A career's worth of portfolio management knowledge in one thorough, efficient guide
Portfolio Management is an authoritative guide for those who wish to manage money professionally. This invaluable resource presents effective portfolio management practices supported by their underlying theory, providing the tools and instruction required to meet investor objectives and deliver superior performance. Highlighting a practitioner's view of portfolio management, this guide offers real-world perspective on investment processes, portfolio decision making, and the business of managing money for real clients. Real world examples and detailed test cases--supported by sophisticated Excel templates and true client situations--illustrate real investment scenarios and provide insight into the factors separating success from failure. The book is an ideal textbook for courses in advanced investments, portfolio management or applied capital markets finance. It is also a useful tool for practitioners who seek hands-on learning of advanced portfolio techniques.
Managing other people's money is a challenging and ever-evolving business. Investment professionals must keep pace with the current market environment to effectively manage their client's assets while students require a foundation built on the most relevant, up-to-date information and techniques. This invaluable resource allows readers to:
* Learn and apply advanced multi-period portfolio methods to all major asset classes.
* Design, test, and implement investment processes.
* Win and keep client mandates.
* Grasp the theoretical foundations of major investment tools
Teaching and learning aids include:
* Easy-to-use Excel templates with immediately accessible tools.
* Accessible PowerPoint slides, sample exam and quiz questions and sample syllabi
* Video lectures
Proliferation of mathematics in economics, growing sophistication of investors, and rising competition in the industry requires advanced training of investment professionals. Portfolio Management provides expert guidance to this increasingly complex field, covering the important advancements in theory and intricacies of practice.
Autorentext
SCOTT D. STEWART, PHD, CFA,is Clinical Professor of Finance and Accounting and Faculty Co-Director of the Parker Center for Investment Research at the SC Johnson College of Business, Cornell University.
CHRISTOPHER D. PIROS, PHD, CFA, was Managing Director of Investment Strategy and Chairman of the Investment Policy Committees for Hawthorn, PNC Family Wealth® and PNC Institutional Asset Management.
JEFFREY C. HEISLER, PHD, CFA, is Managing Director of the Investment Research Group for TwinFocus Capital Partners.
Klappentext
EFFECTIVE PORTFOLIO MANAGEMENT ESSENTIALS FOR ANYONE WHO WANTS TO "RUN" MONEY PROFESSIONALLY
Written in accessible terms, Portfolio Management: Theory and Practice contains the information that a serious portfolio manager would learn over a 20-year career. Well-grounded in academic rigor and reflecting real business practice, the book offers an authoritative guide for those who wish to manage money professionally.
The expert authors explore the theory and practices of effective portfolio management and provide the tools and strategies needed to deliver excellent performance. Filled with real-world examples and test cases, the book provides keen insight into the key factors that separate success from failure. The step-by-step instructions and online Excel templates provide hands-on experience building portfolio management tools.
Portfolio Management offers a clear understanding of advanced investments, portfolio management and applied capital markets finance. It also provides a useful tool for practitioners who seek information on recent advances to the theory and intricacies of the practice.
Zusammenfassung
A career's worth of portfolio management knowledge in one thorough, efficient guide
Portfolio Management is an authoritative guide for those who wish to manage money professionally. This invaluable resource presents effective portfolio management practices supported by their underlying theory, providing the tools and instruction required to meet investor objectives and deliver superior performance. Highlighting a practitioner's view of portfolio management, this guide offers real-world perspective on investment processes, portfolio decision making, and the business of managing money for real clients. Real world examples and detailed test casessupported by sophisticated Excel templates and true client situationsillustrate real investment scenarios and provide insight into the factors separating success from failure. The book is an ideal textbook for courses in advanced investments, portfolio management or applied capital markets finance. It is also a useful tool for practitioners who seek hands-on learning of advanced portfolio techniques.
Managing other people's money is a challenging and ever-evolving business. Investment professionals must keep pace with the current market environment to effectively manage their client's assets while students require a foundation built on the most relevant, up-to-date information and techniques. This invaluable resource allows readers to:
- Learn and apply advanced multi-period portfolio methods to all major asset classes.
- Design, test, and implement investment processes.
- Win and keep client mandates.
- Grasp the theoretical foundations of major investment tools
Teaching and learning aids include:
- Easy-to-use Excel templates with immediately accessible tools.
- Accessible PowerPoint slides, sample exam and quiz questions and sample syllabi
- Video lectures
Proliferation of mathematics in economics, growing sophistication of investors, and rising competition in the industry requires advanced training of investment professionals. Portfolio Management provides expert guidance to this increasingly complex field, covering the important advancements in theory and intricacies of practice.
Inhalt
About the Authors ix
Acknowledgments xi
Preface xiii
Chapter 1 Introduction 1
Chapter 2 Client Objectives for Diversified Portfolios 13
Chapter 3 Asset Allocation: The Mean - Variance Framework 59
Chapter 4 Asset Allocation Inputs 117
Chapter 5 Advanced Topics in Asset Allocation 161
Chapter 6 The Investment Management Process 219
Chapter 7 Introduction to Equity Portfolio Investing: The Investor's View 255
Chapter 8 Equity Portfolio Construction 285
Chapter 9 Fixed-Income Management 323
Chapter 10 Global Investing 385
Chapter 11 Alternative Investment Classes 427
Chapter 12 Portfolio Management Through Time: Taxes and Transaction Costs 467
Chapter 13 Performance Measurement and Attribution 503
Chapter 14 Incentives, Ethics, and Policy 541
Chapter 15 Investor and Client Behavior 569
Chapter 16 Managing Client Relations 593
Sample Cases 617
Jerry W. 619
MSSI 625
McClain Capital 631
The Fairbanks Fund 639
Glossary 645
References 661
Index 671