Asymmetric returns: the future of active asset management
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Hoboken, N.J.
Wiley
2007
|
| Schriftenreihe: | Wiley finance series
|
| Schlagworte: | |
| Online-Zugang: | Table of contents only Inhaltsverzeichnis |
| Beschreibung: | Includes bibliographical references and index |
| Beschreibung: | XV, 336 S. graph. Darst. |
| ISBN: | 0470042664 9780470042663 |
Internformat
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Datensatz im Suchindex
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| adam_text | Contents
Preface xi
Acknowledgments Xv
CHAPTBM
Survival of the Richest—Vdatnty Matters 1
The Future of the Asset Management Industry 2
Change in Risk Perception 2
Living Legends on the Future of Investment Management 7
Defining Asymmetric Returns 9
Introduction 9
Background 1
Volatility Matters 13
The Thing about Compounding Capital 13
Evolution Is Jumpy, Not Smooth 17
Chapter Summary and Conclusions 19
Appendix: On Compounding, Survival, and Dull Swiss 20
CHAPTH2
Msk and Transparency 28
Risk Is Exposure to Change 23
The Boiling Frog Syndrome 23
Risk versus Knightian Uncertainty 26
Prevention versus Cure 28
Risk Measurement versus Risk Management 31
The Musical Chairs Effect 32
Tracking Risk versus Total Risk 35
Controlled versus Uncontrolled Risk 37
Investor Protection versus Capital Protection 49
Investor Protection 50
V* CONTENTS
Systematic versus Nonsystematic Risk 55
Systematic Risk 56
Nonsystematic Risk 57
Chapter Summary and Conclusions 61
CHAPTHtS
The Price of Asymmetric Returns 65
Fees—An Evergreen Issue Revisited 66
Introduction 66
Paying for the Balancing Act 71
Paying the Milkman Thrice 75
To Pay or Not to Pay—That Is the Question 77
Asymmetric Returns through Derivatives 92
Introduction 92
Capital Guaranteed Structures 93
Chapter Summary and Conclusions 105
Appendix: Aggregate Fees 106
CHAPTBU
Hrefles before the Storm 110
Risk, Returns, and Market Efficiency 111
Active versus Passive Asset Management 111
Introducing a Flexible Approach to Managing Money 115
Time Diversification, Risk, and Uncertainty 117
Does Time Increase or Reduce Risk? 117
Tyranny of the Status Quo 118
Chapter Summary and Conclusions 121
Appendix: On Volatility and Fat Tails 123
CHAPTH5
Alpha Is an Option 131
Inefficiency of Financial Markets 131
There Is No Free Lunch Plan 134
Unorthodox Economics and Voodoo Science 136
Introduction 136
Praxeology 140
Reflexivity 142
Behavioral Finance 146
Chapter Summary and Conclusions 1 53
Appendix: On Alpha, Beta, and Randomness 153
Contents jx
CHAPTHtS
Active Risk Management 184
Applicability and Adaptability of Skill 165
Adaptability versus Style Drift 166
The Law of Active Management 167
Leverage as a Risk Management Tool 169
Three Ways to Use Leverage 172
The Art of Generating Alpha 174
Asymmetric Returns and Active Risk Management 174
Convertible Arbitrage 175
Equity Market Neutral 180
Distressed Securities 182
Event Driven Multi strategy 186
Equity Hedge 191
Sector Specialists 198
Macro 203
Chapter Summary and Conclusions 206
Appendix: The Random Approach to Manager Selection 207
CHAPTBW
Asymmetry of Singe Manager Risk 216
Convertible Arbitrage 217
Global Macro 227
Chapter Summary and Conclusions 238
CHAPTHI8
Asymmetric Returns as a Business 240
Introduction 240
The Best Business Model—Ever 242
Departing from Randomness 244
Positive Compounding as a Major Business Objective 246
Honey, I ve Shrunk the Margins 250
Competition Puts Pressure on Margins 250
The Role of Innovation and Marketing 252
Performance Attribution and Fees 254
Alpha? What Alpha? 256
Intellectual Property versus Adaptability of Skill 257
Difference between Generating Alpha and Talking
about It 260
Are Benchmarking and Financial Innovation
Opposites? 264
X CONTENTS
Chapter Summary and Conclusions 266
Appendix: Predicting the Future of the S P 500 269
CHAPTH8
The Past, the Present, and the Unpredictable 278
Is It a Bubble? 278
Cyclical Versus Structural Change 279
Return Expectations Revisited 284
What Happened to the Long Term? 285
Markets Will Continue to Fluctuate 300
Probabilistic, Dynamic, and Flexible Approach 307
Future Opportunity Set for Active Risk Managers 308
Return Update and Outlook 311
Closing Remarks 314
Notes 318
References 821
About the Author 830
Index 331
|
| adam_txt |
Contents
Preface xi
Acknowledgments Xv
CHAPTBM
Survival of the Richest—Vdatnty Matters 1
The Future of the Asset Management Industry 2
Change in Risk Perception 2
Living Legends on the Future of Investment Management 7
Defining Asymmetric Returns 9
Introduction 9
Background 1 \
Volatility Matters 13
The Thing about Compounding Capital 13
Evolution Is Jumpy, Not Smooth 17
Chapter Summary and Conclusions 19
Appendix: On Compounding, Survival, and Dull Swiss 20
CHAPTH2
Msk and Transparency 28
Risk Is "Exposure to Change" 23
The Boiling Frog Syndrome 23
Risk versus Knightian Uncertainty 26
Prevention versus Cure 28
Risk Measurement versus Risk Management 31
The Musical Chairs Effect 32
Tracking Risk versus Total Risk 35
Controlled versus Uncontrolled Risk 37
Investor Protection versus Capital Protection 49
Investor Protection 50
V* CONTENTS
Systematic versus Nonsystematic Risk 55
Systematic Risk 56
Nonsystematic Risk 57
Chapter Summary and Conclusions 61
CHAPTHtS
The Price of Asymmetric Returns 65
Fees—An Evergreen Issue Revisited 66
Introduction 66
Paying for the Balancing Act 71
Paying the Milkman Thrice 75
To Pay or Not to Pay—That Is the Question 77
Asymmetric Returns through Derivatives 92
Introduction 92
Capital Guaranteed Structures 93
Chapter Summary and Conclusions 105
Appendix: Aggregate Fees 106
CHAPTBU
Hrefles before the Storm 110
Risk, Returns, and Market Efficiency 111
Active versus Passive Asset Management 111
Introducing a Flexible Approach to Managing Money 115
Time Diversification, Risk, and Uncertainty 117
Does Time Increase or Reduce Risk? 117
Tyranny of the Status Quo 118
Chapter Summary and Conclusions 121
Appendix: On Volatility and Fat Tails 123
CHAPTH5
Alpha Is an Option 131
Inefficiency of Financial Markets 131
There Is No Free Lunch Plan 134
Unorthodox Economics and Voodoo Science 136
Introduction 136
Praxeology 140
Reflexivity 142
Behavioral Finance 146
Chapter Summary and Conclusions 1 53
Appendix: On Alpha, Beta, and Randomness 153
Contents jx
CHAPTHtS
Active Risk Management 184
Applicability and Adaptability of Skill 165
Adaptability versus Style Drift 166
The Law of Active Management 167
Leverage as a Risk Management Tool 169
Three Ways to Use Leverage 172
The Art of Generating Alpha 174
Asymmetric Returns and Active Risk Management 174
Convertible Arbitrage 175
Equity Market Neutral 180
Distressed Securities 182
Event Driven Multi strategy 186
Equity Hedge 191
Sector Specialists 198
Macro 203
Chapter Summary and Conclusions 206
Appendix: The Random Approach to Manager Selection 207
CHAPTBW
Asymmetry of Singe Manager Risk 216
Convertible Arbitrage 217
Global Macro 227
Chapter Summary and Conclusions 238
CHAPTHI8
Asymmetric Returns as a Business 240
Introduction 240
The Best Business Model—Ever 242
Departing from Randomness 244
Positive Compounding as a Major Business Objective 246
Honey, I've Shrunk the Margins 250
Competition Puts Pressure on Margins 250
The Role of Innovation and Marketing 252
Performance Attribution and Fees 254
Alpha? What Alpha? 256
Intellectual Property versus Adaptability of Skill 257
Difference between Generating Alpha and Talking
about It 260
Are Benchmarking and Financial Innovation
Opposites? 264
X CONTENTS
Chapter Summary and Conclusions 266
Appendix: Predicting the Future of the S P 500 269
CHAPTH8
The Past, the Present, and the Unpredictable 278
Is It a Bubble? 278
Cyclical Versus Structural Change 279
Return Expectations Revisited 284
What Happened to the Long Term? 285
Markets Will Continue to Fluctuate 300
Probabilistic, Dynamic, and Flexible Approach 307
Future Opportunity Set for Active Risk Managers 308
Return Update and Outlook 311
Closing Remarks 314
Notes 318
References 821
About the Author 830
Index 331 |
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| spelling | Ineichen, Alexander M. Verfasser aut Asymmetric returns the future of active asset management Alexander M. Ineichen Hoboken, N.J. Wiley 2007 XV, 336 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Wiley finance series Includes bibliographical references and index Investment analysis Investments Hedge funds Risikomanagement (DE-588)4121590-4 gnd rswk-swf Portfolio Selection (DE-588)4046834-3 gnd rswk-swf Kapitalanlage (DE-588)4073213-7 gnd rswk-swf Kapitalanlage (DE-588)4073213-7 s Portfolio Selection (DE-588)4046834-3 s Risikomanagement (DE-588)4121590-4 s DE-604 http://www.loc.gov/catdir/toc/ecip0616/2006020137.html Table of contents only HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015610905&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Ineichen, Alexander M. Asymmetric returns the future of active asset management Investment analysis Investments Hedge funds Risikomanagement (DE-588)4121590-4 gnd Portfolio Selection (DE-588)4046834-3 gnd Kapitalanlage (DE-588)4073213-7 gnd |
| subject_GND | (DE-588)4121590-4 (DE-588)4046834-3 (DE-588)4073213-7 |
| title | Asymmetric returns the future of active asset management |
| title_auth | Asymmetric returns the future of active asset management |
| title_exact_search | Asymmetric returns the future of active asset management |
| title_exact_search_txtP | Asymmetric returns the future of active asset management |
| title_full | Asymmetric returns the future of active asset management Alexander M. Ineichen |
| title_fullStr | Asymmetric returns the future of active asset management Alexander M. Ineichen |
| title_full_unstemmed | Asymmetric returns the future of active asset management Alexander M. Ineichen |
| title_short | Asymmetric returns |
| title_sort | asymmetric returns the future of active asset management |
| title_sub | the future of active asset management |
| topic | Investment analysis Investments Hedge funds Risikomanagement (DE-588)4121590-4 gnd Portfolio Selection (DE-588)4046834-3 gnd Kapitalanlage (DE-588)4073213-7 gnd |
| topic_facet | Investment analysis Investments Hedge funds Risikomanagement Portfolio Selection Kapitalanlage |
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