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Investment Management Books

investment management books
    investment management
  • Investment management is the professional management of various securities (shares, bonds and other securities) and assets (e.g., real estate) in order to meet specified investment goals for the benefit of the investors.
  • (Investment Managers) If Client is an investment manager or agent, Client represents and warrants that (a) it is executing these Terms on its own behalf and as agent of Client's principals, (b) Client has all requisite authority to so execute and to effect transactions through the BARX Services
  • (INVESTMENT MANAGERS) plan sponsors frequently are assisted by investment managers who help them decide how the pension funds should be invested. These managers are supervised by the plan sponsor.
investment management books - Modern Investment
Modern Investment Management: An Equilibrium Approach
Modern Investment Management: An Equilibrium Approach
Introduces the modern investment management techniques used by Goldman Sachs asset management to a broad range of institutional and sophisticated investors.
* Along with Fischer Black, Bob Litterman created the Black-Litterman asset allocation model, one of the most widely respected and used asset allocation models deployed by institutional investors.
* Litterman and his asset management group are often a driving force behind the asset allocation and investment decision-making of the world's largest 100 pension funds.

82% (8)
The Ascent of Money
The Ascent of Money
Money devices created by mankind to magnify the power of humans to do mostly egregious, destructive acts such as wage war and exploit natural resources in order to make nations powerful and a few rich. This illuminating history is told by Niall Ferguson, a Scotsman and a Harvard professor, who despite all the terrible mismanagement and failure he must relate, still believes that such a capitalistic money system is the best way to distribute resources, at least preferable to feudalism or central planning. So many assumptions are made about this system being for the greater good of society that reading the book was as tricky as wading through an issue of The Economist. The author was favorably interviewed on NPR and his mission to educate people about our financial system seen as an honorable one, which was why Catherine bought the book. And given how so much of this history is being extrapolated to fuel conspiracy theories it is good to know the actual sequence of events. For instance, conspiracy theorists claim that the Rothschild family is so powerful today that they control not only banks, but numerous heads of state in an effort to create a New World Order designed to enslave citizens of the Western world. This is about as useful as claiming that Bill Gates created Windows to control PC users and thus the world. Wickipedia notes that the Rothchild conspiracy story was used by the Nazi's to generate anti-semitism. The financial roots of anti-semitism goes back to the beginning of the story of money. Ferguson gives an explanation of how usury (loaning money at interest) was considered a sin by the old testament (though nothing is said about why that was the case). Jews were restrained by the sin of usury, but were allowed to loan money at interest to strangers, i.e. Christians. Money owed became synonymous with the outsider, and thus the hated other. Already money was making adversaries of the family of man. At the time of Napoleon there were two systems of increasing the money supply—steal it through the plundering of an enemy or go into debt. The British prevailed because they invented bonds to allow governments to borrow from their citizens, force them, in some cases, to buy bonds, but apparently didn't force them to keep them. Along with bonds came traders to bet on the likelihood of that bond being paid off. The Rothschilds bet cunningly on the outcome of wars, thus the family also became associated with the ability to wage war. Bond markets set interest rates for the economy as a whole. Thus countries failing in some way are twice punished by investors wishing to get rid of its bonds which then causes interest rates to rise making money more expensive to borrow. This is how the bond market comes to control the decisions politicians make i.e. cut state spending or spend more. Conspiracy theory claims that governments create financial crisis to scare the populace into accepting increased government power by, for instance, allowing governments to create a central bank which gives them even more control. I had wondered about this, but history shows that central banks were created early in the game by the Dutch in 1609 to insure currency stability and a way to exchange the many different currencies. Local banks betting on the solvency of a local industry i.e. agriculture would see their fortunes rise and fall with every crop failure. This kept people closely associated with their local resources which is a good thing for protecting the Commons, cultivating resilient seed stock and diversity of crops and industry per Vandana Shiva's Earth Democracy, but not a good thing at all for investors. And it is for the benefit of investors that lots of money must be created and made ever ready. Conspiracy theorists do not seem to find fault with the creation of Corporate Companies with their many rights of personhood and none of responsibility. That territory is left to the Leftists. Ferguson describes the Company as another component of the ascent of money due to its power to raise enormous sums of money for private ventures. These ventures were mostly about financing ocean voyages to bring back booty from abroad. Which led to colonialism and the use of military to enforce British law overseas. Thus imperialism to protect investors from foreigners defaulting on their loans and thus not upholding their end of the business agreement. British law also forced opium on the Chinese market where opium was illegal. Fergusson does not find fault with the ascent of money for having financed such injustice, but seems to lament the rise of revolt in colonialized countries. After all, these countries benefited from such development as they would never have seen otherwise. Fergusson does make a point of comparing the current globalization to the colonial era. Investment in corporations created stock markets and thus the volatility of stock market bubbles which caused international financial system meltdown when they burst
The Collapse of Complex Societies
The Collapse of Complex Societies
Published in 1988, this is the grandaddy of collapse literature. A short, but pithy academic treatment of the subject. Tainter starts by analysing all the past attempts at explaining why societies collapse including: resource depletion, new resources overwhelming old systems, catastrophes, insufficient response to circumstances, other complex societies taking over, intruders, conflict contradictions and mismanagement, social dysfunction, mystical explanations, chance concatenation of events and finally the only one he feels is viable—economics. Because complex societies excel at handling adversity, he accounts for collapse as the logical fallout from diminishing returns on investment of labor and resources, particularly in agriculture, information processing and education, sociopolitical control and specialization and overall economic productivity. He examines in detail the collapse of Ancient Rome due to over expansion leading to high operational costs. Leaders tried to compensate by debasing the currency, thus shifting the burden to future taxpayers, but the future also faced equivalent crisis. Eventually overly high taxes drained the agriculture sector and the peasantry upon which Rome relied. He also details the Mayan collapse. The societies herewith were competing in an art race (to intimidate their enemies). He doesn't mention Easter Island, but sounds similar to those big heads. The Mayan elites further imposed an expanded building program on a weakened and undernourished population that could not support the demands and presumably fled or died. The third society he examines is the Chacoan of the American southwest. This network of communities was challenged by arid land that eventually was not diverse enough to meet the unpredictable production of the land. Communities left the network, preferring to migrate rather than deal with drought. Major construction of food storage facilities drained resources. Tainter claims that collapse is not likely today because of 1) absorption by larger state or neighbor, 2) economic support by a dominant power or by an international financing agency, 3) payment by the support population of overhead costs to keep the society going. The situation today is unique because all societies are complex; there needs to be a power vacuum to bring on collapse. What we have today are competitive peer polities. It is an arms race situation. Tainter points out that unilateral economic downsizing is as foolhardy as unilateral disarmament, but doesn't say why. He feels that we will finance diminishing returns well into the future and that collapse will be global. He points out that reliance on stored energy reserves (oil?) demands that we find a new energy subsidy. Lack of a power vacuum and competitive spiral have given the world a reprieve from collapse. Failure to take advantage of the current reprieve will lead to collapse. Competition may also lead to collapse. The appearance of a disastrous situation that all decry may force us to tolerate a situation of declining marginal returns long enough to achieve a temporary solution to it. He urges that we must proceed rationally and make it our highest priority to find new energy source. Tainter actually comes across as fairly optimistic especially now that global warming is being seriously discussed since complex societies are supposed to be good at solving complex problems like this. His description of complex societies and how they work projects a solution that is based in technological innovation and bureaucratic management. If a society fails to solve problems of insufficient resources or environmental degradation, then he feels that it is not a dysfunction of the complex society, but of the psychological underpinnings of said society. His thesis gives the impression of inevitability. We will collapse because increasing complexity will overwhelm the resources needed to manage such complexity. He doesn't really leave room for rethinking how we live or creating a new myth to live by. We are trapped in a prison of our own making. Is this merely a patriarchal way of thinking given all the research on matriarchal societies that lived in harmony with the land?

investment management books
investment management books
Behavioral Investment Management: An Efficient Alternative to Modern Portfolio Theory
The End of Modern Portfolio Theory
Behavioral Investment Management proves what many have been thinking since the global economic downturn: Modern Portfolio Theory (MPT) is no longer a viable portfolio management strategy. Inherently flawed and based largely on ideology, MPT can not be relied upon in modern markets.
Behavioral Investment Management offers a new approach-one addresses certain realities that MPT ignores, including the fact that emotions play a major role in investing. The authors lay out new standards reflecting behavioral finance and dynamic asset allocation, then explain how to apply these standards to your current portfolio construction efforts. They explain how to move away from the idealized, black-and-white world of MPT and into the real world of investing--placing heavy emphasis on the importance of mastering emotions.
Behavioral Investment Management provides a portfolio-management standard for an investing world in disarray.
PART 1- The Current Paradigm: MPT (Modern Portfolio Theory); Chapter 1: Modern Portfolio Theory as it Stands; Chapter 2: Challenges to MPT: Theoretical-the assumptions are not thus; Chapter 3: Challenges to MPT: Empirical-the world is not thus; Chapter 4: Challenges to MPT: Behavioural-people are not thus; Chapter 5: Describing the Overall Framework: Investors and Investments; PART 2- Amending MPT: Getting to BMPT; Chapter 1:Investors-The Rational Investor; Chapter 2: Investments-Extracting Value from the long-term; Chapter 3: Investments-Extracting Value from the short-term; Chapter 4: bringing it together, the new BMPT paradigm; PART 3- Emotional Insurance: Sticking with the Journey; Chapter 1: Investors- the emotional investor; Chapter 2: Investments- Constraining the rational portfolio; PART 4- Practical Implications; Chapter 1: The BMPT and Wealth Management; Chapter 2: The BMPT and the Pension Industry; Chapter 3: The BMPT and Asset Managemen