The only guide focusing entirely on practical approaches to pricing and hedging derivatives One valuable lesson of the financial crisis was that derivatives and risk practitioners don't really understand the products they're dealing with. Written by a practitioner for practitioners, this book delivers the kind of knowledge and skills traders and finance professionals need to fully understand derivatives and price and hedge them effectively. Most derivatives books are written by academics and are long on theory and short on the day-to-day realities of derivatives trading. Of the few practical guides available, very few of those cover pricing and hedging two critical topics for traders. What matters to practitioners is what happens on the trading floor information only seasoned practitioners such as authors Marroni and Perdomo can impart. * Lays out proven derivatives pricing and hedging strategies and techniques for equities, FX, fixed income and commodities, as well as multi-assets and cross-assets * Provides expert guidance on the development of structured products, supplemented with a range of practical examples * Packed with real-life examples covering everything from option payout with delta hedging, to Monte Carlo procedures to common structured products payoffs * The Companion Website features all of the examples from the book in Excel complete with source code

"The Little Book That Builds Wealth provides a sensible framework for identifying companies that can sustain high returns on capital. Pat Dorsey tells the reader how to look for durable competitive advantage in choosing equities. His four sources of structural competitive advantage: (1) intangible assets; (2) switching costs; (3) network effect; and (4) cost advantage are particularly valuable in selecting long-term equity commitments."
--Louis A. Simpson, President and Chief Executive Officer, Capital Operations, GEICO Corporation

"Pat Dorsey provides a practical framework for integrating the realities of a changing future into today's investment decisions. A little art and a little science--key ingredients to successful long-term investing."
--Larry D. Coats, Chief Executive Officer, Oak Value Capital Management, Inc.

"Spend two evenings reading Pat Dorsey's The Little Book and you'll cast away all the techniques that failed for you in the past. This is the definitive text on how to identify strong-performing businesses for your portfolio and, more importantly, how to avoid thousands of investments that won't stand the test of time. It's must reading for every investor."
--Timothy P. Vick, Senior Portfolio Manager, The Sanibel Captiva Trust Co., and author of How to Pick Stocks Like Warren Buffett

Regardless of your trading methods, and no matter what markets you're involved in, there is a Commitments of Traders (COT) report that you should be reviewing every week. Nobody understands this better than Stephen Briese, an industry-leading expert on COT data. And now, with "The Commitments of Traders Bible, " Briese reveals how to use the predictive power of COT data--and accurately interpret it--in order to analyze market movements and achieve investment success.

Efficiently Inefficient describes the key trading strategies used by hedge funds and demystifies the secret world of active investing. Leading financial economist Lasse Heje Pedersen combines the latest research with real-world examples and interviews with top hedge fund managers to show how certain trading strategies make money--and why they sometimes don't. Pedersen views markets as neither perfectly efficient nor completely inefficient. Rather, they are inefficient enough that money managers can be compensated for their costs through the profits of their trading strategies and efficient enough that the profits after costs do not encourage additional active investing. Understanding how to trade in this efficiently inefficient market provides a new, engaging way to learn finance. Pedersen analyzes how the market price of stocks and bonds can differ from the model price, leading to new perspectives on the relationship between trading results and finance theory. He explores several different areas in depth--fundamental tools for investment management, equity strategies, macro strategies, and arbitrage strategies--and he looks at such diverse topics as portfolio choice, risk management, equity valuation, and yield curve logic. The book's strategies are illuminated further by interviews with leading hedge fund managers: Lee Ainslie, Cliff Asness, Jim Chanos, Ken Griffin, David Harding, John Paulson, Myron Scholes, and George Soros. Efficiently Inefficient effectively demonstrates how financial markets really work. Free problem sets are available online at http://www.lhpedersen.com

Dalvinder Singh provides an interdisciplinary analysis of the legal aspects of prudential supervision. This gives the reader a broader understanding of the core processes of banking supervision. By using the UK as a case study, a comparison is made with the US to illustrate the different ways of approaching the issues. The author examines the legal as well as the theoretical, economic, political and policy issues that underpin the purpose of prudential supervision, such as corporate governance, enforcement sanctions, the role of external auditors and accountability of financial regulators. These are considered in the context of broad-policy considerations which render prudential supervision necessary, namely financial stability and depositor protection. The book will be of interest to academics, policymakers, regulators and practitioners, and equally will serve specialist undergraduate and postgraduate programmes in law, management and economics which focus on financial regulation.

This book focuses on the impact of high-frequency data in forecasting market volatility and options price. New technologies have created opportunities to obtain better, faster, and more efficient datasets to explore financial market phenomena at the most acceptable data levels. It provides reliable intraday data supporting financial investment decisions across different assets classes and instruments consisting of commodities, derivatives, equities, fixed income and foreign exchange. This book emphasises four key areas, (1) estimating intraday implied volatility using ultra-high frequency (5-minutes frequency) currency options to capture traders' trading behaviour, (2) computing realised volatility based on 5-minute frequency currency price to obtain speculators' speculation attitude, (3) examining the ability of implied volatility to subsume market information through forecasting realised volatility and (4) evaluating the predictive power of implied volatility for pricing currency options. This is a must-read for academics and professionals who want to improve their skills and outcomes in trading options.

The CFA Institute has announced that all 2021 exams will continue to reflect the official 2020 curriculum. Wiley's 11th Hour Final Review Guide for 2020 Level II CFA Exam compacts all readings tested on the 2020 CFA exam into one portable volume. Organized in order, this best-selling guide has helped thousands of candidates from over one-hundred countries pass the CFA exam. Designed to boil it all down to the crucial concepts, formulas and rules, this guide ensures candidates are familiar with the most important testable information. It's difficult to go over multiple books in the last few weeks before the exam, so Wiley's 11th Hour Review Guide does the work for you--condensing each reading down to two- to five pages. Enter the exam room with confidence and reinforce your knowledge and preparation! This comprehensive guide complements Wiley's CFA Study Guides sold separately but may be used with any review course. An effective, efficient study guide, this book prepares you to reach the next level in your career. The Eleventh Hour Review book is simply brilliant. Virtually every sentence it contains is testable--it's an absolute must-have for every Level I candidate. --Ameer, UK The eleventh hour guide was a great help. --Konrad, South Africa I used your eleventh hour guide and mock exams for the last bit of my studying and greatly enjoyed your material. Out of all of the exam prep material, I thought [yours] was the best. --Thomas, USA Thanks to the team for writing the most intelligent Chartered Financial Analyst material I have seen to date. The eleventh hour guide is absolute genius and proving very valuable at this stage of the revision process. --Doug, UK

In answer to the intense development of new financial products and the increasing complexity of portfolio management theory, Portfolio Optimization and Performance Analysis offers a solid grounding in modern portfolio theory. The book presents both standard and novel results on the axiomatics of the individual choice in an uncertain framework, contains a precise overview of standard portfolio optimization, provides a review of the main results for static and dynamic cases, and shows how theoretical results can be applied to practical and operational portfolio optimization. Divided into four sections that mirror the book's aims, this resource first describes the fundamental results of decision theory, including utility maximization and risk measure minimization. Covering both active and passive portfolio management, the second part discusses standard portfolio optimization and performance measures. The book subsequently introduces dynamic portfolio optimization based on stochastic control and martingale theory. It also outlines portfolio optimization with market frictions, such as incompleteness, transaction costs, labor income, and random time horizon. The final section applies theoretical results to practical portfolio optimization, including structured portfolio management. It details portfolio insurance methods as well as performance measures for alternative investments, such as hedge funds. Taking into account the different features of portfolio management theory, this book promotes a thorough understanding for students and professionals in the field.

In the ten years since the first edition of this book was published, Ichimoku charting, or Cloud charting, has gone from the sole preserve of Japanese traders to being used by traders worldwide. This widespread adoption of the technique can be traced at least in part to this book, since it was the first to introduce the technique to the world outside Japan. Candlestick charts play an important role in technical analysis worldwide. This book covers the history of candlestick charts - explaining the context in which they developed. It then moves on to explain how in the 1930s a journalist, with the pseudonym Ichimoku Sanjin, started refining candlestick analysis by adding a series of moving averages. The book explains in detail how to construct Cloud charts and how to interpret them. A chapter is devoted to the advanced analysis of Cloud charts, with an in-depth study of the Three Principles: Wave Principle, Price Target and Timespan Principle. The book is illustrated throughout with numerous examples of Cloud chart analysis. Brand new to this second edition are the author's thoughts from a further decade of using the technique and new trading examples.

A detailed look at what really happens in the front office of an investment bank and why

Trading floors have always fascinated people, but few understand the role they play in the world of finance today. Though markets rise and fall every day, the drivers of those are rarely explored. Those who understand the dynamics of trading floors will better understand the dynamics of global financial markets. This book reveals the key players on the floor, their roles and responsibilities, how they serve their clients, and how it all impacts the markets. It also explains important terminology, explains the world of trading both cash and derivatives, and much more.

Includes a foreword by Gillian Tett, author of "Fool's Gold: How Unrestrained Greed Corrupted a Dream, Shattered Global Markets and Unleashed a Catastrophe."

Terri Duhon (www.terriduhon.co) is a financial market expert who in 2004 founded B&B Structured Finance Ltd, which provides expert consulting and financial markets training . Her time on the trading floor has been documented in the book Fool's Gold as well as by PBS's Frontline.

Rich Dad's Prophecy answers the question on every working person's mind: "Will I ever be able to retire?" Be forewarned. With the recent volatility of the stock market and the upheavals in corporate America, millions of workers are watching their life savings melt away in front of their eyes. 401(k) plans are no longer a guaranteed fast track to a secure retirement, but what are the alternatives? Robert Kiyosaki's rich dad foresaw these unfortunate events more than two decades ago. His prophecy was that these retirement programs would cause one of the biggest stock market crashes in history...a crash that is still coming. Rich Dad's Prophecy will show you how retirement financing will affect all of us, regardless of our age or where we live. Be prepared. This book will do more than convince you of the coming stock market crash. It will show you how to build your own personal financial ark that will make sure you not only weather the storm but profit from it. And profit well. Rich Dad's Prophecy will teach you... * How the fears, dreams, and actions of millions of baby boomers will control the economic future * Why the old advice "Buy, hold, and diversify" can lead to financial disaster * How another stock market boom is on the horizon before the big bust-and when rich dad predicts it will happen * How to stay afloat amid the turbulent waters ahead-discover rich dad's favorite investments. "This is not a gloom and doom book. It is really a gloom and boom book. My rich dad would say such things as, 'Every time a law changes, the future changes.' For those who are vigilant and prepared for the changes coming, the future is very bright." -from the Introduction.

"The Switzerland Business and Investment Handbook" covers all key aspects of conducting business, investing and living in Switzerland. It is a unique reference manual featuring over thirty separate chapters, each of them concise and to the point, providing the information that really matters. Besides an introduction to Switzerland's historical, political, social and economic framework, this book covers the Swiss legal system, company and contract law, intellectual property law, personal and corporate taxation, VAT, international tax aspects, real estate, residence, the social security and pension system, Swiss annuities and life insurance, corporate and private banking, and other important subjects. Overview tables, useful checklists, portraits of the Swiss cantons, a bibliography, a comprehensive facts and figures section, as well as a clearly organized address section, make the handbook user-friendly and practice-oriented. This book is aimed at: company executives who wish to have a clear overview of the legal, tax and economic framework in Switzerland; investors and entrepreneurs interested in investing and doing business in Switzerland; tax and legal advisors, business consultants and fiduciaries; and, english-speakers living, working or doing business in Switzerland.

A core text for one semester courses in Financial Institutions and Markets. A comprehensive exploration of the world's financial markets and institutions. Foundations of Financial Markets and Institutions, offers a comprehensive exploration of the revolutionary developments occurring in the world's financial markets and institutions -i.e., innovation, globalization, and deregulation-with a focus on the actual practices of financial institutions, investors, and financial instruments. This edition incorporates and addresses the vast amount of changes that have recently occurred in financial institutions and markets around the world.

This major book extends Michal Kalecki's investment cycle analysis into an integrated dynamic model of how levels of confidence experienced by entrepreneurs affect their decisions to invest. The long-term, expensive and uncertain nature of investment projects inhibits decision makers' confidence, making it susceptible to a wide range of factors. Incorporating behavioural and evolutionary analysis into a Kaleckian investment model, Jerry Courvisanos develops the concept of susceptibility which provides the foundation for an improved understanding of the empirically observed cyclical instability of capital accumulation. Historically based empirical patterns of cyclical manufacturing investment in capitalist economies are identified and related to how the nature of susceptibility alters over time. These alterations are shown to create different investment cycle patterns over evolving periods of economic development. Drawing on this susceptibility cycle model, Jerry Courvisanos shows how corporate and governmental strategic planners can better design policies to mitigate the instability that investment exhibits. The result could be to diminish the aggravating effect that investment instability has on business cycles and employment in capitalist economies.

AS SEEN ON PUBLIC TELEVISION New for 2021-The complete action plan from Ed Slott, "the best source of IRA advice" (Wall Street Journal), to help you make sure your 401(k)s, IRAs, and retirement savings aren't depleted by taxes by the time you need to use them. If you're like most Americans, your most valuable asset is your retirement fund. We diligently save money for years, yet most of us don't know how to avoid the costly mistakes that cause a good chunk of those savings to be lost to needless and excessive taxation. Now, in the midst of a financial crisis, there is more need than ever to protect your assets. The New Retirement Savings Time Bomb, by renowned tax advisor Ed Slott, shows you in clear-cut layman's terms how to take control over your retirement savings plan. This easy-to-follow plan helps you place your assets to avoid the latest traps set out by congress in addition to any that might be set down the road, so you can keep your hard-earned money no matter what. And, it's fully up-to date with information on the SECURE Act and everything you need to know about how the coronavirus relief bills will affect your savings down the road. This book is required reading for every American with savings and investments who is planning to retire, be it five years from now or fifty.

The dismal truth about hedge funds and how investors can get a greater share of the profits

Shocking but true: if all the money that's ever been invested in hedge funds had been in treasury bills, the results would have been twice as good.

Although hedge fund managers have earned some great fortunes, investors as a group have done quite poorly, particularly in recent years. Plagued by high fees, complex legal structures, poor disclosure, and return chasing, investors confront surprisingly meager results. Drawing on an insider's view of industry growth during the 1990s, a time when hedge fund investors did well in part because there were relatively few of them, "The Hedge Fund Mirage" chronicles the early days of hedge fund investing before institutions got into the game and goes on to describe the seeding business, a specialized area in which investors provide venture capital-type funding to promising but undiscovered hedge funds. Today's investors need to do better, and this book highlights the many subtle and not-so-subtle ways that the returns and risks are biased in favor of the hedge fund manager, and how investors and allocators can redress the imbalance.The surprising frequency of fraud, highlighted with several examples that the author was able to avoid through solid due diligence, industry contacts, and some luckWhy new and emerging hedge fund managers are where generally better returns are to be found, because most capital invested is steered towards apparently safer but less profitable large, established funds rather than smaller managers that evoke the more profitable 1990s

Hedge fund investors have had it hard in recent years, but "The Hedge Fund Mirage" is here to change that, by turning the tables on conventional wisdom and putting the hedge fund investor back on top.

Integral Urbanism is an ambitious and forward-looking theory of urbanism that offers a new model of urban life. Nan Ellin's model stands as an antidote to the pervasive problems engendered by modern and postmodern urban planning and architecture: sprawl, anomie, a pervasive culture - and architecture - of fear in cities, and a disregard for environmental issues. Instead of the reactive and escapist tendencies characterizing so much contemporary urban development, Ellin champions an 'integral' approach that reverses the fragmentation of our landscapes and lives through proactive design solutions.

In the wake of the recent financial crisis, many will agree that it is time for a fresh approach to portfolio management. "The Complete Guide to Portfolio Construction and Management" provides practical investment advice for building a robust, diversified portfolio.

Written by a high-profile investment adviser, this book reveals a practical portfolio management framework and new approach to portfolio construction based on four key market forces: macro, fundamental, technical, and behavioural. It is an insight that takes the focus off numbers, looking instead at the role of risk and behavior in finance.

As we have seen with the recent finance meltdown, traditional portfolio management techniques are flawed. Investors need to understand those flaws and learn how to incorporate risk management and behavioral finance into their asset management strategies.

With a foreword by industry leader Francois-Serge L'habitant, this is your one-stop guide, with new ways for you to manage, grow and preserve your investment portfolio, even in uncertain markets.

"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"

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

"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

"It's amazing how well Schwed's book is holding up after fifty-five 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

Humorous and entertaining, this book exposes the folly and hypocrisy of Wall Street. The title refers to a story about a visitor to New York who admired the yachts of the bankers and brokers. Naively, he asked where all the customers' yachts were? Of course, none of the customers could afford yachts, even though they dutifully followed the advice of their bankers and brokers. Full of wise contrarian advice and offering a true look at the world of investing, in which brokers get rich while their customers go broke, this book continues to open the eyes of investors to the reality of Wall Street.

The 'boom' in foreign direct investment (FDI) since the mid-1980s, continues to be paramount in policy interest. This book reviews the literature on the nature of FDI and reports the recent results on the performance of FDI plants in order to show the implications for regional economic development. It presents new evidence on the nature and performance of these plants, using a unique dataset that has been constructed and rigorously analyzed by applying econometric techniques. The role of FDI in economic development has long been poorly understood and this book contributes to improving understanding, and is of direct policy relevance. An examination is made of the generation, theory and location of FDI, as well as its implications for regional and national development. In addition to this, analysis is made of the issues at the project and plant levels, related to investment, employment and firm survival.

Roger Murray (1911-1998) was a crucial figure in the history of value investing. A financial professional, economist, adviser to members of Congress, and educator, Murray was the successor to the legendary Benjamin Graham as professor of the securities analysis course at Columbia Business School. There, he mentored generations of students, including Mario Gabelli, Charles Royce, Leon G. Cooperman, and Art Samberg. This book offers a compelling account of Murray's multifaceted career alongside a series of remarkable lectures he gave late in his life that encapsulated his philosophy of investing. The investing professionals and educators Paul Johnson and Paul D. Sonkin chronicle Murray's life and accomplishments, capturing his professional triumphs, theoretical insights, and lasting legacy. They highlight Murray's educational philosophy and mentorship, including personal recollections from his students about his teaching and influence. The Enduring Value of Roger Murray features the transcripts of four lectures Murray gave in 1993, hosted by Gabelli, which became legendary in the investing community. These lectures inspired Bruce Greenwald to ask Murray to co-teach a security analysis course, leading to the resurrection of value investing education at Columbia Business School, which had waned after Murray's retirement in 1977. Annotated by Johnson and Sonkin, these lectures are now available to a wide audience for the first time. They will be illuminating and instructive for all value investing students and practitioners today.

The FX options market represents one of the most liquid and strongly competitive markets in the world, and features many technical subtleties that can seriously harm the uninformed and unaware trader.

This book is a unique guide to running an FX options book from the market maker perspective. Striking a balance between mathematical rigour and market practice and written by experienced practitioner Antonio Castagna, the book shows readers how to correctly build an entire volatility surface from the market prices of the main structures.

Starting with the basic conventions related to the main FX deals and the basic traded structures of FX options, the book gradually introduces the main tools to cope with the FX volatility risk. It then goes on to review the main concepts of option pricing theory and their application within a Black-Scholes economy and a stochastic volatility environment. The book also introduces models that can be implemented to price and manage FX options before examining the effects of volatility on the profits and losses arising from the hedging activity.

Coverage includes: how the Black-Scholes model is used in professional trading activitythe most suitable stochastic volatility modelssources of profit and loss from the Delta and volatility hedging activityfundamental concepts of smile hedgingmajor market approaches and variations of the Vanna-Volga methodvolatility-related Greeks in the Black-Scholes modelpricing of plain vanilla options, digital options, barrier options and the less well known exotic optionstools for monitoring the main risks of an FX options' book

The book is accompanied by a CD Rom featuring models in VBA, demonstrating many of the approaches described in the book.

This textbook helps students truly understand how to apply the principles behind corporate finance in a real world context from both a firm and investor perspective. In its second edition, this text focuses on traditional theory applied to a holistic and realistic business case study, written as a novel set in current times so that all readers can relate. As such, this textbook offers readers both a quantitative and qualitative perspective on topics such as capital budgeting, time value of money, corporate risk, and capital structure. The sections are laid out to mirror the financial decision process, making it easier for readers to grasp the idea of the corporate financial life cycle. New topics such as socially responsible investing and private capital markets are also incorporated into this edition. Finally, PowerPoint slides, answer keys and data sets are available online for instructors.