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Active Vs Passive Investment Strategies Is Either One Superior
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Book Synopsis Active vs. Passive Investment Strategies. Is either one superior? by : Stina Seidler
Download or read book Active vs. Passive Investment Strategies. Is either one superior? written by Stina Seidler and published by GRIN Verlag. This book was released on 2020-11-05 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2020 in the subject Business economics - Investment and Finance, grade: 1,0, Berlin School of Economics and Law, language: English, abstract: There are two different approaches underlying investment management: active and passive investment strategies. This paper analyzes these two different schools of thought when facing portfolio management and whether either one is superior. It starts with a short insight into the Efficient Market Theory because it the basis of the argumentation between the active versus passive strategies. After understanding the groundwork, the work continues to look deeper into the two different approaches, starting with the active on. In order to be able to compare and evaluate the two approaches, it is necessary to understand, what they consist of and how they work, which strategies each approach uses to accomplish their objectives and what kind of advantages or disadvantages can occur. Over the past half-decade, capital markets have gained a growing importance for economy and society. More and more business enterprises decide to enter the capital market to finance themselves rather than borrowing money from credit institutions. Simultaneously, more and more investment opportunities for institutions and private persons arise. In general, investments are made to create return in order to increase wealth. Over the past decades, the number of investments has increased sharply, and the trend is still going strong. This trend causes constantly growing, moving and changing financial markets all over the world. As a result, investors have to overcome many (new) challenges and have to put a lot of factors into consideration in order to be able to make the best investment choices with the brightest promising future.
Book Synopsis Active versus Passive Management by : Larry E. Swedroe
Download or read book Active versus Passive Management written by Larry E. Swedroe and published by John Wiley & Sons. This book was released on 2010-12-16 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: The active versus passive debate is a contentious issue. Filled with concrete evidence and comprehensive money management strategies, this chapter from The Only Guide You'll Ever Need for the Right Financial Plan delves into the case for passive investing over active investing. You can do so by investing in passively managed investment vehicles like index funds and passive asset class funds. You are virtually guaranteed to outperform the majority of both professionals and individual investors. Written for savvy investors and advisors, this chapter helps you: Integrate a passive investing strategy Maintain your portfolio's risk portfolio in a tax-efficient manner Determine the difference between the theories of efficient versus inefficient markets Make cost-effective investment decisions From Larry Swedroe, the author of the bestselling series of "The Only Guide" investment books, with Kevin Grogan and Tiya Lim, this chapter helps you integrate diversification, low turnover, and asset allocation into one plan that meets the needs of a unique situation.
Book Synopsis The Power of Passive Investing by : Richard A. Ferri
Download or read book The Power of Passive Investing written by Richard A. Ferri and published by John Wiley & Sons. This book was released on 2010-11-04 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: A practical guide to passive investing Time and again, individual investors discover, all too late, that actively picking stocks is a loser's game. The alternative lies with index funds. This passive form of investing allows you to participate in the markets relatively cheaply while prospering all the more because the money saved on investment expenses stays in your pocket. In his latest book, investment expert Richard Ferri shows you how easy and accessible index investing is. Along the way, he highlights how successful you can be by using this passive approach to allocate funds to stocks, bonds, and other prudent asset classes. Addresses the advantages of index funds over portfolios that are actively managed Offers insights on index-based funds that provide exposure to designated broad markets and don't make bets on individual securities Ferri is also author of the Wiley title: The ETF Book and co-author of The Bogleheads' Guide to Retirement Planning If you're looking for a productive investment approach that won't take all of your time to implement, then The Power of Passive Investing is the book you need to read.
Book Synopsis Efficiently Inefficient by : Lasse Heje Pedersen
Download or read book Efficiently Inefficient written by Lasse Heje Pedersen and published by Princeton University Press. This book was released on 2019-09-17 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: Efficiently Inefficient describes the key trading strategies used by hedge funds and demystifies the secret world of active investing. Leading financial economist Lasse Heje Pedersen combines the latest research with real-world examples and interviews with top hedge fund managers to show how certain trading strategies make money--and why they sometimes don't. Pedersen views markets as neither perfectly efficient nor completely inefficient. Rather, they are inefficient enough that money managers can be compensated for their costs through the profits of their trading strategies and efficient enough that the profits after costs do not encourage additional active investing. Understanding how to trade in this efficiently inefficient market provides a new, engaging way to learn finance. Pedersen analyzes how the market price of stocks and bonds can differ from the model price, leading to new perspectives on the relationship between trading results and finance theory. He explores several different areas in depth--fundamental tools for investment management, equity strategies, macro strategies, and arbitrage strategies--and he looks at such diverse topics as portfolio choice, risk management, equity valuation, and yield curve logic. The book's strategies are illuminated further by interviews with leading hedge fund managers: Lee Ainslie, Cliff Asness, Jim Chanos, Ken Griffin, David Harding, John Paulson, Myron Scholes, and George Soros.
Book Synopsis European Mutual Funds by : Noyes Data Corporation
Download or read book European Mutual Funds written by Noyes Data Corporation and published by . This book was released on 1973 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Investment Philosophies by : Aswath Damodaran
Download or read book Investment Philosophies written by Aswath Damodaran and published by John Wiley & Sons. This book was released on 2012-06-22 with total page 615 pages. Available in PDF, EPUB and Kindle. Book excerpt: The guide for investors who want a better understanding of investment strategies that have stood the test of time This thoroughly revised and updated edition of Investment Philosophies covers different investment philosophies and reveal the beliefs that underlie each one, the evidence on whether the strategies that arise from the philosophy actually produce results, and what an investor needs to bring to the table to make the philosophy work. The book covers a wealth of strategies including indexing, passive and activist value investing, growth investing, chart/technical analysis, market timing, arbitrage, and many more investment philosophies. Presents the tools needed to understand portfolio management and the variety of strategies available to achieve investment success Explores the process of creating and managing a portfolio Shows readers how to profit like successful value growth index investors Aswath Damodaran is a well-known academic and practitioner in finance who is an expert on different approaches to valuation and investment This vital resource examines various investing philosophies and provides you with helpful online resources and tools to fully investigate each investment philosophy and assess whether it is a philosophy that is appropriate for you.
Book Synopsis Asset Rotation by : Matthew P. Erickson
Download or read book Asset Rotation written by Matthew P. Erickson and published by John Wiley & Sons. This book was released on 2014-07-22 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: An all-weather, tactical approach to asset management utilizingExchange Traded Funds (ETFs) In Asset Rotation, portfolio management pioneer MatthewP. Erickson demonstrates a time-tested approach to asset managementthat has worked throughout the history of capital markets, in goodtimes and bad. Providing investors with strong participation inrising markets, but more importantly with a discipline to reduceparticipation in prolonged declines. Over time this revolutionaryapproach has yielded superior returns, with significantly reducedlevels of risk; providing the engine for true, long-termsustainable growth. The investment world as we know it has changed, and the paradigmhas shifted. What has worked in the past may no longer work in thefuture. No longer may bonds be regarded as a safe haven assetclass, as for the first time in generations, investors in fixedincome face losses as interest rates rise from historical all-timelows. For those adhering to a conventional Modern Portfolio Theorybased investment approach to asset management, what was onceregarded as safe and stable, may very well soon become our greatestimpediment. Asset Rotation provides investors with a practicalsolution for today's real world problems. This tactical approach toasset management provides us with concrete proof that there isindeed a better way. We are standing on the precipice of an InvestmentRenaissance. What was previously impossible, is now possible.Find out how. Presents an easy-to-understand price momentum-based approach toinvesting Illustrates the benefits of asset rotation Offers a systematic approach for securing a sound financialfuture Provides further insights as to how to customize your own assetrotation portfolio Matthew Erickson gives investors a hands-on resource for how tonavigate an increasingly difficult investment landscape, byproviding them with keen insights into the most rapidly growingsegment of the investment markets.
Book Synopsis The Ivy Portfolio by : Mebane T. Faber
Download or read book The Ivy Portfolio written by Mebane T. Faber and published by John Wiley & Sons. This book was released on 2011-04-05 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: A do-it-yourself guide to investing like the renowned Harvard and Yale endowments. The Ivy Portfolio shows step-by-step how to track and mimic the investment strategies of the highly successful Harvard and Yale endowments. Using the endowment Policy Portfolios as a guide, the authors illustrate how an investor can develop a strategic asset allocation using an ETF-based investment approach. The Ivy Portfolio also reveals a novel method for investors to reduce their risk through a tactical asset allocation strategy to protect them from bear markets. The book will also showcase a method to follow the smart money and piggyback the top hedge funds and their stock-picking abilities. With readable, straightforward advice, The Ivy Portfolio will show investors exactly how this can be accomplished—and allow them to achieve an unparalleled level of investment success in the process. With all of the uncertainty in the markets today, The Ivy Portfolio helps the reader answer the most often asked question in investing today - "What do I do"?
Book Synopsis Dynamic Asset Allocation Modeling for International Investment by : Loretta T. S. Hung
Download or read book Dynamic Asset Allocation Modeling for International Investment written by Loretta T. S. Hung and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tactical asset allocation has become popular in asset management since the stock market crash in October 1987. Researchers and practitioners have always promoted the benefits of international diversification. Much research has been done in domestic asset allocation and global asset allocation. However, a portfolio mix between the S & P 500 Index and the MSCI EAFE Index is a novel combination for tactical asset allocation. The objective of this study is to develop a dynamic asset allocation strategy dealing with such an asset mix. A rolling binary logit model is built using the preceding sixty months of data and is used to forecast the next month's movements of these two indices. Forty-eight trading strategies are implemented to validate the forecastability of the prediction model using the out-of-sample data from January 1978 to September 1999. This study affirms that a dynamic asset allocation strategy can be established to time the market and generate a superior abnormal return on a portfolio investing in these two assets. A prediction model can be built on public information variables to successfully forecast the upcoming movements of these two indices. Even with transaction costs, an investor can rely on the signals to make asset allocation between these two indices and produce a terminal wealth significantly larger than the passive portfolios invested in either one of the indices alone.
Book Synopsis The Efficient Market Theory and Evidence by : Andrew Ang
Download or read book The Efficient Market Theory and Evidence written by Andrew Ang and published by Now Publishers Inc. This book was released on 2011 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Efficient Market Hypothesis (EMH) asserts that, at all times, the price of a security reflects all available information about its fundamental value. The implication of the EMH for investors is that, to the extent that speculative trading is costly, speculation must be a loser's game. Hence, under the EMH, a passive strategy is bound eventually to beat a strategy that uses active management, where active management is characterized as trading that seeks to exploit mispriced assets relative to a risk-adjusted benchmark. The EMH has been refined over the past several decades to reflect the realism of the marketplace, including costly information, transactions costs, financing, agency costs, and other real-world frictions. The most recent expressions of the EMH thus allow a role for arbitrageurs in the market who may profit from their comparative advantages. These advantages may include specialized knowledge, lower trading costs, low management fees or agency costs, and a financing structure that allows the arbitrageur to undertake trades with long verification periods. The actions of these arbitrageurs cause liquid securities markets to be generally fairly efficient with respect to information, despite some notable anomalies.
Book Synopsis Systematic Trading by : Robert Carver
Download or read book Systematic Trading written by Robert Carver and published by Harriman House Limited. This book was released on 2015-09-14 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is not just another book with yet another trading system. This is a complete guide to developing your own systems to help you make and execute trading and investing decisions. It is intended for everyone who wishes to systematise their financial decision making, either completely or to some degree. Author Robert Carver draws on financial theory, his experience managing systematic hedge fund strategies and his own in-depth research to explain why systematic trading makes sense and demonstrates how it can be done safely and profitably. Every aspect, from creating trading rules to position sizing, is thoroughly explained. The framework described here can be used with all assets, including equities, bonds, forex and commodities. There is no magic formula that will guarantee success, but cutting out simple mistakes will improve your performance. You'll learn how to avoid common pitfalls such as over-complicating your strategy, being too optimistic about likely returns, taking excessive risks and trading too frequently. Important features include: - The theory behind systematic trading: why and when it works, and when it doesn't. - Simple and effective ways to design effective strategies. - A complete position management framework which can be adapted for your needs. - How fully systematic traders can create or adapt trading rules to forecast prices. - Making discretionary trading decisions within a systematic framework for position management. - Why traditional long only investors should use systems to ensure proper diversification, and avoid costly and unnecessary portfolio churn. - Adapting strategies depending on the cost of trading and how much capital is being used. - Practical examples from UK, US and international markets showing how the framework can be used. Systematic Trading is detailed, comprehensive and full of practical advice. It provides a unique new approach to system development and a must for anyone considering using systems to make some, or all, of their investment decisions.
Book Synopsis The Only Guide to a Winning Investment Strategy You'll Ever Need by : Larry E. Swedroe
Download or read book The Only Guide to a Winning Investment Strategy You'll Ever Need written by Larry E. Swedroe and published by Dutton Adult. This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first book to show individual investors how to move from "active" to "passive" index funds and play a winner's gameThroughout the last fifteen years of the bull market, individual investors were able to participate and amass financial holdings by way of mutual funds. But the constant buying and selling to "beat the market" and grow their fund's wealth also entailed costs and capital gains. And who paid for it? The investor. Over the past 20 years smart investors began switching to index mutual funds to keep more of their money. Index funds buy and hold all of the stocks in an index, dramatically reducing trading costs and taxes. And now, with Larry Swedroe's expert advice, the small investor can take advantage of this investment strategy and win big.In The Only Guide to a Winning Investment Strategy You'll Ever Need, Larry Swedroe explains: -- How index mutual funds out-earn older investment strategies-- How to pick the right balanced "passive" portfolio that will reward investors with the highest expected return for the amount of risk the investor is willing to accept-- How to play the winner's game with this big and rapidly growing investor trend.Based on over forty years of research by the world's leading financial economists, the advice Larry Swedroe offers in this new and valuable book shows that those willing to move beyond conventional wisdom will open themselves to a method of great financial growth.-- The Only Guide to a W
Book Synopsis Dual Momentum Investing: An Innovative Strategy for Higher Returns with Lower Risk by : Gary Antonacci
Download or read book Dual Momentum Investing: An Innovative Strategy for Higher Returns with Lower Risk written by Gary Antonacci and published by McGraw Hill Professional. This book was released on 2014-11-21 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: The investing strategy that famously generates higher returns with substantially reduced risk--presented by the investor who invented it "A treasure of well researched momentum-driven investing processes." Gregory L. Morris, Chief Technical Analyst and Chairman, Investment Committee of Stadion Money Management, LLC, and author of Investing with the Trend Dual Momentum Investing details the author’s own momentum investing method that combines U.S. stock, world stock, and aggregate bond indices--a formula proven to dramatically increase profits while lowering risk. Antonacci reveals how momentum investors could have achieved long-run returns nearly twice as high as the stock market over the past 40 years, while avoiding or minimizing bear market losses--and he provides the information and insight investors need to achieve such success going forward. His methodology is designed to pick up on major changes in relative strength and market trend. Gary Antonacci has over 30 years experience as an investment professional focusing on under exploited investment opportunities. In 1990, he founded Portfolio Management Consultants, which advises private and institutional investors on asset allocation, portfolio optimization, and advanced momentum strategies. He writes and runs the popular blog and website optimalmomentum.com. Antonacci earned his MBA at Harvard.
Book Synopsis Financial Market History: Reflections on the Past for Investors Today by : David Chambers
Download or read book Financial Market History: Reflections on the Past for Investors Today written by David Chambers and published by CFA Institute Research Foundation. This book was released on with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the 2008 financial crisis, a resurgence of interest in economic and financial history has occurred among investment professionals. This book discusses some of the lessons drawn from the past that may help practitioners when thinking about their portfolios. The book’s editors, David Chambers and Elroy Dimson, are the academic leaders of the Newton Centre for Endowment Asset Management at the University of Cambridge in the United Kingdom.
Book Synopsis Investing for Beginners (2 Manuscripts in 1) by : Victor Adams
Download or read book Investing for Beginners (2 Manuscripts in 1) written by Victor Adams and published by . This book was released on 2019-07-09 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: If you want to learn how Investing can help you retire early and wealthy, with no prior Investing experience, then keep reading... Do you want to have so much money you never have to worry about it again? Do you want to have the opportunity to retire early? Do you want to have so much money that you have complete freedom to do what you want? Luckily for you, Investing has the potential to make you incredibly rich. However most Investment advice is quite simply overcomplicated and can actually put you down the wrong path. Instead, in this 2 in 1 bundle, we outline EXACT strategies that you can use to not only amass millions in the Stock Market, but rapidly grow and build your Real Estate portfolio. Whether you want to use Active or Passive investing strategies, or dominate the Rental Property Market or Wholesale your way to success we have you covered, we understand that there simply are different strokes for different folks. However, if you simply aren't investing at all, or are using a sub optimum strategy you quite simply missing out on the easiest way to retire a millionaire, it's about time you changed that don't you think? Don't just take my word for it, the Stock Market has averaged 7% since it begun, and Real Estate (REITs) at 11.8%, just imagine both of them compounded and combined with active strategies. Here is just a slither of what you will discover... -The Exact Passive Investing Strategy that takes ALL human error out of investing and guarantees you your fair share of the market! -How people are Retiring when they turn 40 -Why the majority of mutual funds make you poorer! How -A step by step guide to buying your first funds -The Most tax efficient ways to invest in the Stock Market -The EXACT asset allocations for every point in your life! -Why Market Crashes (Like 2008) are actually your best friend -How to make your investing completely passive! -The 5 Mistakes you must avoid in your investing -The 4 secrets to success with Real Estate -How more people with no background in investing are quitting their job with Real Estate than ever before -Think buy and hold is the best way to make money with Real Estate? Think again. -Why you don't need $1000's of Dollars to start your Real Estate journey -The secret to buying properties with no money down -How to make Real Estate easier than ever before -How to save 100's of hours by knowing where to get your Real Estate education -20 Tips for flipping houses for MAX profit -Why Real Estate holds the key to your Financial Freedom And, much much more! So, even if you've never invested in ANYTHING before, this book contains easy to follow systems that make the process easier than ever before. Not only that, it shows you how to actually see the returns you deserve on your hard earned money. So, if you want to discover how you can invest your way to financial freedom and retire early, then scroll up and click "Add to Cart"
Book Synopsis Option-Based Porfolio Insurance. Analysis of Protective Put and Synthetic Put Investment Strategies by : Felix Lütjen
Download or read book Option-Based Porfolio Insurance. Analysis of Protective Put and Synthetic Put Investment Strategies written by Felix Lütjen and published by GRIN Verlag. This book was released on 2017-07-24 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2016 in the subject Business economics - General, grade: 1.7, University of Frankfurt (Main), language: English, abstract: Risk aversion is a common trait among investors. While it is possible to reduce risk attributed to specific industries and regions by diversifying among different securities, market risk affects all securities on the market. Even a perfectly diversified portfolio is subject to systematic or market risk. It can be managed through diversification across asset classes, for example by shifting some of the funds invested into risk-free assets. For some investors, this yields unsatisfactory results as the expected return directly decreases linearly with an increase in the position in the risk-free asset. Portfolio insurance (PI) describes an alternative set of strategies that allows investors to reduce their exposure to market risk by guaranteeing the value of the portfolio to be above a certain value at the end of the investment period while allowing for participation in rising stock markets. Option-based portfolio insurance (OBPI) refers to a set of strategies in which either a conventional put option (protective put) or a replicated put option (synthetic put) is used to insure a portfolio against adverse price movements. In theory and assuming perfect market conditions, protective put (PP) and synthetic put (SP) yield identical payoffs and have the same cost. In practice, there are several important differences between the two strategies. On the one hand, PP seems to be an easy and uncomplicated strategy to implement, but the unavailability of listed options with desired maturities and strike prices are major issues. SP strategies, on the other hand, can suffer from obstacles like high transaction costs and jumps in stock prices.
Book Synopsis Getting Back to Business: Why Modern Portfolio Theory Fails Investors and How You Can Bring Common Sense to Your Portfolio by : Daniel Peris
Download or read book Getting Back to Business: Why Modern Portfolio Theory Fails Investors and How You Can Bring Common Sense to Your Portfolio written by Daniel Peris and published by McGraw Hill Professional. This book was released on 2018-07-06 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modern Portfolio Theory has failed investors. A change in direction is long overdue. We are in a time of enormous risk. Economic growth is anemic, and political risk to the capital markets is on the rise. In the U.S., a generation of white collar baby-boomers is heading into retirement with insufficient assets in their 401(k) programs, and industrial workers are stuck with materially underfunded pension plans. Against that backdrop, the investing industry’s current set of practices and assumptions—Modern Portfolio Theory (MPT)—is based on a half-century old formula that is supposed to deliver the maximum amount of return for a given amount of risk. The trouble is that it doesn’t work very well. In Getting Back to Business, dividend-investing guru Daniel Peris proposes a radical new approach—radical in that it does away with MPT in favor of a more intuitive, common-sense approach practiced by business people in their own affairs everyday: cash returns on cash investments. “In a profession utterly lacking a historical sensibility,” Peris writes. “One periodically needs to ask why we do things the way we do, how we got here, and whether perhaps there is a better way.” Balancing detailed historical evidence with a practitioner’s real-world expertise, Peris asks the right questions—and provides a solution that makes sense in today’s challenging investing landscape.
