Jack L. Treynor

Treynor on Institutional Investing

• Gebundenes Buch

Produktbeschreibung

Praise for TREYNOR ON INSTITUTIONAL INVESTING

"Jack Treynor has a mind of his own. I mean that as the highest compliment. Jack Treynor sees what no one else sees, thinks what no one else thinks, explains what no one else explains. You will learn more in fifteen minutes with Jack Treynor than in a full hour with most pundits. You will work hard but you will see things, think things, and understand things as never before. This book is a most valuable treasure, gleaming with Jack Treynor's brilliance."
-Peter L. Bernstein, author, Capital Ideas Evolving

"Vintage Treynor. This is a must-own reference for anyone involved in institutional asset management. It assembles - in one place - many of the important insights of one of the most provocative and creative players in the finance world over the past half-century."
-Robert D. Arnott, Chairman, Research Affiliates, and Former Editor, Financial Analysts Journal

"As a practicing investment manager, Treynor always preferred brilliance to soundness. Identifying the flaws in conventional thinking, he shows both the theorist and the practitioner where to invest time in their search for excess return."
-Perry Mehrling, Professor of Economics, Barnard College, Columbia University, author, Fischer Black and the Revolutionary Idea of Finance

"Jack Treynor's new book brings together a lifetime of exploring the important questions surrounding the sophisticated investor's task. Readers of Treynor on Institutional Investing will be richly rewarded by the insights the author has developed about both the practical and the conceptual keys to successful investing."
-Samuel L. Hayes, III, Jacob Schiff Professor of Investment Banking Emeritus, Harvard Business School

Produktdetails

• Wiley Finance Series
• Verlag: Wiley & Sons
• Artikelnr. des Verlages: 14511875000
• 1. Auflage
• Seitenzahl: 608
• Erscheinungstermin: 1. Oktober 2007
• Englisch
• Abmessung: 260mm x 183mm x 37mm
• Gewicht: 1220g
• ISBN-13: 9780470118757
• ISBN-10: 047011875X
• Artikelnr.: 22895575

Autorenporträt

Jack L. Treynor is President of Treynor Capital Management, Inc. He was the editor of the Financial Analysts Journal for many years and is the author of more than ninety articles that have appeared in numerous financial publications. Along with William Sharpe, Robert Merton, and Harry Markowitz, Treynor is a Distinguished Fellow for the Institute for Quantitative Research in Finance. He serves on the advisory boards of the Financial Analysts Journal and the Journal of Investment Management, and has taught investment courses at Columbia University and the University of Southern California. Treynor has served as a general partner, trustee, and director of seventy investment companies.

Inhaltsangabe

Foreword. Preface. Acknowledgments. Introduction. Part One: Risk. 1. Using
Portfolio Composition to Estimate Risk. 2. Business vs. Statistical Price
Risk. 3. Specific Risk. 4. On the Quality of Municipal Bonds. 5. Time
Diversification. CAPM. 6. Towards a Theory of Market Value of Risky Assets.
7. Portfolio Theory is Inconsistent with the Efficient Market Hypothesis.
8. In Defense of CAPM. Part Two: Performance Measurement. 9. Editorial
Viewpoint. 10. How to Rate Management of Investment Funds. 11. Can Mutual
Fund Outguess the Market? 12. The Future of Performance Measurement. Part
Three: Economics. 13. Unemployment and Inflation. 14. What Professor
Galbraith Neglected to Tell His Television Audience. 15. The Financial
Objective in the Widely Held Corporation. 16. The Real Cost of Inflation.
17. The Fiscal Burden. 18. A Modest Proposal. 19. A More Modest Proposal.
20. Real Growth, Government Spending and Private Investment. 21. Securities
Law and Public Policy. 22. Shirtsleeves to Shirtsleeves in Three
Generations. 23. Is Training a Good Investment? 24. The Fifth Horseman. 25.
A Theory of Inflation. 26. How to Regulate a Monopoly. 27. Man's Most
Important Invention. 28. Will the Phillips Curve Cause World War III? Part
Four: Trading. 29. Editor's Comment. 30. The Only Game in Town. 31. What
the Courts Ought to Know About Prudence. 32. De Facto Market Makers. 33.
Editor's Comment. 34. Four Rules for Successful Trading. 35. Index Funds
and Active Portfolio Management. 36. Opportunities and Hazards in
Investigative Research. 37. What Does It Take to Win the Trading Game? 38.
In Defense of Technical Analysis. 39. The Economics of the Dealer Function
40. Market Manipulation. 41. Types and Motivations of Market Participants.
42. The Invisible Costs of Trading. 43. Zero Sum. 44. Insider Trading: Two
Comments. Part Five: Accounting. 45. Financial Reporting--For Whom? 46. The
Revenue-Expense View of Accrual Accounting. 47. The Trouble with Earnings.
48. The Trueblood Report. 49. A Hard Look at Traditional Disclosure. 50.
The Trouble with Corporate Disclosure. Part Six: Investment Value. 51.
Top-Down Economic Forecasts and Securities Selection. 52. The Value of
Control. 53. Economic Life vs. Physical Life. 54. The Investment Value of
Plant. 55. Growth Companies. 56. Bulls, Bears and Market Bubbles. 57. The
Canonical Market Bubble. 58. The Investment Value of Brand Franchise. 59.
The Investment Value of an Idea. Part Seven: Active Management. 60. How to
Use Security Analysis to Improve Portfolio Selection. 61. Why Clients Fail.
62. Long Term Investing. 63. The Institutional Shortfall. 64. Persuasion
and Long Term Investing. 65. Is "Reasonable Knowledge" Enough? 66. How
Technical Should Investment Management Be? 67. If You Can Forecast the
Market, You Don't Need Anything Else. 68. Market Efficiency and the Bean
Jar Experiment. 69. From the Board. Information-Based Investing. 70. The 10
Most Important Questions to Ask in Selecting a Money Manager. Part Eight:
Pensions. 71. Risk and Reward in Corporate Pension Funds. 72. An Investor's
Guide to the Index Fund Controversy. 73. The Principles of Corporate
Pension Finance. 74. Pension Claims and Corporate Assets. Part Nine: Cases.
75. Feathered Feast: A Case. 76. An Extraordinarily Cheap Trade. 77. The
Gauntlet. 78. A Prudent Man. 79. Default--Shawnee Manufacturing. 80. Public
Voting. 81. Fiduciary Funds. 82. Poosha-Carta Food Stores. 83. The Fed
Watchers. 84. Betting on Management. 85. Financial Literacy. 86. Cereal
Mergers. 87. Quiz for Fed Candidates. 88. When Plant Wears Out. 89. Answers
to Quiz for Fed Candidates. 90. Gas Caps and the Sherman Act. 91. The
Worldwide Financier. 92. Reifen AG. Part Ten: Miscellaneous. 93. Wha'
Happen? 94. Portfolio Insurance and Market Volatility. 95. Betting on Good
Management. 96. Remembering Fischer Black. 97. Fairness in Tax Policy. 98.
Why Market-Valuation Indifferent Indexing Works. Index.