Advanced Portfolio Management - by Giuseppe A Paleologo (Hardcover)
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<p/><br></br><p><b> About the Book </b></p></br></br>"The number of fundamental portfolio managers and investment analysts is very large. There are over 9,000 hedge funds in the world, the overwhelming majority of them managing exclusively or in part an equity portfolio. In addition, institutional managers actively manage trillions of dollars. Finally, no sell-side analyst can provide any recommendation to their buy-side interlocutor without having a good understanding of their investment process. Finally, risk managers on the buy-side and the sell-side alike, offer advisory to portfolio managers on optimization and risk quantification. The primary audience of my book is made of buy-side investors and analysts, who easily number in the thousands, and possibly the tens of thousands. The professional organizations supporting these investors are the Chartered Alternative Investment Analyst Association (CAIA) and the Chartered Financial Analyst (CFA) Institute. The secondary market comprises sell-side fundamental analysis and risk managers; as a rule of thumb, a well-established fund employs one risk manager for every 10 fundamental analysis, while banks and service firms have large rosters of industry-focused analysis. These professionals are served by the CFA Institute and two risk management associations: the Global Association of Risk Professionals (GARP) and the Professional Risk Managers' International Association (PRMIA). Despite this large audience, a guide on how to convert insights into portfolios is still missing"--<p/><br></br><p><b> Book Synopsis </b></p></br></br><p><b>You have great investment ideas. If you turn them into highly profitable portfolios, this book is for you. </b></p> <p><i>Advanced Portfolio Management: A Quant's Guide for Fundamental Investors</i> is for fundamental equity analysts and portfolio managers, present, and future. Whatever stage you are at in your career, you have valuable investment ideas but always need knowledge to turn them into money. This book will introduce you to a framework for portfolio construction and risk management that is grounded in sound theory and tested by successful fundamental portfolio managers. The emphasis is on theory relevant to fundamental portfolio managers that works in practice, enabling you to convert ideas into a strategy portfolio that is both profitable and resilient. Intuition always comes first, and this book helps to lay out simple but effective rules of thumb that require little effort to implement and understand. At the same time, the book shows how to implement sophisticated techniques in order to meet the challenges a successful investor faces as his or her strategy grows in size and complexity. <i>Advanced Portfolio Management</i> also contains more advanced material and a quantitative appendix, which benefit quantitative researchers who are members of fundamental teams.</p> <p>You will learn how to: </p> <ul> <li>Separate stock-specific return drivers from the investment environment's return drivers</li> <li>Understand current investment themes</li> <li>Size your cash positions based on</li> <li>Your investment ideas</li> <li>Understand your performance</li> <li>Measure and decompose risk</li> <li>Hedge the risk you don't want</li> <li>Use diversification to your advantage</li> <li>Manage losses and control tail risk</li> <li>Set your leverage</li> </ul> <p>Author Giuseppe A. Paleologo has consulted, collaborated, taught, and drank strong wine with some of the best stock-pickers in the world; he has traded tens of billions of dollars hedging and optimizing their books and has helped them navigate through big drawdowns and even bigger recoveries. Whether or not you have access to risk models or advanced mathematical background, you will benefit from the techniques and the insights contained in the book--and won't find them covered anywhere else.</p><p/><br></br><p><b> From the Back Cover </b></p></br></br><p>As measured by assets under management (AUM), the majority of equity investing is driven by fundamentals. Portfolio managers identify investment opportunities and translate them into portfolios. Over the past 30 years, the industry has matured and become more sophisticated. One of the most crucial concepts in this maturation process has been factor modeling.</p> <p>In <i>Advanced Portfolio Management: A Quant's Guide for Fundamental Investors</i>, renowned risk and finance expert Giuseppe Paleologo delivers an insightful and practical guide to turning your investment ideas and knowledge into profitable trades. The author introduces you to a framework for portfolio construction and risk management that is both theoretically grounded and market-tested by successful portfolio managers. <p>In this book, you'll find simple and effective rules of thumb as well as sophisticated techniques that combine to help you overcome the challenges every investor faces as their portfolio grows in size and complexity. Whether you're trying to separate stock-specific return drivers from the investment environment's return drivers or measuring and decomposing risk, <i>Advanced Portfolio Management</i> shows you how to use the flexible framework of factor modeling for risk quantification, portfolio analysis, and portfolio construction. <p>Containing a quantitative appendix as well as more advanced material that will benefit quantitative researchers who are members of fundamental teams, this book will benefit you regardless of whether you have access to risk models or an advanced mathematical background. <p>Perfect for buy-side investors and analysts, <i>Advanced Portfolio Management: A Quant's Guide for Fundamental Investors</i> is also an indispensable resource for portfolio managers seeking a powerful way for fundamental stock pickers to get an investment edge and beat the market on a regular basis.<p/><br></br><p><b> About the Author </b></p></br></br><p><b>GIUSEPPE PALEOLOGO</b> is the Head of Risk Management at Hudson River Trading. He has also held senior positions at Millennium, Citadel, Axioma, and IBM Research. He was formerly a mathematical researcher at Stanford and an instructor in the master's program in Financial Engineering at Cornell University.</p>
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