A rare opportunity to go one-on-one with an industry giant and one of today's most respected financial thinkers, Merton Miller on Derivatives is a refreshingly accessible overview of derivatives, the revolution they have wrought, and the disasters they've supposedly caused.

Though routinely assailed by regulators and the media, derivatives are hailed by a celebrated group of practitioners, analysts, and theorists, led most notably by Nobel laureate Merton Miller. Miller is legendary for repeatedly demonstrating—often with humor and always with grace—the value of derivatives in price discovery, managing financial risk, and tailoring a risk-return profile.

Here, in this collection of his recent essays, Miller expounds on a number of critical derivatives issues. Is it a problem that some organizations have lost substantial sums on derivatives? Miller's short answer: Some organizations will always find ways to lose money. Nor does he believe that more government regulation is the answer. He notes, for example, that for all the horror stories about derivatives, the world's banks have lost vastly more in bad real estate deals than they'll ever lose on their derivatives portfolios.

Merton Miller on Derivatives offers twenty-two provocative chapters. A sampling: "The Recent Derivatives 'Disasters': Assessing the Damage" takes a close look at such debacles as Procter & Gamble, Orange County, and Barings Bank. "Financial Regulation: The Inside Game" uses an apt sports analogy to show how the derivatives regulatory game is really played, as opposed to the way outsiders imagine it is played. "Japanese-American Trade Relations: Can Rambo Beat Godzilla?" succinctly sums up the nature of Japanese-American trade. And "Risk and Return on Futures Contracts: A Chicago View" highlights the pivotal role derivatives play in hedging risk.

There are also penetrating pieces on corporate governance that compare the system existing in the United States and England with the one existing in Germany and Japan. To complete the collection, a section called "Questions I'm Often Asked" features Miller's unique perspective on a wide range of topics, from what's ahead for China to what we've learned from the Crash of 1987.

Contrary to widely held perceptions, the so-called "derivatives revolution" has made the world safer, not more dangerous. This explains the phenomenal growth of financial futures. As Miller shows, derivatives enable organizations to deal effectively with risks that have plagued them for decades, even centuries.

Praise for merton miller on derivatives

"Miller is one of the clearest thinkers of our time. Once again, he provides a simple, insightful, and witty analysis of an important and complex topic. This book is truly fun to read." —Kenneth R. French Beinecke Professor of Management Studies and Finance Yale University School of Management.

"Some of us trade markets; others of us observe markets; Merton Miller understands markets. As this volume demonstrates, Professor Miller is unsurpassed at cutting through fluff, misinterpretation, and even obfuscation to get to the heart of highly charged issues." —Charles W. Smithson Managing Director, CIBC Wood Gundy.

"Vintage Merton Miller: zesty writing and forcefully communicated ideas, not only on derivatives, but on a wide range of topics in financial markets. This is no ponderous academic tome, but rather a series of entertaining, yet devastatingly analytical essays on controversial issues in finance. Great reading and great analysis." —Hans R. Stoll Walker Professor of Finance and Director of the Financial Markets Research Center, Vanderbilt University.

"I am grateful to Merton Miller for setting the record straight, once again, regarding derivatives. With his customary brilliance, Merton cuts through the fog of misunderstanding and nonsense that too often surrounds derivatives and reveals them for what they truly are: phenomenally successful and essential risk management tools." —Jack Sandner Chairman, Chicago Mercantile Exchange.

"This book brings together Merton Miller's most important works on derivatives markets. One of the most creative and analytical minds of our time, Merton is also a great writer and storyteller. This book is a must-read for anyone seriously interested in derivatives markets." —Rick Kilcollin President and CEO, Chicago Mercantile Exchange.

The early 21st century has seen a prolonged price boom in non-fuel commodities, coupled with a volatile performance in fuel prices. This new collection presents the latest research on commodity prices and economic development in the context of this changing globalized economy. Global Commodity Markets and Development Economics brings together analyses from a number of perspectives in order to explore commodity price developments. Chapters explore long term commodity trends, the evolution of relative price developments, the relationship of the domestic commodity sector with global supply chains, agri-food prices, and the role of oil markets in the global economy. Through considering a diverse range of countries including China, Russia and the United States, the authors examine key fuel and non-fuel commodity markets and offer a window into important trends and developments. This book will be relevant to those with an interest in development economics, international economics and energy markets.

A real-world guide for adapting to the new energy era The Energy Disruption Triangle is a treatise on the energy revolution's real-world impacts, and a handbook for anyone looking to weather the storm. Three major technologies are already changing the energy paradigm: solar energy, electric vehicles, and energy storage. As technology continues to evolve and become more accessible to the masses, the nation's energy habits will experience a dramatic upheaval; this book provides actionable guidance to help you adapt. We are already in the beginning stages of this black swan event, and most people don't know what's coming--but it will come much sooner and much faster than anyone thinks. This book reveals the revolution happening right before our eyes, and shows you how to thrive in this new era. Learn how our energy supplies--and usage--are changing Understand why energy storage matters, and how the technology is evolving Explore the history and future of groundbreaking energy technologies Delve into the disruption of the U.S. energy supply, and the possibility of energy independence Rapidly advancing battery technology is boosting energy storage for homeowners, utilities, and electric vehicle manufacturers, stranding fossil fuels in the ground due to the high price of extraction relative to cost-effective sources such as solar and wind. Traditional energy sources are being phased out, and our nation has come to a fork in the road: uphold the status quo and allow our energy supply to be disrupted, or adapt and advance to a state of total energy independence. The Energy Disruption Triangle explores the state of U.S. energy from source to consumer, and provides insight into the three sectors that are changing the world.

First published in 1972, this book provides an important critical review on the theory of futures trading. B. A. Goss looks at the work and ideas of Keynes and Hicks on futures, and considers how these have also been developed by Kaldor. He discusses the evolution of the concept of hedging in the context of buying forward into the markets, and considers theories of market and individual equilibrium. Goss draws on the work of other economists in this field, including Stein, Telser, Peston and L. L. Johnson, in order to illustrate the development of theory in futures trading. The book includes fifteen figures that illustrate diagrammatically the concepts involved, and the concluding section contains a series of problems for examination by the student.

The classic book that introduced the investment industry to the concept of trading psychology. With rare insight based on his firsthand commodity trading experience, author Mark Douglas demonstrates how the mental matters that allow us function effectively in society are often psychological barriers in trading. After examining how we develop losing attitudes, this book prepares you for a thorough "mental housecleaning" of deeply rooted thought processes. And then it shows the reader how to develop and apply attitudes and behaviors that transcend psychological obstacles and lead to success. The Disciplined Trader helps you join the elite few who have learned how to control their trading behavior (the few traders who consistently take the greatest percentage of profits out of the market) by developing a systematic, step-by-step approach to winning week after week, month after month. The book is divided into three parts: * An overview of the psychological requirements of the trading environment * A definition of the problems and challenges of becoming a successful trader * Basic insights into what behavior may need to be changed, and how to build a framework for accomplishing this goal * How to develop specific trading skills based on a clear, objective perspective on market action "A groundbreaking work published in 1990 examining as to why most traders cannot raise their equity on a consistent basis, bringing the reader to practical conclusions to go about changing any limiting mindset."-Larry Pesavento, TradingTutor.com

Praise for PRECIOUS METALS TRADING

"If you want to learn how to add precious metals to your portfolio, and the author of this book makes a persuasive case that you should, then read this book. Pay attention to what Gotthelf writes because he has studied the history and trading of these metals for his entire adult life. Moreover, he has traded them profitably over that period. Whether your interest is precious metal stocks, futures, options, or bullion itself, this book is the place to find out what you need to know."
--Stanley W. Angrist, former commodities reporter, The Wall Street Journal

"Because the precious metals market has a penchant for dramatic and fundamental change, Gotthelf's latest work is the bible for those who want enduring market background as a precursor to making money in these markets during these uncertain times. The step-by-step information will make that a much easier proposition!"
--Gail Osten, Executive Editor, Stocks, Futures and Options magazine

New precious metals opportunities are evolving with more profit potentials than ever before. Now, investors can buy Exchange Traded Funds (ETFs) like shares of stock that represent specific quantities of gold. Mounting political and economic uncertainty demands a new and comprehensive investment outlook that includes hard assets like precious metals. Make sure you understand how, when, and why you should use the most time-tested and proven symbols of value to make your portfolio more secure. This latest update is packed with the information you need to be a more successful overall investor.

Option Theory takes the reader from first principles to the frontiers of modern finance theory. The book is aimed at busy financial engineers at all levels, providing formulas and techniques that can be readily applied to real life problems; yet the theoretical basis of the subject is explored in detail so that the book will also appeal to students and researchers.

Written in a clear and accessible manner, the author covers the various approaches to option pricing: risk neutral expectations by integration, trees, analytical and numerical solutions of partial differential equations and Monte Carlo methods, demonstrating the close relationship between them.

Structured into four parts, the mathematical tools used in the first three parts of the book are intermediate level "engineer's mathematics": differential and integral calculus, elementary statistical theory and simple partial differential equations. In Part Three, the techniques are systematically applied to all the standard exotic options encountered in the equity, foreign exchange and commodity markets. It is shown that the exotics are not a large random collection of unrelated instruments, but a few families which can be simply analysed using the techniques developed in Parts One and Two.

Part Four provides a course in stochastic calculus that is specifically tailored to finance theory and designed for readers with some previous knowledge of options. It provides an active working knowledge of the subject and includes coverage of:

• Martingales.
  
• Stochastic differential equations.
  
• Stochastic integration.
  
• The Feyman Kac theorem.
  
• Stochastic control.
  
• Local time.
  
• Girsanov's theorem.

The axiomatic approach to option theory using stochastic calculus is compared in detail to the simpler and more intuitive approach using classical statistics, which was used in the first three parts of the book. The analysis clearly shows where stochastic calculus provides valuable insights and advances, and where it is mere window dressing.

This is a no-nonsense professional book which demystifies and simplifies the subject, and which will appeal to both practitioners and students.

The Handbook of commodity investing

This invaluable resource provides an overview of the basics and foundations of commodity investing, as well as recent theory and empirical evidence on the commodity markets.

Written by leading practitioners and academics, "The Handbook of Commodity Investing" explains the complexities of commodity investments, their associated risks, and how investors can optimize their portfolios by including different types of commodity investments. Each chapter contains valuable information for both investors who are currently using or contemplating using commodities as part of their asset allocation and academics who are analyzing the commodity markets theoretically or empirically.

Starting with the basics of commodity investments and moving on to more complex topics, such as performance measurement, asset pricing, and risk management, "The Handbook of Commodity Investing" is a reliable resource for anyone who needs to understand this dynamic market. Whatever the motivation for your interest in commodities, this book will increase your understanding--hence helping you to reduce risk and enhance returns.

In the early 2000s, Chinese demand for imported commodities ballooned as the country continued its breakneck economic growth. Simultaneously, global markets in metals and fuels experienced a boom of unprecedented extent and duration. Meanwhile, resource-rich states in the Global South from Argentina to Angola began to advance a range of new development strategies, breaking away from the economic orthodoxies to which they had long appeared tied. In China's Wake reveals the surprising connections among these three phenomena. Nicholas Jepson shows how Chinese demand not only transformed commodity markets but also provided resource-rich states with the financial leeway to set their own policy agendas, insulated from the constraints and pressures of capital markets and multilateral creditors such as the International Monetary Fund. He combines analysis of China-led structural change with fine-grained detail on how the boom played out across fifteen different resource-rich countries. Jepson identifies five types of response to boom conditions among resource exporters, each one corresponding to a particular pattern of domestic social and political dynamics. Three of these represent fundamental breaks with dominant liberal orthodoxy-and would have been infeasible without spiraling Chinese demand. Jepson also examines the end of the boom and its consequences, as well as the possible implications of future China-driven upheavals. Combining a novel theoretical approach with detailed empirical analysis at national and global scales, In China's Wake is an important contribution to global political economy and international development studies.

They say John Maynard Keynes called gold a "barbarous relic."
They say there isn’t enough gold to support finance and commerce.
They say the gold supply can’t increase fast enough to support world growth.

They’re wrong!

In this bold manifesto, bestselling author and eco­nomic commentator James Rickards steps forward to defend gold—as both an irreplaceable store of wealth and a standard for currency.

Global political instability and market volatility are on the rise. Gold, always a prudent asset to own, has become the single most important wealth preserva­tion tool for banks and individuals alike. Rickards draws on historical case studies, monetary theory, and personal experience as an investor to argue that:

• The next financial collapse will be exponentially bigger than the panic of 2008.
• The time will come, sooner rather than later, when there will be panic buying and only central banks, hedge funds, and other big players will be able to buy any gold at all.
• It’s not too late to prepare ourselves as a nation: there’s always enough gold for a gold standard if we specify a stable, nondeflationary price.

Providing clear instructions on how much gold to buy and where to store it, the short, provocative argu­ment in this book will change the way you look at this “barbarous relic”

Widely regarded as the world's foremost authority on chart analysis, Tom DeMark has developed technical systems and indicators for many of the most successful trading operations in the world. Now, in a sequel to his bestselling book, The New Science of Technical Analysis, he stakes out new territory while refining the most popular and precise of his indicators with exacting attention to real-time trading applications. In addition, he shares—for the first time anywhere—the complete details of a new indicator: TD Combo. Used in conjunction with his popular TD Sequential, TD Combo equips traders with a powerful new tool for understanding market rhythms and calculating buy and sell opportunities.

DeMark draws on a lifetime of research and gives the reader the benefit of his legendary expertise as a market timing analyst. He offers detailed material on indicator construction, application, and interpretation, and makes it much easier for traders to implement his revolutionary concepts in real-time situations. Among the indicators presented in this invaluable book are:

• Oscillators—Five of DeMark's key indicators for identifying both price tops and bottoms as well as the overall trend of markets.
• TD Sequential—An indicator unequaled in its ability to evaluate the condition of a market at any point in time based on price patterns, price relationships, and price movement.
• TD Combo—The result of an exhaustive research process, this new powerful indicator is used with TD Sequential and is revealed here for the first time in its entirety.
• TD Lines—DeMark's trendline analysis technique that provides an accurate, practical methodology for identifying price breakouts.
• TD Retracements—Consistent, objective, and scientific methods for calculating price retracement projections.
• Breakouts—DeMark's unique trading rules for detecting pending or potential price breakouts that would establish or accelerate a trend.
• TD Moving Averages—Used in combination with price breakout techniques, these methods avoid the shortcomings of similar, less successful approaches.
• Market Timing Techniques—An array of trading models for capturing short-term opportunities, participating in breakouts, and capitalizing on price patterns and price relationships, originally developed for Tudor Systems.
• TD Triangulation and TD Propulsion—DeMark's market timing approaches that depend on momentum and pattern recognition (TD Triangulation) and on the direction of an overall price trend (TD Propulsion).

Along with other thoroughly tested techniques, DeMark offers authoritative insights on a range of essential topics, from common misconceptions about the market, to the skills needed for successful trading, and the extreme importance of careful money management. With its combination of techniques, in-depth analysis, and sound, practical advice, New Market Timing Techniques is a rich resource that every trader will want to navigate the markets.

DECODING THE DYNAMICS OF THE MARKET

"Market timing has moved from the realm of voodoo to mainstream doctrine. New Market Timing Techniques provides cutting-edge techniques for using oscillators, moving averages, breakouts, and other basics of technical analysis, backed by 25 years of research."—Michael R. Bloomberg, Founder and CEO, Bloomberg L.P.

"After reading The New Science of Technical Analysis, I didn't think Tom DeMark could have very much more to say. I was wrong! New Market Timing Techniques not only refines the concepts of his earlier book, but adds subtleties and breaks new ground. Tom DeMark is not just at the cutting edge of technical analysis, he is the cutting edge."—Alfred H. Kingon, Kingon International Former Assistant Secretary of the Treasury.

"Tom DeMark is a technician's technician who has shared with all of us his insights, systems, and exceptional stock market timing techniques developed over 27 years of detailed analysis."—Leon G. Cooperman, Chairman, Omega Advisors, Inc.

"The stock market is a perilous journey at best. Anything that can reduce the risk and make the trip more enjoyable is most desirable. Tom DeMark's book does this. Here is a cornucopia of new ideas, new dimensions, and concepts that challenge the most discerning minds. This is a technical waker-upper."—Joseph Granville, The Granville Market Letter.

"Tom has done it again! Here he reveals even more of his fascinating trading tactics, techniques, and tools. His ideas are totally original and backed by proven research. If you trade without these tricks of the trade, you are not playing with a full deck."—Larry Williams, Trader and Author How I Made a Million Dollars Last Year Trading Commodities.

Oil price volatility has been highly criticized on many fronts, from the top-level official to the average consumer. Authorities for both producing and consuming nations have called for mechanisms to restore order to a chaotic market.The author traces the development of petroleum commodity markets, then examines the quest by producers and consumers for stability in world oil markets. He finds that modest producer and consumer gains can be realized through negotiations that achieve removal of barriers to trade, elimination of hurdles to foreign investment, and strengthening of financial institutions.Verleger reviews previous attempts to stabilize price fluctuations of other commodities and finds that these efforts have invariably failed. He argues that the very size of the oil market makes it unlikely that an effort to stabilize oil prices would succeed. Moreover, he shows that an oil price stabilization agreement would impose large costs on consumers.

This book describes the history of gold as a financial instrument and discusses gold exchanges in the major markets. It also describes the history of the Chinese Gold & Silver Exchange Society (CGSE), its current organizational structure and membership registration system. The book also includes the development and growth of the gold market in Hong Kong and the role played by CGSE in the growth of the Chinese gold market. It includes a brief description of the CGSE in the twenty-first century - its current role and what it may play in the future. The book explains factors that influence gold price and the mechanism of price formulation. It also describes the historic trends in the demand and supply of gold and the global inventory of gold, trends of the demand for investment holdings, jewelry manufacturing and industrial usage. The book also compares the movements in gold price with inflation and analyzes the data on how gold provides a hedge against inflation. It also examines and explains the relationship between gold and the US dollar (USD) and the correlation between dollar index (value of dollar against 16 major currencies) and gold price. It explores in depth on the relationship between gold price, output and inventories and major economic indices. This is a good reference for those interested in the comprehensive view of gold and its importance in the world economies.

Only Yesterday

Hailed as a classic even when it was first published in 1931, Only Yesterday remains one of the most vivid and precise accounts of the volatile stock market and the heady boom years of the 1920's. A vibrant social history that is unparalleled in scope and accuracy, it artfully depicts the rise of post - World War I prosperity, the catalytic incidents that led to the Crash of 1929, and the devastating economic decline that ensued—all set before a colorful backdrop of flappers, Al Capone, the first radio, and the "scandalous" rise of skirt hemlines. Now, this mesmerizing chronicle is reintroduced to offer readers of today an unforgettable look at one of the most dynamic periods of America's past.

With a novelist's eye for detail and a historian's attention to the facts, Frederick Lewis Allen tells a story that will ignite your imagination as its rich pageant of characters and events comes alive. Peppering his narrative with actual stock quotes and financial news, Allen tracks the major economic trends of the decade and explores the underlying causes of the Crash. Here are fresh accounts of Harding's oil scandals and the growth of the automobile industry, as well as the decline of the family farm, the Coolidge prosperity, and the long bull market of the late twenties. Allen's virtual hour-by-hour account of the Crash itself, told from multiple perspectives with mounting suspense, is as gripping as anything you are likely to read in fiction.

In addition to his power as a storyteller, Allen was a living witness to the events he describes; there is a thrilling you-are-there feeling about the unfolding history. After a brief "return to normalcy" following the War, the pace of life in America quickly escalated to a full gallop. New forces were being unleashed: prosperity with serious inflation, larger-than-life figures such as J. Pierpont Morgan and Henry Ford, and the Big Red Scare of the early twenties. Allen documents the new inventions, fads, and scandals as they affected the daily life of the country, including the impact of Freud and Einstein, Prohibition and Al Capone, Babe Ruth and Jack Dempsey, the trial of Sacco and Vanzetti, and the shocking changes in manners and morals. In Only Yesterday we hear America talking to itself from coast to coast, furiously debating its own rapidly evolving destiny.

An engaging narrative that describes the harried, often tumultuous events of Wall Street in the twenties, as well as the infectious spirit of the times, Only Yesterday is not only a compelling account of years gone by, but a true classic that will be appreciated for years to come.

"When this fascinating social history of America in the 1920's was first published in 1931, the twenties were indeed Only Yesterday. But, as Mr. Allen makes clear, they were so much more than the clich— would have it. . . . Frederick Allen's marvelous book brings back an exciting time in the life of the nation. I am quite sure you will enjoy reading it as much as Mr. Allen and I enjoyed living it." —from the Foreword by Roy R. Neuberger.

Recognized as a classic even when it was first published in 1931, Only Yesterday is a fascinating and revealing chronicle of the volatile stock market and heady boom years of the 1920's. Written by an esteemed historian who witnessed firsthand the explosive atmosphere and events of the time, this compelling narrative takes its place as one of the most important and invaluable contributions to investment literature.

Acclaim for Only Yesterday

"Marvelously absorbing . . . Only Yesterday tells the story of the 1920's from the collapse of Wilson and the New Freedom to the collapse of Wall Street and the New Era." —Stuart Chase, Books.

"A perfectly grand piece of historical record and synthetic journalism." —Fanny Butcher, Chicago Tribune.

"A style that is verve itself . . . Besides telling the story of the bull market in fine perspective, Mr. Allen presents the first coherent account that we have seen of the oil scandals that will eventually make the Harding regime match that of President Grant and the Crédit Mobilier story in the history books of the future." —John Chamberlain, The New York Times.

What affects the supply of oil? How important is the weather in determining grain prices? Why has the price of copper skyrocketed? Following recent hikes in oil, gas, coppper and wheat prices, commodities have once again become a key issue for the investment community. In order to explain the issues that underpin this volatile market, Commodity Trade and Finance analyses the economics of key commodity groups, including energy, agriculture and metals. It examines the supply/demand fundamentals of several major and minor commodities, physical characteristics, production and consumption patterns, trade flows and pricing mechanisms. It also covers the main tools used to hedge price risk, such as futures, options and swaps.

Offering economic analysis and a wealth of information on a broad range of commodities including oil, oil products, gas, coal, iron and steel, aluminium, copper, grains, coffee, sugar, cocoa, forest products and rubber, this book is an indispensable reference text for both students of the subject and those working in the commodity business.

Most businesses will face commodity risk in some form. It is how the company manages this risk that will help to determine the success of the firm. In this highly practical book, John J. Stephens explains in a clear concise manner the best techniques for managing such risks. Aimed at the ordinary businessperson, this book is a practical primer for those who wish to manage and minimise the risk to their industry, through instruments such as commodity futures, without wishing to have the technical knowledge of professional financiers.
This book provides the ideal starting point for the good manager not only to minimise commodity risk but to gain benefit also.

"Over the past two decades, the mathematically complex models of finance theory have had a direct and wide-ranging influence on finance practice. Nowhere is this conjoining of intrinsic intellectual interest with extrinsic application better exemplified than in derivative-security pricing. The backgrounds of the authors of Options, Futures and Exotic Derivatives fit perfectly this pattern of combining theory and practice and so does their book. The range and depth of subject matter show excellent taste for what is essential to know the field and what is relevant and important to its application in the financial world. In addition to its fine subject-defining, the book delivers on subject-content, with rigorous derivations presented in a clear, direct voice for the serious student, whether academic or practitioner. To the reader: Bon Appetit!" Robert C. Merton, Harvard Business School Long-Term Capital Management, L.P. "One of the merits of this book is that it is self-contained. It is both a textbook and a reference book. It covers the basics of the theory, as well as the techniques for valuation of many of the more exotic derivatives. It contains a detailed knowledge of the field. What is more, however, it is written with a deep understanding of the economics of finance." From the Foreword by Oldrich Alfons Vasicek "The authors have done an admirable job at distilling what is relevant in option research in one single volume. I wish I'd had the chance to read it before writing my own book." Nassim Taleb, veteran option arbitrageur and bestselling author of Dynamic Hedging: Managing Vanilla and Exotic Options "This is a delightful promenade in derivatives land. The book is encyclopaedicyet crisp and inspired. It is the story - told in equations - of the charms and spells of options and their underlying mathematics." Jamil Baz, Head of Financial Strategies, Lehman Brothers Europe Building steadily from the basic mathematical tools to the very latest techniques in exotic options, Options, Futures and Exotic Derivatives covers all aspects of the most innovative and rapidly developing area of international financial markets - the world of over-the-counter and tailor-made derivative asset pricing. Written by a globally renowned team of authors this book offers comprehensive coverage of exotic derivative assets and
* Deals with numerous new forms of exotic options and option pricing
* Provides detailed explanations of different models and numerical methods
* Offers a deep understanding of the economics of finance
With questions and review sections throughout, Options, Futures and Exotic Derivatives provides a thorough introduction to a crucial and expanding area in the world of finance for both finance students and practitioners.

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. You ll hear from traders who have made millions by following trends, and learn from their successes and mistakes insights only here. You ll 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. Covel s 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 today s generation. If you re 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 you re finally ready to profit in the markets, Trend Following is the definitive treatise for a complex world in constant chaos.

This book will present a comprehensive view of the risk characteristics, risk-adjusted performances, and risk exposures of various hedge fund indices. It will distinguish itself from other books and journal articles by focusing solely on hedge fund indices and emphasizing tail risk as a predictor of hedge fund index returns. The three chapters in this short book have not been previously published.
Presents new insights about the investability and performance measurement of an investor s final portfolio

Uses most recently developed investable hedge fund indexes to revise previous analyses of indexes

Focuses on 14 distinct types of hedge fund indices with daily data from January 1994 to December 2011 "

Very few books published so far have touched upon commodity finance and fewer still have provided a systematic explanation and analysis of the subject. It is however a subject that is relevant throughout almost every corner of the world From food to gold, commodities are ubiquitious. In this book, Dr. W. Huang, a practitioner and a trainer, covers commodities, commodity markets, commodity trade and the finance of commodity trade. As such, practitioners such as bankers and traders in commodity finance, and those institutions operating in this field, or planning to be active in this field, will all benefit from this book. This revised and updated second edition is a hands-on summary of commodity finance, with a special chapter dedicated to real-life case studies of commodity finance. Topics covered include: - High-level overview of commodity trade and finance. - The three major sectors of commodity finance: soft commodities, hard commodities and energy - Commodity finance and emerging markets, as most commodity export countries are emerging markets countries. - The special mechanisms and products of commodity finance, from plain vanilla products to more complicated structures. The concept of Supply Chain Finance is also covered in detail. - Bank and country risk. - Risk management principles, with practical case studies. - The organization of a typical commodity finance bank. The key benefits of the book are: For bankers - how to do business and what risks should be watched for? For traders, brokers and institutional investors - how commodity finance is done and what bank instruments can be used. For students - how is commodity finance handled and developed by banks? Each chapter can be read independently. The content has been reviewed by both experts and newcomers, incorporating their comments on style and content, to ensure it is as useful and clear as possible.

Kate Kelly, acclaimed journalist and author of Street Fighters, investigates the world of commodities traders When most of us think of the drama of global finance, we think of stocks and bonds. But commodities? Crude oil and soya beans? Copper and wheat? What could be more boring? That's exactly what the elite commodity traders want us to think. They don't seek the spotlight. They don't want to be as famous as Warren Buffett. Their astonishing wealth was created in obscurity, because they dwell in private companies or deep within large banks and corporations. But if the individuals in the commodities boom have gone unnoticed, their impact has not. Prices of raw materials have exploded. Are the big traders jacking up the cost of petrol, food, and essentials bought by people around the world? How did such immense power end up in the hands of a few? In this riveting book, Kate Kelly takes us inside the inner circle that affects so many things we all depend on. Following a trail from New York to London to Dubai, from hedgefunds and banks to brokers and regulators, she reveals the fullest ever picture of the men who gamble with our future every day.

This fascinating book is loaded with practical information designed to help you in the commodity market. The author's method...proven by his million dollar success...does not involve complicated math or subjective evaluation. There are two completely systematic methods; %R and Momentum. The essence fo these methods is that they tell you if the super powers are long or short; when the super powers expect a major move to start; what commodities are in true bull or bear markets; when to start buying and when to sell for gargantuan profits. This book is a must if you're a stock or commodity trader. It will expose to you an exciting new approach to trading and thinking--the same approach that has made Larry Williams a millionaire.

Little is known about the personal lives of each of these authors, but in surveying their other books and writings, a more informed picture emerges of their capabilities in their chosen field, stock and futures market analysis. From the quality and clearness of the writings in this and other of his works, it soon becomes apparent that Victor DeVilliers was not only very knowledgeable on the markets but he had the uncommon talent to put it into written words. (Most market authors are generally better traders and investors than writers.) On the other hand Owen Taylor was certainly extremely capable, being more the expert on the technical aspects of market analysis, something easily ascertainable from the Technical Analysis subjects that he presented in his own books and booklets. It is to the credit of both authors that they recognized just how valuable to investors and traders the Point and Figure method could be and that they saw fit to produce this fascinating work on a subject that in its essence is just putting small "Xs" on graph paper.But how to put them to graph paper and how to read their meanings is what can separate the trading and investing boys from the trading and investing men. Surveying all of the writings that have been published over the years, we find there have been and are a number of good, very good and excellent books on the Point and Figure methodology and its star attributes. However, every once in a while someone comes along and writes what is easily the seminal work, the finest on its particular subject. Some 65 years later we can attest to the fact that Victor DeVilliers and Owen Taylor rule the roost on their chosen subject with the two volumes republished here, which taken together, have to be considered the ultimate - "The Bible of Point and Figure Charting."