The three volumes of Interest Rate Modeling present a comprehensive and up-to-date treatment of techniques and models used in the pricing and risk management of fixed income securities. Written by two leading practitioners and seasoned industry veterans, this unique series combines finance theory, numerical methods, and approximation techniques to provide the reader with an integrated approach to the process of designing and implementing industrial-strength models for fixed income security valuation and hedging. Aiming to bridge the gap between advanced theoretical models and real-life trading applications, the pragmatic, yet rigorous, approach taken in this book will appeal to students, academics, and professionals working in quantitative finance. The first half of Volume III contains a detailed study of several classes of fixed income securities, ranging from simple vanilla options to highly exotic cancelable and path-dependent derivatives. The analysis is done in product-specific fashion covering, among other subjects, risk characterization, calibration strategies, and valuation methods. In its second half, Volume III studies the general topic of derivative portfolio risk management, with a particular emphasis on the challenging problem of computing smooth price sensitivities to market input perturbations.

A proven, easy-to-understandmethod for makingmoney with options

"If you've never invested in the stock market, this is the book for you. If you've been investingfor years . . . this is still the book for you. A fantastic introduction to options."
--Jon "DOCTOR J" Najarian, Co-founder, OptionMonster.com

Spread trading-the practice of combining optiontrades and adjusting them over time-is being used successfullyby more and more professional traders. In this book, Greg Jensenshows nonprofessionals the tremendous advantages thissafe and profitable method offers.

In simple and precise terms, "Spread Trading" providesreaders with all the essential tools to begin trading options.It explains, in nine simple steps, the basics of puts, calls, strike prices, and spreads-assuming no prior knowledge onyour part-and tells how to profit no matter what the market does.The author has helped thousands of people achieve successimplementing this approach, and with Spread Trading, hecontinues to educate individuals on the benefits of trading thisway, showing you how to make money while reducing risk.

Building his lessons around the entertaining story oftwo ordinary guys figuring out how to trade options with each other, Jensen offers more than dry formulas-he relates the sense andthe intuition of trading options in a way that is simple, methodical, and easy to follow.

This book introduces readers to a new approach to identifying stock market bubbles by using the illiquidity premium, a parameter derived by employing conic finance theory. Further, it shows how to develop the closed form formulas of the bid and ask prices of European options by using Black-Scholes and Kou models. By using the derived formulas and sliding windows technique, the book explains how to numerically calculate illiquidity premiums. The methods introduced here will enable readers interested in risk management, portfolio optimization and hedging in real-time to identify when asset prices are in a bubble state and when that bubble bursts. Moreover, the techniques discussed will allow them to accurately recognize periods of exuberance and panic, and to measure how different strategies work during these phases with respect to calmer periods of market behavior. A brief history of financial bubbles and an outlook on future developments serve to round out the coverage.

Most investors get their financial information from the media, but this is not always the best way to unlock the secrets that lead to real financial success. This book is a treasure trove of information on the inner workings of the finance establishment by a Bloomberg insider. What do the top CEOs know? What information do brokers keep from their clients? What are analysts on TV not telling you? This is a must-have for both professional and private investors.

The Space Value of Money introduces a fresh and innovative perspective on sustainability and finance. It expands our financial value framework, heretofore built around risk and time, by factoring in space, as an analytical dimension and our physical context. The proposed principle and metrics entrench our responsibility for space impact into our value equations, making finance inherently sustainable and acting as a theoretical bridge between core finance theory and the growing field of sustainable finance or ESG integration. The book offers a novel approach to value design, measurement, and creation, discussing the theoretical, mathematical, institutional, technological and data elements of the transformation. The Space Value of Money principle and metrics offer us the opportunity to adjust our financial value framework and transform human productivity in line with our sustainability targets. They also enable the design and engineering of the financial instruments that can help us address our evolutionary challenges/investment, like the transition to Net Zero. "Every once in a while, a book comes along that makes a fundamental contribution that is both profound and practical. A book that every member of the National Space Council, including the NASA Administrator and the Space Force chief of space operations should read. The Space Value of Money will be of interest to ESG and impact investors, government regulators, financial theorists, and outer space enthusiasts." -Lt Col Peter Garretson, Senior Fellow in Defense Studies at the American Foreign Policy Council "No doubt, the pressing environmental challenges we face make the concept of the space impact of investments even more compelling." -Dr. Pascal Blanque, Chairman of Amundi Institute, Former Group CIO of Amundi Asset Management "The Space Value of Money brings much needed conceptual rigour, whilst further advocating the case for a new paradigm shift in financial valuation. This work gives us the lasting frameworks that aggregate impact across all spatial dimensions. Dr. Papazian culminates over ten years of research in this rich book, providing the springboard for further innovation and system implementation in this area." -Domenico Del Re, Director, Sustainability and Climate Change, PwC "Enthralling and captivating. Papazian offers a clear, thorough, and comprehensive discussion. The Space Value of Money gives us an opportunity to reframe our thinking and to explore what is possible. A great read!" -Daud Vicary, Founding Trustee of the Responsible Finance and Investment Foundation "Armen has developed a novel way to create financial models that are better suited to dealing with the many parameters required if we are to properly consider environmental factors and sustainability in economics and finance. I have found this engaging and look forward to seeing its future use." -Dr. Keith Carne, First Bursar, King's College, Cambridge University

Closed-End Investment Companies (CEICs) were the dominant form of investment companies in the United States during the early part of this century, but interest in them declined after the 1929 stock market crash. Since 1985, however, there has been a significant revival of interest in CEICs. A substantial amount of academic research has focused on the nature of closed-end funds, discounts and premiums, and on the share price behavior of these firms, which often results in the prices differing from the net asset value of the shares. This book is designed for the academic researcher interested in CEICs and the practitioner interested in using CEICs as an investment vehicle. The authors summarize the evolution of CEICs, present the factors that cause CEIC shares to trade at different levels from their net asset values, provide a complete survey of the academic literature on this topic, and summarize the current state of research on CEICs.

"Trading is notoriously tough. But Altucher's new book adds a noteworthy addition to the library on Warren Buffett. He shows a lot of Buffett that isn't readily available in the existing common literature. Definitely required reading for any serious Buffett buff."
--Kenneth L. Fisher, Forbes' "Portfolio Strategy" Columnist Founder and CEO, Fisher Investments

"Finally, someone blows apart the myth that Warren Buffett is a buy-and-hold investor. Altucher has given us an insightful and well-written commentary on how Buffett has amassed his track record, and what we can do to emulate him. He details the trade-by-trade examples. This is a must read for anyone wanting to learn about how the Master Investor works."
--John Mauldin, author, Bull's Eye Investing editor of Thoughts from the Frontline (www.2000wave.com)

While Warren Buffett is considered the "world's greatest value investor," there's another side to Buffett that is rarely talked about. Although Buffett has gained recognition for his value investing approach to the markets, the fact is that nobody--over the past fifty years--has traded and invested with a more diverse group of strategies than Buffett.

Trade Like Warren Buffett challenges the current coverage of this great investor by including details of all of Buffett's investing and trading methods, including mean reversion, commodities, bonds, arbitrage, market timing, funds, as well as Graham-Dodd. To augment the discussion of each strategy, Trade Like Warren Buffett also includes interviews with leading financial professionals, who reveal in detail how they've successfully used the same techniques.

There is no one way to sum up Warren Buffett's investmentstyle. But if you're interested in boosting the performance of your portfolio, Trade Like Warren Buffett can show you how.

An in-depth look at the best ways to navigate the post-reform world of derivatives and futures

The derivatives market is one of the largest, and most important financial markets in the world. It's also one of the least understood. Today we are witnessing the unprecedented reform and reshaping of this market, and along with these events, the entire life cycle of a derivatives transaction has been affected. Accordingly, nearly all market participants in the modern economy need to view the handling of risk by derivatives in a very different way.

Many aspects of financial services reform are based on a belief that derivatives caused the Great Recession of 2008. While the difficulties we now face cannot be blamed solely on derivatives, the need to understand this market, and the financial products that trade within it, has never been greater. "The Post-Reform Guide to Derivatives and Futures" provides straightforward descriptions of these important investment products, the market in which they trade, and the law that now, after July 16, 2011, governs their use in America and creates challenges for investors throughout the world. Author Gordon Peery is an attorney who works exclusively in the derivatives markets and specializes in derivatives and futures reform and market structure. Since representing clients in Congressional hearings involving Enron Corp., he has developed extensive experience in this field. With this guide, he reveals how derivatives law, and market practice throughout the world, began to change in historic ways beginning in 2011, and what you must do to keep up with these changes.Explains what derivatives and futures are, who trades them, and what must be done to manage risk in the post reform worldAccurately reflects the futures and derivatives markets as they exist today and how they will be transformed by the Dodd-Frank Wall Street Reform and Consumer Protection ActHighlights the risks and common disputes regarding derivatives and futures, and offers recommendations for best practices in light of the evolving law governing derivatives

The financial crisis has changed the rules of Wall Street, especially when it comes to derivatives and futures. "The Post-Reform Guide to Derivatives and Futures" will help you navigate this evolving field and put you in a better position to make the most informed decisions within it.

'Written in a clear and straightforward style, and well grounded in succinct and pertinent analysis...It will prove a boon to students and practitioners alike as moves proceed towards European integration.' - British Book News;This volume identifies and analyses the extent to which the countries of Central and Eastern Europe are likely to attract inward foreign direct investment (FDI) to the turn of the century. Although these countries have been growing recipients of FDI, Western multinationals remain cautious and are slow to commit large investment sums. The book covers the contextual and thematic aspects of FDI as well as empirical country studies (including the Commonwealth of Independent States, Hungary, Poland and Slovenia) which address the legal environment for FDI, its magnitude and motives and industrial breakdown. The final section discusses the potential for closer economic and political integration in Europe.

Examine the high yield market for a clear understanding of this evolving asset class High Yield Debt is the one-stop resource for wealth advisors seeking an in-depth understanding of this misunderstood asset class. The high yield market provides a diverse opportunity set, including fixed and floating rate debt, high and low quality debt issues and both short- and long-term duration; but many fail to understand that not all high yield exposure is the same, and that different market segments and strategies work best at different points in the economic cycle. This guide addresses the confusion surrounding high yield debt. You'll find the information you need to decide whether or not to buy in to a high yield fund, and how to evaluate the opportunities and risks without getting lost in the jargon. The U.S. corporate high yield market is worth $2.4 trillion more than the stock markets of most developed countries. Market growth has increased the number of funds with high yield exposure, as well as the types of debt products available for investment. This book breaks it down into concrete terms, providing the answers advisors need to effectively evaluate the opportunities on offer. * Understand the high yield asset class * Learn the debt structures, performance and defaults * Evaluate risk and investment opportunities * Penetrate the jargon to make sense of high yield investment Over 300 publicly traded funds provide exposure to U.S. high yield, but despite it's size and ubiquity, understanding of the asset class as a whole remains somewhat of a rarity even among participants. A lack of transparency is partially to blame, but the market's evolution over the past fifteen years is the larger issue. High Yield Debt explains the modern high yield market in real terms, providing a much-needed resource for the savvy investor. "Rajay Bagaria has written the first book that captures a 360 degree view of the high yield debt market. Whether you are an investor, investment banker, corporate lawyer, CFO or layperson simply trying to gain insights into the fundamentals of high yield debt, this book translates financial and legal concepts, trends and structures of high yield bonds and leveraged loans into a simple, understandable format. Mr. Bagaria s book is a valuable resource for anyone involved in the new issue or secondary leveraged finance markets." Frank J. Lopez, Co-Head Global Capital Markets, Proskauer "Bagaria does a great service for both high yield professionals and beginners by providing an accessible, well-written, insightful market primer." Steven Miller, Managing Director, S&P Capital IQ, Leveraged Commentary & Data "High-Yield Debt - An Insider s Guide to the Marketplace is a comprehensive book that provides an in-depth understanding of the history, growth, basics and details of high-debt and the high-yield market. The author gives insights that only an experienced professional can provide. The book will be invaluable to readers both starting out and knowledgeable about an important segment of corporate finance, dealing with concepts, structures and performance." Arthur Kaufman, Retired Partner, Fried, Frank, Harris, Shriver & Jacobson LLP / Member of Adjunct Faculty, Columbia Law School

This book provides insights into the hidden role of intuitive expertise in financial decision-making. The authors show and discuss how expertise combined with intuitive judgments positively affect decision-making outcomes. The book builds on the latest academic studies in this emergent field. In combination with the academic perspective, the authors provide a field study that they conducted in the context of mergers and acquisitions (M&As), a common and critical strategic investment for companies. The interviews were carried out with experts and decision-makers in large and successful international companies (i.e., M&A experts, CEOs, CFOs, and board members). The book provides a solid theoretical and empirically based grounding of the topic. In addition, it offers suggestions to practitioners on how they can develop and nurture intuitive expertise in strategic investment decision-making. The report of the field study provides examples and quotes from interviews to visualize findings, thus helping practitioners gain understanding and insights from the text. The authors also discuss the downsides of intuitive expertise, such as biases and flawed decision-making. For scholars, students, and professionals, the book offers a concise and up-to-date summary of an emergent stream of research, exploring how cognition and judgment affect financial decision-making.

Part of a series which focuses on advances in futures and options research, this volume discusses a variety of topics in the field.

The book is divided into three sections plus detailed appendices and glossary and accompanying CD-ROM. It provides a description of the investment management process providing a context for quantitative techniques,addresses different quantitative techniques as applied to investment management, and brings together issues such as currency management, performance measurement and appraisal and performance analysis.

This study is an independent scholarly analysis of the economics of the grain futures contracts of the Chicago Board of Trade. The study was made possible by a research grant to the MidAmerica Institute from the Chicago Board of Trade, and we gratefully acknowledge this financial support, as well as the information and vast body of experience made available to us by the Division of Economic Analysis and members of the Exchange. Several other organizations also provided invaluable help from the inception of this study through the full process, either in the form of information, or through discussion: the Commodity Futures Trading Commission, the U.S. Department of Agriculture, the National Grain and Feed Association, the American Soybean Association, the Senate Committee on Agriculture, Nutrition and Forestry, the House Committee on Agriculture, the General Accounting Office, and the Center for the Study of Futures and Options Markets at Virginia Polytechnic and State University. We express our thanks. The primary authors wish to extend a special word of apprecia tion to Michael Brennan, Merton Miller, Richard Roll, Hans Stoll and Lester Telser, who served as members of the Resource Panel for the study. While key strengths of the study reflect their input, ultimate responsibility for the analysis rests with the primary authors."

When it comes to boosting your portfolio, you've got options! Looking for a new way to flex your investing muscle? Look no further! Options Trading For Dummies offers trusted guidance for anyone ready to jump into the versatile, rewarding world of stock options. And just what are your options options? This book breaks down the most common types of options contracts, helping you select the right strategy for your needs. Learn all about the risk-reward structure of options trading and reduce your risk through smart mixing and matching. Today's markets are more topsy turvy than ever before, but there is also more potential for everyday investors like you to profit, regardless of economic conditions. Options are great for broadening your retirement portfolio or earning a little extra scratch through shorter-term positions. Options Trading For Dummies is your plain-English resource for learning how! Demystify the world of options contracts and how to trade them, including index, equity, and ETF options Use technical analysis to create a solid trading strategy that limits your risk Protect your assets and avoid the pitfalls common to first-time options traders Learn about covered calls, butterfly positions, and other techniques that can enhance your gains Thinking of trading options, but not sure where to start? This latest edition of Options Trading For Dummies provides you with step-by-step advice for boosting your income under today's market conditions.

A process-driven approach to investment management that lets you achieve the same high gains as the most successful portfolio managers, but at half the cost What do you pay for when you hire a portfolio manager? Is it his or her unique experience and expertise, a set of specialized analytical skills possessed by only a few? The truth, according to industry insider Jacques Lussier, is that, despite their often grandiose claims, most successful investment managers, themselves, can't properly explain their successes. In this book Lussier argues convincingly that most of the gains achieved by professional portfolio managers can be accounted for not by special knowledge or arcane analytical methodologies, but proper portfolio management processes whether they are aware of this or not. More importantly, Lussier lays out a formal process-oriented approach proven to consistently garner most of the excess gains generated by traditional analysis-intensive approaches, but at a fraction of the cost since it could be fully implemented internally. * Profit from more than a half-century's theoretical and empirical literature, as well as the author's own experiences as a top investment strategist * Learn an approach, combining several formal management processes, that simplifies portfolio management and makes its underlying qualities more transparent, while lowering costs significantly * Discover proven methods for exploiting the inefficiencies of traditional benchmarks, as well as the behavioral biases of investors and corporate management, for consistently high returns * Learn to use highly-efficient portfolio management and rebalancing methodologies and an approach to diversification that yields returns far greater than traditional investment programs

Are you young and feeling left behind financially? It doesn’t have to be this way. The UK’s leading millennial money expert, Iona Bain, is on a mission to help young people own their futures, once and for all. Low wages, high house prices, zero reward for saving and the catastrophic fallout from Covid-19... young people have had a rough ride. But we have a choice. We can sleepwalk into a poorer future – or we can transform our prospects by embracing the power of investing. Iona is here to demystify savings, pensions and investing for a new generation. Whether it's robo-advisers or auto-enrolment, green investing or forex on Instagram, Iona will break down what it all means so YOU can take charge of your long-term finances. In this fun, wise and incredibly helpful book, Iona explains why investing matters. She also shows you how to get your basic finances right, save for your first home and make your pension socially responsible. You'll find out all about the rewards and risks of online investing, from sexy stockpicking apps to digital wealth managers, and learn how to manage your long-term finances so you can avoid major mistakes and achieve your goals. Investing often gets a bad rep thanks to the Wolf of Wall Street, social media scams and high-rolling money men. In fact, investing has never been more accessible, more interesting – and more important. It’s the single biggest thing that we can do to change our lives, and society, for the better. So what are you waiting for? Let’s start owning it!

The steadily rising number of investor-State arbitration proceedings within the EU has triggered an extensive backlash and an increased questioning of the international investment law regime by different Member States as well as the EU Commission. This has resulted in the EU's assertion of control over the intra-EU investment regime by promoting the termination of bilateral intra-EU investment treaties (intra-EU BITs) and by opposing the jurisdiction of arbitral tribunals in intra-EU investor-State arbitration proceedings. Against the backdrop of the landmark Achmea decision of the European Court of Justice, the book offers an in-depth analysis of the interplay of international investment law and the law of the European Union with regard to intra-EU investments, i.e. investments undertaken by an investor from one EU Member State within the territory of another EU Member State. It specifically analyses the conflict between the two investment protection regimes applicable within the EU with a particular emphasis on the compatibility of the international legal instruments with the law of the European Union. The book thereby addresses the more general question of the relationship between EU law and international law and offers a conceptual framework of intra-European investment protection based on the analysis of all intra-EU BITs, the Energy Charter Treaty and EU law, as well as the arbitral practice in over 180 intra-EU investor-State arbitration proceedings. Finally, the book develops possible solutions to reconcile the international legal standards of protection with the regionalized transnational law of the European Union.

Welcome to the world of Martin "Buzzy" Schwartz, Champion Trader--the man whose nerves of steel and killer instinct in the canyons of Wall Street earned him the well-deserved name "Pit Bull." This is the true story of how Schwartz became the best of the best, of the people and places he discovered along the way and of the trader's tricks and techniques he used to make his millions.