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Asymmetric Returns: The Future of Active Asset Management

Ineichen, Alexander M.

Verlag: Wiley, 2006
ISBN 10: 0470042664 / ISBN 13: 9780470042663
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Titel: Asymmetric Returns: The Future of Active ...

Verlag: Wiley

Erscheinungsdatum: 2006

Einband: Hardcover

Zustand: New


Brand New, Unread Copy in Perfect Condition. A+ Customer Service! Summary: Preface. Acknowledgments. Chapter 1: Survival of the Richest-Volatility Matters. The Future of the Asset Management Industry. Change in Risk Perception. Living Legends on the Future of Investment Management. Defining Asymmetric Returns. Introduction. Background. Volatility Matters. The Thing about Compounding Capital. Evolution Is Jumpy, Not Smooth. Chapter Summary and Conclusions. Appendix: On Compounding, Survival, and Dull Swiss. Chapter 2: Risk and Transparency. Risk Is "Exposure to Change". The Boiling Frog Syndrome. Risk versus Knightian Uncertainty. Prevention versus Cure. Risk Measurement versus Risk Management. The Musical Chairs Effect. Tracking Risk versus Total Risk. Controlled versus Uncontrolled Risk. Investor Protection versus Capital Protection. Investor Protection. Systematic versus Nonsystematic Risk. Systematic Risk. Nonsystematic Risk. Chapter Summary and Conclusions. Chapter 3: The Price of Asymmetric Returns. Fees-An Evergreen Issue Revisited. Introduction. Paying for the Balancing Act. Paying the Milkman Thrice. To Pay or Not to Pay-That Is the Question. Asymmetric Returns through Derivatives. Introduction. Capital-Guaranteed Structures. Chapter Summary and Conclusions. Appendix: Aggregate Fees. Chapter 4: Fireflies before the Storm. Risk, Returns, and Market Efficiency. Active versus Passive Asset Management. Introducing a Flexible Approach to Managing Money. Time Diversification, Risk, and Uncertainty. Does Time Increase or Reduce Risk? Tyranny of the Status Quo. Chapter Summary and Conclusions. Appendix: On Volatility and Fat Tails. Chapter 5: Alpha Is an Option. Inefficiency of Financial Markets. There Is No Free Lunch Plan. Unorthodox Economics and Voodoo Science. Introduction. Praxeology. Reflexivity. Behavioral Finance. Chapter Summary and Conclusions. Appendix: On Alpha, Beta, and Randomness. Chapter 6: Active Risk Management. Applicability and Adaptability of Skill. Adaptability versus Style Drift. The Law of Active Management. Leverage as a Risk Management Tool. Three Ways to Use Leverage. The Art of Generating Alpha. Asymmetric Returns and Active Risk Management. Convertible Arbitrage. Equity Market Neutral. Distressed Securities. Event-Driven Multi-strategy. Equity Hedge. Sector Specialists. Macro. Chapter Summary and Conclusions. Appendix: The Random Approach to Manager Selection. Chapter 7: Asymmetry of Single-Manager Risk. Convertible Arbitrage. Global Macro. Chapter Summary and Conclusions. Chapter 8: Asymmetric Returns as a Business. Introduction. The Best Business Model-Ever. Departing from Randomness. Positive Compounding as a Major Business Objective. Honey, I've Shrunk the Margins. Competition Puts Pressure on Margins. The Role of Innovation and Marketing. Performance Attribution and Fees. Alpha? What Alpha? Intellectual Property versus Adaptability of Skill. Difference between Generating Alpha and Talking about It. Are Benchmarking and Financial Innovation Opposites? Chapter Summary and Conclusions. Appendix: Predicting the Future of the S&P 500. Chapter 9: The Past, the Present, and the Unpredictable. Is It a Bubble? Cyclical Versus Structural Change. Return Expectations Revisited. What Happened to the Long Term? Markets Will Continue to Fluctuate. Buchnummer des Verkäufers ABE_book_new_0470042664

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Inhaltsangabe: In Asymmetric Returns, financial expert Alexander Ineichen elevates the critical discussion about alpha versus beta and absolute returns versus relative returns. He argues that controlling downside volatility is a key element in asset management if sustainable positive compounding of capital and financial survival are major objectives. Achieving sustainable positive absolute returns are the result of taking and managing risk wisely, that is, an active risk management process where risk is defined in absolute terms and changes in the market place are accounted for. The result of an active risk management process-when successful-is an asymmetric return profile, that is, more and higher returns on the upside and fewer and lower returns on the downside. Ineichen claims that achieving Asymmetric Returns is the future of active asset management.

Alexander M. Ineichen, CFA, CAIA, is Managing Director and Senior Investment Officer for the Alternative Investment Solutions team, a key provider within Alternative and Quantitative Investments, itself a business within UBS Global Asset Management. He is also on the Board of Directors of the Chartered Alternative Investment Analyst Association (CAIAA). Ineichen is the author of the two UBS research publications In Search of Alpha?Investing in Hedge Funds (October 2000) and The Search for Alpha Continues?Do Fund of Hedge Funds Add Value? (September 2001). As of 2006 these two reports were the most often printed research papers in the documented history of UBS. He is also author of the widely popular Absolute Returns?The Risk and Opportunities of Hedge Fund Investing, also published by John Wiley & Sons.

Umschlagtext: In order to meet the demands of the investment community, the asset management industry has to continually evolve. Around the year 2000, the latest phase of this evolution began to take place. During that time, hedge funds started to seriously compete with the traditional asset management industry—especially for institutional assets. Since then, investors have distinguished more carefully between alpha and beta, absolute returns and relative returns, and skill-based strategies and market-based strategies.

Author Alexander Ineichen has been on the cutting-edge of the money management industry throughout his entire career. He knows how difficult it is to find alpha in today's increasingly efficient markets, but he also understands how the current paradigm shift in the field of finance can help you overcome this obstacle.

Filled with in-depth insights and expert advice, Asymmetric Returns claims that it is possible for an active investment approach to yield a higher and more sustainable long-term return with lower downside volatility than is obtainable through passive, long-only strategies. The term asymmetry refers to most investors preferring positive returns over negative returns, that is, a return distribution skewed to the "upside."

In essence, Asymmetric Returns is a manifesto for active asset management. Written in a straightforward and accessible style, this comprehensive guide reveals what it takes to achieve an asymmetric return profile—including an entrepreneurial mindset as well as a dynamic and flexible risk management process that truly corresponds to the end investors' risk preferences—and outlines the essential elements of this innovative investment approach.

Topics discussed within these pages include:

  • The importance of understanding and managingportfolio volatility
  • The issue of risk and transparency in today'sinvestment environment
  • The price of asymmetric returns
  • How alpha is an option from the perspective of an investor
  • Asymmetric returns as a business
  • The current conversion between the absolute returnworld (investment banks, hedge funds) andtraditional asset management

The future of active asset management will rely more on finding and exploiting investment opportunities where the risk/reward relationship is asymmetric and less on beating an arbitrary benchmark. With Asymmetric Returns as your guide, you'll discover how to do this and much more, as you work to achieve sustainable positive absolute returns through an active risk management process.

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