The Researcher
The size of the global commodities derivatives market is now estimated to be around $750 billion. This growth is evident by the increased investment in commodity indexes and the growth of commodity hedge funds. Further evidence of growth is also seen in the increasing size of natural-resources mutual funds. China and other fast-growing countries are snapping up raw materials at a pace that, at times, is faster than mines and oil wells can produce them.
In response to the rapid growth in the market, this timely publication will bring you up to speed on the trends and challenges of commodity investment, providing you with a practical investment framework.
Recommended reading for hedge fund managers, pension fund consultants, mutual fund portfolio managers, endowment chief investment officers, futures traders, family office investors, commodity trading advisers, brokers, dealers and MBA students researching this important subject.
Book Description
In The Physician's Guide to Investing: A Practical Approach to Building Wealth, a successful physician/investor and a professor of finance join forces to present an easy-to-read, commonsense guide to investing tailored to the needs of medical students and physicians of all ages and disciplines. Giving simple, practical advice on how health professionals can manage and invest their money, the book covers all general aspects of investing and financial planning, with the ultimate long-term goal of attaining financial security. Physicians will quickly discover what is a reasonable rate of return on an investment, when the return on an investment should immediately cause alarm, and how to recognize when a real opportunity does arise. They will also find profitable suggestions about paying off their mortgage early, the power of thrift, when to buy and when to sell an asset, and whether to invest in stocks, bonds, real estate, collectibles, or art. In addition, the author offers sound advice on setting financial goals, drawing up appropriate documents, saving for retirement and a child's education, purchasing insurance, and minimizing fees. Dr. Doroghazi's advice is based on many years of personal financial management and investing , which have allowed him to pay his own way through college and medical school, own his own home and a vacation condominium free of debt, fund his children's education, and have accumulated sufficient assets to retire at an early age.
Customer Reviews:
Good Bang for the Buck.......2007-08-26
I really liked this book! It's one of the best investments I have made. I believe that it is cheaper and much more valuable than most financial advice you can get from a third party.
It starts with general advices on how to prioritize your needs. Then, as you continue to read, it tells you what options are there for you to do with your money. In particular, the author highlights ways for you to avoid common mistakes that could threaten your financial future.
I would recommend this book to anybody, particularly well paid professionals (doctors, lawyers, dentists, etc.), who are looking for a means of getting a good foundation for their financial knowledge and independence.
insightful, well researched, encouraging investment book: a must read.......2007-04-01
I am a physician who also enjoys teaching personal finances. This book should be a must read in every medical school curriculum. It is practical, full of insights, and easy to read in a weekend. I loved it so much, I bought a hardback copy as well so that I could loan the paperback to my colleagues. Although some of the advice is tailored to physicians, the book has valuable information for non-physicians as well. A great resource that is motivational as well as informative.
personal finances.......2006-01-05
An excellent account of money management and personal finances.
This book is the tool to build your personal wealth.......2006-01-02
Although the title implies it is for physicians, the book is truly a practical guide for all investors. It is useful for anyone who wants to save and build a dollar. The vignettes and bullet points are extremely helpful. This book will pay for itself many times over!
Book Description
PRACTICAL INVESTMENT MANAGEMENT is intended for learners studying investments for the first time. Very practical and applied, it is comprehensive enough for those who plan to become Certified Financial Analysts, but remains user-friendly due to its clarity of explanation and its pedagogy. The book contains all standard topics found in the typical modern investments text, but in addition, several chapters of Practical Investment Management are unique. In addition to being an increasingly important asset class, mortgage-backed securities provide some thought-provoking questions on fixed income valuation. Bob Strong has an engaging writing style along with practical experience making this a very solid, yet very friendly, book for readers.
Customer Reviews:
Practical Investment Management.......2002-02-08
This book appears to be one of the more practical and straightforward texts on investments that I have encountered. It introduces the reader to why people invest, how security markets function, what typical investment choices are available, and how they are valued.
The book is the right size (about 530 pages) to be covered in a one semester course on the fundamentals of investing. It provides a foundation for analyzing various securities, including bonds, stocks, convertible securities, and derivatives. In addition, the book provides an exposure to risk reduction techniques, such as portfolio diversification and hedging, that is important for investors in protecting their gains or reducing their potential losses.
However, the book is not without its flaws. The chapter on fundamental analysis (chapter 7) could be expanded to include a discussion of financial statements (i.e., the balance sheet and the income statement) and an addition of ratios related to debt management (i.e., debt-to-assets, debt-to-equity, times-interest-earned, etc.). These ratios would provide the investor more information regarding the risks that are inherent with the use of debt. In addition, the topic on duration in chapter 17 does not include a discussion on the purpose for obtaining the duration of a fixed income security, namely how the price of the security is affected by a change in market interest rates.
Despite these shortcomings, the book will make a fine required text for an introductory course on investment management at the undergrduate level.
Great introduction to investments text.......2000-02-09
This book is easy to read and interesting. The author makes investment principles incredibly easy to understand. I recommend it to anyone who wants to learn to basics of investments.
Book Description
Economic Value Added (EVA) and Value Based Management (VBM) are today’s hottest management buzzwords. But written information has often been biased and clouded by the authors’ hidden agendas. EVA and Value-Based Management is the first book to unflinchingly discuss the pros and cons of EVA and VBM. Covering both implementation and conceptual issues, with a strong emphasis on performance measurement, value drivers, and management compensation, it allows readers to come to their own informed conclusions.
Customer Reviews:
Highly Recommended!.......2003-02-26
Kudos to S. David Young and Stephen F. O'Byrne, management consultants who largely steer clear of their industry's usual empty catchphrases and superficial hype. Instead, their lucid explanation of the importance of shareholder value takes center stage. The heftiness of EVA and Value-Based Management may be daunting, but most readers will be satisfied with Part I's strategic overview. The concepts reappear in Part II accompanied by a wealth of technical details, calculations and case studies to help finance professionals with nitty-gritty implementation of EVA (Economic Value Added) programs. The book honestly assesses EVA's power to motivate managers, noting that some companies just are not well-suited for this performance metric. We from getAbstract prescribe this book to corporate executives who have overdosed on consultant jargon but still want to drive value growth in their companies, and to finance specialists who seek a comprehensive roadmap to EVA implementation.
Excellent book.......2002-08-13
As an author, speaker and consultant on these topics, I highly recommend this book. Not only have the authors discussed the pros and cons of a number of approaches thoughfully and concisely, they also expand the level of understanding related to the calculations in an accessible way. Their book discusses both implementation issues and the nitty gritty of the mechanics. In sum, the book takes the reader to the next level of understanding. I highly recommend this book.
Fails to keep its promise: Metric War + Compensation.......2001-07-02
This book does NOT offer 'A practical guide to valuation' but a theoretical,oldfashioned discussion of the 'Metrics War'and some empirical research on EVA, Compensation and CFROI-Fade.
My rating has got these origins: Empirical research on Compensation,EVA and CFROI-Fade: A+. Discussion of EVA/CFROI: D-. Terminology: D value for 'Hands-on-valuation': F- Structure: F- Style: F-.
This book does contain interesting empirical research on EVA etc, but it does not offer 'A practical Guide to Implementation' because it does not contain a STAGE-Approach. Its terminology differs from any other book I've read, you must often guess, which formulas the authors used, because they did not have the courtesy to express their formulas. Some formulas are wrong nad their discussion of the 'metrics war' betweenn EVA and CFROI lags 5 years behind reality. They attack old methods of CFROI,which Boston Consulting and Holt Value published 5 (!) years ago. They fail to know, that BCG have refined CVA/CFROI and that BAYER. Lufthansa,and VEBA have implemented these refined CFROI-techniques,which are way better, than the old methods, which the book attacks.
Moreover, this book is terrible to read due to a lack of structure, the absence of clear definitions, the lack of formulas, a wordy style,which exhausts your nerves, and many value judgements....
The EVA Guide which holds nothing back!.......2001-02-07
This book, together with 'The Quest for Value'by G. Bennett Stewart, III and 'Valuation' by the Tom Copeland, provide a solid backgound on value-based management. S. David Young and Stephen F. O'Byrne give a fair description of their book: 'This book is not a intended to be a "teaser," which tries to tell you enough to whet your appetite so if you want to know more you will have to hire us as your consultants. We aim to be as comprehensive in our treatment of the subject as possible...We try to hold nothing back.' Thank you very much indeed.
is that right, EVA?.......2001-02-03
I had a great approach to EVA concept but it too much simple in finances. Any way it is a good point to start the trip through the EVA world. The principle of EVA appears sound, but this book is good at attempting to illustrate how to practically use it.
Book Description
Practical Performance Measurement and Attribution provides a clear introduction to the subject of performance measurement. Focusing more on the practical use and calculation of performance returns rather than the academic background it will help readers gain a clear understanding of the role and implications of performance measurement in today's financial environment.
"Carl’s book is a ‘must have’ resource - the complete A to Z of the increasingly complex field of performance measurement."
Glenn Solomon, Global Head of Institutional Clients, Investment Reporting & Performance, BNP Paribas Securities Services
"Internationally renowned authority Carl Bacon has provided what one would expect – an exceptionally well written and practical resource that every investment performance measurement professional should own."
David Spaulding, President, The Spaulding Group
"Carl Bacon is one of the most knowledgeable professionals I know on the subject of Performance Measurement. He has been a pioneer, leader, and teacher at the forefront of developments in global investment performance standards, performance attribution technique, and risk measurement. I am very pleased he has written this timely and useful book as a complete reference and explanation update on these important subjects."
James Hollis, Managing Director, Cutter Associates
"Though the subject matter is complex, Carl strikes the right balance between theory and reality. This book should have a permanent spot on the desk of every performance practitioner. I will refer to it often."
Karyn Vincent, CFA, Vincent Performance Services LLC
"Whether you are a provider or a user of Performance Analysis, this book is well structured, informative and truly a practical guide in every sense."
Gary Hilldrup, Global Head Performance, Risk & Client Reporting, Fortis Investments
Download Description
"Practical Performance Measurement and Attribution provides a clear introduction to the subject of performance measurement. Focusing more on the practical use and calculation of performance returns rather than the academic background it will help readers gain a clear understanding of the role and implications of performance measurement in today's financial environment.
""Carl’s book is a ‘must have’ resource - the complete A to Z of the increasingly complex field of performance measurement.""
Glenn Solomon, Global Head of Institutional Clients, Investment Reporting & Performance, BNP Paribas Securities Services
""Internationally renowned authority Carl Bacon has provided what one would expect – an exceptionally well written and practical resource that every investment performance measurement professional should own.""
David Spaulding, President, The Spaulding Group
""Carl Bacon is one of the most knowledgeable professionals I know on the subject of Performance Measurement. He has been a pioneer, leader, and teacher at the forefront of developments in global investment performance standards, performance attribution technique, and risk measurement. I am very pleased he has written this timely and useful book as a complete reference and explanation update on these important subjects.""
James Hollis, Managing Director, Cutter Associates
""Though the subject matter is complex, Carl strikes the right balance between theory and reality. This book should have a permanent spot on the desk of every performance practitioner. I will refer to it often.""
Karyn Vincent, CFA, Vincent Performance Services LLC
""Whether you are a provider or a user of Performance Analysis, this book is well structured, informative and truly a practical guide in every sense.""
Gary Hilldrup, Global Head Performance, Risk & Client Reporting, Fortis Investments
"
Customer Reviews:
Solid inroduction.......2007-01-15
This is a good place to start. Complex concepts explained in a comprehensible manner. For people already familiar with the basics will be looking for more, expecially on topics such as fixed income and multi-current portfolios.
Review by a Performanc Analyst .......2006-04-02
This book is absolutely amazing for Performance Measurement interviews, honestly! It covers every aspect of fund returns, index returns and atributions in a clear concise way with examples. It is extremely easy to follow and understand. Also, it covers every possible technical Performance interview question that you could every be asked, all in the right detail, which is key.
I have read about four or five other Performance Measurement books, which had long-winded chapters with highly-technical drawn-out examples. This book manages to sum up everything you need to know in a nutshell and is wery intelligently and concisely worded and taught. I am sure if you read and learnt the material in this book, you would excel both at any performance interview and/or job.
Well done Carl!
Book Description
The failure of optimized portfolios to meet their practical investment goals has prompted many portfolio managers to abandon optimization techniques for simpler alternatives to maximize asset value. Yet, according to financial expert Richard Michaud, readily available methods exist to help practitioners reduce instability and enhance the value of optimization--tools that the investment community has largely ignored. In his succinct new book, Michaud argues that the problems lies with the conventional perception of optimization as a numerical computation; this view has severely restricted the typical manager's understanding of inherent limitations--and resulted in optimized portfolios that frequently fall short of their potential. If, instead, managers approach optimization as a statistical estimation, Michaud argues, they can resolve many of the serious limitations. Michaud identifies and explains five powerful techniques--improved estimation, application of benchmark priors, integration of active forecasts, tests for efficiency, and tests for portfolio weights--that portfolio managers can use to reduce errors, increase precision, and enhance the value of seemingly optimized portfolios. He illustrates the impact of each method with a simple asset allocation problem. With its important implications for investment practice, Efficient Asset Management's highly intuitive yet rigorous approach to defining optimal portfolios will appeal to investment management executives, consultants, brokers, and anyone seeking to stay abreast of current investment technology. Through practical examples and illustrations, Michaud updates the practice of optimization for modern investment management.
Customer Reviews:
Important information when considering Markowitz optimization.......2007-05-13
Michaud's resampling methodology is quite rigorous, although the patentability of application of econometric concepts that are over 40 years old to a theory advanced by Markowitz in 1952 should be seriously questioned by any rational reader. The applicability of resampling and improvements to the inputs to estimation are clear, and should be strongly considered by anyone in the asset management industry. The book glosses over other approaches to optimization that are not based on Markowitz, all but ignoring the huge body of literature that has been built up around other optimization approaches. Except for this shortfall, this is an excellent book, and shoulds be a part of your library on quantitative asset management.
It has good chapters, but..........2006-04-14
This book has a couple of good chapters on the problems of implementing the Markowitz model. Interestingly enough, I understood better the resampling idea in Scherer's article (a clean and honest review in my opinion which Michaud understandably hates) than in the entire Michaud's book. If I'm not mistaken the basic resampling idea was originally due to Jorion. Michaud patented it a variation of it. Now if you want to implement the ideas presented in this book, you are by law forbidden to do it (because it is patented). In that sense I think this book should be free (since as another reviewer below put it, it is a sales pitch.) There is an interesting review on this troubling trend of patenting really basic algorithms in Wilmott Magazine. Still it makes interesting reading. 2 1/2 stars.
Required Reading for Sophisticated Investors.......2006-01-13
This is an excellent book for the readers with solid quant skills. This is not a course in investing for poets. So be honest with yourself about your capabilities and needs.
the author responds.......2005-11-23
The new reader should know that the innovations in the book described in chapters 6 and 7 have been awarded three patents so far, two in the U.S. and one in Israel. Worldwide patents are pending. The critiques by some reviewers do not mention that many sophisticated investment and consulting institutions worldwide have adopted the techniques described in this book as their sole asset allocation optimization framework. They also do not mention that Markowitz has confirmed that "Michaud optimization beats Markowitz optimization" and that "Bayes does not beat Michaud optimization." Resampled Efficiency optimization is the only provably effective portfolio optimization and portfolio rebalancing technology in the world today and is revolutionizing asset management in practice worldwide. See www.newfrontieradvisors.com for further updates, research and applications.
All gloss no substance.......2005-03-16
I am surprised that this process has gained the clout that it has. It almost seems like the finance industry got bored of existing processes and so came up with something new and possibly promising, evn though the author himself cannot explain why hes doing what he is doing.
The book is short, but could have so been shorter had it not been for Michauds constant repetition of ideas. Save your money and google the concept if u really want to know about it.
Average customer rating:
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A Practical Guide to Collateral Management in the OTC Derivatives Market (Finance and Capital Markets)
Manufacturer: Palgrave Macmillan
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ASIN: 1403912033 |
Book Description
This is the first book of its kind on the market and is aimed at collateral management professionals in the OTC derivatives markets. It is a guide to the key topics involved in establishing and running a collateral management function and is clear, comprehensive and practical. A Practical Guide to Collateral Management will also be of value to those professionals working in product areas applying collateral management techniques including repo, securities lending and exchange traded products.
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