Book Description
Destined to become a market classic, Dynamic Hedging is the only practical reference in exotic options hedging and arbitrage for professional traders and money managers
Watch the professionals. From central banks to brokerages to multinationals, institutional investors are flocking to a new generation of exotic and complex options contracts and derivatives. But the promise of ever larger profits also creates the potential for catastrophic trading losses. Now more than ever, the key to trading derivatives lies in implementing preventive risk management techniques that plan for and avoid these appalling downturns. Unlike other books that offer risk management for corporate treasurers, Dynamic Hedging targets the real-world needs of professional traders and money managers. Written by a leading options trader and derivatives risk advisor to global banks and exchanges, this book provides a practical, real-world methodology for monitoring and managing all the risks associated with portfolio management.
Nassim Nicholas Taleb is the founder of Empirica Capital LLC, a hedge fund operator, and a fellow at the Courant Institute of Mathematical Sciences of New York University. He has held a variety of senior derivative trading positions in New York and London and worked as an independent floor trader in Chicago. Dr. Taleb was inducted in February 2001 in the Derivatives Strategy Hall of Fame. He received an MBA from the Wharton School and a Ph.D. from University Paris-Dauphine.
Customer Reviews:
Dynamic Hedging...goo stuff.......2007-06-13
Great book, very easy read as it is written in a conversational tone. Covers all the issues associated with derivative trading in an intuitive manner.
Good Work.......2006-10-24
Definitely for pros. This book is one of the fewest which is concentrated on the hedging compared to the tons which explain pricing. The other pro of the book is you don't need to be a quant or a PhD guy to understand the book. If this seems what you are looking for, i recommend you get it.
the best book in options.......2006-03-24
This book is a really useful and practical introduction in derivatives from a guy who knows what he is talking about.
Plenty of illustrations and stories from real life. Mathematics is quite informal, and hence the book may not be used for PhD programs - it's a good master's level... good for a guy who wants to start trading options.
FOR EXPERIENCED TRADERS.......2006-02-27
VERY INFORMATIVE, WRITTEN BY AN ACTIVE TRADER, MANY USEFUL TIPS TO BE APPLIED ON THE JOB. ALL IN ALL AN EXCELLENT BOOK. PROVIDES REAL HELP AND KNOWLEDGE, MUST BE READ BY ACTIVE TRADERS.
Real book for traders.......2004-06-27
really great to figure out the intricacies of options. if you need something more conventional just get hull; this book is by someone who does it for a living and has different intuitions than what you get in the ivory tower.
some of the points are great but may need more updating
Book Description
"A rare blend of a well-organized, comprehensive guide to portfolio management and a deep, cutting-edge treatment of the key topics by distinguished authors who have all practiced what they preach. The subtitle, A Dynamic Process, points to the fresh, modern ideas that sparkle throughout this new edition. Just reading Peter Bernstein's thoughtful Foreword can move you forward in your thinking about this critical subject."
—Martin L. Leibowitz, Morgan Stanley
"Managing Investment Portfolios remains the definitive volume in explaining investment management as a process, providing organization and structure to a complex, multipart set of concepts and procedures. Anyone involved in the management of portfolios will benefit from a careful reading of this new edition."
—Charles P. Jones, CFA, Edwin Gill Professor of Finance, College of Management, North Carolina State University
Customer Reviews:
Reads just like a textbook.......2007-08-27
For someone wanting a technical textbook, this is very good. For someone who wants more than just a textbook, or just really doesn't have any professional knowledge in the portfolio management field, and wants advise for managing his/her portfolio that is easy to understand and comprehend, this book is not for you.
Download Description
"It's more important than ever for companies to objectively assess the value of their customers. But conventional measures of ""customer lifetime value"" haven't been linked to overall business value and haven't been useful to senior managers. Managing Customers as Investments overcomes both shortcomings.
Through practical examples and case studies, you'll learn a rigorous yet simple approach to estimating the lifetime value of your customers¿and how you can use that information to make better tactical and strategic decisions. You'll learn how customer value calculations impact customer acquisition, service, retention, and segmentation¿as well as strategic M&A and alliance decisions.
Whether you're a CxO, line-of-business manager, marketer, analyst, or investor, Managing Customers as Investments will help you focus your resources where they'll deliver maximum value.
Key takeaways include
- Customers are assets
- How to calculate the value of customers in a simple way
- How the value of customers provides the basis for marketing strategy and planning
- The importance of balancing the value of the customer to the firm with the value the firm provides to the customer
- How to use the value of the customer as a basis for firm valuation and M&A decisions
- The implications for organization and incentive structure and the limitations of product and brand management
- How to link customer value to business value
- Practical techniques for CxOs, line-of-business managers, marketers, financial analysts, and investors
- How to make better decisions about marketing, partnerships, and organizational structure
- Easy-to-use metrics and real-world case studies
What your customers are really worth: crucial knowledge for better strategic and tactical decision-making
How can you find out, without endlessly complex modeling? And after you know, what should you do with that knowledge?
Managing Customers as Investments has the answers¿and they may surprise you.
You'll learn surprisingly simple ways to get reliable customer value information...and get it in a form you can use.
You'll learn how to use it to measure your marketing effectiveness more accurately than ever before¿and drive improvements throughout your entire customer relationship lifecycle.
You'll learn how customer value can bring new clarity to decisions about M&A and firm valuation.
Everyone tells you to manage your business around customers. This book gives you the tools to do it.
"
Customer Reviews:
Good Quality, Poor Quantity.......2007-09-19
The substance of the information presented was genuinely useful knowledge. The first 2 or 3 chapters really give a good analysis of the value of a customer. The extensive examples that follow are merely verbose repetitions of the previously presented (and actually well supported) concepts. Sadly there is not a Harvard Business Review for this book, but there should be, to cut down on absorbtion time. Not a waste of money, but perhaps time.
Very interesting customer life time model but a bit weak in customer strategy level.......2007-03-16
Book is centered around understanding customer life time value and what is the required mind set and strategy to drive customer life time value as a business driver.
Life time value model is very very interesting because of its simplicity yet usability - I plan to use it. However where the book is no delivering is its strategy angle. Customer strategy is too much simplified as how do you drive customer acquisition and retention with different programs highlighting the loyalty programs (and also setting some question marks on it). What the book does not address is the core mindset of customer driven business strategies: How companies should understand the business they are in from outside in view i.e. from customer side: what is the category we are in, what is the mindshare we have among our customers, how are we integrating our business and the offerings to our customers' businesses and lifes, what alternative business models we have to drive life time value.
But because the life time value is useful and the book as total is rather enjoyable to read I recommend this book
The Customer Lifetime Value approach to business strategy.......2006-12-18
"Managing Customers..." does a wonderful job of providing a holistic approach to customer lifetime value (CLV).
Founded on the principle of viewing customers as assets, the book provides a super-efficient, highly-impactful read on transforming the CLV principle into actionable tactics in key aspects of business - fusing marketing, finance, and organizational structure into a well-aligned strategy for enabling a business to maximize the value it creates & derives from customers. Truly a must read for students of business.
On a side note - just wanted to express how impressed I have been with all of The Wharton School books that I have read to date - they are truly some of the finest business books available.
Highly recommended to all marketing executives.......2006-07-12
How much are your customers worth? If financiers and investors had bothered to ask themselves this basic question, they might have prevented the Internet bubble and other expensive corporate mistakes. Such disasters can occur when people invest in businesses with no earnings and fanciful business models. Authors and professors Sunil Gupta and Donald Lehmann make a powerful case that executives should abandon outdated business-evaluation models based on traditional financial metrics, such as cash flows. Instead, they should rely on the present and future value of their businesses' customers: the "customer's lifetime value," or CLV. The authors discuss these issues in understandable language and buttress their arguments with formulas that will enable marketers to implement their ideas. They also provide helpful examples that are like mini business-school case studies. We highly recommend this book to all marketing executives, as well as to executives who are financially responsible for mergers and acquisitions, or advertising. This book could change the way you do business and increase your earnings from your best customers.
Important metrics for effective customer management.......2005-12-12
Are you spending more on your customers than they are worth? That is the question these authors attempt to answer in this book. Whether it is acquisition cost or retention cost many businesses may be spending too much on their customers. As with all investments there is a time to increase investment, a time to hold them, and a time to let them go. This is a detailed analysis of how to develop metrics for your company that help determine customer value. With increasing customers there are increasing costs. Once you have developed your metrics they show how to use that information to determine things like customer lifetime value. Once you know their lifetime value you can make effective marketing and management decisions related to your customers. You have to manage your customers in order to manage your business. Now you can determine how to best manage your customers. A practical approach to managing customers that is both effective and easy to apply while providing real results. Managing Customers as Investments is a recommended read for all marketing and customer-centric managers as well as all corporate executives.
Book Description
The dramatic changes in the financial services industry have had a great effect on profitability, forcing financial institutions to change their management focus. Increased competitive pressures, tightening interest rates spreads and declining deposits balances have made goals even more difficult to achieve. The Financial Services Industries Consulting Practices at Ernst & Young LLP have developed this perfect guide to help readers reach those increasingly difficult goals. This reliable source of guidance has insight on asset/liability management, branch profitability and complete bank-wide performance program. It looks at all aspects of profitability, including hands-on approaches to: profitability philosophies and structures; balance sheet, revenue and expense components: transfer pricing of funds; planning and budgeting; performance measurements.
Customer Reviews:
Excellent, both on banking and project management aspects.......1998-12-03
This is the only book that covers all of the aspects of performance management in banking : 1. the analysis of performance measurement is very good even though, the coverage of financial data is overweight with respect to the rest of the book 2. the project approach is excellent and the various "pitfalls" described are so true that the people that wrote it necessarily had a good project experience, only problem is that the system architectures described did not evolve with the new edition (the word "data warehouse" is evoked once or twice) 3. As usual with this type of books, the "using the information" chapters are a bit a dry, even thought some interesting ideas are described regarding "customer information" In summary, a must read for any person trying to implement a performance indicators or Balanced Scorecard systm in its bank ("financial institutions" in the title is actually retail or commercial banking) PS : I am not an E & Y employee ... so this is not an advertising review
Book Description
Financial experts agree: Asset allocation is the key strategies for maintaining a consistent yet superior rate of investment return. Now, Roger Gibson's Asset Allocation - the bestselling reference book on this popular subject for a decade has been updated to keep pace with the latest developments and findings. This Third Edition provides step-by-step strategies for implementing asset allocation in a high return/low risk portfolio, educating financial planning clients on the solid logic behind asset allocation, and more.
Customer Reviews:
Asset Allocation: Balancing Financial Risk.......2007-07-11
Good overview. Perhaps a little technical. Graph oriented. Author does a good job of explaining his view point and backing it up with historical data.
asset allocation by gibson.......2007-05-24
The book was in excellent condition and was received in about five days.
Most solid advice on asset allocation ever.......2007-01-28
I had to read this book when I was taking a course to get a CIMA designation. I thought the book would be dullsville. But to the contrary, his strategies when tested are nothing short of amazing. To move away from the simple stock bond mix that every other book pimps out, is brave, but more importantly, he is right. Since reading the book I have obtained as many of his writings as possible. If you take the advice in this book and implement it, it will create a low stress, high return strategy. Good near term and long term advice. I will look to by more of this book to give to others. BEST BOOK ON ASSET ALLOCATION I HAVE EVER READ.
Gibson's Asset Allocation.......2006-08-23
Among the many books on this subject, this is one of the best. Unlike most of the other authors, Gibson does not limit himself to list the different asset classes and then provide recommended allocations. He goes one step further and describes in very practical terms the different issues that one faces when developing a portfolio and how to resolve them. In my view, Gibson ranks next to Bernstein and Malkiel. A good buy!
Asset allocation practically eliminates all risk while increasing returns........2005-07-01
This book informs the current political struggle to reform the Social Security program. In the case of a foreign invasion or some other calamity, it's true that one's private investments would be insecure, but so would one's "investments" in government bonds, so such cases are irrelevant.
In all relevant circumstances, private investments, if one adheres to even a primitive asset allocation strategy, are 100-percent safe. Mr. Gibson explains why.
He also cites studies concluding that the most significant variable in differences among institutional investor performance is emphasis on stock-picking and market-timing versus asset allocation. Those who emphasize asset allocation perform better than those who emphasize stock-picking and market-timing. A good companion to this book is "A Random Walk Down Wall Street", by Burton G. Malkiel.
Of course, Mr. Gibson introduces the reader to the theory and methods of asset allocation.
Book Description
In recent times, venture capital and private equity funds have become household names, but so far little has been written for the investors in such funds, the so-called limited partners. There is far more to the management of a portfolio of venture capital and private equity funds than usually perceived. Beyond the J Curve describes an innovative toolset for such limited partners to design and manage portfolios tailored to the dynamics of this market place, going far beyond the typical and often-simplistic recipe to ‘go for top quartile funds’.
Beyond the J Curve provides the answers to key questions, including:
- Why ‘top-quartile’ promises should be taken with a huge pinch of salt and what it takes to select superior fund managers?
- What do limited partners need to consider when designing and managing portfolios?
- How one can determine the funds’ economic value to help addressing the questions of ‘fair value’ under IAS 39 and ‘risk’ under Basel II or Solvency II?
- Why is monitoring important, and how does a limited partner manage his portfolio?
- How the portfolio’s returns can be improved through proper liquidity management and what to consider when over-committing?
- And, why uncertainty rather than risk is an issue and how a limited partner can address and benefit from the fast changing private equity environment?
Beyond the J Curve takes the practitioner’s view and offers private equity and venture capital professionals a comprehensive guide making high return targets more realistic and sustainable. This book is a must have for all parties involved in this market, as well as academic and students.
Download Description
In recent times, venture capital and private equity funds have become household names, but so far little has been written for the investors in such funds, the so-called limited partners. There is far more to the management of a portfolio of venture capital and private equity funds than usually perceived. Beyond the J Curve describes an innovative toolset for such limited partners to design and manage portfolios tailored to the dynamics of this market place, going far beyond the typical and often-simplistic recipe to go for top quartile funds
Customer Reviews:
A Good Book. .......2006-07-13
I always enjoy reading books on the venture industry written by professionals with practical expereince because the others are usually do not add much insight. However, not all industry experts write insightful books, but this is an exception. However, the price is a bit steep for less than 400 pages.
I would have given this book the highest rating but "The Startup Company Bible for Entrepreneurs" is the best book in my opinion. It is not only for entrepreneurs but VCs and anyone else who wants to gain an in-depth understanding of te venture capital industry and process. It may even be too advanced for some entrepreneurs but if you want to understand and do it right, look no further! Be warned: its 600 pages
These two books would go great together because they are both advanced and very insightful, unlike most of the other books on the subject.
Great Resource.......2006-05-04
Mssrs. Meyer and Mathonet have produced a valuable resource for building and managing a portfolio of venture capital and private equity funds. The book demystifies private equity investing, and presents a quantitative and qualitative approach to the fund selection process. It has been a key resource in the development of our fund, and we reference it often. This book is great for institutional investors, and should be on the shelf of academics as well.
Comprehensive and detailed introduction into the world of PE funds-of-funds.......2005-08-19
This is certainly the best book I found on the modelling and managing of risk for funds-of-funds in private equity. It contains a lot of hints on the currently evolving literature on PE funds-of-funds and describes a complete and integrated approach on how to measure, monitor and manage values and associated risks.
Beyond being the perfect starting point to learn more about this growing market segment, it also provides a lot of input to the practitioner who up to now has not been aware of pragmatic & efficient risk and rating (scoring) models for such funds. While some of the newer papers from academics rather aimed at details or were sometimes exaggeratly sophisticated, this books combines best-practice from theory and practice.
Well done!
Book Description
In the next few years, the world's senior generation will pass on some ten trillion dollars--more than the value of all the companies listed on today's stock exchange--to their heirs. Much of this unprecedented transfer of wealth will take the form of trusts. But the old Prudent Man Rule that trustees have followed for generations has been scrapped, and the new Prudent Investor Rule, which now applies in most states, drastically changes the way trusts must be operated. Trustees cannot hope to learn "on the job": today's investment principles and portfolio management techniques are too demanding. With Investing and Managing Trusts under the New Prudent Investor Rule, Train and Melfe show trustees how to manage trusts according to this important new Rule.
Many current and future trustees are unfamiliar with the far-reaching provisions of the new Prudent Investor Rule, which should soon govern trust investing in all fifty states. Investing and Managing Trusts under the New Prudent Investor Rule explains the investment and administrative obligations--as well as the new liberties--imposed by this stringent Rule.
John Train, an authority on building wealth, brings his deep knowledge and dry wit to this thorough guide, in collaboration with Thomas Melfe, eminent New York trusts and estates attorney. Train and Melfe also highlight the various forms of trusts and the major suitable and unsuitable types of investments, so that family trustees, as well as readers in the investment and trust business, law, and financial planning can understand the key strategic and managerial considerations.
This practical, straightforward guide--the first comprehensive discussion of the new Prudent Investor Rule for private trustees-comes complete with useful sample forms, management guidelines, checklists, and a glossary. It is an essential reference for all professional and family trustees as well as their legal and financial advisors.
Customer Reviews:
Finally a complete and easy to follow book on trusts.......1999-09-09
This is one of the few books of its type to explain all the important data points of managing trusts and investing. Its straight forward and comprehensive. This is written for lawyers and non-profressionals with an interest in this area.
This book could become the industry standard.
Book Description
Find out how institutional and private investors can safely invest into private equity funds including venture capital and buyout funds. Two experienced practitioners provide you with a review of the private equity fund indistury and a description of all the relevant management issues of fund investments - from a day-to-day an a portfolio perspective to indirect investment vehicles such as funds of funds and securitised notes.
Customer Reviews:
Comprehensive introduction into the world of Private Equity.......2005-08-31
This new book gives a very good insight and overview into the world of private equity for the interested student and practitioner.
In fact, it starts from the very basics, explaining the market and the nature of PE fund investments, presenting the various data providers in the market, and goes on to tread very complex issues like state-of-the-art forecasting & monitoring portfolios, important legal issues, advanced cash flow modelling and risk assessment techniques, funds of funds, CFOs and secondaries.
The authors are both highly renowned experts in the PEF industry, Mr. Weidig as a consultant with various publications regarding funds and funds-of-funds, and Mr. Grabenwarter as head of division for Venture Capital Operations at the EIF.
Both combine theoretical understanding with years of experience in the PE funds market, as well as hands-on experience with building risk management systems for this specific type of financial investment - a combination rarely encountered in the world of PE funds!
Book Description
In the Third Edition of Managing Investment Portfolios, financial experts John Maginn, Donald Tuttle, Jerald Pinto, and Dennis McLeavey provide complete coverage of the most important issues surrounding modern portfolio management.
Now, in Managing Investment Portfolios Workbook, Third Edition, they offer you a wealth of practical information and exercises that will solidify your understanding of the tools and techniques associated with this discipline. This comprehensive study guide--which parallels the main book chapter by chapter--contains challenging problems and a complete set of solutions as well as concise learning outcome statements and summary overviews.
Topics reviewed include:
- The portfolio management process and the investment policy statement
- Managing individual and institutional investor portfolios
- Capital market expectations, fixed income, equity, and alternative investment portfolio management
- Monitoring and rebalancing a portfolio
- Global investment performance standards
Book Description
``Harold's diligent and scholarly approach to investing theory makes Wealth Management a thoughtful book that should be on every advisor's reading list.''--Charles R. Schwab, Chairman & CEO, The Charles Schwab Corporation. Wealth Management outlines the current state-of-the-art in financial planning, and describes respected financial planning speaker and author Harold Evensky's effective, optimal asset allocation policy that is designed to account for each client's unique goals and constraints. It provides you with concise yet thorough information on current investment theories, along with detailed reference for further study.
Customer Reviews:
A Great Treatise on Wealth Management.......2001-07-20
Mr. Evensky's book has had a profound impact on my wealth management philosophy. He is very effective in blending the broad scope of investment management theory with "real world", practical application. I found it particularly useful because it is not a book written by an academic who has never sat across the table from a client and held their hand through the good times and the tough. This is a must read for any serious manager of wealth.
A. Todd Black, CFP
Excellent mixture of practical advice and theory.......1999-02-27
I had expected a typical fluff, despite Evensky's fine reputation. I has very surprised at this mixture of practical advice and theory. Pointers are given to other sources for those more theoretically inclined. Some of the practical advice (software recommendations and such) won't age as gracefully as the text itself, these packages will become obsolete before the book. Nevertheless, I'd highly recommend it for anyone who is looking to understand the basics of risk/reward, the importance of asset allocation, and the theoretical material that led to these ideas.
A must read for all investment advisors!.......1997-03-16
Harold generously shares his knowledge, not only in solid investment thought, but in practical application. If you've ever wanted to know how to practically apply investment research to your own portfolios, this is the book that will do it
Books:
- Entrepreneur's Notebook: Practical Advice for Starting a New Business Venture
- Entrepreneur's Notebook: Practical Advice for Starting a New Business Venture
- Environmental Science: Toward a Sustainable Future (9th Edition)
- Ethical Theory and Business, Seventh Edition
- Factory Physics Second Edition
- Financial Markets and Institutions (5th Edition) (Addison-Wesley Series in Finance)
- Financial Reporting and Analysis (3rd Edition)
- Financial Reporting and Analysis (3rd Edition)
- Food Politics: How the Food Industry Influences Nutrition and Health (California Studies in Food and Culture)
- Foundations of International Macroeconomics
Books Index
Books Home
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General
| Popular Economics
| Business & Investing
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The Black Swan: The Impact of the Highly Improbable
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