Investment Management: Portfolio Diversification, Risk, and Timing--Fact and Fiction
DescriptionA new look at the important issue of investment management in the 21st century
Written for professional and private investors-as well as fiduciaries who rely on investment professionals-this book presents the content of an advanced investment-management course in an easy-to-read, question-and-answer format.
Robert L. Hagin (Haverford, PA) is a 30-year investment management veteran who recently retired as Executive Director for Morgan Stanley Investment Management.
CHAPTER 1: Introduction.
CHAPTER 2: What You Need to Know.
CHAPTER 3: Information or Noise?
CHAPTER 4: Intuition.
CHAPTER 5: Random Occurrences.
CHAPTER 6: Law of Small Numbers.
CHAPTER 7: Average Is Average.
CHAPTER 8: Efficient Markets.
CHAPTER 9: Random Walk.
PART TWO: Avoiding Torpedoes.
CHAPTER 10: Perfect Earnings Forecasts.
CHAPTER 11: Can Analysts Forecast Earnings Changes?
CHAPTER 12: Earnings Forecasts (and Torpedo Stocks).
CHAPTER 13: Using Earnings Forecasts.
CHAPTER 14: Size Effect.
CHAPTER 15: Price-Earnings Effect.
CHAPTER 16: The Magic of Growth.
CHAPTER 17: Estimate Revisions.
PART THREE: Landmark Insights.
CHAPTER 18: Nobel Laureate Markowitz.
CHAPTER 19: Nobel Laureate Sharpe.
CHAPTER 20: Compensation for Bearing Risks.
CHAPTER 21: Daring to Be Different.
CHAPTER 22: Law of Active Management.
CHAPTER 23: Nobel Laureate Nash and Keynes.
CHAPTER 24: Nobel Laureates Kahneman and Smith.
CHAPTER 25: What Guides Investors.
PART FOUR: Dissecting Returns.
CHAPTER 26: Luck or Skill?
CHAPTER 27: Measuring Investment Returns.
CHAPTER 28: Anatomy of the S&P 500.
CHAPTER 29: Returns Earned by Investors.
CHAPTER 30: Market Timing versus Asset Allocation.
CHAPTER 31: Market Timing: Risk versus Reward.
CHAPTER 32: Know the Odds Before You Play the Game.
CHAPTER 33: Ten Best Days.
PART FIVE: Putting the Pieces Together.
CHAPTER 34: Trading Costs.
CHAPTER 35: Mutual Funds.
CHAPTER 36: Advantages of . . . .
CHAPTER 37: Style Persistence.
CHAPTER 38: Asset Allocation.
CHAPTER 39: Beware of Taxes.
CHAPTER 40: Beyond Active versus Passive.
CHAPTER 41: Long-Term Capital Management.
CHAPTER 42: To Win the Game.
CHAPTER 43: Highlights.