Stocks And Shares » management

Stock Exchanges, Investments and Derivatives: 3

admin — Sat, 01 Aug 2009 11:32:28 +0000

This book is not about getting rich quick. Nor is it about making the reader an expert in matters of investments or derivatives. The primary objective of this book is to impart a basic understanding of the manner in which stock exchanges function, especially in India. In addition it seeks to present simple and easy explanations of import theoretical aspects of stock market operations, investments and derivatives. It also helps readers who have a nodding familiarity with basic arithmetic to construct and evaluate his or her portfolio of investment. Excerpts from Reviews of the Earlier Editions “…Almost every topic that a lay investor could be concerned about is covered – from an exposition of how stock markets function to explaining the valuation of a share and importance of diversification…” —Business India “…From the concept of time value of money to cashflows and the basics of investment analysis, this book should leave you a little more wise, a little less gullible in dealing with avaricious brokers and help you to use your acumen in investing your savings with perspicacity…” —The Times of India “…The book will be of considerable interest not only to the vast body of investors, but also to students of portfolio management and security analysis, executive development programmes and aspirants to career opportunities in mutual funds, merchant banking and stock broking firms…” —Fortune India “…The first time reader will benefit immensely from these (investment) techniques and strengthen his understanding of the theories expounded…” —Investment Week “…The book would be very useful to a keen investor in corporate securities, particularly those who want to build a fairly dispersed portfolio. The book carries the stamp of thoroughness and authority of the author…” —Chartered Secretary “…Explains the working of (financial) markets in a very lucid manner by answering 100 questions, covering various topics…” —Hindustan Times “…The part on investments is well written for readers willing to take the minimum necessary trouble…” —The Management Accountant

Author: V. Raghunathan
Paperback: 466 pages
Company: McGraw-Hill Education (India) (2008-09-09) (2008-09-09)
ISBN: 0070077347
List Price: $32.50
Amazon Price: $32.50

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Stock Exchanges, Investments and Derivatives: 3 is a post from: Stocks And Shares

TrimTabs Investing: Using Liquidity Theory to Beat the Stock Market

Stocks — Sat, 25 Jul 2009 02:54:35 +0000

Whether you are an investment professional managing billions of dollars or an individual investor with a small nest egg, TrimTabs Investing shows you how to beat the major stock market averages with less risk. This groundbreaking book begins by comparing the stock market to a casino in which the house (public companies and the insiders who run them) buys and sells shares with the players (institutional and individual investors). TrimTabs Investing argues that stock prices are primarily a function of liquidity—the amount of shares available for purchase and the amount of money available to buy them—rather than fundamental value. Finally, it outlines the building blocks of liquidity theory and explains how you can use them to predict the direction of the stock market.
“Charles Biderman, a savvy and battle-scarred veteran of the investment wars, has fashioned an intriguing approach to making money in the stock market that adroitly avoids both heavy-breathing speculation and the standard Wall Street practices that enable investors, big and small, to lose money in good markets as well as bad. Aimed at the sophisticated investor (which may or may not be an oxymoron), the book is written in blessedly straightforward prose and is a worthwhile read for anyone with an urge to have a fling at investing.–Alan Abelson
Barron’s
“Since the days of Joseph and Pharaoh, it has been axiomatic that the size of the grain harvest affects the level of grain prices; but today’s investors have been slow to appreciate the fact that the supply of stock shares significantly determines the level of stock prices. Biderman’s long overdue book outlines the theory and evidence behind ‘Trading Float,’ the actual—and exploitable—power behind major moves in the stock market. –Paul Montgomery
CEO and CIO of Montgomery Capital Management
“‘Trade as corporate execs do, not as they say.’ Charles Biderman has built an impressive list of hedge fund clients from this essential insight, and this book does a great job explaining exactly how retail investors can incorporate it into their investing.” –Eric Zitzewitz
Assistant Professor of Economics, Stanford Graduate School of Business
“Charles Biderman is a smart thinker, clear writer—and he offers here some very interesting ideas. This book is for the little guy who enjoys reading about money and economics, even if he doesn’t adopt the strategies offered here; and for the professional or sophisticated investor, who, to a greater or lesser degree, just might.–Andrew Tobias
author of The Only Investment Guide You’ll Ever Need

Author: Charles Biderman, David Santschi
Hardcover: 195 pages
Company: Wiley (2005-05-02)
ISBN: 0471697206
List Price: $29.95
Amazon Price: $5.99
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TrimTabs Investing: Using Liquidity Theory to Beat the Stock Market is a post from: Stocks And Shares

Efficient Asset Management: A Practical Guide to Stock Portfolio…

admin — Mon, 06 Jul 2009 07:20:50 +0000

In spite of theoretical benefits, Markowitz mean-variance (MV) optimized portfolios often fail to meet practical investment goals of marketability, usability, and performance, prompting many investors to seek simpler alternatives. Financial experts Richard and Robert Michaud demonstrate that the limitations of MV optimization are not the result of conceptual flaws in Markowitz theory but unrealistic representation of investment information. What is missing is a realistic treatment of estimation error in the optimization and rebalancing process.
The text provides a non-technical review of classical Markowitz optimization and traditional objections. The authors demonstrate that in practice the single most important limitation of MV optimization is oversensitivity to estimation error. Portfolio optimization requires a modern statistical perspective. Efficient Asset Management, Second Edition uses Monte Carlo resampling to address information uncertainty and define Resampled Efficiency (RE) technology. RE optimized portfolios represent a new definition of portfolio optimality that is more investment intuitive, robust, and provably investment effective. RE rebalancing provides the first rigorous portfolio trading, monitoring, and asset importance rules, avoiding widespread ad hoc methods in current practice.
The Second Edition resolves several open issues and misunderstandings that have emerged since the original edition. The new edition includes new proofs of effectiveness, substantial revisions of statistical estimation, extensive discussion of long-short optimization, and new tools for dealing with estimation error in applications and enhancing computational efficiency. RE optimization is shown to be a Bayesian-based generalization and enhancement of Markowitz’s solution. RE technology corrects many current practices that may adversely impact the investment value of trillions of dollars under current asset management. RE optimization technology may also be useful in other financial optimizations and more generally in multivariate estimation contexts of information uncertainty with Bayesian linear constraints.
Michaud and Michaud’s new book includes numerous additional proposals to enhance investment value including Stein and Bayesian methods for improved input estimation, the use of portfolio priors, and an economic perspective for asset-liability optimization. Applications include investment policy, asset allocation, and equity portfolio optimization. A simple global asset allocation problem illustrates portfolio optimization techniques. A final chapter includes practical advice for avoiding simple portfolio design errors.
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 and Michaud update the practice of optimization for modern investment management.
This edition includes a CD that contains a demo of the patented, internet-based optimization software created by the authors at their consulting firm, New Frontier Advisors.

Author: Richard O. Michaud, Robert O. Michaud
Hardcover: 144 pages
Company: Oxford University Press, USA (2008-03-03)
ISBN: 0195331915
List Price: $39.95
Amazon Price: $31.85
Used Price: $30.21

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Efficient Asset Management: A Practical Guide to Stock Portfolio… is a post from: Stocks And Shares