Post Modern Investment: Facts and Fallacies of Growing Wealth in a Multi-Asset World [NOOK Book]

Overview

The financial markets have experienced monumental changes over the past decade, changes that have rendered traditional asset management models obsolete. Unfortunately, the news seemingly hasn't reached many academics and investment professionals who persist in trying, and failing, to apply 20th-century thinking to 21st-century asset management. No longer simply a matter of effecting the right balance of stocks and bonds, portfolio management—if it is to achieve its objective of minimizing risk and maximizing ...

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Post Modern Investment: Facts and Fallacies of Growing Wealth in a Multi-Asset World

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Overview

The financial markets have experienced monumental changes over the past decade, changes that have rendered traditional asset management models obsolete. Unfortunately, the news seemingly hasn't reached many academics and investment professionals who persist in trying, and failing, to apply 20th-century thinking to 21st-century asset management. No longer simply a matter of effecting the right balance of stocks and bonds, portfolio management—if it is to achieve its objective of minimizing risk and maximizing returns—must juggle new, tradable forms of private equity, real estate, managed futures, hedge funds, commodity indices, and derivatives. Moreover, it must take into account the rapid proliferation of internationally marketable securities, which are constantly evolving as the markets in which they trade become increasingly accessible to both foreign and domestic investors.

Clearly a new, more dynamic, empirically based approach to investment management is needed—an approach unconstrained by a particular theory or quantitative model, but, instead, agile, expansive, and capable of adapting, as needed, to today's more complex, ever-changing global financial marketplace. Written by an all-star team of authors with unparalleled experience as both investment practitioners and academics, Postmodern Investment provides the foundation for such an approach.

Following a concise, historical overview of the markets, the authors cut to the chase with analyses of the business models and risk and return characteristics of both traditional and alternative asset classes. Individual chapters cover equity and fixed income, hedge funds, private equity, managed futures, commodities, and real estate. Within each chapter, the authors explore common myths and misconceptions about the structure and performance of the asset class under discussion as well as its proper place in a multi-asset portfolio. Drawing upon a wealth of historical and up-to-the-minute data, they then definitively debunk those false assumptions and expose the new realities behind the asset class in question. Finally, they offer their expert advice and guidance on how best to strategically deploy that investment class in a multi-asset portfolio tailored to individual investors' risk tolerances.

Offering an expansive, detailed look at the new realities of today's increasingly complex global marketplace, this book takes you beyond Modern Portfolio Theory and other outmoded asset management models to provide you with the knowledge and tools you need to survive and thrive in a postmodern world of investment.

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Product Details

  • ISBN-13: 9781118483855
  • Publisher: Wiley
  • Publication date: 11/8/2012
  • Series: Wiley Finance , #867
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 1
  • Pages: 336
  • File size: 11 MB
  • Note: This product may take a few minutes to download.

Meet the Author

GARRY B. CROWDER, JD, MBA, MS, is a noted expert in the development and creation of multi-asset portfolio solutions and products. He has designed and implemented asset allocation solutions for leading multinational banks, insurance companies, and family offices. Mr. Crowder created and was managing partner of one of the first and largest hedge fund platforms based on managed accounts. In this capacity, he formed and led the team that created the Zurich Hedge Fund Indices and the Dow Jones Hedge Fund Benchmark Series. With over twenty years of investment experience, he is a founding Director of the Institute for Global Asset and Risk Management and the managing partner of Cortland Advisory Group, a global consulting and investment management firm focused on the risks and vagaries of alternative investments. Mr. Crowder has served as a managing director and member of the executive committee at Morgan Stanley Asset Management, managing partner of Traxis Strategic Asset Management Advisors and Chief Executive Officer of Crédit Agricole Structured Asset Management Americas.

THOMAS SCHNEEWEIS, PhD, is the Michael and Cheryl Philipp Professor of Finance at the University of Massachusetts Amherst and is the founding director of the Center for International Securities and Derivatives Markets. He is also the founding editor of the Journal of Alternative Investments, cofounder of the Chartered Alternative Investment Analyst Association, and a founding Director of the Institute for Global Asset and Risk Management. During his almost forty years of investment management experience, he has been associated with the development of alpha transfer and fund replication products, the creation and development of the Zurich Hedge Fund Indices and the Dow Jones Hedge Fund Benchmark Series, as well as being instrumental in the creation of the Bache Commodity Index. Schneeweis publishes widely in the area of investment management and is often quoted in the financial press.

HOSSEIN KAZEMI, PhD, CFA, is regarded as a leader in the area of asset allocation, and has published over thirty academic and practitioner articles in the area of asset pricing and asset allocation. He is a founding partner of Alternative Investment Analytics, LLC, and White Bear Partners LLC. Kazemi is a professor of finance at the University of Massachusetts Amherst and is the Associate Director of the Center for International Securities and Derivatives Markets. He is the current Program Director of the Chartered Alternative Analyst Investment Association.

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Table of Contents

Preface xiii

Acknowledgments xxi

CHAPTER 1 Investment Ideas: Evolution or Revolution? 1

CHAPTER 2 Equity and Fixed Income: The Traditional Pair 31

CHAPTER 3 Hedge Funds: An Absolute Return Answer? 63

CHAPTER 4 Managed Futures: A Zero-Sum Game? 101

CHAPTER 5 Commodities: An Ever-Changing Balance 133

CHAPTER 6 Private Equity: Its True Value? 167

CHAPTER 7 Real Estate: The New World 199

CHAPTER 8 Asset Allocation: The Simple Way and the Hard Way 231

CHAPTER 9 Risk Management: An Oxymoron 257

CHAPTER 10 In Conclusion 285

Notes 289

Bibliography 295

About the Authors 299

Index 301

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