It revisits a number of discussions from the first edition, shedding new light on some of today's most pressing issues, including risk, dispersion, market impact, and performance analysis, while providing empirical evidence where appropriate. Dr. Grinold spent 14 years at BARRA, where he served as Director of Research, Executive Vice President, and President; and 20 years on the faculty at the School of Business Administration at the University of California, Berkeley, where he served as the chairman of the finance faculty, chairman of the management science faculty, and director of the Berkeley Program in Finance. "Active Portfolio Management is a unique reference for understanding the source of value-added by a money manager. There was a problem loading your book clubs. Investors pay a fee to the portfolio manager for his expertise and experience that goes into securities selection with expectations t… No student of finance would consider this book to be serious. Please try again. Mutual funds are investment portfolios run by professional money managers that combine the assets of multiple investors and trade according to a given theme for a fee. Not obvious what is a subsection of the current section, and what is in fact a new section. These items are shipped from and sold by different sellers. I am an enthusiastic supporter of the methodology used in the book… Apart from the jumbling numbers, for someone with insight into the issue, the book is easy to read. Both fundamental and quantitative investment managers will benefit from studying this updated edition by Grinold and Kahn. I read it cover to cover and cannot recommend it to anyone, it is a waste of your time and money. Not recommended for fun read, but a complete must-have for active portfolio managers' knowledge base. ", "Active Portfolio Management, Second Edition, remains a readable yet theoretically and mathematically rigorous book that one would expect from two such distinguished authors. Reviewed in the United States on July 6, 2015. Variables not explained. The rest of the book seems fine for a quantitative aproach active portfolio management book. Unable to add item to List. -Jon A. Christopherson, Research Fellow, Frank Russell Company. Active Portfolio Management was groundbreaking when it was first published in 1994 as instead it was devoted to the practical process of generating alpha from a quantative angle. Active portfolio management occurs in certain mutual funds and most hedge funds. Portfolio Management Formulas: It is an outdated book but this Ralph Vince authored book covers … I would recommend this book to anyone who is curious about scientific and investment theories. Sold by ayvax and ships from Amazon Fulfillment. About this book Active 130/30 Extensions is the newest wave of disciplined investment strategies that involves asymmetric decision-making on long/short portfolio decisions, concentrated investment risk … -Professor William N. Goetzmann, Director, International Center for Finance, Yale University School of Management. Prime members enjoy FREE Delivery and exclusive access to music, movies, TV shows, original audio series, and Kindle books. My first impression of the kindle version is negative because it doesn't have a indexed table of contents . A process for active investment management The process includes researching ideas, forecasting exceptional returns, constructing and implementing portfolios, and observing and refining their performance. It is more like an encyclopedia, and not an easy reading for business people: it is definitely not rhetoric. Wobei das "Modern" immer alberner wird, bedenkt man mal wie alt die dazugehörigen Veröffentlichungen sind. A good introductory book about quantitative portfolio management which is also mathematically rigorous. Formulae just appear with no explanation. It's a highly quantitative read that will make your undergraduate math courses valuable, literally. Advances in Active Portfolio Management: New Developments in Quantitative Investing, Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment, Fully Revised and Updated, Quantitative Equity Portfolio Management: An Active Approach to Portfolio Construction and Management (McGraw-Hill Library of Investment and Finance), Quantitative Equity Portfolio Management: Modern Techniques and Applications (Chapman and Hall/CRC Financial Mathematics Series), Active Portfolio Management: Quantitative Theory and Applications, Expected Returns: An Investor's Guide to Harvesting Market Rewards, The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution. -Michael Even, Managing Director and Chief of Global Quantitative Analysis, Citibank Global Asset Management. Richard Grinold and Ronald Kahn, today retired and at BlackRock respectively, share a history in academia, at BARRA and above all at the quant behemoth Barclays Global Investors where they both held leading positions while writing this book. If you are only planning to read the text and skip the maths, buy this book. In order to navigate out of this carousel please use your heading shortcut key to navigate to the next or previous heading. The Kindle rendition is an utter disaster and sheer disappointment. IMHO wird in der Finanzmathematik keine "Theorie" so häufig falsch verstanden wie die Modern Portfolio Theorie (MPT). The goal is to … -William E. Jacques, Partner and Chief Investment Officer, Martingale Asset Management. please sign up By outlining an innovative process to uncover raw signals of asset returns, develop them into refined forecasts, then use those forecasts to construct portfolios of exceptional return and minimal risk, i.e., portfolios that consistently beat the market, this hallmark book helped thousands of investment managers. You're listening to a sample of the Audible audio edition. Reviewed in the United States on August 1, 2018. The title of this book is Active Portfolio Management and it was written by Richard Grinold, Ronald Kahn, Richard C. Grinold. "This edition of Active Portfolio Management continues the standard of excellence established in the first edition, with new and clear insights to help investment professionals.". Apart from the jumbling numbers, for someone with insight into the issue, the book is easy to read. Our payment security system encrypts your information during transmission. It also analyzes reviews to verify trustworthiness. Terribly formatted. I had to read more than 10 times when I was working at Barra. The term active management implies that a professional money manager or a team of professionals is tracking the performance of a client's investment portfolio and regularly making buy, … I heartily recommend this book to any practitioner who wants to refine his or her knowledge of state-of-the-art quantitative money management or who would like a straightforward reference to quickly answer those thorny theoretical questions that hit us now and again.". It may not make you rich, and it may not make the people you invest for rich, but you will at least understand why or why not after understanding the math. Like its predecessor, this volume details how to apply economics, econometrics, and operations research to solving practical investment problems, and uncovering superior profit opportunities. Index funds require less portfolio management expertise because they track the index as closely as possible, and therefore seek to keep their fees and expenses low. Academic financial text books have, to a large extent, focused on beta and the so called efficient market. But an active … Your recently viewed items and featured recommendations, Select the department you want to search in, + $18.19 Shipping & Import Fees Deposit to Netherlands. Reviewed in the United Kingdom on December 26, 2015. The formulae doesn't include explanations. How does this stuff get published, let alone become a standard text book? The premise behind active management is that a skilled portfolio manager, backed by a specialist investment team, can select such securities for a portfolio which would surpass returns posted by its benchmark index or some other relevant measure of portfolio performance. There are much better modern books on this very subject. "A more comprehensive examination of quantitative techniques for portfolio management would be hard to find. Active management is a hands-on approach to portfolio management, whereby a manager buys and sells securities based on fundamental research, forecasts, skilled judgment, and … Robust Portfolio Optimization and Management (Frank J. Fabozzi). Active management is an investment strategy in which an investor or an outside manager or managers actively manage a portfolio. Active Portfolio Management was groundbreaking when it was first published in 1994 as instead it was devoted to the practical process of generating alpha from a. If you're an investing professional, you should already know about this book, whether you use it or not. They write a book which generalizes well to all fields involving information under uncertainty. To get the free app, enter your mobile phone number. Something went wrong. They didn't write a book about specific investment instances that come up. Both fundamental and quantitative investment managers … A reference classic, and surprisingly well written. Product is excellent for novice. Even in the description of CAPM, I cannot tell the assumptions from the conclusions of the theory. Hedge fund managers also use an active approach but are more prone to … This is an old poorly written book. This book communicates the background of investment extremely well. The book is absolutely superior over the academic textbooks that usually limit themselves to CAPM and efficient market theory. Both fundamental and quantitative … Active Portfolio Management: A Quantitative Approach for Producing Superior Returns and Controlling Risk, Hardcover – Illustrated, October 26, 1999. If you're thinking about getting this, you probably should have already done so. Its a good book not as advanced as I was looking for. Instead, our system considers things like how recent a review is and if the reviewer bought the item on Amazon. -Scott Stewart, Portfolio Manager, Fidelity Select Equity ® Discipline, Co-Manager, Fidelity Freedom ® Funds. This book communicates the background of investment extremely well. Reviewed in the United States on September 19, 2014. Beyond the comprehensive treatment of the active management process covered previously, this new edition expands to cover asset allocation, long/short investing, information horizons, and other topics relevant today. Coming from a science and engineering background, I find the exposition verbose, yet lacking a ground-up derive-from-fundamentals approach. Professional acclaim for Active Portfolio Management, 2nd edition. Professional acclaim for Active Portfolio Management, 2nd edition. -Eric N. Remole, Managing Director, Head of Global Structured Equity, Credit Suisse Asset Management. It may not make you rich, and it may not make the people you invest. He is on the editorial advisory board of the Journal of Portfolio Management and the Journal of Investment Consulting. "-William E. Jacque… More Portfolio management is the selection, prioritisation and control of an organisation’s programmes and projects, in line with its strategic objectives and capacity to deliver.. It's quite straight forward but if you never heard about portfolio management or hedge funds be ready to spend … "Active Portfolio Management is a unique reference for understanding the source of value-added by a money manager. When I was first introduced to this book, I figured it was more or less only for their money management businessa manual for building Barclays Index Plus funds. Both authors have published extensively, and are widely known in the industry for their pioneering work on risk models, portfolio optimization, and trading analysis; equity, fixed income, and international investing; and quantitative approaches to active management. Passive Portfolio Management See disclaimer on final page Page 1 of 2 Active Management Passive Management Attempts to beat benchmark performance Attempts to match … There's three basic categories of quants. Active portfolio managers have the potential and tools (note: only a minority of active managers live up to this potential) to offer investors downside protection, such as active risk management to reduce losses … with the management of a portfolio. Richard C. Grinold, Ph.D., is Managing Director, Advanced Strategies and Research at Barclays Global Investors. This shopping feature will continue to load items when the Enter key is pressed. "This new edition of Active Portfolio Management continues the standard of excellence established in the first edition, with new and clear insights to help investment professionals. This is the textbook for the active portfolio management course at Haas School of Business taught by Dr. Ronald Kahn, the author of the book. I read this book because it was recommended for Coursera course: Computational Investment I. I am an enthusiastic supporter of the methodology used in the book, and I highly recommend it to both the professional and academic communities.". Active Portfolio Management, Second Edition, now sets the bar even higher. Fund managers use fundamental analysis, technical … Every risk manager and trader in the business needs this book. A classic book that defined the quant portfolio management & factor investing approach. If you are planning to learn anything quantitative, do not buy it as the technical appendices at the end of each chapter are extremely poor mathematically and didactically. For the 2020 holiday season, returnable items shipped between October 1 and December 31 can be returned until January 31, 2021. These managers generally use long-only strategies, which are bets that financial securities will rise in value. Active vs. If you're interested in serious measures of investment skill and performance, ditto. An expert on portfolio management, risk modeling, and quantitative investing, Dr. Kahn has published numer-ous articles on investment management, and he coauthored, with Richard Grinold, Active Portfolio Management… The foremost aim of active portfolio management is to overtake the returns of its underlying benchmark index. Blending the Most Profitable Aspects of Analytical and Quantitative. We work hard to protect your security and privacy. Don't waste your time and money on this book. If you're an investing professional, you should already know about this book, whether you use it or not. There was an error retrieving your Wish Lists. Definition. " Active Portfolio Management offers investors an opportunity to better understand the balance between manager skill and portfolio risk. "This new edition of Active Portfolio Management continues the standard of excellence established in the first edition, with new and clear insights to help investment professionals." There's a problem loading this menu right now. They don't talk much about futures or options; this really is about equities, but if you're trading in those other markets, you still need this book. It outlines an active management framework that begins with a benchmark portfolio, then defines exceptional returns as they relate to that benchmark. Excellent book for whom is looking for a practical approach that at the same time is presented through a rigorous mathematical methodology. Please try again. They manage to make hard to understand even the simplest concepts. Top subscription boxes – right to your door, Quantitative Equity Portfolio Management: An Active Approach to Portfolio Construction and…, © 1996-2020, Amazon.com, Inc. or its affiliates. This book draws from the wealth of their experience and knowledge and is a masterful overview of single obligor default probability models (structural, econometric, reduced form), model validation, and portfolio models. However, this book is a lot more than that. After viewing product detail pages, look here to find an easy way to navigate back to pages you are interested in. This best portfolio management book is not only a conglomeration of insights about how to multiply your return, but it is also the combination of great insights into finance, strategy, asset allocation… It is shockingly a standard and unfortunately one of the only books that attempts to do what it does. Passive portfolio management mimics … This is the textbook for the active portfolio management course at Haas School of Business taught by Dr. Ronald Kahn, the author of the book. The exposition verbose, yet lacking a ground-up derive-from-fundamentals approach, tablet, or computer - no Kindle device.! Wobei das `` Modern '' immer alberner wird, bedenkt man mal wie alt die dazugehörigen Veröffentlichungen sind read will. Audio series, and Kindle books, 2016 obvious what is a substantial expansion in depth... Sample of the foundations and the so called efficient market t sell your information transmission! The free App, enter your mobile phone number a benchmark Portfolio then! 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