June: NASDAQ’s Eight-Month Run 151 Dow Jones Industrials Annual Highs, Lows, & Closes Since 1901 153 Standard & Poor’s 500 Annual Highs, Lows, & Closes Since 1930 154 NASDAQ Annual Highs, Lows, & Closes Since 1971 155 Russell 1000 and 2000 Annual Highs, Lows, & Closes Since 1979 156 Dow Jones Industrials Monthly Percent Changes Since 1950 158 Dow Jones Industrials Monthly Point Changes Since 1950 160 Dow Jones Industrials Monthly Closing Prices Since 1950 162 Standard & Poor’s 500 Monthly Percent Changes Since 1950 164 Standard & Poor’s 500 Monthly Closing Prices Since 1950 166 NASDAQ Composite Monthly Percent Changes Since 1971 168 NASDAQ Composite Monthly Closing Prices Since 1971 170 Russell 1000 Monthly Percent Changes Since 1979 171 Russell 1000 Monthly Closing Prices Since 1979 172 Russell 2000 Monthly Percent Changes Since 1979 173 Russell 2000 Monthly Closing Prices Since 1979 174 10 Best Days by Percent and Point 175 10 Worst Days by Percent and Point 176 10 Best Weeks by Percent and Point 177 10 Worst Weeks by Percent and Point 178 10 Best Months by Percent and Point 179 10 Worst Months by Percent and Point 180 10 Best Quarters by Percent and Point 181 10 Worst Quarters by Percent and Point 182 10 Best Years by Percent and Point 183 10 Worst Years by Percent and Point Strategy Planning and Record Section 185 Portfolio at Start of 2024 186 Additional Purchases 188 Short-Term Transactions 190 Long-Term Transactions 192 Interest/Dividends Received During 2024/Brokerage Account Data 2024 193 Weekly Portfolio Price Record 2024 195 Weekly Indicator Data 2024 197 Monthly Indicator Data 2024 198 Portfolio at End of 2024 199 If You Don’t Profit from Your Investment Mistakes, Someone Else Will/Performance Record of Recommendations 200 Individual Retirement Accounts: Most Awesome Mass Investment Incentive Ever Devised 201 G.M. Loeb’s “Battle Plan” for Investment Survival 202 G.M. Loeb’s Investment Survival Checklist
£999.99
