Investment & Securities Books
Invest in your financial future Featuring guidance from renowned finance expert Eric Tyson and content from other top selling For Dummies investment titles, Investing All-in-One For Dummies offers the foolproof, time-tested guidance you need to turn those hard-earned dollars into a successful and diversified portfolio. Covering everything from stocks, bonds, mutual funds, real estate, and the latest in online investing, this hands-on resource lays out an arsenal of techniques for you to select the investment accounts that best suit your particular style, needs, and goals. Investing All-in-One For Dummies offers a succinct framework and expert advice to help readers make solid decisions and confidently invest in the marketplace * Develop and manage a winning financial portfolio * Find the right investments for you, no matter your age or income bracket * Get the latest information on retirement planning, tax laws, investment options, and more * Benefit from sound strategies brought to you by a well-recognized personal finance counselor There's no time like the present to invest in your own financial future and this book shows you how.
- RRP £23.99
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THE ULTIMATE GUIDE TO HISTORY'S GREATEST EVER INVESTORSThere's never been a better time to be an ordinary investor. With more opportunities, lower costs and a more level playing field than ever before, the individual really can go head to head with the professionals. But there remains one big difference between Wall Street (or the Square Mile) and the individual investor: technique and experience. Superinvestors provides both in a new way. Based on MoneyWeek's popular 'Great Investors in History' column, it takes an in-depth look at 20 of the best investors in the last 200 years and shows the reader how to copy them.These investors have been picked for a variety of criteria, including their investing excellence, the different ways in which they made money - and, above all, for what they can teach individual investors. Investors representing a wide range of investment styles are included, ranging from David Ricardo, who made a fortune by correctly predicting the outcome of the Battle of Waterloo, to the patient value-orientated approach of Warren Buffett.The book also looks at some of the innovators, including John Bogle's development of index funds as a low-cost way of getting exposure to the market and David Harding's data-driven approach that aims to avoid human emotion. The book then looks at each of the investors' careers in depth. This includes their background, the strategies that they used to beat their peers and an honest evaluation of their success, using a special star ranking system. Naturally, the main focus is on their best investments. However, sometimes failures can be extremely instructive - and the book looks at those investments that didn't quite go to plan. Finally, each chapter concludes by detailing the lessons that ordinary investors can learn from them.Superinvestors is a treasure trove of success stories, cautionary tales, legendary stock picks and world-beating strategies that will fascinate and inspire investors of every level.
- RRP £24.99
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Since its first publication, Michael J. Mauboussin's popular guide to wise investing has been translated into eight languages and has been named best business book by BusinessWeek and best economics book by Strategy+Business. Now updated to reflect current research and expanded to include new chapters on investment philosophy, psychology, and strategy and science as they pertain to money management, this volume is more than ever the best chance to know more than the average investor. Offering invaluable tools to better understand the concepts of choice and risk, More Than You Know is a unique blend of practical advice and sound theory, sampling from a wide variety of sources and disciplines. Mauboussin builds on the ideas of visionaries, including Warren Buffett and E. O. Wilson, but also finds wisdom in a broad and deep range of fields, such as casino gambling, horse racing, psychology, and evolutionary biology. He analyzes the strategies of poker experts David Sklansky and Puggy Pearson and pinpoints parallels between mate selection in guppies and stock market booms. For this edition, Mauboussin includes fresh thoughts on human cognition, management assessment, game theory, the role of intuition, and the mechanisms driving the market's mood swings, and explains what these topics tell us about smart investing. More Than You Know is written with the professional investor in mind but extends far beyond the world of economics and finance. Mauboussin groups his essays into four parts-Investment Philosophy, Psychology of Investing, Innovation and Competitive Strategy, and Science and Complexity Theory-and he includes substantial references for further reading. A true eye-opener, More Than You Know shows how a multidisciplinary approach that pays close attention to process and the psychology of decision making offers the best chance for long-term financial results.
- RRP £18.99
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Achieve positive returns on your investments, in any market
With Managing Your Investment Portfolio FD you can build and manage a portfolio of investments that s flexible enough to provide positive returns, no matter what the market is doing. Inside you ll find a wealth of strategies and techniques to help you take your investments to the next level. Lean to track and predict volatility; hedge your exposure by going long and short; use strategies like arbitrage, relative value and pairs trading; and dip into distressed assets, options, derivatives, spread betting and much more.
Techniques and strategies covered include: * Tracking and predicting volatility, and making short-term gains on very volatile markets * Hedging exposure and going long and short * Arbitrage (taking advantage of price differences between markets) * Pairs trading * Relative value strategies * Distressed assets (things written off by the mainstream that may have long-term value) * Earnings surprises (looking for companies delivering better earnings than predicted by analysts) * Options and derivatives * Macro trading (looking at key indicators for economic cycles)
The worldwide rise of sovereign wealth funds is emblematic of the ongoing transformation of nation-state economic prospects. Sovereign Wealth Funds maps the global footprints of these financial institutions, examining their governance and investment management, and issues of domestic and international legitimacy. Through a variety of case studies--from the China Investment Corporation to the funds of several Gulf states--the authors show that the forces propelling the adoption and development of sovereign wealth funds vary by country. The authors also show that many of these investment institutions have identifiable commonalities of form and function that match the core institutions of Western financial markets. The authors suggest that the international legitimacy of sovereign wealth funds is based on the degree to which their design and governance match Western expectations about investment management. Undercutting commonplace assumptions about the emerging world of the twenty-first century, the authors demonstrate that even small countries with large and globally oriented sovereign wealth funds are likely to play a significant role in international relations. Sovereign Wealth Funds considers how such financial organizations have altered not only the face of finance, but also the international geopolitical landscape.
Hardie investigates the link between the financialization - defined as the ability to trade risk - and the capacity of emerging market governments to borrow from private markets. He considers the government bond markets in Brazil, Lebanon and Turkey and includes interviews with 126 financial market actors.
- RRP £66.00
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Everything you need to know about the most important trend in the history of the world
- RRP £16.99
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Within most people's lifetimes, the developments in the biotechnology sector will allow us to live increasingly long and healthy lives, as well as provide us with technological innovations that will transform the way we live. But these innovations offer more than just hope for a better life, but hope for better returns too. Financial returns of incredible magnitude await savvy investors and businesspeople who can see the massive changes on the horizon. This book details these fast-moving trends and innovations and offers extensive advice on how to profit from them in business and investing.
Many traders go around searching for that one perfect trading strategy that works all the time in the global FOREX (foreign exchange/currency) market. Frequently, they will complain that a strategy doesn't work. Few people understand that successful trading of the FOREX market entails the application of the right strategy for the right market condition. "7 Winning Strategies For Trading Forex" covers: why people should be paying attention to the FOREX market, which is the world's largest and most liquid financial market; how understanding the structure of this market can be beneficial to the independent trader; how to overcome the odds and become a successful trader; and, how you can select high-probability trades with good entries and exits. Grace Cheng highlights seven trading strategies, each of which is to be applied in a unique way and is designed for differing market conditions. She shows how traders can use the various market conditions to their advantage by tailoring the strategy to suit each one.This revealing book also sheds light on how the FOREX market works, how you can incorporate sentiment analysis into your trading, and how trading in the direction of institutional activity can give you a competitive edge in the trading arena. This invaluable book is ideal for new and current traders wanting to improve their trading performance. Filled with practical advice, this book is a must-read for traders who want to know exactly how they can make money in the FOREX market.
- RRP £19.99
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Important investment lessons gleaned from the mistakes of accomplished professional investors and billionaire businessmen The Billion Dollar Mistake is an up-close account of the career-defining mistakes that some of the world's most brilliant billionaire investors have made, and a revealing look at what we can learn from them. Drawing on author Stephen Weiss' twenty-two years experience at some of Wall Street's most prestigious firms, the core of this book is based upon original research and interviews with these legendary investors, who discuss the most significant trade or investment that went against them, the magnitude of the loss, its effect on their businesses-and on their personal lives. To some, these fascinating accounts will read like a novel; to others, it will be a treasured and unique investment guide. This intriguing book skillfully examines the causal relationship between the quirks of each investor's personality and the mistakes they have committed. Along the way, Weiss provides a series of compelling narrative accounts of the individuals' road to success, the particular mistakes they made, the character flaws that led to them, and the lessons learned. While some investors made errors of judgment, others made errors of perception. The Billion Dollar Mistake Uncovers important lessons learned from the failures of some of the most enduring and accomplished investors, including Kirk Kerkorian, Bill Ackman, Aubrey McClendon and Leon Cooperman Discusses how to incorporate these lessons into your investment discipline and avoid the same missteps Reveals common mistakes made by bigger investors that the average investor can relate-the only difference is in magnitude with more zeros attached to the loss Includes insights on improving your investment endeavors by refining your approach to today's markets Learning from the missteps of the best in the investment business can help you succeed. With The Billion Dollar Mistake, you'll discover how.
- RRP £27.99
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John C. Bogle shares his extensive insights on investing in mutual funds
- RRP £27.99
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Since the first edition of Common Sense on Mutual Funds was published in 1999, much has changed, and no one is more aware of this than mutual fund pioneer John Bogle. Now, in this completely updated Second Edition, Bogle returns to take another critical look at the mutual fund industry and help investors navigate their way through the staggering array of investment alternatives that are available to them.
Written in a straightforward and accessible style, this reliable resource examines the fundamentals of mutual fund investing in today's turbulent market environment and offers timeless advice in building an investment portfolio. Along the way, Bogle shows you how simplicity and common sense invariably trump costly complexity, and how a low cost, broadly diversified portfolio is virtually assured of outperforming the vast majority of Wall Street professionals over the long-term. * Written by respected mutual fund industry legend John C. Bogle * Discusses the timeless fundamentals of investing that apply in any type of market * Reflects on the structural and regulatory changes in the mutual fund industry * Other titles by Bogle: The Little Book of Common Sense Investing and Enough.
Securing your financial future has never seemed more difficult, but you'll be a better investor for having read the Second Edition of Common Sense on Mutual Funds.
Trading is a battle between you and the market. And while you might not be a financial professional, that doesn't mean you can't win this battle. Through interviews with twelve ordinary individuals who have worked hard to transform themselves into extraordinary traders, Millionaire Traders reveals how you can beat Wall Street at its own game. Filled with in-depth insights and practical advice, this book introduces you to a dozen successful traders-some who focus on equities, others who deal in futures or foreign exchange-and examines the paths they've taken to capture considerable profits. With this book as your guide, you'll quickly become familiar with a variety of strategies that can be used to make money in today's financial markets. Those that will help you achieve this goal include: Tyrone Ball: trades Nasdaq stocks almost exclusively, and his ability to change with the times has enabled him to prosper during some of the most treacherous market environments in recent history. AShkan Bolour: one of the earliest entrants into the retail forex market, he trades in the direction of the major trend, rather than trying to find reversals. Frank Law: a technician at heart, identifies a trading zone, commits to it, and scales down as long as the zone holds. Paul Willette: has mastered a method that allows him to harvest some profits right away, while ensuring that he can still benefit from an occasional extension run in his favor. Order your copy today and beat the Street.
- RRP £13.99
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This is the hands-on study guide to Martin Pring's Technical Analysis classic. Technical Analysis Explained is the definitive guide for mastering technical analysis. In this hands-on companion, technical analysis wizard Martin Pring serves as your personal investing coach, taking you step-by-step through his long-proven methods. Packed with hundreds of questions that correspond to chapters and sections throughout the book, Study Guide for Technical Analysis Explained, Fifth Edition, features: charts and graphs to help you visually digest the concepts presented; full text answers to guarantee your complete understanding of each important idea; fill-in-the-blank, multiple-choice, and matching question formats; and the straightforward, no-nonsense style that made Technical Analysis Explained a classic. Technical analysis mastery isn't easy, but its financial rewards make it indispensable. Use Study Guide for Technical Analysis Explained to reach the next level of technical analysis education and ensure that you start every trading day with the skills you need to come out on top.
- RRP £39.99
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Break old habits and take trading performance to new heights Many traders know what to do and when to do it but find it difficult to take the actions in real time, in the live markets. What stops them? They stop themselves: the way they think, the feelings they experience and their habits, behaviours, and actions. This book helps traders understand why they think, feel, and act the way they do when trading and offers practical and powerful techniques and strategies that will enable them to break out of their old ways and take their trading performances to new levels. Shows how to harness the power of perception and belief to build a winning trading mindset Reveals proven strategies for managing emotional states and increasing trading potential Includes suggestions for visualization and other mental rehearsal techniques that will enhance trading performance Breakout is filled with the latest psychological techniques that reinforce the messages and strategies for mastering change and taking trading skills to new levels.
- RRP £18.99
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The investment industry is on the cusp of a major shift, from Modern Portfolio Theory (MPT) to Behavioral Finance, with Behavioral Portfolio Management (BMP) the next step in this transition. BPM focuses on how to harness the price distortions that are driven by emotional crowds and use this to create superior portfolios. Once markets and investing are viewed through the lens of behavior, and portfolios are constructed on this basis, investable opportunities become readily apparent. Mastering your emotions is critical to the process and the insights provided by Tom Howard put investors on the path to achieving this. Forty years of Behavioral Science research presents a clear picture of how individuals make decisions; there are few signs of rationality. Indeed, emotional investors sabotage their own efforts in building long-horizon wealth. When this is combined with the misconception that active management is unable to generate superior returns, the typical emotional investor leaves hundreds of thousands, if not millions, of dollars on the table during their investment lifetimes.Howard moves on to show how industry practice, with its use of the style grid, standard deviation, correlation, maximum drawdown and the Sharpe ratio, has entrenched emotion within investing. The result is that investors construct underperforming, bubble-wrapped portfolios. So if an investor masters their own emotions, they still must challenge the emotionally-based conventional wisdom pervasive throughout the industry. Tom Howard explains how to do this. Attention is then given to measureable and persistent behavioral factors. These provide investors with a new source of information that has the potential to transform how they think about portfolio management and dramatically improve performance. Behavioral factors can be used to select the best stocks, the best active managers, and the best markets in which to invest. Once the transition to behavioral finance is made, the emotional measures of MPT will quickly be forgotten and replaced with rational concepts that allow investors to successfully build long-horizon wealth. If you take portfolio construction seriously, it is essential that you make the next step forward towards Behavioral Portfolio Management.
- RRP £40.00
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Your money can change the world. The Impact Investor: Lessons in Leadership and Strategy for Collaborative Capitalism offers precise details on what, exactly, impact investing entails, embodied in the experiences and best and proven practices of some of the world's most successful impact investors, across asset classes, geographies and areas of impact. The book discusses the parameters of impact investing in unprecedented detail and clarity, providing both context and tools to those eager to engage in the generational shift in the way finance and business is being approached in the new era of Collaborative Capitalism. The book presents a simple thesis with clarity and conviction: "Impact investing can be done successfully. This is what success looks like, and this is what it requires." With much-needed lessons for practitioners, the authors view impact investing as a harbinger of a new, more "multilingual" (cross-sector), transparent, and accountable form of economic leadership. The Impact Investor: Lessons in Leadership and Strategy for Collaborative Capitalism serves as a resource for a variety of players in finance and business, including: Investors: It demonstrates not only the types of investments which can be profitable and impactful, but also details best practices that, with roots in impact investing, will increasingly play a role in undergirding the success of all investment strategies. Wealth advisors/financial services professionals: With unprecedented detail on the innovative structures and strategies of impact investing funds, the book provides guidance to financial institutions on how to incorporate these investments in client portfolios. Foundations: The book explores the many catalytic and innovative ways for for-profit and non-profit investors to partner, amplifying the potential social and environmental impacts of philanthropic spending and market-rate endowment investment. Business students: By including strategies for making sound impact investments based on detailed case studies, it provides concrete lessons and explores the skills required to enhance prospects for success as a finance and business professional. Policy makers: Reinforcing the urgency of creating a supportive and enabling environment for impact investing, the book demonstrates ways policy has already shaped the sector, and suggests new ways for policymakers to support it. Corporate leaders: The book includes essential advice on the way business is and must be responding to a new generation of Millennial clients and customers, with unique insights into a form of value creation that is inherently more collaborative and outcomes-driven.
- RRP £32.99
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As a result of prevailing monetary conditions since the global financial crisis, the world has witnessed unprecedented growth in global corporate credit markets. Yet, despite the trillions of dollars put to work in the debt capital markets, corporate credit is still an unfamiliar concept to most investors compared to other asset classes, such as equities and commodities. Every red-top newspaper and 24-hour news service is happy to report the latest twitch in the Dow, FTSE or Stoxx indices but momentous moves in the iBoxx or iTraxx go unmentioned. And whereas many a talking head is happy to pose as an equity analyst, few feel comfortable venturing into the arcana of credit. Yet the corporate credit market, as the authors of this new book show, is both materially larger than its equity peer and has shown more attractive risk/reward characteristics over the last 90-odd years. In Opening Credit, career credit professionals, Justin McGowan and Duncan Sankey, aim to redress this by drawing on their more than 50 years' collective experience in the field to elucidate a practitioner's approach to corporate credit investment. Whilst explaining the basics of traditional credit analysis and affirming its value, McGowan and Sankey also caution against its shortcomings. They demonstrate the need both to penetrate the veil of accounting to get to the economic reality behind the annuals and interim numbers and to analyse the individuals that drive them - the key executives and board members. They employ a range of cogent and easy-to-follow case studies to illustrate the value of their executive- and governance-led approach, which places management front and centre in understanding corporate credit. Opening Credit will appeal to all those seeking a better understanding of corporate credit, including analysts looking to develop their skills, fund managers (especially those with an eye to SRI), bankers, IFAs, financial journalists, academics and students of finance.
- RRP £75.00
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'All in all, "Bollinger on Bollinger Bands" is a gem...within 10 minutes of opening it, it went on my list of the five best technical analysis books ever' - Active Trader. This is the first comprehensive traders' guide to using Bollinger Bands from the man who created them. It includes a handy Bollinger Bands reference card. Over the past two decades, thousands of veteran traders have come to view Bollinger Bands as the most representative and reliable tool for assessing expected price action. Now, in the long-anticipated "Bollinger on Bollinger Bands", John Bollinger himself explains how to use this extraordinary technique to effectively compare price and indicator movements.Traders can look to this techniques-oriented book for hundreds of valuable insights, including: analysis of the primary indicators derived from Bollinger Bands percentage b and BandWidth; how traders can use Bollinger Bands to work with instead of against commonly encountered trading patterns; strategic use of Bollinger Bands in short-, mid-, and long-term trading programs; three trading systems based on Bollinger Bands; and, the essence of successful investing is to determine when a stock's price is too high or too low and then act accordingly. While John Bollinger would be the first to argue that no techniques exist for definitively determining these levels, "Bollinger on Bollinger Bands" presents an insider's examination of the one tool that if its widespread popularity is an accurate judge of its effectiveness comes closer than anything else. Concise yet comprehensive, it is one of today's truly indispensable investment guidebooks. 'The purpose of this book is to help you avoid many of the common traps investors get caught in, including the buy-low, sell-high trap, where the investor buys only to watch the stock continue downward or sells only to watch the stock continue upward. Here, the traditional, emotional approach to the markets is replaced with a relative framework within which prices can be evaluated in a rigorous manner leading to a series of rational investment decisions without reference to absolute truths' - From the Introduction.In the 1970s, market newcomer John Bollinger couldn't find a system of investment analysis to fit his belief that all market events exist only in relation to one another and that there are no absolutes. So he created his own. That approach Rational Analysis led to the establishment of Bollinger Bands and ensured Bollinger's spot in investment analysis history. Now, in "Bollinger on Bollinger Bands", John Bollinger explains the market conditions that led to his initial discovery, and gives readers the inside story of the development and refinement of Bollinger Bands. He then goes on to present a relative decision framework built around Rational Analysis and Bollinger Bands, an extraordinarily powerful combination of technical and fundamental analysis that answers the question of whether prices are too high or too low for virtually any security or market environment.By understanding how to incorporate Bollinger's techniques into their own investment strategy, investors will greatly increase their ability to ignore often-costly emotions and arrive at rational decisions supported by both the facts and the underlying market environment. "Bollinger on Bollinger Bands" provides: the first authoritative examination of this revolutionary technical analysis tool; three simple systems for implementing Bollinger Bands; and, innovative methods for clarifying patterns and analyzing time frames and moving averages.The key to effective investment analysis is to as much as possible eliminate emotion and approach each trade on its technical and fundamental merits alone. Since their introduction, few analytical techniques have helped investors do this better or more consistently than Bollinger Bands. "Bollinger on Bollinger Bands" provides tips, guidelines, and rules for incorporating the bands into virtually any investment str...
- RRP £41.99
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This is the guide technicians turn to for answers - tuned up to provide an advantage in today's global economy. The face of investing has significantly changed in the 30 years since this book's first publication, but one essential component of the markets has not - human behavior. Whether you're trading cornerstone commodities or innovative investment products, observing how investors responded to past events through technical analysis is your key to forecasting when to buy and sell in the future. This fully updated fifth edition shows you how to maximize your profits in today's complex markets by tailoring your application of this powerful tool. Tens of thousands of individual and professional investors have used the guidance in this book to grow their wealth by understanding, interpreting, and forecasting significant moves in both individual stocks and entire markets. This new edition streamlines its time-honored, profit-driven approach, while updating every chapter with new examples, tables, charts, and comments that reflect the real-world situations you encounter in everyday trading. Required reading among many professionals, this authoritative resource now features: brand-new chapters that analyze and explain secular trends with unique technical indicators that measure investor confidence, as well as an introduction to Pring's new Special K indicator; expanded coverage on the profit-making opportunities ETFs create in international markets, sectors, and commodities; and Practical advice for avoiding false, contratrend signals that may arise in short-term time spans; and additional material on price patterns, candlestick charts, relative strength, momentum, sentiment indicators, and global stock markets. Properly reading and balancing the variety of indicators used in technical analysis is an art, and no other book better illustrates the repeatable steps you need to take to master it. When used with patience and discipline, Technical Analysis Explained, Fifth Edition, will make you a better decision maker and increase your chances of greater profits.
- RRP £59.99
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Since the 1950s, Warren Buffett and his partners have backed some of the twentieth century's most profitable, trendsetting companies. But how did they know they were making the right investments? What did Buffet and his partners look for in an up-and-coming company, and how can others replicate their approach? A gift to Buffett followers who have long sought a pattern to the investor's success, Inside the Investments of Warren Buffett presents the most detailed analysis to date of Buffet's long-term investment portfolio. Yefei Lu, an experienced investor, starts with Buffett's interest in the Sanborn Map Company in 1958 and tracks nineteen more of his major investments in companies like See's Candies, the Washington Post, GEICO, Coca-Cola, US Air, Wells Fargo, and IBM. Accessing partnership letters, company documents, annual reports, third-party references, and other original sources, Lu pinpoints what is unique about Buffett's timing, instinct, use of outside knowledge, and postinvestment actions, and he identifies what could work well for all investors in companies big and small, domestic and global. His substantial chronology accounts for broader world events and fluctuations in the U.S. stock market, suggesting Buffett's most important trait may be the breadth of his expertise.
Efficiently Inefficient describes the key trading strategies used by hedge funds and demystifies the secret world of active investing. Leading financial economist Lasse Heje Pedersen combines the latest research with real-world examples and interviews with top hedge fund managers to show how certain trading strategies make money--and why they sometimes don't. Pedersen views markets as neither perfectly efficient nor completely inefficient. Rather, they are inefficient enough that money managers can be compensated for their costs through the profits of their trading strategies and efficient enough that the profits after costs do not encourage additional active investing. Understanding how to trade in this efficiently inefficient market provides a new, engaging way to learn finance. Pedersen analyzes how the market price of stocks and bonds can differ from the model price, leading to new perspectives on the relationship between trading results and finance theory. He explores several different areas in depth--fundamental tools for investment management, equity strategies, macro strategies, and arbitrage strategies--and he looks at such diverse topics as portfolio choice, risk management, equity valuation, and yield curve logic. The book's strategies are illuminated further by interviews with leading hedge fund managers: Lee Ainslie, Cliff Asness, Jim Chanos, Ken Griffin, David Harding, John Paulson, Myron Scholes, and George Soros. Efficiently Inefficient effectively demonstrates how financial markets really work. Free problem sets are available online at http://www.lhpedersen.com
Practical and powerful improvements for value investorsBuying undervalued shares and selling when the price is many times greater has a natural appeal - and research shows it works. But not all value investors are successful. As Andrew Hunt shows in this must-read new book, many are guilty of common errors in their planning and execution and these critically undermine their success.Better Value Investing provides a straightforward framework to help all value investors improve, showing them what to focus on and what to cut out in order to be successful.Supported by the latest empirical research, 15 years of real investing experience, studies of what the top investors have said and done, and wide reading, Andrew Hunt reveals:- how financial strength is at the heart of value investing- why to invest like an owner- the importance of contrarianism- why you should buy only the very best bargains- the essentials of constructing and managing a portfolio- how checklists control the process and keep the value investor on track.This concise guide to honing the craft of value investing is essential reading for all value investors new and old.With its help you can concentrate on what is important, cut out errors and achieve what you set out to do, making you a better value investor.
- RRP £24.99
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Supported by numerous charts and detailed analysis, The Economist Guide to Investment Strategy outlines how to construct investment strategies appropriate for individual investors. It looks at risk and comes with wealth-warnings for those who wish to explore more sophisticated and fashionable investment approaches, and it emphasises the importance of taking into account insights from behavioural analysis as well as the principles of traditional finance. It highlights how habitual patterns of decision-making can lead any of us into costly mistakes, and it stresses how markets are most dangerous when they appear to be most rewarding. The book is in two parts: The big picture Setting the scene - including might I have been suckered by Madoff? Understanding your behaviour - including why do we rely on lazy shortcuts? Market investment returns - including who can investors trust to provide a safe haven? How investor strategies evolve - including what has changed since the financial crisis? The time horizon and the shape of strategy: keep-it-simple - including are government bonds and some equities all you need? Implementing more complicated strategies Setting the scene - including does an illiquid investment mean a premium return? Equities - including are high returns just a reward for taking more risk ? Credit - including do changes in credit spreads echo stock market volatility rather than bankruptcy risk? Hedge funds - including when will investors routinely get decent hedge fund risk statistics? Private equity - including are excessive fees strangling the goose that laid the golden eggs? Real estate - including should I buy REITs or bricks and mortar? Art and investments of passion - including how the Federal Reserve and the internet have boosted prices of fine art and classic cars. In addition, there is a glossary and other useful appendices.
- RRP £20.00
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Howard Marks's The Most Important Thing distilled the investing insight of his celebrated client memos into a single volume and, for the first time, made his time-tested philosophy available to general readers. In this edition, Marks's wisdom is joined by the comments, insights, and counterpoints of four renowned investors and investment educators: Christopher C. Davis (Davis Funds), Joel Greenblatt (Gotham Capital), Paul Johnson (Nicusa Capital), and Seth A. Klarman (Baupost Group). These experts lend insight into such concepts as "second-level thinking," the price/value relationship, patient opportunism, and defensive investing. Marks also adds his own annotations, expanding on his book's original themes and issues. A new chapter addresses the importance of reasonable expectations, and a foreword by Bruce C. Greenwald, called "a guru to Wall Street's gurus" by the New York Times, speaks on value investing, productivity, and the economics of information. *** Howard Marks, the chairman and cofounder of Oaktree Capital Management, is renowned for his insightful assessments of market opportunity and risk. After four decades spent ascending to the top of the investment management profession, he is today sought out by the world's leading value investors, and his client memos brim with insightful commentary and a time-tested, fundamental philosophy. Now for the first time, all readers can benefit from Marks's wisdom, concentrated into a single volume that speaks to both the amateur and seasoned investor. Informed by a lifetime of experience and study, The Most Important Thing explains the keys to successful investment and the pitfalls that can destroy capital or ruin a career. Utilizing passages from his memos to illustrate his ideas, Marks teaches by example, detailing the development of an investment philosophy that fully acknowledges the complexities of investing and the perils of the financial world. Brilliantly applying insight to today's volatile markets, Marks offers a volume that is part memoir, part creed, with a number of broad takeaways. Marks expounds on such concepts as "second-level thinking," the price/value relationship, patient opportunism, and defensive investing. Frankly and honestly assessing his own decisions--and occasional missteps--he provides valuable lessons for critical thinking, risk assessment, and investment strategy. Encouraging investors to be "contrarian," Marks wisely judges market cycles and achieves returns through aggressive yet measured action. Which element is the most essential? Successful investing requires thoughtful attention to many separate aspects, and each of Marks's subjects proves to be the most important thing. "This is that rarity, a useful book."--Warren Buffett
In 'The Law of Vibration' Tony Plummer presents a new theory which he argues is revealing of a fundamental truth about the deep-structure of the universe. The Law is embodied in a very specific pattern of oscillation that accompanies change and evolution. It can be found in fluctuations in stock markets and in economic activity. The research here suggests that the pattern was known about in antiquity because it was buried in a short passage in St Matthew's Gospel in the Bible. It also suggests that it was known about in the early part of the 20th century because it was concealed in the structure of books written by the renowned stock market trader, William D. Gann, and by the mindfulness exponent, George Gurdjieff. Both men chose to preserve their knowledge of the pattern in a hidden form for some unknown future purpose. Now, after 20 years of investigation, Tony Plummer tells the story of how the pattern was originally hidden. Drawing on painstaking research on gematria, the enneagram and financial market analysis, Plummer reveals the existence of a behavioural pattern that may have profound implications for the way that we view the world.Plummer's work is elegantly structured and illustrated throughout. It is an exciting and thought-provoking study for Gann enthusiasts, and also for investors, economists and scientists who have an interest in the laws that underpin systemic coherence and produce collective order.
- RRP £25.00
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