Download e-book for iPad: Active Investment Management: Finding and Harnessing by Charles Jackson

By Charles Jackson

ISBN-10: 0470858869

ISBN-13: 9780470858868

The funding administration faces a few well-publicised difficulties and problems. Charles Jackson exhibits how those all relate to an identical underlying challenge: that traders locate funding ability very challenging either to discover and to place to paintings in a fashion that earnings them.Active funding administration begins with the basics of what lively administration is and why traders locate it fascinating. It is going directly to express how those basics have given upward push to the industry’s difficulties, how those difficulties impact one another and the way they are often resolved.Written through a number one authority within the box, this e-book is a useful device for the practitioner. it truly is damaged down into 5 sections overlaying the complete spectrum of lively funding administration: - asset periods and items - balancing chance and go back - energetic product choice - the character of ability - the cost of ability lively funding administration concludes by means of projecting developments, and outlining the longer term advancements in lively funding administration implied by way of these developments.

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Extra resources for Active Investment Management: Finding and Harnessing Investment Skill

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13 The investment process followed that developed at Salomon and many of the successful positions at Salomon were reproduced in the new fund. 15 This summarised risk as volatility, or the expected daily standard deviation of portfolio return. 16 LTCM’s total commitments were a multiple of its capital. However, its positions were not confined to futures and forwards but included swaps, option writing and long and short positions in virtually any financial instrument. LTCM was extremely successful at minimising its borrowing costs by playing off potential lenders against each other.

Johnson, p. 461. 6. J. J. Siegel, Stocks for the Long Run. New York: McGraw-Hill, 1998, p. 232]. 7. com. The US data comes from the Centre for Research in Security Prices (CRSP) at the Chicago University GSB. 8. Quoted in J. Littlewood, The Stock Market. London: Financial Times Management, 1998, p. 85. 9. Siegel, p. 94. Siegel uses the performance of the bottom quintile by size of the stocks quoted on the New York Stock Exchange as a proxy for small stocks from 1926 to 1981. 10. Siegel, p. 95. 6% per annum.

Primary sources credited in report] 11. Pension Fund Indicators, UBS Global Asset Management, 2002, p. 11. [Primary sources credited in report] Investment Products 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 27 R. Lowenstein, When Genius Failed. US: Random House Trade Paperbacks, 2000, p. 33. Lowenstein, pp. 30–38. Lowenstein, p. 27. Lowenstein, p. 187. Author interview with Eric Rosenfeld, formerly a senior LTCM partner. “If the fund suddenly failed . . according to Long-Term, its seventeen biggest counterparties .

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Active Investment Management: Finding and Harnessing Investment Skill by Charles Jackson


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