Control of an impartial balance between risks and returns has become important for investors, and having a combination of financial instruments within a portfolio is an advantage. Portfolio management has thus become very important for reaching a resolution in high-risk investment opportunities and addressing the risk-reward tradeoff by maximizing returns and minimizing risks within a given investment period for a variety of assets. Metaheuristic Approaches to Portfolio Optimization is an essential reference source that examines the proper selection of financial instruments in a financial portfolio management scenario in terms of metaheuristic approaches. It also explores common measures used for the evaluation of risks/returns of portfolios in real-life situations. Featuring research on topics such as closed-end funds, asset allocation, and risk-return paradigm, this book is ideally designed for investors, financial professionals, money managers, accountants, students, professionals, and researchers.

This book is based on A Trading Desk's View of Market Quality, a conference hosted by the Zicklin School of Business on April 30, 2002. The text includes the edited transcripts of each panel as well as separate presentations by two distinguished industry officials, Joel Steinmetz, who at the time was Senior Vice President, Equities, Instinet Corporation, and Laura Unger, formerly Acting Chairperson and Commissioner of the U.S. Securities and Exchange Commission. This book is not simply a historical record of the conference. It is also an exposition of the complex issues raised by the industry experts and speakers in attendance. Therefore, we introduced new material from foll- up interviews with many of the panelists so that the final result would be a more valuable document. Our intention was to examine the discussions with a critical eye, then modify or expand various sections to reflect contemporary conditions. In addition, we have included a paper by Ozenbas, Schwartz and Wood (see Chapter 8, page 151) that provides further analysis on the connection between market quality and intra-day 1 volatility that was noted several times during the conference. During the production process, we worked with the panelists, and took pains not to put words in their mouths. They have all approved the final draft of the manuscript, and we thank them for their assistance and patience.

Equipment Leasing is a practical reference for financial managers who need background information, and an understanding of how leasing can be utilized as a cost-effective means of equipment financing-especially under the new tax law in the United States. It explores various types of leases, including single investor leases, leveraged leases, tax requirements for true leases' and lease-buy economic analysis. This invaluable resource includes the background and basics of equipment leasing, history of leasing, synthetic leases, financial reporting of lease transactions by lessees, operating a leasing company, and much more.

"Well conceived and executed--any trader will find this a fascinating read."
--Rich Blake

Senior Editor, Trader Monthly magazine

"Knowing yourself is one of the most important, but perhaps most overlooked, aspects of trading. In Trade with Passion and Purpose, Mark Whistler has a fascinating and unique take on the subject. I'd highly recommend this book for any trader who is serious about improving their craft."
--Cory Janssen

Cofounder, Investopedia.com

"An indispensable resource for anyone who intends to trade for a profit on a regular basis . . . Mark Whistler has outlined and detailed an intangible skill set all successful traders must possess. You simply can't get it anywhere else."
--Alex Williams

Managing Director, Investment University, www.investmentu.com

The purpose of Basics of Mortgage-Backed Securities is to provide readers with a fundamental understanding of mortgage securities as an integral part of investment in fixed-income securities. The second edition of this MBS classic provides the latest information on the U.S. residential mortgage market, adjustable-rate mortgages and mortgage pass-throughs, relative value analyses and performance characteristics.
Dr. James Hu discusses the major changes within the mortgage market that may affect the fundamentals of mortgage securities. Some of these are: the recovery of the REMIC market after its collapse; the flourish of private-label securities; the growth of equity loan-backed securities and its establishment as a member of the fixed-income securities family. Also included are additional historical data for all exhibits. Mortgage pre-payment, dollar rolls, and private-label mortgage-backed securities are also addressed.

For all but the most credit-worthy companies, it is more efficient to finance large pools of assets that have predictable behavioral characteristics through non-standard arrangements. These off-balance sheet structures allow credit exposures to be tailored to investor risk, asset class, and an ever-increasing diversity of idiosyncratic needs on the part of issuers and investors. The discipline that addresses these structures, which is called structured finance or securitization, is almost twenty years old, and has become a pervasive element of modern financial management. Yet, it has not been systematically covered in a textbook designed for both the school and workplace contexts. The Elements of Structured Finance, the text version of a program of instruction in structured finance that the authors have offered at NYU and Hong Kong University, as well as in private training programs and consultancies, fills this void spectacularly. Raynes and Rutledge, two very highly regarded teachers and consultants in the field, bring clarity and logic to an inherently complex and frightening area of finance, using their extensive experience working with many of the top Wall Street securities houses. The book begins with the relatively simple concepts of static valuation models and the benchmark pool, and takes the reader through the more esoteric features of dynamic risk analysis, thus serving as both an introduction for the beginner and a helpful reference for the professional. In addition to participants in structured finance programs, this book will appeal to structured finance analysts and managers at banks, asset management companies, insurance companies, and a wide variety of other corporations.

A practitioner's guide to finding alpha in fixed income trading in emerging markets Emerging fixed income markets are both large and fast growing. China, currently the second largest economy in the world, is predicted to overtake the United States by 2030. Chinese fixed income markets are worth more than $11 trillion USD and are being added to global fixed income indices starting in 2019. Access for foreigners to the Indian fixed income market, valued at almost 1trn USD, is also becoming easier - a trend repeated in emerging markets around the world. The move to include large Emerging Market (EM) fixed income markets into non-EM benchmarks requires non-EM specialists to understand EM fixed income. Trading Fixed Income in Emerging Markets examines the principle drivers for EM fixed income investing. This timely guide suggests a more systematic approach to EM fixed income trading with a focus on practical trading rules on how to generate alpha, assisting EM practitioners to limit market-share losses to passive investment vehicles. The definitive text on trading EM fixed income, this book is heavily data-driven - every trading rule is thoroughly back-tested over the last 10+ years. Case studies help readers identify and benefit from market regularities, while discussions of the business cycle and typical EM events inform and optimise trading strategies. Topics include portfolio construction, how to apply ESG principles to EM and the future of EM investing in the realm of Big Data and machine learning. Written by practitioners for practitioners, this book: Provides effective, immediately-accessible tools Covers all three fixed income asset classes: EMFX, EM local rates and EM credit Thoroughly analyses the impact of the global macro cycle on EM investing Examines the influence of the financial rise of China and its fixed income markets Includes case studies of trades that illustrate how markets typically behave in certain situations The first book of its kind, Trading Fixed Income in Emerging Markets: A Practitioner's Guide is an indispensable resource for EM fund managers, analysts and strategists, sell-side professionals in EM and non-EM specialists considering activity in emerging markets.

This book illustrates the application of the economic concept of stochastic dominance to option markets and presents an alternative option pricing paradigm to the prevailing no arbitrage simultaneous equilibrium in the frictionless underlying and option markets. This new methodology was developed primarily by the author, working independently or jointly with other co-authors, over the course of more than thirty years. Among others, it yields the fundamental Black-Scholes-Merton option value when markets are complete, presents a new approach to the pricing of rare event risk, and uncovers option mispricing that leads to tradeable strategies in the presence of transaction costs. In the latter case it shows how a utility-maximizing investor trading in the market and a riskless bond, subject to proportional transaction costs, can increase his/her expected utility by overlaying a zero-net-cost portfolio of options bought at their ask price and written at their bid price, irrespective of the specific form of the utility function. The book contains a unified presentation of these methods and results, making it a highly readable supplement for educators and sophisticated professionals working in the popular field of option pricing. It also features a foreword by George Constantinides, the Leo Melamed Professor of Finance at the Booth School of Business, University of Chicago, USA, who was a co-author in several parts of the book.

Conquer the markets and become a successful day trader

Day trading is a fast-paced, sometimes risky form of investment. Day Trading For Dummies gives you the information you need to get started with this quick-action form of trading for income and maintain your assets. Learn how the market works, how to read and predict price movements, and how to minimize your loss potential, so you can manage your money strategically and create your day trading plan. Expert author Ann Logue will set you on the path to success, showing you the techniques successful day traders use to profit. This new edition covers crypto, AI, meme stocks, new trading options, and the latest strategies. By following market indicators and doing the essential research, you can avoid making critical mistakes and instead make smart trades that earn money.

This book is mainly devoted to finite difference numerical methods for solving partial differential equations (PDEs) models of pricing a wide variety of financial derivative securities. With this objective, the book is divided into two main parts. In the first part, after an introduction concerning the basics on derivative securities, the authors explain how to establish the adequate PDE boundary value problems for different sets of derivative products (vanilla and exotic options, and interest rate derivatives). For many option problems, the analytic solutions are also derived with details. The second part is devoted to explaining and analyzing the application of finite differences techniques to the financial models stated in the first part of the book. For this, the authors recall some basics on finite difference methods, initial boundary value problems, and (having in view financial products with early exercise feature) linear complementarity and free boundary problems. In each chapter, the techniques related to these mathematical and numerical subjects are applied to a wide variety of financial products. This is a textbook for graduate students following a mathematical finance program as well as a valuable reference for those researchers working in numerical methods in financial derivatives. For this new edition, the book has been updated throughout with many new problems added. More details about numerical methods for some options, for example, Asian options with discrete sampling, are provided and the proof of solution-uniqueness of derivative security problems and the complete stability analysis of numerical methods for two-dimensional problems are added. Review of first edition: "...the book is highly well designed and structured as a textbook for graduate students following a mathematical finance program, which includes Black-Scholes dynamic hedging methodology to price financial derivatives. Also, it is a very valuable reference for those researchers working in numerical methods in financial derivatives, either with a more financial or mathematical background." -- MATHEMATICAL REVIEWS

Fixed income attribution is by its very nature a complex and mathematically demanding topic, and there is little information available on this area. "Fixed Income Attribution" has been written to fill this tremendous void. This comprehensive resource contains both theoretical and practical information about running and understanding fixed income attribution, including the mathematics of attribution, practical limitations, benchmarks, presentation tools, and choosing and running an attribution system. Filled with insightful examples and expert advice, "Fixed Income Attribution" is the perfect source of information for those working in this complex environment.

Mortgage Backed Securities (MBS) are among the most complex of all financial instruments. Analysis of MBS requires blending empirical analysis of borrower behavior with mathematical modeling of interest rates and home prices. Over the past 25 years, Davidson and Levin have been at the leading edge of MBS valuation and risk analysis. Mortgage Valuation Models: Embedded Options, Risk and Uncertainty is a detailed description of the sophisticated theories and advanced methods that the authors employ in real-world analysis of mortgage backed securities. Issues such as complexity, borrower options, uncertainty, and model risk play a central role in their approach to valuation of MBS. The book describes methods for modeling prepayments and defaults of borrowers. It explores closed form, backward induction and Monte Carlo valuation using the Option-Adjusted-Spread (OAS) approach, explains the origin of OAS and its relationship to model uncertainty. With reference to the classical CAPM and APT, the book advocates extending the concept of risk-neutrality to modeling home prices and borrower options, well beyond interest rates. The coverage spans the range of mortgage products from loans, TBA (to be announced) pass-through securities to subordinate tranches of subprime-mortgage securitizations and describes valuation methods for both agency and non-agency MBS including pricing new loans; Davidson and Levin put forth new approaches to prudent risk measurement, ranking, and decomposition that can help guide traders and risk managers. It reveals quantitative causes of the 2007-09 financial crisis and provides insights into the future of the US housing finance system and mortgage modeling. Despite the advances in mortgage modeling and valuation, this remains an ever-evolving field. Mortgage Valuation Models will serve as a foundation for the future development of models for mortgage-backed securities.

A collection of papers on the determinants and consequences of foreign direct investment (FDI) in the real and financial sectors of industrial countries. The text sheds new light on the determinants of FDI, in particular the role of governmental incentives. Another main topic is the role of FDI in the east European accession countries. It provides insights into the question of whether EU enlargement will have consequences for capital flows into those countries. Since the start of European monetary union, the discussion on cross-border mergers in the European banking industry has intensified. The final part of the book contains contributions to this debate.

Sixty-one percent of Canadians between the ages of 45 and 64 don't have a formal financial strategy. In The BAPKIN Plan, author and financial planner Gerard Hassprovides simple yet effective guidance for creating a financial plan to help you save, invest, and plan for retirement.

The BAPKIN Plan presents an easy-to-remember framework and explains the basic steps you can use to simplify and improve your life and your financial wellbeing. Offering checklists to help you organize your journey, this reference tool can guide you to a better understandingof what your financial adviser or planner is recommending--including the positive and negative features of potential investments. You'll learn how to

- develop a commitment to setting simple goals and to following a simple plan based on common sense;- commit to strategies to live within your means;- draft a statement of net worth and revisit it every year;- protect yourself with an emergency fund, line of credit, and insurances;- protect your loved ones by having life insurance coverage, a will, and powers of attorney;- understand how you are taxed and the importance of seeking professional help;- develop a personal pension plan strategy based on your life stage;- institute a disciplined investment strategy that will suit your objectives;and- work with the adviser who is a professional--not a salesman.

Communicating a wealth of information, Hass provides advice to help move you forward in your financial empowerment.

Some of the most successful and well-known hedge funds have long profited from a trading strategy that applies macroeconomic views to global markets: global macro. Pioneered by hedge fund managers such as George Soros and Julian Robertson, this strategy has led to enormous profits. By placing directional bets on liquid assets, it is particularly suited for trending markets.

In Macro Trading and Investment Strategies: Macroeconomic Arbitrage in Global Markets, Gabriel Burstein defines and rigorously analyzes this investment style. He then proposes macro arbitrage as an original alternative to trading subjective macroeconomic views at times when markets are either trending or are extremely volatile, lacking direction, and in crisis, such as during the Asian, Russian, and Latin American economic and financial collapses of the late 1990s. Macro arbitrage is introduced as a new, lower-risk, long/short macro strategy that is based on detecting objective macroeconomic mispricings in global markets. Burstein shows how this trading strategy works in stock market sector spreads (food retailers/general retailers, banks/utilities), stock index spreads (Italy/Spain, Sweden/Finland), and with the European Monetary Union (EMU) ahead of its 1999 single-currency final stage.

In Macro Trading and Investment Strategies, Burstein presents, with examples, the framework for traditional global macro strategies, then shows how to use macroeconomic mispricings in global financial markets to design innovative global macroeconomic arbitrage strategies for trading and investing.

Macro Trading and Investment Strategies is the first thorough examination of one of the most proficient and enigmatic trading strategies in use today—global—macro. More importantly, it introduces an innovative strategy to this popular hedge fund investment style—global macroeconomic arbitrage.

Dr. Burstein, an ex-Goldman Sachs macro proprietary trader who now heads a hedge funds-dedicated equity sales group at Daiwa Europe, proposes a new global macro strategy that is nondirectional and more objective. The classic global macro strategy utilizes macroeconomic information to anticipate market direction through subjective views. As a result, global macro has a strong subjective-directional component. Based on objective mispricings of macroeconomic information in stock market index and stock sector index spreads, a new long/short arbitrage strategy is presented here that capitalizes on the correction of objective macroeconomic mispricings. These macro arbitrage strategies are evaluated and tested in volatile markets such as the "domino effect" of the global financial crises of 1997-1998 that led to a hedge fund crisis. In fact, the book shows how global financial crises create strong macro arbitrage opportunities while also being a catalyst for correcting preexistent macro mispricings.

Macro Trading and Investment Strategies: Macroeconomic Arbitrage in Global Markets presents a new and compelling trading and investment strategy. Written in a clear and concise style, it includes definitions and carefully tested trading examples.Packed with revealing trading case studies, examples, explanations, and definitions, this comprehensive work covers:

• Global directional macro, long/short macro, and macroeconomic arbitrage trading and investment strategies
• Causes of macroeconomic mispricings in markets; tackling secondary macroeconomic variables in trades
• The importance of technical timing in macro arbitrage
• Volatility of macro arbitrage strategies versus volatility of relative-value strategies
• Mispricing opportunities due to the effect of the Asian crisis on global markets
• Macro arbitrage of the EMU convergence mispricing in equity markets
• Mispricings of retail sales, GDP, industrial production, interest rates, and exchange rates in stock markets

In-depth and timely, Macro Trading and Investment Strategies covers an area of intense interest to today's trading and investment community and shows new opportunities. It is invaluable reading for those seeking new ways to tackle today's volatile global markets.

In Money Masters of Our Time, John Train once again displays his ability to explain clearly the strategies, experience, and human qualities of those money masters who have stood the test of time as well as newer ones. He brings together experts who represent various investment "schools" -- growth, value, technology, emerging markets, specialty companies, micro-caps, turnarounds, top down, bottom up, and others—clarifying their similarities and differences and showing how diverse methods and techniques work.

Whether contrasting the long-term approach of Warren Buffett with the "relentless pursuit" style of Peter Lynch or distilling the principles of market timing or expounding a list of investment "don'ts," John Train makes the collective wisdom of the greatest, most successful investors available to all, professional and amateur alike.

Critical Praise for Common Stocks and Uncommon Profits and Other Writings

"You will find lots of jewels in these pages that may do as much for you as they have for me."
–– Kenneth L. Fisher

"I sought out Phil Fisher after reading his Common Stocks and Uncommon Profits and Other Writings. When I met him, I was as impressed by the man as by his ideas. A thorough understanding of the business, obtained by using Phil’s techniques . . . enables one to make intelligent investment commitments."
–– Warren Buffett

"Little known to the public, rarely interviewed, and accepting few clients, Philip Fisher is nevertheless read and studied by most thoughtful investment professionals . . . everyone will profit from pondering–as Warren Buffett has done–the investment principles Fisher espouses."
–– James W. Michaels
former editor, Forbes

"My own copy [of Common Stocks and Uncommon Profits and Other Writings] has underlinings and marginal thoughts throughout."
–– John Train
author of Dance of the Money Bees

Updated features include a new Preface and Introduction from Kenneth L. Fisher

Widely respected and admired, Philip Fisher is among the most influential investors of all time. His investment philosophies, introduced almost forty years ago, are not only studied and applied by today’s finance professionals, but are also regarded by many as gospel. Common Stocks and Uncommon Profits and Other Writings reveals these timeless philosophies.

While new technology and complicated theories promise to take your trading to "the next level," the truth is that long-term success in this field is rooted in simplicity. That's why Al Brooks has created "Reading Price Charts Bar by Bar."

With this book, Brooks--a technical analyst for Futures magazine and an independent trader--demonstrates how applying price action analysis to chart patterns can help enhance returns and minimize downside risk. Along the way, you'll discover the importance of understanding every bar on a price chart, why particular patterns are reliable setups for trades, and how to locate entry and exit points as markets are trading in real time.

Throughout these pages, some of the most useful tools for deciphering price action are covered in detail, including:

Trendlines and trend channel lines

Prior highs and lows

Breakouts and failed breakouts

The size of bodies and tails on candles

The relationship between current bars to prior bars

And much more

Learning what the market is telling you can be difficult, but with the right approach, you can achieve this goal and capture consistent profits in the process. "Reading Price Charts Bar by Bar" has all the information you need to succeed at this endeavor and will put you in the best position possible to make the most of your time in today's turbulent markets.

Praise for "Reading Price Charts Bar by Bar"

"Al Brooks has written a book every day trader should read. On all levels, he has kept trading simple, straightforward, and approachable. By teaching traders that there are no rules, just guidelines, he has allowed basic common sense to once again rule how real traders should approach the market. This is a must-read for any trader that wants to learn his own path to success."
--Noble DraKoln, founder ofwww.SpeculatorAcademy.com and author of "Trade Like a Pro" and "Winning the Trading Game"

"Al Brooks is a trader's trader. He understands the focused energy it takes to be successful at trading and works long, hard hours in front of the computer screen to beat the markets. In his first trading book, he outlines, selflessly, his strategy step by step. A doctor and educator in his previous life, he uses his eye for detail and transfers lessons he learned in training himself on the art of trading to the written page. For those who are willing to delve into the details of day trading and dedicate the time and energy to do it seriously and most likely profitably, Al Brooks's book "Reading Price Charts Bar by Bar," is a must-read."
--Ginger Szala, Publisher and Editorial Director, "Futures" magazine

For undergraduate courses in derivatives, options and futures, financial engineering, financial mathematics, and risk management. A reader-friendly book with an abundance of numerical and real-life examples. Based on Hull's Options, Futures and Other Derivatives, Fundamentals of Futures and Options Markets presents an accessible and student-friendly overview of the topic without the use of calculus. Packed with numerical examples and accounts of real-life situations, this text effectively guides students through the material while helping them prepare for the working world.

Mastery made easy!

In traveling the shifting terrain of the financial world, one is often met with confusing and even contradictory directions. In the search for a reliable path, there's nothing like a personal guide--one who can show you the most direct route to your goal. In Just One Thing, author John Mauldin offers an incomparable shortcut to prosperity: the personal guidance of an outstanding group of recognized financial experts, each offering the single most useful piece of advice garnered from years of investing.

Never before has such an esteemed assembly of financial gurus offered their most valued insights in such a succinct manner--and in a single volume. In marvelously readable essays of uncommon clarity, each contributor presents the most precious kernel of advice--just one thing--that he would pass on to his own children and his children's children. And now these gems of investment wisdom can be yours.

What is the most important piece of investment advice you can find? Let these twelve investment gurus share with you the "Just One Thing" each of them has learned:
Rob Arnott
Bill Bonner
Ed Easterling
Mark Finn
Dennis Gartman
George Gilder
Andy Kessler
Michael Masterson
John Mauldin
James Montier
Richard Russell
A. Gary Shilling

Praise for Investment Management

"A compelling analysis of the challenges of investment management, and why investment management firms require innovation to succeed."
--Blake Grossman, CEO, Barclays Global Investors

"Great investment managers understand that positioning portfolios for clients should not be an act of conformity, but rather a constant journey of shifting fundamentals and opinion. Wayne and Ralph bring this fact to life by addressing some of the key challenges to serious investment thinking, using top-level researchers in their respective fields. For those investment managers and clients who want to go beyond the ordinary."
--Jeff Diermeier, former CEO of CFA Institute and retired CIO of UBS Global Asset Management

"The essays in this book provide an invaluable reference point of serious readings for money managers. The works provide the analyst with the most recent scholarship in a single book, presenting ideas and philosophy that will lead me back to its various sections time and time again."
--Kenneth S. Hackel, CFA, President, CT Capital LLC

"The crash of 2007-2009 brought a harsh conclusion to a quarter of a century of unprecedented growth and prosperity for the investment management industry, which faces no less a task than reinventing itself. Rieves' and Wagner's contribution to the way forward couldn't be timelier."
--Richard Ennis, Principal, Ennis Knupp + Associates

"This book uniformly focuses on the best practices to which investment management professionals should commit. I highly recommend this book to investment managers, sales people, and trustees of pensions, endowments, trusts, and mutual funds."
--Jack Clark Francis, PhD, Professor of Economics and Finance, Bernard Baruch College

The book presents a comprehensive and incisive analysis of Structural transformation which is among the most relevant and crucial themes of contemporary economics. Structural transformation is the edifice that is the basis of the next phase of economic transformation. The book demonstrates that structural transformation cannot be shoe horned into a single point formula, it is not merely about achieving a double-digit growth rate, nor it is achieved by an overarching emphasis on rapid technological advancement. Based on empirical evidence pertinent to developed and developing nations and present imperatives the book provides a comprehensive elucidation that structural transformation will be profoundly determined by the empirics of investment, Innovation and Institutions.

Federal Reserve monetary policy has a profound effect on the U.S. economy and consequently on investments. This unique book combines the institutional approach to monetary policy with the theories and principles involved in applying that knowledge to investing. Although there are many books on the Federal Reserve and a myriad of books on investing, this synthesis of institutional, theoretical, and practical applications is unique to the marketplace.

In part I, Laura Nowak reviews the political origins of the Federal Reserve and follows its growth into the powerful arbiter of U.S. economic policy today. The actual conduct and effects of monetary policy are then explained with an eye toward identifying changes in policy that can be applied to the investment world. In part II, the effects of monetary policies on stock and bond markets and on particular industires are discussed, followed by a description of the investment instruments that will be impacted by different policies. In conclusion, Nowak offers a chapter of suggestions for hedging against changes in monetary policy and another chapter describing the tools that can be used for this purpose. The book will be useful to investment professionals who are intimately involved in their own specialty but who want and need to understand how the system works so they can improve their performance and advise their clients with more knowledge and authority.