1. 1 The Area of Research In this thesis, we will investigate the 'market-conform' pricing of newly issued contingent claims. A contingent claim is a derivative whose value at any settlement date is determined by the value of one or more other underlying assets, e. g., forwards, futures, plain-vanilla or exotic options with European or American-style exercise features. Market-conform pricing means that prices of existing actively traded securities are taken as given, and then the set of equivalent martingale measures that are consistent with the initial prices of the traded securities is derived using no-arbitrage arguments. Sometimes in the literature other expressions are used for 'market-conform' valuation - 'smile-consistent' valuation or 'fair-market' valuation - that describe the same basic idea. The seminal work by Black and Scholes (1973) (BS) and Merton (1973) mark a breakthrough in the problem of hedging and pricing contingent claims based on no-arbitrage arguments. Harrison and Kreps (1979) provide a firm mathematical foundation for the Black-Scholes- Merton analysis. They show that the absence of arbitrage is equivalent to the existence of an equivalent martingale measure. Under this mea sure the normalized security price process forms a martingale and so securities can be valued by taking expectations. If the securities market is complete, then the equivalent martingale measure and hence the price of any security are unique."

The implied volatility surface is a key financial variable for the pricing and the risk management of plain vanilla and exotic options portfolios alike. Consequently, statistical models of the implied volatility surface are of immediate importance in practice: they may appear as estimates of the current surface or as fully specified dynamic models describing its propagation through space and time.

This book fills a gap in the financial literature by bringing together both recent advances in the theory of implied volatility and refined semiparametric estimation strategies and dimension reduction methods for functional surfaces: the first part of the book is devoted to smile-consistent pricing appoaches. The theory of implied and local volatility is presented concisely, and vital smile-consistent modeling approaches such as implied trees, mixture diffusion, or stochastic implied volatility models are discussed in detail. The second part of the book familiarizes the reader with estimation techniques that are natural candidates to meet the challenges in implied volatility modeling, such as the rich functional structure of observed implied volatility surfaces and the necessity for dimension reduction: non- and semiparametric smoothing techniques.

The book introduces Nadaraya-Watson, local polynomial and least squares kernel smoothing, and dimension reduction methods such as common principle components, functional principle components models and dynamic semiparametric factor models. Throughout, most methods are illustrated with empirical investigations, simulations and pictures.

Transform the way you think about money in this easy-to-use, jargon-free guide by Anne Boden (CEO of Starling Bank) which busts commonly held financial myths, helping you to get the most of your cash in today's digital world. There's never been a shortage of advice on managing your money, clearing debt, being canny with your cash and getting the best deals. But it can be hard work, and everyone seems to be saying something different. What if you could easily cut through all the rhetoric and noise and everything could be made straightforward? In The Money Revolution, banking entrepreneur, and founder of award winning Starling Bank, Anne Boden shines a spotlight on how we save, spend and invest our money. By adopting a few new behaviours, it's possible to transform your bank balance for the better. The Money Revolution breaks through the traditional thinking about money and what you've always been told you should expect from financial institutions. Sharing the benefits of smart banking, fintech solutions and the advantages of open banking, it covers a range of financial solutions, from savings and investments to pensions, bill payments and travel money. Find out everything you need to know to get the best out of your money every day.

Written by highly respected financial journalist Rodney Hobson, it takes you step by step through the most basic concepts of stock market investing, carefully explaining issues such as: - what shares are and how they are bought and sold - why share prices go up and down - why some companies' shares look cheap while others appear to be expensive - the hidden traps for the unwary. This fully revised and updated third edition of this bestselling book sets out to create a level playing field between the stock market professionals and the small investor. No one needs to suffer pitiful bank interest rates when there is real money to be made in sharing the nation's wealth. Tens of thousands of investors have already benefited from Rodney's clear explanation of the stock market - now you can too.

Only Yesterday

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

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

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

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

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

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

Acclaim for Only Yesterday

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

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

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

Unknown to most modern-day investors and traders who cherish Reminiscences of a Stock Operator as one of the most important investment books ever written, the material first appeared in the 1920s as a series of articles and illustrations in the Saturday Evening Post. Now, for the first time ever, this beloved classic is being made available in its original, illustrated format.

You'll track the exploits of Jesse Livermore as he won and lost tens of millions of dollars playing the stock and commodities markets during the early 1900s. At one point, he made the then astronomical sum of 10 million dollars in just one month of trading

Originally published as a fictionalized account, the Illustrated Edition combines the Saturday Evening Post's memorable illustrations with Edwin LeFevre's timeless investment advice, recreating the look, feel, and message that was first published more than 80 years ago. Among the most compelling and enduring pieces ever written on trading, the new Illustrated Edition brings this story to life like never before. Order your copy today.

An insider's look at security analysis and business valuation, as practiced by Wall Street, Corporate America, and international businessesTwo major market crashes, numerous financial and accounting scandals, growth in private equity and hedge funds, Sarbanes Oxley and related regulations, and international developments changed security analysis and business valuation substantially over the last fourteen years. These events necessitated a second edition of this modern classic, praised earlier by "Barron's" as a "welcome successor to Graham and Dodd" and used in the global CFA exam.

This authoritative book shows the rational, rigorous analysis is still the most successful way to evaluate securities. It picks up where Graham and Dodd's bestselling "Security Analysis" - for decades considered the definitive word on the subject - leaves off. Providing a practical viewpoint, "Security Analysis on Wall Street" shows how the values of common stock are really determined in today's marketplace. Incorporating dozens of real-world examples, and spotlighting many special analysis cases - including cash flow stocks, unusual industries and distressed securities - this comprehensive resources delivers all the answers to your questions about security analysis and corporate valuation on Wall Street.The "Second Edition" of "Security Analysis on Wall Street" examines how mutual funds, private equity funds, hedge funds, institutional money managers, investment banks, business appraisers, and corporate acquirers perform their craft of security analysis and business valuation in today's highly charged environment. Completely updated to reflect the latest methodologies, this reliable resource represents the most comprehensive book written by someone who has actually worked as an investment banker, private equity executive, and international institutional investor.Shows the methodical process that practitioners use to value common stocks and operating companies and to make buy/sell decisions Discusses the impact of the two stock market crashes, the accounting and financial scandals, and the new regulations on the evaluation process Covers how Internet and computing power automate portions of the research and analytical effortIncludes new case study examples representative of valuation issues faced daily by mutual funds, private equity funds, hedge funds, institutional investors, investment banks, business appraisers, and corporate acquirers Is a perfect tool for professors wishing to show their MBA students the essential tools of equity and business valuation

Security analysis and business valuation are core financial disciplines for Wall Streeters, corporate acquirers, and international investors. The "Second Edition" of "Security Analysis on Wall Street" is an important book for anyone who needs a solid grounding in these critical finance topics.

In the mid-eighties Mehra and Prescott showed that the risk premium earned by American stocks cannot reasonably be explained by conventional capital market models. Using time additive utility, the observed risk pre mium can only be explained by unrealistically high risk aversion parameters. This phenomenon is well known as the equity premium puzzle. Shortly aft erwards it was also observed that the risk-free rate is too low relative to the observed risk premium. This essay is the first one to analyze these puzzles in the German capital market. It starts with a thorough discussion of the available theoretical mod els and then goes on to perform various empirical studies on the German capital market. After discussing natural properties of the pricing kernel by which future cash flows are translated into securities prices, various multi period equilibrium models are investigated for their implied pricing kernels. The starting point is a representative investor who optimizes his invest ment and consumption policy over time. One important implication of time additive utility is the identity of relative risk aversion and the inverse in tertemporal elasticity of substitution. Since this identity is at odds with reality, the essay goes on to discuss recursive preferences which violate the expected utility principle but allow to separate relative risk aversion and intertemporal elasticity of substitution."

A revealing look at Wall Street, the financial media, and financial regulators by David Einhorn, the President of Greenlight Capital

Could 2008's credit crisis have been minimized or even avoided? In 2002, David Einhorn-one of the country's top investors-was asked at a charity investment conference to share his best investment advice. Short sell Allied Capital. At the time, Allied was a leader in the private financing industry. Einhorn claimed Allied was using questionable accounting practices to prop itself up. Sound familiar? At the time of the original version of "Fooling Some of the People All of the Time: A Long Short Story" the outcome of his advice was unknown. Now, the story is complete and we know Einhorn was right. In 2008, Einhorn advised the same conference to short sell Lehman Brothers. And had the market been more open to his warnings, yes, the market meltdown might have been avoided, or at least minimized.Details the gripping battle between Allied Capital and Einhorn's Greenlight CapitalIlluminates how questionable company practices are maintained and, at times, even protected by Wall StreetDescribes the failings of investment banks, analysts, journalists, and government regulatorsDescribes how many parts of the Allied Capital story were replayed in the debate over Lehman Brothers

"Fooling Some of the People All of the Time" is an important call for effective government regulation, free speech, and fair play.

Valuing and Investing in Equities: CROCI: Cash Return on Capital Investment develops a common-sense framework for value investors. By distinguishing investors from speculators, it acknowledges the variety of styles and goals in the financial markets. After explaining the intuition behind due diligence, portfolio construction, and stock picking, it shows the reader how to perform these steps and how to evaluate their results. Francesco Curto illuminates the costs and opportunities afforded by valuation strategies, inflation, and bubbles, emphasizing their effects on each other within the CROCI framework. Balancing analytics with an engaging clarity, the book neatly describes a comprehensive, time-tested approach to investing. Annual returns from this investment approach demand everyone's attention.

A clear, practical guide to working effectively with derivative securities products Derivatives Essentials is an accessible, yet detailed guide to derivative securities. With an emphasis on mechanisms over formulas, this book promotes a greater understanding of the topic in a straightforward manner, using plain-English explanations. Mathematics are included, but the focus is on comprehension and the issues that matter most to practitioners including the rights and obligations, terms and conventions, opportunities and exposures, trading, motivation, sensitivities, pricing, and valuation of each product. Coverage includes forwards, futures, options, swaps, and related products and trading strategies, with practical examples that demonstrate each concept in action. The companion website provides Excel files that illustrate pricing, valuation, sensitivities, and strategies discussed in the book, and practice and assessment questions for each chapter allow you to reinforce your learning and gauge the depth of your understanding. Derivative securities are a complex topic with many "moving parts," but practitioners must possess a full working knowledge of these products to use them effectively. This book promotes a truly internalized understanding rather than rote memorization or strict quantitation, with clear explanations and true-to-life examples. * Understand the concepts behind derivative securities * Delve into the nature, pricing, and offset of sensitivities * Learn how different products are priced and valued * Examine trading strategies and practical examples for each product Pricing and valuation is important, but understanding the fundamental nature of each product is critical it gives you the power to wield them more effectively, and exploit their natural behaviors to achieve both short- and long-term market goals. Derivatives Essentials provides the clarity and practical perspective you need to master the effective use of derivative securities products.

Look inward for the missing piece to your trading strategy The Art of Trend Trading bucks the trend of technicality to show readers how instinct and strategy can unite to bring about consistent investment success. Rather than diving ever-deeper into the overdone world of complicated modeling and forecasting techniques, trader, CEO, and bestselling author Michael Parness explains how making intuition a part of your investment strategy tends to result in more long-term profit. Using animal spirits as a metaphor and tool, Parness helps readers understand how their natural tendencies may run counter to their strategy, and how this dichotomy may be the shackle holding them back from true market success. Readers will learn how this perspective lifted Parness from homelessness to making millions in both Bull and Bear markets, and will start developing their own market instinct as they refine and tune into their own natural intuition. Everyone's looking for the "ultimate" system, a way to "game the market" and uncover the "secret" to successful investing. Over the years, Parness has observed that the best traders those who consistently make money are the ones that use instinct and intuition, as well as strategy. This book shows you how to identify the natural trader within, and use your gut to inform an ever-evolving investment plan. * Follow the author's journey from homelessness to millionaire * Identify and understand your own strengths and weaknesses * Develop your instinct alongside your strategy * Take a lesson from traders making consistent money There's no substitute for good strategy, but it's no secret that some strategies seem to be more profitable than others. The Art of Trend Trading helps you find that missing piece and turn it into more consistent investment success.

Most traders on the ASX are familiar with line and bar charts, but there has never before been a book written in Australia on the ancient Japanese art of candlestick charting. Louise Bedford, author of the highly successful The Secret of Writing Options, writes in a clear, concise way and uses plenty of examples to help readers understand candlesticks and use them to profitably trade the markets.

The accessible, beneficial guide to developing algorithmic trading solutions The Ultimate Algorithmic Trading System Toolbox is the complete package savvy investors have been looking for. An integration of explanation and tutorial, this guide takes you from utter novice to out-the-door trading solution as you learn the tools and techniques of the trade. You'll explore the broad spectrum of today's technological offerings, and use several to develop trading ideas using the provided source code and the author's own library, and get practical advice on popular software packages including TradeStation, TradersStudio, MultiCharts, Excel, and more. You'll stop making repetitive mistakes as you learn to recognize which paths you should not go down, and you'll discover that you don't need to be a programmer to take advantage of the latest technology. The companion website provides up-to-date TradeStation code, Excel spreadsheets, and instructional video, and gives you access to the author himself to help you interpret and implement the included algorithms. Algorithmic system trading isn't really all that new, but the technology that lets you program, evaluate, and implement trading ideas is rapidly evolving. This book helps you take advantage of these new capabilities to develop the trading solution you've been looking for. * Exploit trading technology without a computer science degree * Evaluate different trading systems' strengths and weaknesses * Stop making the same trading mistakes over and over again * Develop a complete trading solution using provided source code and libraries New technology has enabled the average trader to easily implement their ideas at very low cost, breathing new life into systems that were once not viable. If you're ready to take advantage of the new trading environment but don't know where to start, The Ultimate Algorithmic Trading System Toolbox will help you get on board quickly and easily.

Providing a hands-on approach to the most widely-used and effective option spread strategies, this title explains covered calls, collars, verticals, straddles, strangles and backspreads.

FULLY REVISED AND UPDATED THIRD EDITIONFinancial spread betting is a huge industry. But who wins and who loses at this game? What do the winners do that differs from the losers? That is what this book is about.Malcolm Pryor uses the model of climbing a mountain to explain a disciplined, winning approach to spread betting. First a base camp must be established. This includes getting set up with the right corporate data, charting and accounts software, deciding what to bet on and what your time frame should be, learning the nuances of operating an account, controlling risk, and learning from other people's mistakes. Many spread bettors don't even get this far.Next, we start climbing the mountain; this means having strategies that are right for us. The whole of this section is devoted to illustrating strategies which can be used for spread betting, for example trend following, counter-trend strategies and delta-neutral strategies such as pairs trading.Finally, we make our assault on the summit of the mountain. This is where the winners set themselves apart from the losers. Issues covered here include trade planning, record keeping, performance reviews, more on risk management, psychology and continual development.In this enhanced third edition, you also benefit from:- Refreshed and improved trading and risk management techniques, incorporating four additional years of spread betting experience and changes in the markets.- Brand new advice on managing exposure.- Updated analysis of spread betting firms' behaviour, order types and other practical issues.Spread betting is great fun; almost anyone can enjoy the odd bet now and again. But if you want to make money from spread betting then it must be taken seriously and a disciplined, tactical approach is required. This book is the essential guide to get to the top of the mountain.

Overcome psychological obstacles to increase trading success Successful traders need to be well-versed and skilled in a wide range of business and economic areas. But now, in addition to effective trading strategies and sound money management techniques, traders need to possess the know-how to handle the mental and emotional challenges of working in a highly volatile environment. Trade Mindfully is a unique resource that applies cutting-edge psychological techniques to trading skills, allowing readers to improve their mental outlooks and maximize the potential of their trading strategies. This book draws upon recent psychological research in behaviorism to teach new approaches that call for better focus, more confidence, and more positive perspectives and outcomes. One of the key concepts covered in the book is mindfulness, a state of mind traditionally touted in the East for its ability to reduce stress and increase perspective, useful qualities for traders looking to rise above emotional obstacles and the poor results they cause. The author also discusses the importance of High Value Trading Actions (HVAs), specific actions that are under a trader's control. With this guide, trading professionals will be able to form solid strategies based on a combination of these notions and practices, leading to higher levels of trading performance. * Applies sound psychological practice and evidence-based research to the trading profession * Covers the psychological perspectives and mental skills needed to succeed in today's trading world * Focuses on key concepts that lead to deliberate practice, specific trading activities, and increased awareness and focus * Designed to help traders deal with the emotional challenges that come with uncertainty and risk Trade Mindfully touches on the most essential concepts for anyone intrigued by what trading psychology has to offer, and delivers the best strategies for achieving the right mental skills for peak performance.

A unique, in-depth guide to options pricing and valuing their greeks, along with a four dimensional approach towards the impact of changing market circumstances on options How to Calculate Options Prices and Their Greeks is the only book of its kind, showing you how to value options and the greeks according to the Black Scholes model but also how to do this without consulting a model. You'll build a solid understanding of options and hedging strategies as you explore the concepts of probability, volatility, and put call parity, then move into more advanced topics in combination with a four-dimensional approach of the change of the P&L of an option portfolio in relation to strike, underlying, volatility, and time to maturity. This informative guide fully explains the distribution of first and second order Greeks along the whole range wherein an option has optionality, and delves into trading strategies, including spreads, straddles, strangles, butterflies, kurtosis, vega-convexity , and more. Charts and tables illustrate how specific positions in a Greek evolve in relation to its parameters, and digital ancillaries allow you to see 3D representations using your own parameters and volumes. The Black and Scholes model is the most widely used option model, appreciated for its simplicity and ability to generate a fair value for options pricing in all kinds of markets. This book shows you the ins and outs of the model, giving you the practical understanding you need for setting up and managing an option strategy. Understand the Greeks, and how they make or break a strategy See how the Greeks change with time, volatility, and underlying Explore various trading strategies Implement options positions, and more Representations of option payoffs are too often based on a simple two-dimensional approach consisting of P&L versus underlying at expiry. This is misleading, as the Greeks can make a world of difference over the lifetime of a strategy. How to Calculate Options Prices and Their Greeks is a comprehensive, in-depth guide to a thorough and more effective understanding of options, their Greeks, and (hedging) option strategies.

This is the classic work on Elliott Wave and market cycles returned to print. During the 1930s, R. N. Elliott undertook the painstaking procedure of attempting to classify share price movements for the preceding 80 years on Wall Street. It was during the course of this seminal work that Elliott discovered a definable basic rhythm in share price movements which he felt had forecasting value when correctly applied. In 1938 Elliott published his findings in a series of articles with the overall title "The Wave Principle". After publication, Elliott's work drifted into obscurity, until Robert Beckman's 'Supertiming' introduced it to a new audience. In this renowned work, Beckman sets out with three main objectives: to clarify obscurities and grey areas of The Wave Principle that were present in Elliott's original writing; to incorporate the work of other analysts in order to allow the Wave Principle to have a broader application; and to show the correct conceptual approach that should be used with the Wave Principle so that one can apply it with confidence and consistency.If you are willing to approach the subject of stock market behaviour with an open mind, who have faith in the fundamental laws of economics and the consistency of human nature, and who would like to avoid the pitfalls that have deluded the investment community for decades, this is the book for you.

Using detailed case studies of the first nine mainland Chinese companies to be listed on the Hong Kong stock exchange (1993-94), Alice de Jonge examines the evolution of corporate governance law and culture in China's H-share market. A story emerges not of tensions between ideas of corporate governance from two different legal systems - Hong Kong vs. mainland Chinese - nor about legal convergence as China adopts concepts from Anglo-American jurisdictions. Rather, it is a story of individual firms being pragmatic in mediating the different agendas of state-agencies that own or control them.Corporate Governance and China's H-Share Market looks at corporate governance in a cross-border context is unique in providing a detailed understanding of China's H-share market reveals why a beer company was the first ever Chinese firm to be listed overseas. This fascinating work will appeal to postgraduate students and scholars of corporate governance, Asian law and legal systems and Asian business, as well as Chinese scholars more generally. Professionals such as law practitioners working in Chinese law will also find the book of interest.

The national bestseller!

The Oakland Athletics have a secret: a winning baseball team is made, not bought.

I wrote this book because I fell in love with a story. The story concerned a small group of undervalued professional baseball players and executives, many of whom had been rejected as unfit for the big leagues, who had turned themselves into one of the most successful franchises in Major League Baseball. But the idea for the book came well before I had good reason to write it—before I had a story to fall in love with. It began, really, with an innocent question: how did one of the poorest teams in baseball, the Oakland Athletics, win so many games?

With these words Michael Lewis launches us into the funniest, smartest, and most contrarian book since, well, since Liar's Poker. Moneyball is a quest for something as elusive as the Holy Grail, something that money apparently can't buy: the secret of success in baseball. The logical places to look would be the front offices of major league teams, and the dugouts, perhaps even in the minds of the players themselves. Lewis mines all these possibilities—his intimate and original portraits of big league ballplayers are alone worth the price of admission—but the real jackpot is a cache of numbers—numbers!—collected over the years by a strange brotherhood of amateur baseball enthusiasts: software engineers, statisticians, Wall Street analysts, lawyers and physics professors.

What these geek numbers show—no, prove—is that the traditional yardsticks of success for players and teams are fatally flawed. Even the box score misleads us by ignoring the crucial importance of the humble base-on-balls. This information has been around for years, and nobody inside Major League Baseball paid it any mind. And then came Billy Beane, General Manager of the Oakland Athletics.

Billy paid attention to those numbers —with the second lowest payroll in baseball at his disposal he had to—and this book records his astonishing experiment in finding and fielding a team that nobody else wanted. Moneyball is a roller coaster ride: before the 2002 season opens, Oakland must relinquish its three most prominent (and expensive) players, is written off by just about everyone, and then comes roaring back to challenge the American League record for consecutive wins.

In a narrative full of fabulous characters and brilliant excursions into the unexpected, Michael Lewis shows us how and why the new baseball knowledge works. He also sets up a sly and hilarious morality tale: Big Money, like Goliath, is always supposed to win...how can we not cheer for David?

"A brilliantly told tale....Michael Lewis's beautiful obsession with the idea of value has once again yielded gold...Moneyball explains baseball's startling new insight; that for all our dreams of blasts to the bleachers, the sport's hidden glory lies in not getting out."—Garry Trudeau

"Anyone who cares about baseball must read it."—Newsweek

"An extraordinary job of reporting and writing."—San Jose Mercury News

"Amazing anecdotes...an entertaining, enlightening read."—Baseball America

"Ebullient, invigorating...provides plenty of action, both numerical and athletic, on the field and in the draft-day war room."—Time

"One of the most enjoyable baseball books in years."—The New York Times Book Review

"[Lewis's] descriptive writing allows Beane and the others in the lively cast of baseball characters to come alive."—Publishers Weekly

"Lewis...is playing at the top of his game....[he] has hit another one out of the park."—The New York Times, Janet Maslin

This book offers 3 simple strategies to earn high returns and beat the professionals. Would you like to use a simple, low-risk investing system that beats market indexes and fund manager performance over the long term, but requires only a few minutes of your time each month? Does it sound like a lot of hard work? It's not - even the laziest investor can achieve it. The Idle Investor includes three straightforward DIY strategies for long-term investing. All you have to do is follow the simple rules. Each method requires only a limited amount of your time and they all make use of easily accessible, low-cost funds. The reasons why the strategies work and everything else you need to know to put them into practice is explained clearly, with numerous worked examples. The three strategies are: 1. The Bone Idle Strategy: Part of your portfolio is allocated to shares and part is allocated to bonds, with adjustments only required twice a year. The rest of the time you do nothing. 2. The Summer Hibernation Strategy: For part of the year your portfolio is allocated to shares and for part of the year it is allocated to bonds.Once again, adjustments to the portfolio are only required twice per year. The rest of the time you do nothing. 3. Multi-Asset Trending Strategy: A simple trend-following method determines whether to hold your portfolio in shares or bonds. For this strategy you will need to check your investments and make adjustments once a month. Even on the very few occasions each year when action is required - twice a year for strategies 1 and 2, and once a month for strategy 3 - you'll only spend a few minutes checking your portfolio and making simple changes. The activity levels range from yearly rebalancing, for the laziest investor, through to monthly reallocation, for those who are more active. How much you do depends on how lazy you are feeling. Testing the three Idle Investor strategies for the period 1990 to 2012 resulted in average annual returns of up to 28 per cent. Compare this to a buy-and-hold approach of investing in UK shares, which would have delivered 8.5 per cent per year over the same period, and you can see that being idle doesn't mean being unsuccessful!If you are looking for a straightforward investing method that lets you get on with your life while your money grows in the background, then become an Idle Investor.

The first part of this book discusses institutions and mechanisms of algorithmic trading, market microstructure, high-frequency data and stylized facts, time and event aggregation, order book dynamics, trading strategies and algorithms, transaction costs, market impact and execution strategies, risk analysis, and management. The second part covers market impact models, network models, multi-asset trading, machine learning techniques, and nonlinear filtering. The third part discusses electronic market making, liquidity, systemic risk, recent developments and debates on the subject.

How two former traders of William J. O'Neil + Company made mad money using O'Neil's trading strategies, and how you can, too

From the successes and failures of two William O'Neil insiders, "Trade Like an O'Neil Disciple: How We Made Over 18,000% in the Stock Market in 7 Years" is a detailed look at how to trade using William O'Neil's proven strategies and what it was like working side-by-side with Bill O'Neil. Under various market conditions, the authors document their trades, including the set ups, buy, add, and sell points for their winners. Then, they turn the magnifying glass on themselves to analyze their mistakes, including how much they cost them, how they reacted, and what they learned.Presents sub-strategies for buying pocket pivots and gap-upsIncludes a market direction timing model, as well as updated tools for selling stocks shortProvides an "inside view" of the authors' experiences as proprietary, internal portfolio managers at William O'Neil + Company, Inc. from 1997-2005

Detailing technical information and the trading psychology that has worked so well for them, "Trade Like an O'Neil Disciple" breaks down what every savvy money manager, trader and investor needs to know to profit enormously in today's stock market.