Investment & Securities Books
'There is not an investor anywhere who wouldn't profit from reading this book' - Jeff Hochman, Director of Technical Strategy, Fidelity Investment Services Limited. 'James Montier gives us a very accessible version of why we as investors are so predictably irrational, and a guide to help us channel our 'Inner Spock' to make better investment decisions. Bravo!' - John Mauldin, President, Millennium Wave Investments.
- RRP £17.99
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Investing-the commitment of resources to achieve a return-affects individuals, families, companies, and nations, and has done so throughout history. Yet until the sixteenth century, investing was a privilege of only the elite classes. The story behind the democratization of investing is bound up with some of history's most epic events. It is also a tale rich with lessons for professional and everyday investors who hope to make wiser choices. This entertaining history doubles as a sophisticated account of the opportunities and challenges facing the modern investor. It follows the rise of funded retirement; the evolution of investment vehicles and techniques; investment misdeeds and regulatory reform; government economic policy; the development of investment theory; and the emergence of new investment structures. Norton Reamer and Jesse Downing map these trends and profile the battle between low cost index and exchange-traded funds, on the one hand, and the higher-fee hedge funds and private equity, on the other. By helping us understand this history and its legacy of risk, Reamer and Downing hope to better educate readers about the individual and societal impact of investing and ultimately level the playing field.
At the age of 26, Warren Buffett founded Buffett Partnership Limited, which lasted from 1956 to 1970. During this time he wrote 33 letters to his small but growing group of partners. These letters chronicle his thoughts, approaches and reflections in the period immediately prior to his Berkshire Hathaway tenure - one that saw an unprecedented record of investing success. This early period was astonishing: in 1968 he beat the Dow by more than 50%. Because Buffett wanted to ensure that his partners understood his process, he wrote letters. In them, he sets out what he termed "ground rules" for investing that remain startlingly relevant today for every type of investor - from beginners to sophisticated pros. Warren Buffett's Ground Rules brings together, for the first time, and with Buffett's blessing, the key investment principles and teachings the letters reveal. Here you will find the basis for Buffett's contrarian diversification strategy, his almost religious celebration of compounding interest and his tactics for bettering market results by at least 10% annually. Quoting extensively and directly from Buffett, equity research expert Jeremy Miller introduces us to the timeless advice the letters contain, demonstrating a set of highly effective investment strategies that continue to resonate today.
- RRP £8.99
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The aim of value investing is to identify stocks that are undervalued and which can be expected to produce an above average return in the future. And the message from the history of investing is clear: if you successfully pursue a value investing strategy over the long term, you will earn an above average return on your portfolio. The goal of The New Value Investing is to help you identify undervalued stocks and teach you how to build your own successful value investing portfolio. Added to this, it is important to understand that value investing is inextricably linked with behavioral finance, and research advances in this area in recent years strengthen the case for value investing. The author explains how stock prices are determined by emotional crowds, how this leads to mispriced stocks and opportunities for the value investor, and how you can harness the insights of behavioral finance to improve your value investing approach. As you work through this book, the author shows how to follow the path from analysis of the economy, to the industry, to company financial statements, to creating a value range for a company's stock.In this book, you will learn: how to remove emotion from your investment process; the essential elements of portfolio construction; what a value investor should observe in the wider economy and the market; where to find investment ideas; how to read a company's financial statements from a value investing perspective; dividend valuation, earnings valuation and other valuation techniques; how to undertake a full valuation analysis, with two complete worked examples of stock valuation for real-life companies; and what professional value investors at investment funds analyse and how they make their decisions. Value investing is within everyone's reach, so why doesn't everyone use it? The key is patience. The approach works over the long term if you stick with it and the result could be extra hundreds, thousands or millions in your portfolio at the end of your investment horizon.
- RRP £25.00
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One of the most remarkable phenomena of the 10 years leading up to the financial crisis was the growth of private equity, which became one of the main drivers of mergers and acquisitions. The global financial crisis presented a number of challenges for the private equity world, which in the main have been successfully met. This practical third edition introduces the world of private equity, explains its rise and recent challenges, and explores the key ingredients of private equity transactions and the technical issues associated with them. Featuring fully updated chapters by leading private equity practitioners, the book includes high-level analysis of private equity fund structures, equity and debt finance, acquisition documentation, due diligence, tax structuring, pensions issues and public-to-privates. New to the third edition are key chapters analysing private equity returns and looking at the new regulatory landscape facing private equity, and an expanded international section now covering not only France and Germany, but also Benelux, Italy, Spain and Scandinavia.
The family office sphere is of great interest to lawyers, accountants, trust companies, those in private banks and the financial world, as well as family office executives and wealthy families themselves. This new handbook, prepared in association with the Society of Trust and Estate Practitioners, features chapters from leading players in the field, including JP Morgan, SandAire, Family Capital Conservation Limited, Penningtons Solicitors LLP, Baker & McKenzie and Berenberg Bank. The book steers readers through the family office model from its inception, focusing on the viability of family offices for those at the margin of what is normally regarded as the minimum financial base and comparing this to a family worth many millions. The book also considers a range of issues around the cultural development of the family office - from the larger complex structures of North America to the emergence of family offices in developing jurisdictions.Whether the reader is a professional practising in the family office sphere, a family member or a new entrant to this diverse and challenging arena, this practical new title will serve as an interesting guide, providing valuable comment and insight into the family office world.
Charlie Munger, Berkshire Hathaway's visionary vice chairman and Warren Buffett's indispensable financial partner, has outperformed market indexes again and again, and he believes any investor can do the same. His notion of "elementary, worldly wisdom"-a set of interdisciplinary mental models involving economics, business, psychology, ethics, and management-allows him to keep his emotions out of his investments and avoid the common pitfalls of bad judgment. Munger's system has steered his investments for forty years and has guided generations of successful investors. This book presents the essential steps of Munger's investing strategy, condensed here for the first time from interviews, speeches, writings, and shareholder letters, and paired with commentary from fund managers, value investors, and business-case historians. Derived from Ben Graham's value-investing system, Munger's approach is straightforward enough that ordinary investors can apply it to their portfolios. This book is not simply about investing. It is about cultivating mental models for your whole life, but especially for your investments.
It is widely accepted that a large proportion of acquisition strategies fail to deliver the expected value. Globalizing markets characterized by growing uncertainty, together with the advent of new competitors, are further complicating the task of valuing acquisitions. Too often, managers rely on flawed valuation models or their intuition and experience when making risky investment decisions, exposing their companies to potentially costly pitfalls. Playing at Acquisitions provides managers with a powerful methodology for designing and executing successful acquisition strategies. The book tackles the myriad executive biases that infect decision making at every stage of the acquisition process, and the inadequacy of current valuation approaches to help mitigate these biases and more realistically represent value in uncertain environments. Bringing together the latest advances in behavioral finance, real option valuation, and game theory, this unique playbook explains how to express acquisition strategies as sets of real options, explicitly introducing uncertainty and future optionality into acquisition strategy design. It shows how to incorporate the competitive dynamics that exist in different acquisition contexts, acknowledge and even embrace uncertainty, identify the value of the real options embedded in targets, and more. Rooted in economic theory and featuring numerous real-world case studies, Playing at Acquisitions will enhance the ability of CEOs and their teams to derive value from their acquisition strategies, and is also an ideal resource for researchers and MBAs.
- RRP £20.00
Adopt the investment strategy that built Warren Buffett's fortune Invest Like a Guru provides an invaluable resource for high-quality-focused value investing, with expert insight and practical tools for implementation. Written by the man behind GuruFocus.com, this book expands on the site's value strategies and research tools to provide a primer for those exploring pathways to higher returns at lower risk. The book begins with an insightful explanation of high-quality-focused value investing concepts, then quickly moves into practical, detailed guidance on analysis, valuation, key factors, and risks to avoid. Case studies demonstrate real-world application of various analysis methods, and the discussion walks you through important calculations using real examples. Author Charlie Tian draws upon his own experiences and lessons learned to provide true insight on high-quality-focused value investing as a strategy, providing both reference and expert advice in this singularly useful guide. Warren Buffett once said, "I would rather buy good companies at fair prices than buy fair companies at good prices." That's how he built his fortune, and his method is what we now call high-quality-focused value investing. This book shows you how to determine what constitutes "good companies" and "fair prices," with practical tools for real-world application. * Learn the principles and concepts of high-quality-focused value investing * Understand the analysis process and valuation of prospective investments * Avoid the value traps that can trigger permanent losses * Study clear examples of key ratios and calculations We can't all become the next Warren Buffett, but we can boost returns while reducing risk using the right investment strategy. High-quality-focused value investing provides a path to profit, and Invest Like a Guru is the one-of-a-kind guidebook for getting on track.
- RRP £26.99
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The financial markets have changed considerably since "A Beginner's Guide to Short-Term Trading" was first published in January 2002. The dot.com implosion, a two-year bear market, wars in the Middle East, a burgeoning demand for commodities, and a softening real estate market have all contributed to a tumultuous stock market.The face and operating procedures of the markets have also changed. In 2001, decimalisation altered the time-honoured pricing of stocks in fractions, and gave way to quotations now delivered in one-cent increments. In addition, exciting new trading products have entered the markets. These include the E-minis (mini-versions of stock index futures contracts), and a host of Exchange Traded Funds (ETFs) that offer baskets of stocks (industry groups or country-specific) traded as a single instrument."A Beginner's Guide to Short-Term Trading, 2nd Edition" will include updates on all the current issues affecting the market.
- RRP £10.99
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Everyone wants to succeed in life. But what causes some of us to be more successful than others? Is it really down to skill and strategy - or something altogether more unpredictable? This book is the word-of-mouth sensation that will change the way you think about business and the world. It is all about luck: more precisely, how we perceive luck in our personal and professional experiences. Nowhere is this more obvious than in the markets - we hear an entrepreneur has 'vision' or a trader is 'talented', but all too often their performance is down to chance rather than skill. It is only because we fail to understand probability that we continue to believe events are non-random, finding reasons where none exist. This irreverent bestseller has shattered the illusions of people around the world by teaching them how to recognize randomness. Now it can do the same for you.
- RRP £9.99
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In 2005, Joel Greenblatt published a book that is already considered one of the classics of finance literature. In The Little Book that Beats the Market-a New York Times bestseller with 300,000 copies in print-Greenblatt explained how investors can outperform the popular market averages by simply and systematically applying a formula that seeks out good businesses when they are available at bargain prices. Now, with a new Introduction and Afterword for 2010, The Little Book that Still Beats the Market updates and expands upon the research findings from the original book. Included are data and analysis covering the recent financial crisis and model performance through the end of 2009. In a straightforward and accessible style, the book explores the basic principles of successful stock market investing and then reveals the author's time-tested formula that makes buying above average companies at below average prices automatic. Though the formula has been extensively tested and is a breakthrough in the academic and professional world, Greenblatt explains it using 6th grade math, plain language and humor. He shows how to use his method to beat both the market and professional managers by a wide margin. You'll also learn why success eludes almost all individual and professional investors, and why the formula will continue to work even after everyone "knows" it. While the formula may be simple, understanding why the formula works is the true key to success for investors. The book will take readers on a step-by-step journey so that they can learn the principles of value investing in a way that will provide them with a long term strategy that they can understand and stick with through both good and bad periods for the stock market. As the Wall Street Journal stated about the original edition, "Mr. Greenblatt...says his goal was to provide advice that, while sophisticated, could be understood and followed by his five children, ages 6 to 15. They are in luck. His 'Little Book' is one of the best, clearest guides to value investing out there."
- RRP £18.99
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A detailed look at one of the most underestimated aspects of trading-selling In The New Sell and Sell Short, Second Edition, Dr. Alexander Elder explains how to exit a stock at the right time and how to initiate a short position to profit from a stock that is showing weakness. Often overlooked, selling properly enables a trader to cut losses and maximize profits. Moreover, short selling in a weak market can generate big profits and should be a part of every trader's arsenal of tools. The new edition contains numerous examples of short selling stocks from the 2008-2009 bear market, demonstrating very clearly why traders do themselves a disservice by only focusing on the long side. In addition, the new edition contains an extensive study guide to help readers master the material prior to trading. Elder shares real-world examples that show how to manage your positions by adjusting your exit points as a trade unfolds. * Contains new examples and insights from the 2008-2009 market meltdown * Includes an extensive study guide with 115 questions and answers and 17 chart studies * Discusses the selling process from a variety of angles: technical, fundamental, and psychological * Explains how to maximize winnings in a profitable trade and how to minimize losses when a trade doesn't go as planned * Offers detailed guidance for traders of stocks, financial futures, commodities, and currencies * Explains how to set profit targets and stop-loss orders prior to entering any trade Other bestselling titles by Elder: Trading for a Living, Come Into My Trading Room, and Entries and Exits Understanding where and when to sell is essential to successful trading. The New Sell and Sell Short, Second Edition is the definitive reference to this overlooked, but vitally important, aspect of trading.
- RRP £30.99
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You're a genius. Nobody plays the financial markets better than you. What could possibly go wrong? Quants - quantitative analysts - were the maths masterminds let loose on Wall Street in the belief that their brilliant, impregnable computer programs would always beat the market. But as the catastrophic events of 2007 and 2008 showed, their seemingly failproof methods were little more than ticking timebombs. Inspired by the 'Godfather of Quants' - maths-professor-turned-gambler Ed Thorp, who began applying skills learned at the Vegas tables to the financial markets back in the 1950s - the quants achieved extraordinary success and massive wealth. This book charts their rise from obscurity to boom and then to bust, explaining why they were so confident - and how they got it so disastrously wrong.
- RRP £9.99
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Wealthy, powerful, and potentially dangerous, hedge-find managers have emerged as the stars of twenty-first century capitalism. Based on unprecedented access to the industry, "More Money Than God" provides the first authoritative history of hedge funds. This is the inside story of their origins in the 1960s and 1970s, their explosive battles with central banks in the 1980s and 1990s, and finally their role in the financial crisis of 2007-9. Hedge funds reward risk takers, so they tend to attract larger-than-life personalities. Jim Simons began life as a code-breaker and mathematician, co-authoring a paper on theoretical geometry that led to breakthroughs in string theory. Ken Griffin started out trading convertible bonds from his Harvard dorm room. Paul Tudor Jones happily declared that a 1929-style crash would be 'total rock-and-roll' for him. Michael Steinhardt was capable of reducing underlings to sobs. 'All I want to do is kill myself,' one said. 'Can I watch?' Steinhardt responded. A saga of riches and rich egos, this is also a history of discovery. Drawing on insights from mathematics, economics and psychology to crack the mysteries of the market, hedge funds have transformed the world, spawning new markets in exotic financial instruments and rewriting the rules of capitalism. And while major banks, brokers, home lenders, insurers and money market funds failed or were bailed out during the crisis of 2007-09, the hedge-fund industry survived the test, proving that money can be successfully managed without taxpayer safety nets. Anybody pondering fixes to the financial system could usefully start here: the future of finance lies in the history of hedge funds.
- RRP £12.99
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A do-it-yourself guide to investing like the renowned Harvard and Yale endowments. The Ivy Portfolio shows step-by-step how to track and mimic the investment strategies of the highly successful Harvard and Yale endowments. Using the endowment Policy Portfolios as a guide, the authors illustrate how an investor can develop a strategic asset allocation using an ETF-based investment approach. The Ivy Portfolio also reveals a novel method for investors to reduce their risk through a tactical asset allocation strategy to protect them from bear markets. The book will also showcase a method to follow the smart money and piggyback the top hedge funds and their stock-picking abilities. With readable, straightforward advice, The Ivy Portfolio will show investors exactly how this can be accomplished-and allow them to achieve an unparalleled level of investment success in the process. With all of the uncertainty in the markets today, The Ivy Portfolio helps the reader answer the most often asked question in investing today - "What do I do"?
- RRP £14.99
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Who are the players? Why trade currencies? What is currency hedging and forwards trading, and how do currency options work? What really makes currency markets tick? 'Applied Essentials - Foreign Exchange, The Complete Deal' is a comprehensive guide to the currency markets - the largest in the world - and trading. Written by a seasoned campaigner, the book guides you through the market jargon and mystic of foreign exchange to get to the heart of how currencies are traded. Starting with a broad explanation of both fixed and floating currency regimes, through to the workings of the markets, down to individual instruments and strategies, this book gives a comprehensive guide to this important and fascinating world. For both newcomers and those who need to understand more about the commercial realities of currency trading and hedging, this book offers clear, definitive and concise guidance.
- RRP £34.99
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How to get past the crisis and make the market work for you again The last decade has left people terrified of even the safest investment opportunities. This fear is not helping would-be investors who could be making money if they had a solid plan. The Little Book of Trading teaches the average person rules and philosophies that winners use to beat the market, regardless of the financial climate. The market has always fluctuated, but savvy traders know how to make money in good times and bad. Drawing on author Michael Covel's own trading experience, as well as insights from legendary traders, the book offers sound, practical advice in an easy to understand, readily digestible way. The Little Book of Trading:* Identifies tools, concepts, psychologies, and philosophies that keep people protected and making money when the next market bubble or surprise crisis occurs* Features top traders in each chapter that have beaten the market for decades, providing readers with their moneymaking knowledge* Shows how traders who beat mutual fund performance make money at different times, not just from stocks alone Most importantly, The Little Book of Trading explains why mutual funds should not be the investment vehicle of choice for people looking to secure retirement, a radical realization highlighting the changed face of investing today.
- RRP £18.99
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This is a fully revised and updated second edition of "The Spread Betting" best seller. Reach the heights of spread betting success! Financial spread betting is a huge industry. But who wins and who loses at this game? What do the winners do that differs from the losers? That is what this book is about. Malcolm Pryor uses the model of climbing a mountain to explain a disciplined, winning approach to spread betting. First a base camp must be established: which includes getting set up with the right corporate data, charting and accounts software, deciding what to bet on and what your time frame should be, learning the nuances of operating an account, controlling risk, and learning from other people's mistakes. Many spread betters don't even get this far. Next, we start climbing the mountain: this means having strategies that are right for us. The whole of this section is devoted to illustrating strategies which can be used for spread betting, for example trend following, counter-trend strategies and delta-neutral strategies such as pairs trading. Finally, we make our assault on the summit of the mountain: which is where the winners set themselves apart from the losers. Issues covered here include trade planning, record keeping, performance reviews, more on risk management, psychology and continual development. In this enhanced second edition, you will benefit from: refreshed and improved trading and risk management techniques, incorporating four additional years of spread betting experience and changes in the markets; brand new advice on managing exposure; and, updated analysis of spread betting firms' behaviour, order types and other practical issues. Spread betting is great fun; almost anyone can enjoy the odd bet now and again. But if you want to make money from spread betting then it must be taken seriously and a disciplined, tactical approach is required. This book is the essential guide to get to the top of the mountain.
- RRP £24.99
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A ground-breaking book on the transformative power of impact investing This is the first book to chart the catalytic path of this new industry, explaining how it is and can be a positive disruptive force. It shows how impact investing is a transformational vehicle for delivering "blended value" throughout the investment spectrum, giving a single name to a set of activities previously siloed in enclaves, revealing how they are linked within what is becoming a new field of investing. Written by two leaders in the growing field of impact investing, the book defines this emerging industry for participants on all sides of the funding equation (investors, funders and social entrepreneurs). * Filled with illustrative examples of impact investing success stories* Reveals how the field can expand in order to address the most critical social and environmental issues of our day* Explores the wide-ranging applications of impact investing as well as entrepreneurial opportunities The authors do not take a normative approach to argue how investors should behave like an investment guide might but show how entrepreneurial people and institutions are already offering an integrated alternative.
- RRP £26.99
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On 23 Jun 2011, the convicted double-murderer Levi Bellfield was found guilty of the murder of 13-year-old school girl Milly Dowler. Milly disappeared on her way home from school in Walton-on-Thames, Surrey in 2002. Six months later her body was discovered many miles away. A massive police investigation, the largest manhunt in Surrey's history, got nowhere. Only when nightclub bouncer and bare-knuckle boxer Levi Bellfield was arrested for the murder of another young woman did it become clear to police that they had a serial killer on their hands. This is the full story of the murders, the victims and the pain-staking nine-year investigation and trial by police and prosecutors. It tells of Bellfield's terrifying, controlling personality - a man who went from charming to monstrous in the blink of an eye - and his depraved stalking of young women. It is a terrifying portrait of the only man in modern British legal history to be given two whole-life sentences.
- RRP £8.99
The Original 1949 Edition. Benjamin Graham's classic best seller on value investing has taught and inspired hundreds of thousands of people worldwide. This reissue of the pure, unadulterated 1949 text by Graham offers the investing principles as he originally laid them out - principles that continue to stand more than half a century since the book was first published. Time and market developments have proven the wisdom of Graham's basic strategies, and in today's volatile market, this is the most important book you will ever read on making the right decisions to protect your investments and make them a success.
- RRP £25.00
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Top economist Gary Shilling shows you how to prosper in the slow-growing and deflationary times that lie ahead While many investors fear a rapid rise in inflation, author Gary Shilling, an award-winning economic forecaster, argues that the global economy is going through a long period of de-leveraging and weak growth, which makes deflation far more likely and a far greater threat to investors than inflation. Shilling explains in clear language and compelling logic why the world economy will struggle for several more years and what investors can do to protect and grow their wealth in the difficult times ahead. The investment strategies that worked for last 25 years will not work in the next 10 years. Shilling advises readers to avoid broad exposure to stocks, real estate, and commodities and to focus on high-quality bonds, high-dividend stocks, and consumer staple and food stocks. * Written by one of today's best forecasters of economic trends-twice voted by Institutional Investor as Wall Street's top economist * Clearly explains what to invest in, what to avoid, and how to cope with a deflationary, slow-growth economy * Demonstrates how Shilling has been consistently right about major economic trends since he began forecasting in the early 1980s Filled with in-depth insights and practical advice, this timely guide lays out a convincing case for why investors need to be prepared for a long period of weak growth and deflation-not inflation-and what you can do to prosper in the difficult times ahead.
- RRP £15.99
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The Investment Classic from Jack D. Schwager, Market Wizards, is back with a brand new, never-before-seen Preface and Afterword from the author! "I've read the book at several stages of my career as it shows the staying power of good down-to-earth wisdoms of true practitioners with skin in the game. This is the central document showing the heuristics that real-life traders use to manage their affairs, how people who do rather than talk have done things. Twenty years from now, it will still be fresh. There is no other like it." -Nassim N. Taleb, former derivatives trader, author of The Black Swan, and professor, NYU-Poly What separates the world's top traders from the vast majority of unsuccessful investors? Jack Schwager sets out to answer tis question in his interviews with superstar money-makers including Bruce Kovner, Richard Dennis, Paul Tudor Jones, Michel Steinhardt, Ed Seykota, Marty Schwartz, Tom Baldwin, and more in Market Wizards: Interviews with Top Traders, now in paperback and ebook. This classic interview-style investment text from a financial expert is a must-read for traders and professional financiers alike, as well as anyone interested in gaining insight into how the world of finance really works.* Filled with anecdotes about market experiences, including the story of a trader who after wiping out several times, turned $30,000 into $80 million and an electrical engineer from MIT whose computerized trading has earned returns of 250,000 percent over sixteen years* Identifies the factors that define a successful trader* Now availabe as in digital formats. One of the most insightful, bestselling trading books of all time.
- RRP £20.99
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