Twenty leading money minds reveal how to prosper in today's volatile markets
What strategies have made Wall Street's top investors so successful? What are their biggest mistakes and proudest accomplishments? How do they invest their own money? And what are the keys to finding the best stocks and bonds? This enlightening book features one-on-one interviews with 20 of the world's leading mutual fund managers representing a variety of different styles-from growth gurus, value masters, bond wizards, and international globetrotters to specialists in such market sectors as technology, healthcare, financial services, and real estate. All have demonstrated track records that consistently outperform the competition. These managers speak frankly about their strategies for beating the market in good times and bad, along with their predictions for the future and exclusive lists of favorite investments for the coming years.
Kirk Kazanjian (Mountain View, CA) is an experienced investment and personal finance author. He has written more than 20 books, including Wizards of Wall Street and Value Investing with the Masters. Kazanjian is a former award-winning television news anchor and business reporter whose stories appeared on CNN and ABC stations across the country. In addition to running his own investment company, he was an executive at several leading financial firms, including American Century Investments. He is regularly interviewed by CNBC, CNNfn, and Bloomberg, and has been featured in numerous business and investment publications.

Principles of Financial Engineering, Third Edition, is a highly acclaimed text on the fast-paced and complex subject of financial engineering. This updated edition describes the "engineering" elements of financial engineering instead of the mathematics underlying it. It shows how to use financial tools to accomplish a goal rather than describing the tools themselves. It lays emphasis on the engineering aspects of derivatives (how to create them) rather than their pricing (how they act) in relation to other instruments, the financial markets, and financial market practices. This volume explains ways to create financial tools and how the tools work together to achieve specific goals. Applications are illustrated using real-world examples. It presents three new chapters on financial engineering in topics ranging from commodity markets to financial engineering applications in hedge fund strategies, correlation swaps, structural models of default, capital structure arbitrage, contingent convertibles, and how to incorporate counterparty risk into derivatives pricing. Poised midway between intuition, actual events, and financial mathematics, this book can be used to solve problems in risk management, taxation, regulation, and above all, pricing. A solutions manual enhances the text by presenting additional cases and solutions to exercises. This latest edition of Principles of Financial Engineering is ideal for financial engineers, quantitative analysts in banks and investment houses, and other financial industry professionals. It is also highly recommended to graduate students in financial engineering and financial mathematics programs.

Financial markets are growing in complexity, and there is an increased risk that investors are led to investment products and strategies they do not fully understand. The crisis-ridden decade of the 2000s is a stark reminder of how poorly managed finances can wreak havoc on household finances. Traditional finance assumes that all investors are risk-averse and require a risk premium from investing in risky assets such as stocks. However, recent developments in behavioural finance show that many individual investors often adopt strategies that lead to serious investment missteps, including over-investing in lottery-type stocks and securities. Lottery-type securities in fact attract investors who may be risk-seeking or are strongly influenced by cognitive biases ranging from overconfidence to being over-optimistic about future investment returns, especially during periods of high sentiment. Drawing on existing and new research, The Lottery Mindset summarizes the behavioural motivations and detrimental impact of investment strategies which are popular with individual investors. Wai-Mun Fong provides insight and guidance on behavioural biases, and successful investment. By both reviewing and contributing to exiting literature on this topic, this book will be of use to academics and general readers alike.

"This book provides a nice blend of concise exposition of the theory of stochastic processes, and in particular Lévy processes, financial modeling with such processes, as well as numerical implementations, together with fundamentals of options pricing. Important examples and references are spread adequately throughout the book."
–Professor M. Yor, Université Pierre et Marie Curie

"Equity Derivatives: Theory and Applications gives a comprehensive, yet succinct, overview of the emerging technologies and architectures in computing today, and describes how those technologies and architectures can be applied to equity derivatives. This book bridges the gap between the pure theory of derivatives and the application of that theory through the use of new computing technologies, such as XML, Web services, and Microsoft’s .NET framework. This was a most informative read, both from a technological and theoretical perspective."
–Gregor Noriskin, Architectural Advisor, Developer Division
Microsoft Corporation

"The frontier of equity derivative transactions presented by the leading quantitative research team . . . This book will set the standard for innovation in the field."
–Dr. Hermann Schenk, Managing Director, Covion Organic Semiconductors GmbH

"I was very impressed by the authors’ study of the pricing of equity derivatives. This is not an easy subject and clearly the authors have a profound understanding of the matter."
–Dr. Serge Mores, Senior Investment Manager, ING Investment Management, Brussels

"This well-organized book provides a self-contained, computational, and up-to-date treatment of several interesting topics in the theory of option pricing–mainly in incomplete markets. This is an invaluable addition to the pedagogic literature on equity derivatives that no serious student should be without."
–Professor Aubrey Truman, Head of the Department of Mathematics
University of Wales Swansea

"This book is the first comprehensive guide to link the latest research in mathematical finance with the most recent developments and new technologies in the delivery of pricing and hedging analytics over the Internet. This unique approach is simple to follow, with information organized for easy access."
–Jon Kinol, Managing Director, Deutsche Bank Securities

This survey of portfolio theory, from its modern origins through more sophisticated, "postmodern" incarnations, evaluates portfolio risk according to the first four moments of any statistical distribution: mean, variance, skewness, and excess kurtosis. In pursuit of financial models that more accurately describe abnormal markets and investor psychology, this book bifurcates beta on either side of mean returns. It then evaluates this traditional risk measure according to its relative volatility and correlation components. After specifying a four-moment capital asset pricing model, this book devotes special attention to measures of market risk in global banking regulation. Despite the deficiencies of modern portfolio theory, contemporary finance continues to rest on mean-variance optimization and the two-moment capital asset pricing model. The term postmodern portfolio theory captures many of the advances in financial learning since the original articulation of modern portfolio theory. A comprehensive approach to financial risk management must address all aspects of portfolio theory, from the beautiful symmetries of modern portfolio theory to the disturbing behavioral insights and the vastly expanded mathematical arsenal of the postmodern critique. Mastery of postmodern portfolio theory's quantitative tools and behavioral insights holds the key to the efficient frontier of risk management.

Praise for The Intelligent Portfolio

"This is one of those rare investment books that actually raises your investment IQ. Christopher Jones's ten basic rules get investors focused on what really matters. You may have heard some of these investment truths before, but probably never in a way that is so powerful and intuitive. Filled with practical and insightful examples, this book is a real eye-opener for anyone serious about planning for a bright financial future."
--Jane Bryant Quinn, columnist for Newsweek and Bloomberg.com and author of Smart and Simple Financial Strategies for Busy People

"Books on personal investing are a dime a dozen. But if we add them up, all those dimes come to plenty of money. This book is worth all that and lots more. With its strong foundation in theory, the depth of its insights, the power of its message, the clarity of its exposition, and the value of its examples, The Intelligent Portfolio is worth many multiples of anything else in this overcrowded field."
--Peter L. Bernstein, author of Capital Ideas Evolving

"Christopher Jones gives investors a guided tour of the inner workings of modern portfolio theory. If you prefer to look under the hood and kick the tires of your retirement plan, this hands-on manual can help you turbocharge your portfolio."
--Mary Beth Franklin, Senior Editor, Kiplinger's Personal Finance

"Jones provides his readers with a refreshing investment guide, chock-full of pithy and pertinent advice. Can you ignore expenses if a manager exhibits excess performance? His no-nonsense advice, 'the view that you can ignore the impact of fees is just a bunch of hooey.' And for those chasing yesterday's hot funds, he reminds us that 'good funds are not defined by how well they have performed in the past, but how well they are likely to perform in the future.' A quarter century of experience tells me readers will be better investors if they heed his easily digestible investment wisdom."
--Harold Evensky, CFP, President, Evensky & Katz

There is a prevailing view among researchers and practitioners that abnormal risk-adjusted returns are an anomaly of financial market inefficiency. This outlook is misleading, since such returns only shed light on the imperfect models commonly used to measure and benchmark investment performance. In particular, using static asset pricing models to judge the performance of a dynamic investment strategy leads to flawed inferences when predicting market indicators. Market Timing and Moving Averages investigates the performance of moving average price indicators as a tactical asset allocation strategy. Glabadanidis provides a rationale for analyzing and testing the market timing and predictive power of any indicator based on past average prices and trading volume. He argues that certain trading strategies are best implemented as a dynamic asset allocation without selling short, in turn achieving the effect of an imperfect at-the-money protective put option. This work contains an empirical analysis of the performance of various versions of trading strategies based on simple moving averages.

This book examines four aspects of Malaysian consumers' financial vulnerabilities. First, it discusses the issue of over-indebtedness due to excessive reliance on consumer financing. Second, the book investigates why Malaysians are ill-prepared for their golden years in terms of retirement planning and savings. Third, it delves into the problem of financial fraud victimisation among Malaysian consumers. Fourth, the book analyses the reasons why Malaysians are underinsured despite the distinct benefits of life insurance. Drawing on secondary data from government agencies such as Bank Negara Malaysia, Employees' Provident Fund, Royal Malaysian Police and the Department of Statistics Malaysia, each chapter presents statistical trends reflecting the four financial vulnerabilities. In-depth analyses of the literature reveal three broad psychological domains (cognition, motivation, and disposition) and specific psychological factors (e.g. over-confidence, self-control, social norms, and financial literacy) that significantly influence consumers' financial decisions. The four financial vulnerabilities investigated in this book directly address the strategic outcomes of the Malaysian National Strategy for Financial Literacy 2019-2023 (MNSFL), a five-year plan to elevate the financial literacy of Malaysians. Finally, the book presents strategic recommendations that are believed to be useful guidelines for relevant policymakers to promote positive financial behaviours and rational attitudes among consumers. It will be a useful resource for policymakers and researchers interested in economic psychology and behavioural finance.

- The first book to contextualize business support of the arts within the evolution of CSR - The book will appeal to a wide variety of readers interested in culture, society and capitalism, including - The first book in almost 20 years to examine the relationship of business and the arts in an historical context

- The first book to contextualize business support of the arts within the evolution of CSR - The book will appeal to a wide variety of readers interested in culture, society and capitalism, including - The first book in almost 20 years to examine the relationship of business and the arts in an historical context

Realize your real estate dreams with this revised and updated guide from a bestselling author—and discover the creative financing strategies that savvy investors are using to do more deals, more often.

No matter how much money you have in your checking account, there is always real estate you can’t afford. But the contents of your wallet don’t have to define your future! This book will show you how to leverage other people’s money and capital to get amazing returns on your initial investment.

Active real estate investor and longtime co-host of The BiggerPockets Podcast, Brandon Turner, will show you the multiple financing methods that professional investors use to tap into current real estate markets. You’ll not only be able to navigate the world of creative real estate finance, but you’ll also get more mileage out of any real estate investment strategy.

Financing deals just got easier―learn how to be a smart investor by using creativity, not cash!

Inside, you’ll discover:

• The truth about no-money-down investing―Learn the mindset that successful investors use.
• How to get started investing in real estate―Learn the best strategies for getting your feet wet without paying thousands!
• Numerous strategies to mix and match―Creative investing requires a creative mind.
• How to attract private money, lenders, and partners―Become a magnet for millionaires’ investments.
• The ugly side of creative investing―Learn how to spot and overcome the downsides of the strategies mentioned in this book
• Strategies for wholesaling, flipping, rentals, and more―Find success no matter what niche you plan to use to build your real estate empire.

Trader Vic — Methods of a Wall Street Master Investment strategies from the man Barron’s calls "The Ultimate Wall Street Pro" "Victor Sperandeo is gifted with one of the finest minds I know. No wonder he’s compiled such an amazing record of success as a money manager. Every investor can benefit from the wisdom he offers in his new book. Don’t miss it!" —Paul Tudor Jones Tudor Investment Corporation "Here’s a simple review in three steps: 1. Buy this book! 2. Read this book! 3. See step 2. For those who can’t take a hint, Victor Sperandeo with T. Sullivan Brown has written a gem, a book of value for everyone in the markets, whether egghead, novice or seasoned speculator." —John Sweeney Technical Analysis of Stocks and Commodities "Get Trader Vic-Methods of a Wall Street Master by Victor Sperandeo, read it over and over and you’ll never have a losing year again." —Yale Hirsch Smart Money "I have followed Victor Sperandeo’s advice for ten years, and the results have been outstanding. This book is a must for any serious investor." —James J. Hayes, Vice President, Investments Prudential Securities Inc. "This book covers all the important aspects of making money and integrates them into a unifying philosophy that includes economics, Federal Reserve policy, trading methods, risk, psychology, and more. It’s a philosophy everyone should understand." —T. Boone Pickens, General Partner Mesa Limited Partnership "This book gave me a wealth of new insights into trading. Whether you’re a short-term trader or a long-term investor, you will improve your performance by following Sperandeo’s precepts." —Louis I. Margolis Managing Director, Salomon Brothers, Inc.

Extraordinary growth of the financial relative to the nonfinancial sector has marked the development of mature capitalism during the last four decades. The changing balance between the two sectors has altered the outlook of the economy and facilitated the spread of financial concerns, practices, and outlooks across society. The result has been the gradual transformation of contemporary capitalism - namely, its financialization since the late 1970s. There are similarities between the Marxian, the Post-Keynesian and other heterodox approaches to analyzing the profound changes in money and finance in the global economy since the 1980s. Prominent among them is a common focus on financialization but also on the limits of monetary policy, the transformation of banking, the tendency to crisis related to financial excess, and the problematic role of neoliberalism in finance. Furthermore, the complexity of the interrelationship between finance and the rest of the economy has increased since the great crisis of 2007-9. This book tackles several of these developments as well as engaging in debate among different currents of heterodox economics. The chapters in this book were originally published in The Japanese Political Economy.

In an organized and organic way, this book covers all the possible theoretical and empirical facets of delisting, adding to the well-developed literature on IPOs. IPO and delisting are strictly related; the reasons for delisting may be found in the loss of the incentives that drove the firm to the public market in the past. However, the book presents unique motivations not directly related to the IPO decision. This book covers what the existing literature has not in focusing on specific aspects such as market liquidity and microstructure, listing costs, market for corporate control, corporate governance issues and so on. Of interest to academics and students, this contribution puts all pieces in order and finds a thread that can link each theory to the others.

The bond market is a key securities market and emerging economies present exciting, new investment opportunities. This timely book provides insights into these emerging bond markets through empirical models and analytical databases, i.e. Bloomberg, Eikon Refinitiv and the Russian Cbonds. The book looks at the dynamics of the development of emerging bond markets, their competitiveness, features and patterns using macro and micro level data. It also takes into consideration various securities type i.e. government, corporate, sub-federal and municipal bonds, to identify respective challenges and risks. The book also analyses factors that may inhibit or stimulate a well-balanced financial market. It includes case studies of Asian, Latin American and Russian bond markets, as also as cross-country comparisons. It will be a useful reference for anyone who is interested to learn more of the bond market and the modelling techniques for critical data analysis.

Explores two neglected mathematical tools essential for competing successfully in today's frenzied commodities markets: quantity, which shows the proper amounts a trader should trade for a given market and system, and intercorrelation of returns (diversification), which shows not only which markets and systems to trade, but how to diversify with respect to trading the right quantities for each market. By using these lesser known tools in conjunction with the more popular trade/system selection tools, readers will see mathematically how success in the markets can be achieved, and how ``success'' without using all three is most likely incidental. In addition, non-stationary distribution of profits and losses and drawdowns are incorporated into the discussions to expose traders to the highs and lows of commodities markets and how best to leverage their assets.

Foreign direct investment (FDI) assumed a prominent role in Central East Europe (CEE) early on in the transition process. Foreign investors were assigned the task of restructuring markets, providing capital and knowledge for investment in technologically outdated and financially ailing firms.
After more than 20 years into the transitional period, this book sets out to analyse the conditions required for FDI to assume an active role in the region. The book aims to discover if actors in the local and national innovation systems are already relevant sources for foreign invested firms to tap local knowledge, and whether they are sufficiently developed to make profitable use of the knowledge and technology brought in by foreign investors.

For investors from across the world, UK residential property is seen as one of the best investments available. This is for good reason. It has a track record of delivering strong, stable returns in a way that is relatively easy to understand and implement. The trouble is, the market has changed. The investors of the future value sustainability more than ever before. There is unprecedented and growing demand for Environmental Social and Governance (ESG) investing, now worth $30 trillion in Assets Under Management each year, around a quarter of all professionally managed assets. The traditional goal of profit maximisation is being replaced. Investments must increasingly be profitable as well as sustainable: economically resilient with positive ESG metrics. Yet the UK residential property market - worth over GBP7.5 trillion - is lagging behind. There is very little clear, easily usable guidance for those responsible for a huge proportion of the market: private investors. The positive impacts of sustainable property investing - for profit-motivated investors, people and the planet - could be huge. The financial, environmental and social costs of getting it wrong could be catastrophic. To get this right and to avoid the risks of getting it wrong, it is vital to understand: * What sustainable residential property investing is * What needs to change and * How, on a practical level, you can invest in a way that is both profitable and sustainable. This book draws on expertise from within and beyond real estate, provides a simple framework for updating your approach. It highlights common mistakes and shares advice so that you can avoid them. Ultimately, it's about answering the question of the decade: 'How can I invest profitably with positive impacts?'

A detailed guide to the discipline of corporate valuation

Designed for the professional investor who is building an investment portfolio that includes equity, "Corporate Valuation for Portfolio Investment" takes you through a range of approaches, including those primarily based on assets, earnings, cash flow, and securities prices, as well as hybrid techniques.

Along the way, it discusses the importance of qualitative measures such as governance, which go well beyond generally accepted accounting principles and international financial reporting standards, and addresses a variety of special situations in the life cycle of businesses, including initial public offerings and bankruptcies. Engaging and informative, "Corporate Valuation for Portfolio Investment" also contains formulas, checklists, and models that the authors, or other experts, have found useful in making equity investments.Presents more than a dozen hybrid approaches to valuation, explaining their relevance to different types of investorsCharts stock market trends, both verbally and visually, enabling investors to think like traders when neededOffers valuation guidance based on less quantitative factors, namely management quality and factors relating to the company and the economy

"Corporate Valuation for Portfolio Investment" puts this dynamic discipline in perspective and presents proven ways to determine the value of corporate equity securities for the purpose of portfolio investment.

Though statistics indicate that trillions of dollars will be transferred to the younger generation in the next 50 years, the recipients of that inherited wealth are unlikely to preserve and pass on their inheritance intact. Faced with this prospect, many families today wonder how to successfully transmit to their progeny their own capacity, connections, compassion, and competency that built the original wealth, so that future generations can enjoy these same advantages, and more.

"The Legacy Family," written by two experts in the field, will provide readers with a roadmap for detailing how to leave family wealth and more importantly, legacy, intact. Readers will learn a variety of skills, from how to articulate a collective vision for the future that can be embraced by all family members to the importance of creating a process so that future generations can help each member shape their own future, while nourishing their close family bonds.

This is must reading for any family that wishes to ensure that their future generations have a solid foundation on which to build successful lives.

"Once I picked it up I did not put it down until I finished . . . What Schwed has done is capture fully—in deceptively clean language—the lunacy at the heart of the investment business."—From the Foreword by Michael Lewis, Bestselling author of Liar's Poker

This hilarious portrait of everyday Wall Street and its denizens rings as true today as it did when it was first published in 1940. Writing with a rare mixture of wry cynicism and bonhomie reminiscent of Mark Twain and H. L. Mencken, Fred Schwed, Jr., skewers everyone including himself in his brilliant send-ups of bankers, brokers, traders, investors, analysts, and hapless customers.

Critical Praise . . .

"How great to have a reissue of a hilarious classic that proves the more things change the more they stay the same. Only the names have been changed to protect the innocent."—Michael Bloomberg, President, Bloomberg, LP

". . . one of the funniest books ever written about Wall Street."—Jane Bryant Quinn, The Washington Post

"It's amazing how well Schwed's book is holding up after 55 years. About the only thing that's changed on Wall Street is that computers have replaced pencils and graph paper. Otherwise, the basics are the same. The investor's need to believe somebody is matched by the financial advisor's need to make a nice living. If one of them has to be disappointed, it's bound to be the former."—John Rothchild, Author, A Fool and His Money Financial Columnist, Time magazine

"Where Are the C-C-Customers' Yachts? is a g-g-great read."—Charles Ellis, Managing Partner, Greenwich Associates

"A delightful classic and reminder of excesses past and how little things change."—Bob Farrell, Senior Vice President, Merrill Lynch

Where Are the Customers' Yachts?

"'Wall Street,' reads the sinister old gag, 'is a street with a river at one end and a graveyard at the other.'

This is striking, but incomplete. It omits the kindergarten in the middle, and that's what this book is about." —Fred Schwed, Jr.

Written by Fred Schwed, Jr., a professional trader who had the good sense to get out after losing a bundle in the crash of 1929, this hilarious portrait of Wall Street and its denizens rings as true today as it did when it was first published in 1940. Writing with a rare mixture of wry cynicism and bonhomie reminiscent of Mark Twain and H. L. Mencken, Schwed skewers everyone including himself in his vivid depictions of the bankers, brokers, traders, investors, analysts, and hapless customers.

Just listen to his take on the conservative banker:

The conservative banker is an impressive specimen. In times of stress, when everybody needs money, he strives to avoid lending, but usually makes an exception to the United States government. Likewise, in prosperous times, he is a mighty liberal lender—so liberal that years later unfriendly committees ask him what he thought he was thinking about, and he is unable to remember.

. . . or his witty assessment of technical analysis:

It is the popular feeling on Wall Street that chart readers are pretty occult professionals but that somehow most of them are broke. "If you have the bad taste to ask [one] how it happens that he is broke, he tells you quite ingenuously that he made the all too human error of not believing his own charts."

It's easy to see why, more than a half-century after it first appeared, Where Are the Customers' Yachts? continues to be hailed by market insiders as the funniest and most penetrating send-up of Wall Street ever penned.

Provides practical, comprehensive information and strategies for using managed futures successfully. Clearly explains the benefits of managed futures and their role in a traditional portfolio. Uses case studies and firsthand reports to show how corporations are using managed futures. Written by over a dozen top experts in the fields of futures fund and portfolio management.

The papers and discussions in this volume were presented in a conference held at the Brookings Institution in November 1963 to explore the problems of appraising the benefits that are likely to accrue from proposed public investment projects. To throw light on this question from several directions, papers were commissioned to deal with it in seven contexts: research and development expenditures, outdoor recreation projects, education programs, federal aviation expenditures, highway programs, urban renewal projects, and public health programs.