A comprehensive guide to investment analysis and portfolio management by an expert team from the CFA Institute In a world of specialization, no other profession likely requires such broad, yet in-depth knowledge than that of financial analyst. Financial analysts must not only possess a broad understanding of the financial markets-including structure, organization, efficiency, portfolio management, risk and return, and planning and construction-but they must also have a strong sense of how to evaluate industries and companies prior to engaging in an analysis of a specific stock. Investments: Principles of Portfolio and Equity Analysis provides the broad-based knowledge professionals and students of the markets need to manage money and maximize return. The book Details market structure and functions, market anomalies, secondary market basics, and regulation Describes investment assets and asset classes, types of positions and orders, as well as forecasting methodologies Discusses return and risk characteristics, portfolio diversification and management, the basics of both technical analysis and major technical indicators, and much more A companion Workbook , which includes learning outcomes, summary overviews, and problems and solutions sections is available and sold separately Investments provides readers unparalleled access to the best in professional quality information on investment analysis and portfolio management. MICHAEL G. MCMILLAN, CFA is Director, Ethics and Professional Standards in the Education Division of CFA Institute. Dr. McMillan joined CFA Institute in 2008 after more than a decade as a professor of accounting and finance at Johns Hopkins Universitys Carey Business School and The George Washington Universitys School of Business. He has a doctorate in accounting and finance from The George Washington University, an MBA from Stanford University, and a BA from the University of Pennsylvania. Dr. McMillan is a member of the CFA Society of Washington, DC and the East African Society of Investment Professionals. JERALD E. PINTO, CFA is Director, Curriculum Projects, in the Education Division of CFA Institute. Before coming to CFA Institute in 2002, he consulted to corporations, foundations, and partnerships in investment planning, portfolio analysis, and quantitative analysis. He has also worked in the investment and banking industries in New York City and taught finance at New York Universitys Stern School of Business. He holds an MBA from Baruch College, a PhD in finance from the Stern School, and earned his CFA charter in 1992. WENDY L. PIRIE, CFA is Director, Curriculum Projects, in the Education Division of CFA Institute. Prior to joining CFA Institute in 2008, she taught finance, accounting, statistics, taxation, business law, and marketing for over twenty years at both large and small, public and private universities, religious colleges, and military academies. Her work has been published in Journal of Financial Research and Journal of Economics and Finance. She holds a PhD from Queens University in Kingston, Ontario and MBAs fromthe Universities of Toronto and Calgary. GERHARD VAN DE VENTER, CFA is Deputy Head of the School of Finance and Economics at University of Technology, Sydney. He was previously director, Curriculum Projects, in the Education Division of CFA Institute. He began his career in South Africa as a financial analyst and later as a dealer at the Bond Exchange, where he traded fixed income securities. He holds a PhD in finance from the University of Technology, Sydney. He is a member of CFA Institute and the New York Society of Security Analysts.
Risk and Return for Regulated Industries provides a much-needed, comprehensive review of how cost of capital risk arises and can be measured, how the special risks regulated industries face affect fair return, and the challenges that regulated industries are likely to face in the future. Rather than following the trend of broad industry introductions or textbook style reviews of utility finance, it covers the topics of most interest to regulators, regulated companies, regulatory lawyers, and rate-of-return analysts in all countries. Accordingly, the book also includes case studies about various countries and discussions of the lessons international regulatory procedures can offer. Presents a unified treatment of the regulatory principles and practices used to assess the required return on capital Addresses current practices before exploring the ways methods play out in practice, including irregularities, shortcomings, and concerns for the future Focuses on developed economies instead of providing a comprehensive global reviews Foreword by Steward C. Myers Dr. Villadsen specializes in finance and accounting matters with an emphasis on the energy industry. She is a frequent author and speaker on regulatory return and risk issues and has testified on rate of return and discount rate matters as well as accounting and damages in many jurisdictions including the U.S. Federal Energy Regulatory Commission, state regulatory settings, U.S. and international arbitrations, and the U.S. federal court. Dr. Villadsen holds a Ph.D. from Yale Universitys School of Management with a concentration in accounting. She has a joint degree in mathematics and economics (BS and MS) from University of Aarhus in Denmark.
The evidence-based approach to a more worthwhile portfolio The Index Revolution argues that active investing is a losers game, and that a passive approach is more profitable in todays market. By adjusting your portfolio asset weights to match a performance index, you consistently earn higher rates of returns and come out on top in the long run. This book explains why, and describes how individual investors can take advantage of indexing to make their portfolio stronger and more profitable. By indexing investment operations at a very low cost, and trusting that active professionals have set securities prices as correctly as possible, you will achieve better long-term results than those who look down on passive approaches while following outdated advice that no longer works. Beating the market is much harder than it used to be, and investors who continue to approach the market with that mindset populate the rolls of market losers time and time again. This book explains why indexing is the preferred approach in the current investment climate, and destroys the popular perception of passive investing as a weak market strategy. Structure your portfolio to perform better over the long term Trust in the pricing and earn higher rates of return Learn why a passive approach is more consistent and worthwhile Ignore overblown, outdated advice that is doomed to disappoint All great investors share a common secret to success: rational decision-making based on objective information. The Index Revolution shows you a more rational approach to the market for a more profitable portfolio.
Invest in your financial future Featuring guidance from renowned finance expert Eric Tyson and content from other top selling For Dummies investment titles, Investing All-in-One For Dummies offers the foolproof, time-tested guidance you need to turn those hard-earned dollars into a successful and diversified portfolio. Covering everything from stocks, bonds, mutual funds, real estate, and the latest in online investing, this hands-on resource lays out an arsenal of techniques for you to select the investment accounts that best suit your particular style, needs, and goals. Investing All-in-One For Dummies offers a succinct framework and expert advice to help readers make solid decisions and confidently invest in the marketplace Develop and manage a winning financial portfolio Find the right investments for you, no matter your age or income bracket Get the latest information on retirement planning, tax laws, investment options, and more Benefit from sound strategies brought to you by a well-recognized personal finance counselor Theres no time like the present to invest in your own financial future-and this book shows you how.
Adopt the investment strategy that built Warren Buffetts fortune Invest Like a Guru provides an invaluable resource for high-quality-focused value investing, with expert insight and practical tools for implementation. Written by the man behind GuruFocus.com, this book expands on the sites value strategies and research tools to provide a primer for those exploring pathways to higher returns at lower risk. The book begins with an insightful explanation of high-quality-focused value investing concepts, then quickly moves into practical, detailed guidance on analysis, valuation, key factors, and risks to avoid. Case studies demonstrate real-world application of various analysis methods, and the discussion walks you through important calculations using real examples. Author Charlie Tian draws upon his own experiences and lessons learned to provide true insight on high-quality-focused value investing as a strategy, providing both reference and expert advice in this singularly useful guide. Warren Buffett once said, I would rather buy good companies at fair prices than buy fair companies at good prices. Thats how he built his fortune, and his method is what we now call high-quality-focused value investing. This book shows you how to determine what constitutes good companies and fair prices, with practical tools for real-world application. Learn the principles and concepts of high-quality-focused value investing Understand the analysis process and valuation of prospective investments Avoid the value traps that can trigger permanent losses Study clear examples of key ratios and calculations We cant all become the next Warren Buffett, but we can boost returns while reducing risk using the right investment strategy. High-quality-focused value investing provides a path to profit, and Invest Like a Guru is the one-of-a-kind guidebook for getting on track. Charlie Tian, PhD, is the founder and CEO of the value-investing website GuruFocus.com. He is the creator of the websites value screeners, strategies, and research tools, which are used by more than half a million investors monthly, as well as professors and students from more than 100 universities worldwide.
The most up-to-date resource on market risk methodologies Financial professionals in both the front and back office require an understanding of market risk and how to manage it. Measuring Market Risk provides this understanding with an overview of the most recent innovations in Value at Risk (VaR) and Expected Tail Loss (ETL) estimation. This book is filled with clear and accessible explanations of complex issues that arise in risk measuring-from parametric versus nonparametric estimation to incre-mental and component risks. Measuring Market Risk also includes accompanying software written in Matlab(r)-allowing the reader to simulate and run the examples in the book.
Wenn Panik ausbricht, ist meist nichts mehr zu retten. Anstatt jedoch Attacken dieser Art so gut wie möglich zu vermeiden, kann man sie auch als unvermeidlich hinnehmen und entsprechend darauf reagieren. Wenn Erdrutschartiges einen lang genug gefuchst hat, muss man zu undogmatischen Mitteln greifen. Schließlich geht es darum, sich zu behaupten und nicht in einen Sog zu geraten. Dann ist es mit der Gemütlichkeit vorbei; entschlossenes Handeln ist gefragt oder weise Voraussicht. Noch besser ist es, wenn beides sich paart. So überlebt man an der Börse, läuft dem Trend nicht hinterher, sondern arbeitet konsequent dagegen an. Der Erfolg fragt nicht unbedingt nach ethischen Grundsätzen, auch nur selten nach den harten Fakten, mitunter ist nichts anderes als Psychologie im Spiel. Es kommt immer darauf an, wie Maßgebendes eingeschätzt wird. Dabei muss keine Übereinstimmung herrschen zwischen einem Tatbestand und seiner Auswirkung nach Expertenmeinung, manchmal ist es gerade umgekehrt. Alessandro Dallmann, geboren in Konstanz, studierte zunächst Literaturwissenschaft und bereiste danach ein Jahr Südamerika. Momentan absolviert er ein Fernstudium der Regionalstudien Lateinamerikas und ist als freischaffender Autor tätig, so unter anderem für den Kompendio Verlag. Privat interessiert er sich für Fotografie, läuft Marathon und folgt der Lebensphilosophie Rudolf Steiners.
As with his weekly column, James Montiers Value Investing is a must read for all students of the financial markets. In short order, Montier shreds the efficient market hypothesis, elucidates the pertinence of behavioral finance, and explains the crucial difference between investment process and investment outcomes. Montier makes his arguments with clear insight and spirited good humor, and then backs them up with cold hard facts. Buy this book for yourself, and for anyone you know who cares about their capital! —Seth Klarman , President, The Baupost Group LLC The seductive elegance of classical finance theory is powerful, yet value investing requires that we reject both the precepts of modern portfolio theory (MPT) and pretty much all of its tools and techniques. In this important new book, the highly respected and controversial value investor and behavioural analyst, James Montier explains how value investing is the only tried and tested method of delivering sustainable long-term returns. James shows you why everything you learnt at business school is wrong; how to think properly about valuation and risk; how to avoid the dangers of growth investing; how to be a contrarian; how to short stocks; how to avoid value traps; how to hedge ignorance using cheap insurance. Crucially he also gives real time examples of the principles outlined in the context of the 2008/09 financial crisis. In this book James shares his tried and tested techniques and provides the latest and most cutting edge tools you will need to deploy the value approach successfully. It provides you with the tools to start thinking in a different fashion about the way in which you invest, introducing the ways of over-riding the emotional distractions that will bedevil the pursuit of a value approach and ultimately think and act differently from the herd. James Montier is a member of GMOs asset allocation team. Prior to that he was global strategist for Société Générale and Dresdner Kleinwort. He has been the top rated strategist in the annual extel survey for most of the last decade. He is also the author of three other books – Behavioural Finance (2000, Wiley), Behavioural Investing (2007, Wiley) and The Little Book of Behavioral Investing (Forthcoming, Wiley). James is a regular speaker at both academic and practitioner conferences, and is regarded as the leading authority on applying behavioural finance to investment. He is a visiting fellow at the University of Durham and a fellow of the Royal Society of Arts. He has been described as a maverick, an iconoclast, an enfant terrible by the press.
Make your money work harder than ever with share investing If youve always wanted to invest in shares, but youve never known where to start, look no further! This new edition of Getting Started in Shares For Dummies reveals in plain English the investing secrets you need to know - how the market works, how the stock exchange operates, and what brokers really do. In no time, youll find out how to pick the best shares and diversify your portfolio, minimise your risk and maximise your returns, and reduce your capital gains tax bill. The world of share investing can seem intimidating to the uninitiated, but it doesnt have to be. Free of confusing jargon and packed with practical advice, this hands-on, friendly guide helps you get to grips with developing an investment strategy, assessing your risk, buying and selling shares, working with brokers, understanding taxes, and so much more. Plus, youll even learn about ten great investors and their strategies - and ten things you should never, ever do. Find out how the Australian Securities Exchange (ASX) works Develop your own successful share investing strategy-and know how to assess potential share investments Analyse the share market and track trends to make informed choices and grow your wealth Realise the tax implications of share ownership and understand how holding shares affects your tax liability If youre ready to take your first steps towards investing in the share market, Getting Started in Shares For Dummies will help you build the successful share portfolio youve always wanted.
Want to take the financial journey to a new investing philosophy that might very well affect the rest of your moneymaking life? No one can guarantee the yellow brick road, but Michael Covel promises the red pill will leave you wide freaking awake. Trend Following reveals the truth about a trading strategy that makes money in up, down and surprise markets. By applying straightforward and repeatable rules, anyone can learn to make money in the markets whether bull, bear, or black swan-by following the trend to the end when it bends. In this timely reboot of his bestselling classic, Michael Covel dives headfirst into trend following strategy to examine the risks, benefits, people, and systems. Youll hear from traders who have made millions by following trends, and learn from their successes and mistakes-insights only here. Youll learn the trend philosophy, and how it has performed in booms, bubbles, panics and crashes. Using incontrovertible data and overwhelming supporting evidence, with a direct connection to the foundations of behavioral finance, Covel takes you inside the core principles of trend following and shows everyone, from brand new trader to professional, how alpha gets pulled from the market. Covels newest edition has been revised and extended, with 7 brand new interviews and research proof from his one of kind network. This is trend following for todays generation. If youre looking to go beyond passive index funds and trusting the Fed, this cutting edge classic holds the keys to a weatherproof portfolio. Meet great trend followers learning their rules and philosophy of the game Examine data to see how trend following excels when the you-know-what hits the fan Understand trend trading, from behavioral economics to rules based decision-making to its lambasting of the efficient markets theory Compare trend trading systems to do it yourself or invest with a trend fund Trend following is not prediction, passive index investing, buy and hope or any form of fundamental analysis. It utilizes concrete rules, or heuristics, to profit from a behavioral perspective. Trend Following is clear-cut, straightforward and evidence-based and will secure your financial future in bull, bear and black swan markets. If youre finally ready to profit in the markets, Trend Following is the definitive treatise for a complex world in constant chaos. Michael W. Covel searches. He digs . He goes behind the curtain to reveal a state of mind the system doesnt want you in. Michael teaches beginners to seasoned pros how to generate profits with straightforward and repeatable rules. He is best known for popularizing the counterintuitive and controversial trading strategy, trend following. His perspectives have garnered international acclaim and have earned him invitations with a host of organizations: China Asset Management, GIC Private Limited (Singapore), BM&F Bovespa, the Managed Funds Association, Bank of China Investment Management, the Market Technicians Association, and multiple hedge funds and mutual funds. He also has the distinction of having interviewed five Nobel Prize winners, including Daniel Kahneman and Harry Markowitz, on his Trend Following podcast-which now exceeds 500 episodes and 5 million listens. Michaels consulting clients include individual traders, hedge funds, sovereign wealth funds, and institutional investors in more than 70 countries. He splits his time between the United States and Asia. www.trendfollowing.com To book Michael Covel for a speaking engagement, visit www.trendfollowing.com/contact
Anstatt laufend vor sich hin zu dümpeln oder gar die Existenz gefährdende Verluste hinnehmen zu müssen, scheint es ungleich vorteilhafter zu sein, an der Börse gleich ordentlich durchzustarten. Die das von sich behaupten dürfen, sind teils wenig später auch entsprechend auf die Nase gefallen, manche allerdings ziert ein steiler Aufstieg. Währenddessen waren fraglos Turbulenzen zu umfliegen, doch über allem steht die sanfte Landung. Sie herbeizuführen, bedarf umsichtigen Taktierens - gelegentlich kann es auch etwas härter zugehen, Hauptsache, man kommt an. Aus nicht mehr als 70 Euro ein kleines Vermögen machen zu wollen, das grenzt schon an Wagemut. Ohne ihn werden Sie es auch nicht weit bringen können, doch nur, wenn er Sie nicht Kopf und Kragen kostet. Alessandro Dallmann, geboren in Konstanz, studierte zunächst Literaturwissenschaft und bereiste danach ein Jahr Südamerika. Momentan absolviert er ein Fernstudium der Regionalstudien Lateinamerikas und ist als freischaffender Autor tätig, so unter anderem für den Kompendio Verlag. Privat interessiert er sich für Fotografie, läuft Marathon und folgt der Lebensphilosophie Rudolf Steiners.
Hedge Funds of Funds: A Guide for Investors is a comprehensive guide to investing in hedge funds of funds. Written by an experienced practitioner in clear, concise and jargon free language, this book gives an inside view of this often opaque area and empowers readers with the tools to get to the bottom of how hedge funds of funds really work. Key features include: A full description of the skill sets and facets needed in all areas of a hedge funds of funds; A wide-ranging set of questions to ask when assessing every area of a hedge fund of funds; Advice on every part of the process when investing in a hedge fund of funds, from short-listing through to mandate design and benchmarking; Two comprehensive practical examples of investment reports on both a hedge fund and a hedge fund of funds; A comprehensive analysis of recent developments in the field; A glossary of hedge fund terminology to help the reader de-code the jargon associated with the area. This book is essential reading for all those interested in developing depth to their understanding of how to invest in hedge funds of funds and how they, in turn, invest with hedge funds. Dr. Chris Jones, London, UK is Chief Investment Officer of Key Asset Management, one of Europe’s oldest hedge fund houses managing over $1bn in assets. He has been investing in hedge funds in a professional capacity since 1994, and previously worked in this area at Sanlam, State Street Global Advisors and Liberty Ermitage. Prior to this, he has worked in trading and asset management capacities at Société Générale and Crédit Lyonnais. Chris frequently appears in the hedge fund trade press and on CNBC commenting on hedge funds, and regularly educates pension plan trustees and other industry professionals in this area. Chris has presented lectures, conference papers and seminars at universities in North America, Europe and Australasia and has published several papers on trading and investment strategies, risk management and hedge funds. He has a BA in Mathematics from Oxford University and a PhD in Finance from the University of Cambridge, where he has an ongoing Visiting Associate position and is an occasional Lecturer.