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The Value Investors: Lessons from the World's Top Fund Managers by Ronald Chan : the book
Investing legend Warren Buffett once said that “success in investing doesn’t correlate with I.Q. once you’re above the level of 125. Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.”
In an attempt to understand exactly what kind of temperament Buffett was talking about, Ronald W. Chan interviewed 12 value-investing legends from around the world, learning how their personal background, culture, and life experiences have shaped their investment mindset and strategy. The Value Investors: Lessons from the World’s Top Fund Managers is the result.
From 106-year-old Irving Kahn, who worked closely with “father of value investing” Benjamin Graham and remains active today, and 95-year-old Walter Schloss (described by Warren Buffett as the “super-investor from Graham-and-Dodsville”), to the co-founders of Hong Kong-based Value Partners, Cheah Cheng Hye and V-Nee Yeh, and Francisco Garcia Parames of Spain’s Bestinver Asset Management, Chan chose investment luminaries to help him understand the international appeal – and success – of value investing. All of these men became strong advocates of the approach despite considerable age and cultural differences. Chan finds out why.
In The Value Investors, readers will also discover how these investors, each of whom has a unique value perspective, have consistently beaten the stock market over the years. Do they share a trait that allows this to happen? Is there a winning temperament that turns the ordinary investor into an extraordinary one? This book answers these questions and more.Kathy Lien, Boris Schlossberg, "Millionaire Traders: How Everyday People Are Beating Wall Street at Its Own Game" :the book
Haim Levy, "Stochastic Dominance: Investment Decision Making under Uncertainty, 3rd edition" : the book
Any book for mt?
Prodromos E. Tsinaslanidis and Achilleas D. Zapranis, "Technical Analysis for Algorithmic Pattern Recognition" : the book
Anton Kreil - Professional FOREX Trading Masterclass
Frank J. Fabozzi, Steven V. Mann, Moorad Choudhry, "The Global Money Markets": the book
An informative look at the world of short-term investing and borrowing
The Global Money Markets is the authoritative source on short-term investing and borrowing-from instruments in the U.S. and U.K., to asset-liability management. It also clearly demonstrates the various conventions used for money market calculations and discusses other short-term structured financial products such as asset-backed securities and mortgage-backed securities.
Steven V. Mann (Columbia, SC) is Professor of Finance at the Moore School of Business, University of South Carolina. He has coauthored two previous books and numerous articles in the area of investments and works as a consultant to investment/commercial banks throughout the United States. Moorad Choudhry (Surrey, UK) is a Vice President of structured finance services with JPMorganChase in London. Prior to that he worked as a gilt-edged market maker and Treasury trader at ABN Amro Hoare Govett Sterling Bonds Limited, and as a sterling proprietary trader at Hambros Bank Limited. Moorad is a Senior Fellow at the Centre for Mathematical Trading and Finance, City University Business School.
John Wiley & Sons, Inc. is proud to be the publisher of the esteemed Frank J. Fabozzi Series. Comprising nearly 100 titles-which include numerous bestsellers—The Frank J. Fabozzi Series is a key resource for finance professionals and academics, strategists and students, and investors. The series is overseen by its eponymous editor, whose expert instruction and presentation of new ideas have been at the forefront of financial publishing for over twenty years. His successful career has provided him with the knowledge, insight, and advice that has led to this comprehensive series.
Frank J. Fabozzi, PhD, CFA, CPA, is Editor of the Journal of Portfolio Management, which is read by thousands of institutional investors, as well as editor or author of over 100 books on finance for the professional and academic markets. Currently, Dr. Fabozzi is an adjunct Professor of Finance at Yale University's School of Management and on the board of directors of the Guardian Life family of funds and the Black Rock complex of funds.
Today, millions of people in all walks of life are invested in the stock market through brokerage accounts and retirement plans such as IRAs and 401(k)s. What to buy and when to sell stocks are up to each investor, who often feels besieged by conflicting advice. The wisest approach is to understand exactly what the stock market is and how it works, appreciating such basic facts as these:
- Factors of success: Many people focus on increasing their rate of return on stocks, which is hard to do without taking substantial risks. It’s much safer to focus on two other factors that affect how much money you earn.
- No free lunch: You can’t make much money in the stock market if you miss the handful of best trading days of each year, which are unpredictable. But if you stay invested so that you enjoy the good days, you’ll experience some horrible days too—because there’s no free lunch.
- Above all, diversify: Diversification is the closest thing to a free lunch in investing. Just holding three different stocks instead of one decreases portfolio variation by about 40% on average. That’s a significant reduction in risk that doesn’t cost anything in terms of expected returns.
For anyone who owns stocks or is thinking of entering the market, How the Stock Market Works provides indispensable advice from Dr. Ramon P. DeGennaro, an award-winning professor in banking and finance at The University of Tennessee, Knoxville. A congenial and straight-talking expert, Professor DeGennaro leads you through 18 detailed lectures that explain the stock market from the inside, introducing you to the factors that make company stocks rise and fall and the information you need to grasp the market’s role in the world economy, evaluate the relative soundness of stocks, and understand the stock investment options available to you.
Even if you have owned stocks for years, you’ll find How the Stock Market Works to be a helpful focus on the fundamentals of investing in stocks. And if you entrust the management of your assets to a financial advisor, this course will give you the insights you need to converse knowledgeably with him or her and be an informed participant in your own financial well-being.
Tailor Your Investments to Fit You
Your decision about whether and how to invest in the stock market should start with an understanding of the fundamental difference between stocks and bonds. Both represent claims on the assets of a company, but with different returns, different levels of risk, and a different relationship between you and the company.
As with other concepts presented in the course, Professor DeGennaro explains these key points with simple examples that are memorable and insightful. He also uses helpful charts, graphs, and other visual aids, some of which are reproduced in the course guidebook for audio customers.
The many topics you cover in How the Stock Market Works include these:
- How to open a brokerage account and choose a financial advisor
- The essentials of mutual funds, including index funds, and exchange traded funds (ETFs)
- How to trade individual stocks, including how to use options
- The relative advantages of traditional IRAs, Roth IRAs, and 401(k) plans
- How to minimize transaction costs and use tax laws for your benefit
- The dangers of frequent trading and other counterproductive habits
- Financial concepts and terms that allow you to understand business news and communicate more effectively with your broker
- The basics of corporate balance sheets, income statements, and cash flow statements
Aim to Become Well Off—Slowly
How the Stock Market Works opens with a fascinating lesson for the average investor. Imagine you’re sitting at home, watching your computer screen track the price of a stock that interests you. Suddenly, you see a huge spike; it goes up and down so fast—in just a quarter of a second—that it barely registers on your screen. You wonder, “What was that?”
That, says Professor DeGennaro, was a high-tech computer algorithm automatically placing and canceling dozens and even hundreds of buy and sell orders. Some algorithms exploit tiny differences in prices, multiplying a profit of a fraction of a cent many times over. No one without access to such technology can hope to take advantage of these tiny and fleeting opportunities.
But you shouldn’t be discouraged by the sophisticated techniques available to professionals, says Professor DeGennaro. You should be relieved, because their ceaseless competition means that stock prices are as close to fair as possible. You can invest in the market confident that the price you are paying for most stocks reflects their true worth at that particular moment. This is the efficient market hypothesis in action, an idea that Professor DeGennaro discusses at length throughout the course.
When you view investing not as a contest against quick-acting competitors, but as a long-term strategy for increasing your wealth, you are much less likely to act on impulse. “Instead of trying to get rich quickly,” counsels Professor DeGennaro, “you should aim to become comfortably well off rather slowly and without having to stay up all night worrying about losing everything.”
Whatever investment strategy you decide to pursue, Professor DeGennaro advises you to get started today. He compares saving and investing to planting a tree, dieting, or exercising. Although the best day to start was 15 years ago, the second best day is today! You can do yourself a world of good by acting now.
Disclaimer:
The financial information provided in these lectures is for informational purposes only and not for the purpose of providing specific financial advice. Financial investing carries an inherent risk that you will lose part or all of your investment. Investors must independently and thoroughly research and analyze each and every investment prior to investing. The consequences of such risk may involve but are not limited to: federal/state/municipal tax liabilities, loss of all or part of the investment capital, loss of interest, contract liability to third parties, and other risks not specifically listed herein. Use of these lectures does not create any financial advisor relationship with The Teaching Company or its lecturers, and neither The Teaching Company nor the lecturer is responsible for your use of this educational material or its consequences. You should contact a financial advisor to obtain advice with respect to any specific financial investing questions. The opinions and positions provided in these lectures reflect the opinions and positions of the relevant lecturer and do not necessarily reflect the opinions or positions of The Teaching Company or its affiliates. Pursuant to IRS Circular 230, any tax advice provided in these lectures may not be used to avoid tax penalties or to promote, market, or recommend any matter therein.
18 Lectures:
1 Is Investing in Your Blood?
2 Understanding Fundamental Securities
3 What Is the Stock Market?
4 Historical Returns and Volatility
5 Risk, Expected Return, and Diversification
6 What Determines How Much You’ll Make
7 The Efficient Market Hypothesis
8 Choosing a Brokerage Firm
9 Trading and Investing Basics
10 Trading Strategies and Common Mistakes
11 The Language of Financial Reporting
12 Corporate Analysis and Valuation
13 Mutual Funds and Other Investment Companies
14 Minimizing Transaction Costs and Taxes
15 Tax Shelters—Roths, IRAs, and 401(k) Plans
16 Making Sense of IPOs
17 The Stock Market and the Macro Economy
18 Investing with Confidence
Wolfgang Marty, "Portfolio Analytics: An Introduction to Return and Risk Measurement, 2nd edition" : the book
The VAR Implementation Handbook :the book
However, there has not been an effective guidebook available to help investors and financial managers make their own VaR calculations--until now.
The VaR Implementation Handbook is a hands-on road map for professionals who have a solid background in VaR but need the critical strategies, models, and insights to apply their knowledge in the real world.
Heralded as “the new science of risk management,” VaR has emerged as the dominant methodology used by financial institutions and corporate treasuries worldwide for estimating precisely how much money is at risk each day in the financial markets. The VaR Implementation Handbook picks up where other books on the subject leave off and demonstrates how, with proper implementation, VaR can be a valuable tool for assessing risk in a variety of areas-from equity to structured and operational products.
This complete guide thoroughly covers the three major areas of VaR implementation--measuring, modeling risk, and managing--in three convenient sections. Savvy professionals will keep this handbook at their fingertips for its:
Reliable advice from 40 recognized experts working in universities and financial institutions around the world
Effective methods and measures to ensure that implemented VaR models maintain optimal performance
Up-to-date coverage on newly exposed areas of volatility, including derivatives
Real-world prosperity requires making informed financial decisions. The VaR Implementation Handbook is a step-by-step playbook to getting the most out of VaR modeling so you can successfully manage financial risk.