Book Description
"An excellent and comprehensive source of information on hedge funds! From a quantitative view Lhabitant has done it once again by meticulously looking at the important topics in the hedge fund industry. This book has a tremendous wealth of information and is a valuable addition to the hedge fund literature. In addition, it will benefit institutional investors, high net worth individuals, academics and anyone interested in learning more about this fascinating and often mysterious world of privately managed money. Written by one of the most respected practitioners and academics in the area of hedge funds." -
Greg N. Gregoriou, Professor of finance and research coordinator in the School of Business and Economics at Plattsburgh State University of New York.
"This is a landmark book on quantitative approaches to hedge funds. All those with a stake in building hedge fund portfolios will highly profit from this exhaustive guide. A must read for all those involved in hedge fund investing."
-Pascal Botteron, Ph.D., Head of Hedge Fund Product Development, Pictet Asset Management
"François-Serge Lhabitant's second book will prove to be a bestseller too - just like Hedge Funds: Myths and Limits. He actually manages to make quantitative analysis 'approachable'- even for those less gifted with numbers. This book, like its predecessor, includes an unprecedented mix of common sense and sophisticated technique. A fantastic guide to the 'nuts and bolts' of hedge fund analysis and a 'must' for every serious investor." -
Barbara Rupf Bee, Head of Alternative Fund Investment Group, HSBC Private Bank, Switzerland
"An excellent book, providing deep insights into the complex quantitative analysis of hedge funds in the most lucid and intuitive manner. A must-have supplement to Lhabitant's first book dealing with the mystical and fascinating world of hedge funds. Highly recommended!"
-Vikas Agarwal, Assistant Professor of Finance, J. Mack Robinson College of Business, Georgia State University
"Lhabitant has done it again! Whereas most books on hedge funds are nothing more than glorified marketing brochures, Lhabitant's new book tells it how it is in reality. Accessible and understandable but at the same time thorough and critical."
-Harry M. Kat, Ph.D., Professor of Risk Management and Director Alternative Investment Research Centre, Cass Business School, City University
"Lhabitant's latest work on hedge funds yet again delivers on some ambitious promises. Successfully bridging theory and practice in a highly accessible manner, those searching for a thorough yet unintimidating introduction to the quantitative methods of hedge fund analysis will not be disappointed."
-Christopher L. Culp, Ph.D., Adjunct Professor of Finance, Graduate School of Business, The University of Chicago and Principal, Chicago Partners LLC
Download Description
"An excellent and comprehensive source of information on hedge funds! From a quantitative view Lhabitant has done it once again by meticulously looking at the important topics in the hedge fund industry. This book has a tremendous wealth of information and is a valuable addition to the hedge fund literature. In addition, it will benefit institutional investors, high net worth individuals, academics and anyone interested in learning more about this fascinating and often mysterious world of privately managed money. Written by one of the most respected practitioners and academics in the area of hedge funds." -
Greg N. Gregoriou, Professor of finance and research coordinator in the School of Business and Economics at Plattsburgh State University of New York.
"This is a landmark book on quantitative approaches to hedge funds. All those with a stake in building hedge fund portfolios will highly profit from this exhaustive guide. A must read for all those involved in hedge fund investing."
-Pascal Botteron, Ph.D., Head of Hedge Fund Product Development, Pictet Asset Management
Customer Reviews:
A bit disappointing.......2006-10-16
Honestly I was surprised to see the book is founded on the mainstream economic theory when the hedge fund industry itself is an idealization of alternative thesis. There is no quantitative insight whatsoever into the hedge fund strategies there, even though the author does provide useful information for anyone interested in understanding the bits of this secretive industry. In my humble opinion, the book should have moved beyond those generic topics to how the quantitative models are derived and which fields of knowledge are assisting in that endeavour, ie quantum mechanics, chaos theory, etc. Instead of those interesting insights, I got a recap of what a MBA student learns in her first semester in finance class, coupled with some considerations about how to put upon the microsope the hedge fund historical data.
Notwithstanding all this, I am still confortable with 3 stars here because the area is still a black box and certainly is not easy to write a book on the topic without falling into the trap of vagueness since eventually all successful funds have tight non disclosure agreements with their R&D staff to prevent leaks. At the end, the public is only informed of those strategies and insights have lead to disaster in hedge fund collapse, ie LTCM in 98 while the sucessful quantitivative insights are kept secret at least until they prove unsuccessful.
Somewhat misleading title, but good book.......2005-04-02
I bought this book with the hope that finally I would learn how hedge fund strategies should be implemented in a quantitative and practical way. What a delusion I was under! Suffice to say that I regretted this purchase. You will not learn about investment strategies here, so if this is your motivation, look somewhere else (Lhabitant's first book "Hedge Funds: Myths and Limits" is better on investment strategies, but only in a qualitative way). All the same, I have found some use for this book. If you want a review of finance/investment theory like asset pricing models (CAPM, APT), risk and return measurement, regression analysis, etc. the book will do just fine. I recommend looking at the table of contents to see if this book suits your purpose. I have found chapter 5 on hedge fund indices, and the problems with these, very useful. Also, chapter 9 on style analysis is good, as well as chapter 8.5 on hedge funds as option portfolios which summarizes the scientific papers by Fung, Agrawal and those guys. However, you will find most of the book's topics in finance textbooks used in graduate schools, but if you haven't read those, I guess this book will be very useful for you.
Book Description
During his fourteen years as Yale's chief investment officer, David F. Swensen has transformed the management of the university's portfolio. Largely by focusing on nonconventional strategies, including a heavy allocation to private equity, Swensen has achieved an annualized return of 16.2 percent, which has propelled Yale's endowment into the top tier of institutional funds. Now, this acknowledged leader of fund managers draws on his experience and deep knowledge of the financial markets to provide a compendium of powerful investment strategies.
Swensen presents an overview of the investment world populated by institutional fund managers, pension fund fiduciaries, investment managers, and trustees of universities, museums, hospitals, and foundations. He offers penetrating insights from his experience managing Yale's endowment, ranging from broad issues of goals and investment philosophy to the strategic and tactical aspects of portfolio management. Swensen's exceptionally readable book addresses critical concepts such as handling risk, selecting investment advisers, and negotiating the opportunities and pitfalls in individual asset classes. Fundamental investment ideas are illustrated by real-world concrete examples, and each chapter contains strategies that any manager can put into action.
At a time when it is becoming increasingly difficult to cope with the relentless challenges provided by today's financial markets, Swensen's book is an indispensable roadmap for creating a successful investment program for every institutional fund manager. Any student of markets will benefit from
Pioneering Portfolio Management.
Customer Reviews:
A Great Investor Pulls Back the Veil on One of the Best Run Endowments.......2007-01-17
Swensen is certainly one of the brightest minds in institutional money management. In a world where there are ten million books on how to pick stocks, trade options, or some other get rich quick scheme, finally a great investor shows the methodology of how significant wealth should be managed. This book is a must read for anyone who manages or invests significant money, even if it isn't institutional assets.
A lot of nothing.......2006-02-07
This book has very little to teach you and it's virtually unreadable. Make sure you read one or two pages before you buy in case you are like me and you can't stand his style.
Great, but Swensen's New Book is Better.......2006-01-19
This book covers the HOW and WHY of diversification. While everyone claims to understand diversification, there have been few individuals or institutions that have actually applied the concepts as well as Swensen.
This book can be a little dry and is geared (in style) more towards institutional investors. His new book "Unconventional Success : A Fundamental Approach to Personal Investment" has all the same lessons but is MUCH MORE readable. Get that book instead: http://www.amazon.com/gp/product/0743228383/
solid primer on institutional money management.......2005-09-15
Swenson's reputation was made by the investment results he has generated, which in turn are based on good insights and steely discipline in managing a portfolio. That said, he could have used an editor on this book. His prose style is almost a mockery of a business presentation - here's what he's going to say, he says it, and then a recap of what he said. Still, his style, with its absolute emphasis on clearly communicating to the reader, is a huge improvement over quasi-academic articles in the Journal of Finance.
Equity bias and diversification - what's new there? Try the new lengths to which Swenson has taken portoflio diversification, and thus he has been able to afford an otherwise unsustainable level of investment in equities. Despite my comments on his style, the chapters on traditional and alternative asset classes can and should be read reptitively. (For fun, simultaeneously flip through _Triumph of the Optimists_, a historical survey of global markets.)
To my mind, the greatest problem fiduciaries seem to have is in staying consistent and disciplined in their approach to markets. While Swenson makes frequent tangential forays into describing the problem and how it manifests, this book on portfolio management would have benefited from a chapter on how to manage an investment team. Clearly stated objectives, consistent application, independence from portfolio managers, individual responsibilities vs. committee consensus, recruiting the right people...there is certainly enough there for a good chapter. The closing chapter on "Investment Process" is a valuable contribution, but it left me wanting to know more.
If you like his institutional book, you will also want to read his book for individual investors, called _Unconventional Success: A Fundamental Approach to Personal Investment_. Swenson shows his flexibility in approach, arguing that individuals should save and invest in ways very different from those he advocates for institutions.
As for _Pioneering Portfolio Management_, buy it, read it, and be a better fiduciary.
Worthwhile addition to your investment library.......2004-12-27
Fine book, it is full of common sense and worth reading. Author covers a variety of topics, from different investment periods of high inflation to stock market bubbles, large cap equities to hedge funds, asset allocation to market timing, active management to passive management...
Book highlights include:
1. Looking beyond mainstream investment opportunities. Benefits awarded to those that travel in illiquid and inefficient segments of the market.
2. Portfolio rebalancing, correlation matrix assumptions, optimizers.
3. Contrarian Investing.
4. Manager performance assessment and biases in index data.
5. Benefits of US Treasuries in a portfolio.
6. Multiple examples of BAD Investment ideas. Panic of 1998. Outlier events.
Neil R. Chelo, CFA
Product Description
New Institutional Economics (NIE) has skyrocketed in scope and influence over the last three decades. This first Handbook of NIE provides a unique and timely overview of recent developments and broad orientations. Contributions analyse the domain and perspectives of NIE; sections on legal institutions, political institutions, transaction cost economics, governance, contracting, institutional change, and more capture NIE's interdisciplinary nature. This Handbook will be of interest to economists, political scientists, legal scholars, management specialists, sociologists, and others wishing to learn more about this important subject and gain insight into progress made by institutionalists from other disciplines. This compendium of analyses by some of the foremost NIE specialists, including Ronald Coase, Douglass North, Elinor Ostrom, and Oliver Williamson, gives students and new researchers an introduction to the topic and offers established scholars a reference book for their research.
Customer Reviews:
This is the place to start for Microfinance.......2006-12-21
For those interested in Microfinance this is a must have for any library. It covers the basics of Microfinance including whose involved and where it is succeeding. It is really more of a reference guide than anything else and is very helpful for those starting out. I found it invaluable for writing papers related to microfinance. If you are going into this field or have an interest in international economics/ international political economy this is a must read.
Must read primer for microfinance implementors.......2006-05-01
This handbook provides novices, professionals, - and skeptics - with the information they need to move through the microfinance world with confidence gained through an understanding of microfinance principles and practices. Ms. Ledgerwood's book has been an essential reference in analyzing and developing microfinance programs throughout the world, and is required reading for many MFI implementers new to the trade.
If you want a good introduction to microfinance, this is it........2005-09-01
This is an excellent book to get a good overvivew of microfinance and how it works. It offers excellent forms to set up a successful program. I found it exceptionally helpful.
Book Description
Learn the successful strategies behind hedge fund investing
Hedge funds and hedge fund trading strategies have long been popular in the financial community because of their flexibility, aggressiveness, and creativity. Trade Like a Hedge Fund capitalizes on this phenomenon and builds on it by bringing fresh and practical ideas to the trading table. This book shares 20 uncorrelated trading strategies and techniques that will enable readers to trade and invest like never before. With detailed examples and up-to-the-minute trading advice, Trade Like a Hedge Fund is a unique book that will help readers increase the value of their portfolios, while decreasing risk.
James Altucher (New York, NY) is a partner at Subway Capital, a hedge fund focused on special arbitrage situations, and short-term statistically based strategies. Previously, he was a partner with technology venture capital firm 212 Ventures and was CEO and founder of Vaultus, a wireless and software company.
Download Description
Learn the successful strategies behind hedge fund investing
Hedge funds and hedge fund trading strategies have long been popular in the financial community because of their flexibility, aggressiveness, and creativity. Trade Like a Hedge Fund capitalizes on this phenomenon and builds on it by bringing fresh and practical ideas to the trading table. This book shares 20 uncorrelated trading strategies and techniques that will enable readers to trade and invest like never before. With detailed examples and up-to-the-minute trading advice, Trade Like a Hedge Fund is a unique book that will help readers increase the value of their portfolios, while decreasing risk.
James Altucher (New York, NY) is a partner at Subway Capital, a hedge fund focused on special arbitrage situations, and short-term statistically based strategies. Previously, he was a partner with technology venture capital firm 212 Ventures and was CEO and founder of Vaultus, a wireless and software company.
Customer Reviews:
Primer for You Creativity.......2007-08-03
I thought the trading examples and strategies were creative and well explained. It might not be completely appropriate to take these "trading systems" and use them as-is directly in your trading, but they certainly are a good primer to get you thinking of creative ways to find and exploit market inefficiecies and tendencies. The stock market is not completely random, which is why I think these "panic" and other stategies have merit. You've got to think up you're own trading stategies to fit your personality and strengths and I think this book is a good start towards that objective. I've used my own adaptation of the QQQQ crash system and it has worked well. The only thing I wished the book covered more was maybe a short rebuttal chapter to those who would suggest that this is all data mining, which I don't believe it is.
This is a unique book and one that is worth reading.
Simplistic like a Childs Toy = Trade Like a Hedge Fund.......2007-03-03
I should have known better, after buying and reading 50 or so books related to trading, the title should have given me pause for thought before purchase. No hedge fund trades like this (with the exception of trend following but certainly not with the proposed strategy) Give me a break. The worst $40 I've spent in a long time. Don't waste your time or money
Focused Strategies for Gaming Institutions and Retail.......2007-02-26
This is not a book about how to pick the next MSFT, or how to be a master of the Universe. It outlines several strategies by which traders can make money from
1. Panic
2. Slippage as the result of institutional biases
There is not a lot of detail about risk management, back testing crietria, optimized bet sizes etc. - the author dismisses a lot of The Street's "curve fitting" and over-rationalization through numbers. The basics of how to run your own book - that is for you to figure out. What this book does is demonstrate how one trader - who makes a living from it - thinks and tries to game his opponents.
As for the opinion that Mr. Altucher is not running a hugely successful fund (in AUM terms), that seems to be the case. But then again, he seems more intent on being an asset MANAGER, rather than an asset ACQUIRER, which is what most >$5bn HFs are now.
Give this book a read - it will give you IDEAS, not a roadmap.
Trade Like a Hedge Fund: 20 Successful Uncorrelated Strategies & Techniques to Winning Profits (Wiley Trading).......2007-02-19
Very well written. Clearly understandable systems. Not all would work for my style of trading but quite a few would work just fine. I've already recommended this book to several other traders. I especially like that the systems work without leverage or short selling which means they are suitable for deferred taxation type accounts (IRAs and 401ks).
Good book but missing some of Toby Crabel's meat.......2006-10-12
James Altucher comes closest to describing some good trading strategies.
However, you still need to know the fundamentals of trading taught by Toby Crabel or Linda Raschke. A good book.
Book Description
Minimize risk and maximize profits with convertible arbitrage
Convertible arbitrage involves purchasing a portfolio of convertible securities-generally convertible bonds-and hedging a portion of the equity risk by selling short the underlying common stock. This increasingly popular strategy, which is especially useful during times of market volatility, allows individuals to increase their returns while decreasing their risks. Convertible Arbitrage offers a thorough explanation of this unique investment strategy. Filled with in-depth insights from an expert in the field, this comprehensive guide explores a wide range of convertible topics. Readers will be introduced to a variety of models for convertible analysis, "the Greeks," as well as the full range of hedges, including titled and leveraged hedges, as well as swaps, nontraditional hedges, and option hedging. They will also gain a firm understanding of alternative convertible structures, the use of foreign convertibles in hedging, risk management at the portfolio level, and trading and hedging risks. Convertible Arbitrage eliminates any confusion by clearly differentiating convertible arbitrage strategy from other hedging techniques such as long-short equity, merger and acquisition arbitrage, and fixed-income arbitrage.
Nick Calamos (Naperville, IL) oversees research and portfolio management for Calamos Asset Management, Inc. Since 1983 his experience has centered on convertible securities investment. He received his undergraduate degree in economics from Southern Illinois University and an MS in finance from Northern Illinois University.
Download Description
Minimize risk and maximize profits with convertible arbitrage
Convertible arbitrage involves purchasing a portfolio of convertible securities-generally convertible bonds-and hedging a portion of the equity risk by selling short the underlying common stock. This increasingly popular strategy, which is especially useful during times of market volatility, allows individuals to increase their returns while decreasing their risks. Convertible Arbitrage offers a thorough explanation of this unique investment strategy. Filled with in-depth insights from an expert in the field, this comprehensive guide explores a wide range of convertible topics. Readers will be introduced to a variety of models for convertible analysis, "the Greeks," as well as the full range of hedges, including titled and leveraged hedges, as well as swaps, nontraditional hedges, and option hedging. They will also gain a firm understanding of alternative convertible structures, the use of foreign convertibles in hedging, risk management at the portfolio level, and trading and hedging risks. Convertible Arbitrage eliminates any confusion by clearly differentiating convertible arbitrage strategy from other hedging techniques such as long-short equity, merger and acquisition arbitrage, and fixed-income arbitrage.
Nick Calamos (Naperville, IL) oversees research and portfolio management for Calamos Asset Management, Inc. Since 1983 his experience has centered on convertible securities investment. He received his undergraduate degree in economics from Southern Illinois University and an MS in finance from Northern Illinois University.
Customer Reviews:
Requires a very, very careful approach...........2007-05-18
This is no book for beginners, as I have a background in economics, econometrics, and trading, but I find the prose jumps over and casually breezes past assumptions, leaving me thinking I must have missed something. In almost each sentence and paragraph you have to absorb and absorb and keeping trying to figure out the author's angles on what he means. Currently I am on pages 139-140, and I find impatience when encountering one-time blithe statements like "In practice, some slight additions to the short position on the way up will lock in some gains and avoid a hedge ratio that is extremely low relative to the delta." Or, "The hedge ratio on a leveraged bullish tilt position should generally be slightly more than the hedge ratio on the un-levered bullish tilt position to reduce some of the added volatility in the return." The syntax while trying to be plain language, loses the reader. I keep asking what exactly is "generally be slightly more than the hedge ratio" mean in the context of a portfolio; and do you own one each of the levered and unlevered to reduce volatility, and if not how can I be so confident my hedge ratio is thus adjusted properly if the volatility is well, volatile? It is like he writes to impress, which is not a bad thing by itself. It's clear he's having a good time. But if read aloud at a conference of CEO's, I can envision them nodding their heads and furrowing their sagacious brows without actually a full understanding of what is said.
So the prose is dense. But it eventually "sounds" right to the ear if read over a couple times quickly, but still loaded with very subtle ideas watered down into plain words which can makes me stop and pause to consider each idea as if it were some kind of rosetta stone to the prior material. At the same time it gets me to pause and think, which is an upside and rewards patience. But it's getting harder to gauge at this chapter how much progress I have made or not made, but I optimistically press on. I keep it hand so I can have more chances to peek inside this mysterious veil of conv arb. and learn something new and interesting.
It would be helpful to have more specific details where a natural question of 'why?' occurs if asked by a reader. From my own perspective, formulas would be far more compact and precise in conveying these ideas. English studies or philosophy enthusiasts may find it an enjoyable challenge to discern the Da Vinci-code like meanings.
good but cryptic.......2006-09-19
i studied from this book for the CAIA exam. while it presented some very fascinating approaches and ideas for me, keeping in mind i am not a practising arbitrageur yet, it was very poorly edited and written in general.
every book starts with an assumption about the level of sophistication the reader. this book seems to assume different levels in different chapters and even paragraphs. the chapter on equity valuation is written for kids (lose the chapter, nick) and the ones on hedging techniques doesn't even bother to list assumptions behind complex positions.
the author uses the most confusing notations. e.g. Nu-1, literally typed out like that, which is supposed to represent a variable with subscript u-1. geez - whatever happened to computer typesettng with actual subscripts, and why use the same notation for different variables in different formulae? at least he could have used Nu-1 and Mu-1. I spent a lot of time making sense out of this one and assumed he was referring to Nu minus 1!
basically, if the same ideas were carefully thought out and presented by better editing and writing (and typesetting!), this would be an enjoyable book. as it stands, its a torture to go through. such wonderful ideas and such poor presentation. this one went out the door too early.
An Excellent Primer on the subject.......2006-08-23
As a technologist charged with implementing a convertible arbitrage fund, this book was incredibly helpful. By reading it, I learned enough about the strategy and how it works to have intelligent conversations with portfolio managers and analysts and understand what needs to be done to make it work. The book covers the Greeks and why they matter, and gives explanations of the strategies that are easily understood, but whose details are laid out in sufficient depth that the layperson might not be able absorb them all the first time through.
The books doesn't, and really can't, get into issues relating to data providers, prime brokers, and other execution-related topics. Yet it does cover almost every permutation of the strategy that you might find currently being implemented by a CA fund.
Overall, I think that this book provides an excellent grounding in the strategy, is a very engaging read, and will be a good reference as your understanding of the subject grows.
In closing, let me say this: The chapter on the Greeks alone justifies the purchase of this book. I have received questions from people wanting to know how I gained such depth of understanding in convertible/capital structure arbitrage so quickly, and I do not hesitate to hand them this book. (Well, maybe there is some hesitation.)
Do it yourself: no need for this book.......2005-10-07
I have not read this book,but if you are really serious about arbitrage you should be able to write a program, that simulates the Black-Sholes model using discrete mathematics and random walk.
In short, you should be able to, from first principles, derive all you need to know about arbitrage.
But for those of you that prefer canned solutions, this book is OK I suppose.
Not the best book.......2005-05-16
To successfully employ convertible arbitrage, you need to value convertible bonds (CBs) correctly to be able to find underpriced CBs to buy, and then you need to know the number (delta) of stocks to short sell to hedge your position. How do you do this? The book correctly tells you that a binomial method must be used, but it spends only 10 pages or so on this matter! And even if you are proficient with binomial valuation, this description is quite poor and confusing. Most important though, the book does NOT cover the more complex attributes of convertible bonds (such as call and put provisions) that are very common. How can you expect to find underpriced CBs if you don't value them properly? If you truly want to learn convertible arbitrage, I instead recommend the book "Pricing convertible bonds" by Kevin Connolly who carefully explains all the things you need to know about the valuation of CBs, so that even if you have never heard about binomial trees you will still understand it (he also supplies a disc with excel files).
Book Description
In this landmark work, a Nobel Prize-winning economist develops a new way of understanding the process by which economies change. Douglass North inspired a revolution in economic history a generation ago by demonstrating that economic performance is determined largely by the kind and quality of institutions that support markets. As he showed in two now classic books that inspired the New Institutional Economics (today a subfield of economics), property rights and transaction costs are fundamental determinants. Here, North explains how different societies arrive at the institutional infrastructure that greatly determines their economic trajectories.
North argues that economic change depends largely on "adaptive efficiency," a society's effectiveness in creating institutions that are productive, stable, fair, and broadly accepted--and, importantly, flexible enough to be changed or replaced in response to political and economic feedback. While adhering to his earlier definition of institutions as the formal and informal rules that constrain human economic behavior, he extends his analysis to explore the deeper determinants of how these rules evolve and how economies change. Drawing on recent work by psychologists, he identifies intentionality as the crucial variable and proceeds to demonstrate how intentionality emerges as the product of social learning and how it then shapes the economy's institutional foundations and thus its capacity to adapt to changing circumstances.
Understanding the Process of Economic Change accounts not only for past institutional change but also for the diverse performance of present-day economies. This major work is therefore also an essential guide to improving the performance of developing countries.
Customer Reviews:
Starts out great but fizzles out.......2006-12-25
North starts his book out emphasizing the important role played in economic development by the uncertainty of the future that impacts the decision makers whose actions will create technological and institutional change over time.This uncertainty is the uncertainty emphasized by Schumpeter,Keynes,Knight,Ellsberg,and Mandelbrot( or mild risk versus wild risk),as opposed to the risk emphasized by neoclassical economics in the form of the standard deviation of a normal probability distribution.Throughout the book North correctly emphasizes uncertainty and not risk as being the environment in which decision makers make choices that will determine future economic growth and change.Unfortunately,North devotes only one small paragraph on p.13 to this vital distinction(uncertainty versus risk).North needs to have spent much more time and pages carefully covering this distinction since it is crucial to understanding the process of economic change .North needs to provide the reader with at least two chapters devoted to covering the risk versus uncertainty topic.The only readers who will benefit from this book would be readers who have already read the relevant works of Knight ,Keynes,Schumpeter,Ellsberg,and Mandelbrot that deal with this topic.I would recommend that a potential reader first cover chapters 7 and 8 of Knight's 1921 book,Risk,Uncertainty and Profit ,and then read chapter 7 on the business cycle from Schumpeter's 1912 book The Theory of Economic Development.North needs to substantially revise the book .His preliminary chapter on cognitive psychology can be filled out more completely once he has added the chapters on uncertainty and its impact on the irreversible nature of investment in long run,long lived, physical,durable capital goods which is " cast in concrete " and essentially irrevocable.
Lacks the rigor of his previous books.......2006-10-19
The book's main conjecture can probably be best described backwards: at the end of a number of steps, the political and economic outcomes may be observed. These outcomes are the result of the behavior of a number of relevant actors. Their incentives are structured by the prevailing institutions, which, in North's understanding, consist of formal rules, informal norms, and their enforcement characteristics. Institutions themselves, however, are not exogenously given; they are created by humans who act intentionally. North argues that institutions are created based on the relevant actors' beliefs. If the results of the institutions people create are not as expected, people will update their beliefs--they will learn--and institutional change will continue endlessly. To understand the process of institutional change, then, one must understand how beliefs come into being, receive updating, and form the basis of human action. Such understanding is North's current goal....
North tries to deal with the question by delving into cognitive science. To understand how beliefs are formed and how humans learn, he asserts, we must first understand better how our brains work. Thus, he enters territory where, owing to the academic division of labor, economists are amateurs. However, rather than seriously engaging the relevant issues, he barely scratches the surface. Far from familiarizing the reader with the relevant issues by a thorough survey of recent discussions in cognitive science, he barely mentions two or three competing standpoints and then ends the chapter....
In sum, at the outset of my reading of this book, I hoped to find further substantial progress in the new institutional economics. While reading it, however, I realized that it lacked the rigor of the same author's previous books in this field of research. Instead of offering intriguing new arguments, North repeats questions without offering any real answers.
Economic Change For the Business Executive.......2005-11-24
I think everyone interested in general business, economics or business strategy should read this book. For some a topic as big as the one Professor North is tackling here might require thousands of pages and a great deal of analytical complexity.
Most students of economics recognize Nobel Prize winner Douglass North and his work. As a specialized student of management, finance and accounting, I am not qualified to analyze the work in relation to its place in the professional field of economics -- although I understand its intentions and direction. My review rather focuses on the relevance of Professor North's statement in this book as a guide for my students of corporate strategy, business policy, finance and accounting; including as well my many clients in executive positions and the practice of law.
The systems view of economic change provided by Professor North casts light on long-term organizational thinking and helpful to our search for corporate and business strategy models in the increasingly efficient capital market environment revealed by modern financial economics.
More to follow....
Book Description
If you want to diversify your portfolio and lower your risk exposure with hedge funds, here’s what you should know: Hedge Funds For Dummies explains all the different types of funds, explores the pros and cons of funds as an investment, shows you how to find a good broker, and much more.
Authored by Ann Logue, a financial writer and hedge fund specialist, this handy, friendly guide covers all the bases for investors of all levels. Whether you’re just building your first portfolio or you’ve been investing for years, you’ll find everything you need to know inside:
- What a hedge fund is and what it does
- How hedge funds are structured
- Determining whether a hedge fund is right for your portfolio
- Calculating investment risk and return
- Short- and long-term tax issues
- Developing a hedge fund investment strategy
- Monitoring and profiting on macroeconomic trends
- Evaluating fund performance
- Evaluating hedge fund management
If you’re investing for the future, you definitely want to minimize your risk and maximize your returns. A balanced portfolio with hedge funds is one of the best ways to achieve that sort of balance. This book walks you step by step through the process of evaluating and choosing funds, incorporating them into your portfolio in the right amounts, and making sure they give you the returns you expect and deserve. You’ll learn all the ins and outs of funds, including:
- What kind of fees you should expect to pay
- Picking a hedge fund advisor or broker
- Fulfilling paperwork and purchasing requirements
- Performing technical analysis and reading the data
- How to withdraw funds and handle the taxes
- Tracking fund performance yourself or through reporting services
- Hedge fund strategies for smaller portfolios
- Performing due diligence on funds that interest you
This friendly, to-the-point resource includes information you can’t do without, including sample portfolios that show you how to invest wisely. Hedge funds are an important part of every balanced portfolio, and this friendly guide tells how to use them to your best advantage. With important resources, vital information, and commonsense advice, Hedge Funds For Dummies is the perfect resource for every investor interested in hedge funds.
Customer Reviews:
Great for Hedge Fund Managers Too!.......2007-08-27
Hedge Funds for Dummies seeks to create a "reference for the rest of us" on how to use hedge funds to improve portfolio performance.
However, as a founder of a Private Investment Fund, this book really makes one think about all of the elements that you need to consider when potential investors are kicking your fund's tires.
My copy is dog-eared and has writing throughout the margins.
Regardless of whether you are thinking of starting a fund or thinking about investing in a fund, this book will be an excellent resource.
Credible Look at Basics of Hedge Funds.......2007-03-23
This book covers all the bases that an investor should consider before deciding to invest. They are too numerous to mention here, but in this 342-page primer, the author clearly explains the critical information necessary to make an informed decision as to whether a hedge fund is for you.
Hedge funds have been in the news lately, but not necessarily for their supposed out performance characteristics. Nine hedge funds (for example, Amaranth Advisors) have closed their doors in the past year, some because of outsized bets by traders on the wrong side of the markets they were trading. This is not the way to increase performance. In 1998, Long-Term Capital Management blew up, even with two Noble-prize winning economists on the staff. All hedge funds are not alike and there risks that need to be taken into account.
Hedge fund assets are estimated to be $1.2 trillion with over 9000 funds in existence. For most investors, due to the stringent entry requirements, hedge funds are not an option. Wealthy individuals who may be interested in hedge funds are urged to read this book (as well as others interested in learning about the subject) before placing their hard-earned money at risk. This suggestion may save them millions of dollars in potential losses, if they decide not to invest in certain hedge funds because of their due diligence learned from this book.
Additionally, the author provides insight on setting up your own hedge fund portfolio by selecting different categories of investments. Surprisingly though, she spends a miniscule amount of time discussing exchange traded funds (ETFs) to build the hedge fund portfolio. Now that there over 425 ETFs offering all types of investment alternatives, this is one area that deserves more attention.
Overall, the author provides a credible and detailed look at the hedge fund industry. An investor needs to know the basics before committing any money to these funds. This book provides useful information to help in making the decision to invest in hedge funds.
Fasten Your Seat Belts.......2007-02-13
Wow! This book sets a new standard for the "...For Dummies" series. It goes well beyond what you would expect from a book with such a whimsical title. Ann Logue is smart, her research is solid, and her writing is perfectly colloquial. No BS, no jargon. If you don't have an MBA, or if you earned it before hedge funds entered the scene, take Logue's corporate finance tutorial, meaning start from the beginning. If you don't need the background, then jump to Part III, beginning on page 165, dealing with hedge fund strategies. This book covers the history of hedge funds, their regulatory aspects, asset allocation, risk management, the Greeks, transparency, due diligence, and perhaps the most important aspect, where does the alpha come from? Read it for fun; read it for self-defense, or prep yourself for an interview, but do read it.
A comprehensive introduction to hedge funds.......2006-12-06
I hate to admit but this book is actually pretty good. Being a financial professional as well as marginally positively biased towards the hedge fund industry, the publication of this book initially caused laughter as well as sadness in the industry. The title alone is cause for laughter: Hedge Funds for Dummies. Hilarious. It is also sad: The industry becoming mainstream so fast is somewhat sad in a sense that it loses some of its exclusivity.
The target audience is not, as the title rhetorically suggests, idiots but reasonably educated and curious people (essentially people who buy books for the purpose of acquiring knowledge and insight rather than public display). The reason for this book getting five stars is the following: Most books on hedge funds are written either by academics or practitioners. The books written by academics are quite often perceived as hoax by the investment profession because the content is abstract and dogmatic, i.e., a desperate attempt to fit the hedge fund phenomena into the corset of old paradigms such as "relative return investing" and EMH and CAPM whereas it too often transpires that the authors never have come even close to visiting or experiencing the dynamics of a trading floor in the real world. Books by practitioners on the hand often lack rigor and occasionally lack a sense for understanding the other side, i.e., the investors and their needs, requirements and constraints. Hedge Fund for Dummies finds an attractive balance. A balance between explaining or highlighting the theory including where the theory breaks down or is a poor description of investment reality on one hand and having the investor in mind on the other.
In addition, we all would seriously be better off if this book were required reading for US Congress.
Book Description
A self-study course that reviews the technical and quantitative knowledge necessary to properly manage a hedge fund
Today, traditional asset managers are looking to develop their own hedge funds as alternative offerings to their clients. Hedge Fund Course presents all the technical and quantitative knowledge necessary to run a leveraged investment company, and complements the less-technical information presented in the popular, How to Create and Manage a Hedge Fund (0-471-22488-X). Filled with in-depth insight and expert advice, this book represents an executive-level educational program for money managers exploring the launch of alternative investment strategies or entering the hedge fund industry for the first time.
Stuart A. McCrary (Winnetka, IL) is a partner with Chicago Partners LLC and specializes in options, mortgage-backed securities, derivatives, and hedge funds. As president of Frontier Asset Management, McCrary managed and ran his own hedge fund before joining Chicago Partners. He received his BA and MBA from Northwestern University.
Download Description
A self-study course that reviews the technical and quantitative knowledge necessary to properly manage a hedge fund Today, traditional asset managers are looking to develop their own hedge funds as alternative offerings to their clients. Hedge Fund Course presents all the technical and quantitative knowledge necessary to run a leveraged investment company, and complements the less-technical information presented in the popular, How to Create and Manage a Hedge Fund (0-471-22488-X). Filled with in-depth insight and expert advice, this book represents an executive-level educational program for money managers exploring the launch of alternative investment strategies or entering the hedge fund industry for the first time. Stuart A. McCrary (Winnetka, IL) is a partner with Chicago Partners LLC and specializes in options, mortgage-backed securities, derivatives, and hedge funds. As president of Frontier Asset Management, McCrary managed and ran his own hedge fund before joining Chicago Partners. He received his BA and MBA from Northwestern University.
Customer Reviews:
good, but not well written.......2005-03-04
This book is more quantitative than the author's other book, but it is still very basic. The author is also a little redundant in his writing. He spends a lot of time talking about the different types of funds available, but not actually giving that much insight into how they are run.
This is a good book for someone like myself that has very little prior knowledge about hedge funds, although it could have been written better. There are many misprints, yet the organization is good.
The most rewarding parts of the book are the questions at the end of each chapter. The answers are provided at the end of the book and many of the Q & A's give you more insight into hedge funds than the actual body. This is a good book for someone with no knowledge of hedge funds but would be too simplistic for someone that has already has knowledge of them.
Average customer rating:
- I love Mayor Mike
- Bloomberg Could Change the Course of U.S. History
- A Serial Disruptor of trading, of newswires, of politics
- Conceited, but inspiring
- Bloomberg The Great. . .
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Bloomberg by Bloomberg
Michael Bloomberg
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ASIN: 0471208884 |
Amazon.com
Members of the world's financial communities are increasingly securing the information that drives them from Michael Bloomberg. His specialized media--including manipulable online data feeds, a global newswire, and extensive magazine and broadcast outlets--have turned the business of business news upside down. Along the way, he's made a substantial fortune and a significant name for himself. In Bloomberg by Bloomberg, he reveals (with help from colleague Matthew Winkler) how it all came to be.
Book Description
The remarkable story of how Michael Bloomberg created a media empire
"Lots of entrepreneurs make money. Lots of entrepreneurs who make money write books. Few of those books make you glad they did. This one does."-The New York Times Book Review
"A classic tale of a nimble, customer-focused, entrepreneurial David outsmarting bureaucratic, ossified, corporate Goliaths."-Business Week
"Entertaining, engaging, and informative, Bloomberg by Bloomberg is packed with great advice about how to start a lean, hungry company-and how to keep it that way."-Bryan Burrough, coauthor, Barbarians at the Gate
Brash, aggressive, and supremely self-confident, Michael Bloomberg, the visionary leader of the world's fastest-growing media empire, has been hailed as the new standard for what it takes to win in the Information Age. Dismissed from Salomon Brothers in 1981, Bloomberg immediately took his money and acerbic personality and started Bloomberg L.P. Bolstered by a $30 million investment from Merrill Lynch, the company and the man have been sprinting ahead of the pack ever since. Only twenty years after founding, he's at the top of his industry. And on June 5, 2001, he added mayoral candidate for New York City to his list of accomplishments and aspirations. If elected, powerhouse Michael Bloomberg will bring his own brand of leadership-and personal style-to the city that never sleeps.
Customer Reviews:
I love Mayor Mike.......2007-09-07
I'm a huge Mike Bloomberg fan, and really enjoyed the autobiographical parts of this novel and the story of his company's genesis. The generic computer stuff I could have done without, also the story didn't really flow and was a bit choppy. Overall a good, quick easy read. But I definitely could've used some more Bloomberg, Mike that is.
Unfortunately there is surprisingly very little written about this great man.
Bloomberg Could Change the Course of U.S. History.......2007-08-03
First, I apologize for the length of this review. I would not write at such length if I did not think the subject was of very great importance. I hope you may find the review useful.
Normally I do not review books of this genre but Michael Bloomberg, with his wealth, ambition, street smarts, and interest in political change, has appeared at a tipping point in the history of this country. He has no qualms about entering the political arena and with his vast fortune he could profoundly influence the course of our nation and ultimately that of the world. The question is, will he act wisely and with deep insight or will he use his wealth and influence in a well meaning but ultimately destructive manner?
Mike Bloomberg may be short in stature but if he gets it right he will be remembered as a towering, perhaps even heroic, figure in American history. If he gets it wrong though, all the fame and goodwill he has built up over the years will be lost forever. After reading this book I conclude that the capacity for great deeds is certainly there. The question is, will his ego get in the way?
Bloomberg by Bloomberg is a remarkable autobiography, as much for what it reveals about Mike Bloomberg the man and how he thinks as for the interesting and often amusing stories he tells about his rise from obscurity to fame and riches.
Bloomberg's success stems from seeing a niche in the world of high finance and filling it. He had a technically inclined mind (degree in electrical engineering), got an MBA from Harvard, and became a star Wall Street securities trader, or as he honestly describes it, a salesman. He had the immense good luck to be fired from Salomon Brothers and turned his $10 million severance into a $5 billion financial information empire.
In short he was at exactly the right place at exactly the right time with exactly the right skills and hard driving personality. He saw an opportunity to offer a unique and valuable service, used his brain, worked 12-hour days, six days a week for years, and lived the rags to riches American dream. But ultimately he was lucky.
What distinguishes Bloomberg from so many other self made men is that he is willingly acknowledges that luck played a large part in his success in life just as it does for each of us. This is but one example of the kind of honesty that pervades the book and one of the reasons I admire the man even though I disagree with him of a number of important public policy issues.
Actions not only speak louder than words, they inspire and motivate with far greater power. Bloomberg is not your stereotypical billionaire. He leads by example.
He was one of the youngest Eagle scouts in history. He used National Defense loans to pay his tuition at Johns Hopkins but when he was rejected for military service because of flat feet he didn't just say thanks for the pass from Vietnam and let it go at that. He tried to get his congressman and others to exert political influence to have the rejection overturned and his status changed to 1A, in those days a sure ticket to the jungles of Southeast Asia. He failed at the effort and never served but that one incident of trying to fulfill a commitment to duty speaks volumes about the man and stands in such glaring contrast to some others currently on the national political stage.
Bloomberg before he became mayor of New York drew the same salary as his lowest paid employee ($19,000 in 1998) and the rest of his remuneration came from his holdings in Bloomberg LP. When the company does well he and all of his employees share in the profits. If it does poorly everyone takes a pay cut. (Why does this sound like the way we were taught that capitalism is supposed to work?)
One of the nation's most generous philanthropists, Bloomberg approaches his stewardship to the community with the same energy and enthusiasm as he does to his business. And he is not shy in admitting he likes approval and being in the limelight. All of which gives him, for all his brashness and self promotion, an endearing humanness.
But if you are going to enter the national political arena during a time of great turmoil and danger, you had better know what you are doing and you better be prepared for the law of unintended consequences. If ever there was a time when this nation needed decisive but wise leadership this is it.
Bloomberg with typical bluntness admits "stubborn isn't a word I would use to describe myself; pigheaded is more appropriate." (p. 251). But he can also listen and after repeated prodding, eventually get the message. "One of us is stupid, and it's not him" he recalls when a budding entrepreneur, after four tries, finally convinced him to expand into broadcasting. (p. 115).
The most disappointing aspect of the book is Bloomberg's conventional thinking about a host of issues from the economy to education. Like most `futurologists' he extrapolates the present into future. The computers will be more powerful, the distribution systems will be faster. You'll be able to select just what you want and filter out the rest, etc. etc. This is not very deep stuff.
Yes, Bloomberg has made some major improvements in New York City schools. It's wonderful that more kids are graduating and math scores are up. Bloomberg with his 'take command' management style deserves much of the credit. But what good is it to go to college, study an lot of advanced math and physics to get a degree in computer science when Bill Gates wants to import thousands of computer scientists from India and pay them a faction of what similarly trained Americans would cost? It's the same story in field after field.
The problems facing this society go far deeper than simply bad management. They are in fact rooted in the very way contemporary technological society is organized. There are no doubt solutions but these would require changes far more sweeping than most elites are willing to admit.
Confronting them honestly would provoke a firestorm from vested interests, including powerful universities and think tanks who with arrogance and pomposity cling to outdated paradigms, and - with a handful of exceptions such as Lou Dobbs - the intellectual light weights who populate the media and parrot their pabulum. Bloomberg talks about thinking outside the box but at least the ideas in the book seem to indicate a pretty small box.
The mayor's solution to illegal guns in New York City: hire private detectives to hunt down gun stores in the South who sell to New York criminals, then sue them. He even got the U.S. Council of Mayors to sign on although some of them have since backed away after getting an earful from their constituents. Well intentioned but a totally futile approach in a country with 100-200 million firearms in civilian hands and 50,000 licensed gun dealers.
It turns out that less than one percent of the stores account for 40% of the guns used in crime in this country. Spend a lot of time, money and effort to shut down a handful of bad apples and the criminals will just go down the street to others. Plus, this kind of tactic raises a huge red flag in the minds of millions of potential supporters in Middle America who might otherwise be tempted to vote for him. Are there smarter solutions? Sure. Just contact the cities with low crime rates and find out how they tackle the problem.
This kind of short sighted, ill advised action lends credence to the belief that however brilliant a businessman and however well meaning he may be, Bloomberg appears more likely to sow havoc in 2008 than to bring unity, purpose, and direction to our nation. It is not a question of intelligence but of insight, two very different qualities.
Over the years I have worked for a number of men like Mike Bloomberg. In almost every case they have been excellent problem solvers and opportunists on the mundane level but hardly a one of them would qualify as a really deep strategic thinker. The key indicator is with whom do you surround yourself, very smart 'technicians' or the likes of Ray Kurzweil, Jared Diamond, and Paul Davies?
Funding an independent third party while not running as a candidate himself could have a profound and positive impact but it would demand the ultimate in personal self discipline and self sacrifice for a man with Bloomberg's ego. It would be the greatest challenge of his life.
Mike Bloomberg is a smart man with a good heart. I for one believe he's up to that challenge.
A Serial Disruptor of trading, of newswires, of politics.......2006-08-27
This book serves as a close-up case study of market disruption by a new entrant. In the early 1980s, Bloomberg's company, Bloomberg LLP, was a nobody, attempting to crack the financial news wire market, a mature business dominated by Reuters and Dow Jones.
Bloomberg had three big advantages (plus a strong confidence in his own gut instincts) that fit with the theory of market disruption that has emerged since:
1. He knew the customers and their evolving needs better than anyone because he had been a Wall Street trader for years;
2. He was bold enough to focus on what was not good enough for customers (collecting, manipulating, and processing financial data);
3. He recognized where the business had already been commoditized (earnings headlines and stock or bond quotes) and applied little innovation there;
Also a good inspirational biography. Like a great business, Bloomberg has reinvented himself several times, from Harvard student to trader to entrepreneur, to media exec, to politician.
Conceited, but inspiring.......2004-03-19
I do not like Michael Bloomberg's politics, but I respect him as a business leader. His information terminal has revolutionized the financial services industry, and it is always nice to see an American success story.
I bought my book at a discount place, and I am glad I did. It wasn't boring, but it didn't knock my socks off.
Bloomberg The Great. . ........2003-09-26
The book was not bad. Well worth the $.99 I paid for it but not much more. This Bloomberg is without doubt in love with himself. His story was not bad--probably not truthful either--but I had a hard time getting through the book. This man must be the most arrogant and pompous man in America. He thinks he's the second coming of Christ. Really. If you don't believe me read the book. He wants his name and mug on anything and everything he comes across. He even says that by donating money to universities and whatnot he's enabling future Nobel Prize winners to get their start; thus, he too is a Nobel recipient. He says he considers it his Nobel too. And he's also planned his daughters lives for them. When he's dead his daughters and ex-wife--boy would I love to hear her side--are to spend the rest of their lives distributing his billions to worthwhile foundations and charities. All and all the book was not bad. Being interested in the financial markets AND politics I thought the book might be worth the read. And it was. I just wish Michael would've stopped telling me how wonderful and great and superior he is to most human beings. And another thing, Mr. Bloomberg, being fired as a ten million dollar check is put into your hand is not a tragedy. And did you ever consider this? Put that check in the market and just settle for an 8-10 percent return while still living very comfortable as you try to be a better husband and father. Certinaly you're not going to convince me or any other reader that your family got much of your attention. All I took from this book was that Mr. Bloomberg, though a sucessful businessman, probably failed something horrible as a family man. Me personally, I'd rather focus my time and energy on my wife and kids. You make the world a better place by starting right there. Do you understand the power of exponetial growth?
Books:
- History: Fiction or Science? (Chronology, No. 1)
- History: Fiction or Science? (Chronology, No. 1)
- History: Fiction or Science? (Chronology, No. 1)
- History: Fiction or Science? (Chronology, No. 1)
- History: Fiction or Science? (Chronology, No. 1)
- History: Fiction or Science? (Chronology, No. 1)
- History: Fiction or Science? (Chronology, No. 1)
- History: Fiction or Science? (Chronology, No. 1)
- History: Fiction or Science? (Chronology, No. 1)
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