Success in a Low-Return World, 1st ed. 2018 Using Risk Management and Behavioral Finance to Achieve Market Outperformance
Auteur : Oyster Michael J.
Following the Great Financial Crisis, the S&P 500 advanced more than 17 percent annualized from February 2009 through June 2018. At this pace, a buy-and-hold investor in the stock market would see their money double in 5 years and more than triple in 7 years. This performance has lulled many investors into thinking that such above-average returns will be with us into perpetuity. Unfortunately, this may not be the case. Far more likely, the return an investor may receive from the stock market will be slightly better than half the long-term average, about 5% to 7%.Most investment portfolios hold a greater allocation to stocks than any other class of investment asset. Massive amounts of wealth were created from the bull market since early 2009 providing institutions and individuals with a rising tide that lifted their portfolios above their goals without much effort. The environment of the future stands to be far less accommodating, so finding suitable investments (other than U.S. stocks) that can achieve the necessary returns (or make up the shortfall) will be a critical component of achieving goals in years to come. This book will explore those solutions.
Table of Contents
PART ONE: CHALLENGES IN INVESTING
Chapter 1: The Future Isn’t What it Used to Be
Chapter 2: An Obsolete Fundamental Philosophy
Chapter 3: As a Group, Professional Investors Are the Market
Chapter 4: The Specifics of Market Efficiency
Chapter 5: Fund Manager Fees
Chapter 6: To Err Is To Be Human. To Make a Behavioral Error Is To Be a Human Investor
Chapter 7: How Regulations Impact Investment Managers
Chapter 8: Performance Doesn’t Tell the Whole Story
PART TWO: SOLUTIONS
Chapter 9: Intuition
Chapter 10: Focus on Asset Allocation
Chapter 11: Indexing
Chapter 12: Active Share and Private Equity
Chapter 13: Momentum
Chapter 14: Smart Beta
Chapter 15: Risk Management
Chapter 16: Buy-Write
Chapter 17: Put Selling
Chapter 18: The Options Income Index
Chapter 19: Portable Alpha
Chapter 20: Epilogue
Michael J. Oyster, CFA, CAIA is an investment strategist, researcher and creator of the Options Income Index. He began his professional investment career in 1994 with options advisory firm Schaeffer’s Investment Research. As Schaeffer’s senior quantitative analyst, he conducted detailed analysis of options and volatility metrics while managing product offerings including an S&P 500 Index options spread strategy.
Upon joining Fund Evaluation Group, LLC (FEG) in 1999, Michael began researching traditional, hedge fund and options-based investment strategies as well as conducting and publishing independent research. As FEG’s Chief Investment Strategist, he served as a thought leader and frequent presenter on markets and the economy. His first book, Mission Possible, was published in 2005, and he was twice commissioned by the Chicago Board Options Exchange (Cboe) to conduct research on and provide summary analysis regarding suites of their proprietary options indexes. He serves as a board member on the Freestore Foodbank Foundation and on the Lincoln W. Pavey Educational Foundation.
Showcases how spreading assets among a variety of different, uncorrelated asset classes can lower risk portfolio wide
Shines a light on passive investing and smart beta to provide for outperformance
Explains how and why the volatility risk premium (VRP) is perhaps the most significant, untapped resource available to investors today
Date de parution : 11-2018
Ouvrage de 269 p.
Disponible chez l'éditeur (délai d'approvisionnement : 15 jours).
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