Book Description

A text that offers clear, concise, and practical real world treatment of key financial management topics with the assumption readers have little knowledge of financial concepts. Advanced math is eliminated from the theory sections and everyday math is geared towards making the material useful yet understandable, supported by numerous worked-out examples and graphical and intuitive presentations of math where appropriate. Written by a former CFO, the book offers practical, real-world discussion of key topics, including cross-functional coverage of the agendas and biases decision-makers across the firm may bring to a financial proposal. ... Read more

Book Description

This updated, compact desk reference book defines and explains more than 4,000 terms related to investment. They include types of stocks, bonds, and mutual funds, as well as terms that apply to banking, corporate finance, and tax laws, including the most recent revisions in income tax law. The book also features helpful charts and graphs. ... Read more

Reviews (29)

More Than A Book
Expect this little work to be exactly what it is titled, "Dictionary of Finance and Investment Terms". It does not contain a story, or financial advice, or commonly used terms. It is a financial dictionary. Its binding is "professional softcover" and has very thin pages- required due to 600+ pages. I notice some reviewers' felt it was not worth the money. Where else can you find a professional dictionary of specialized terms for under $12 ? I found the book so useful, I purchased Barron's Investment Guide, which includes the dictionary. I recommend both of these books (...)

If your looking for an enthralling read, the Finance Dictionary is not that. If you're looking for an inexpensive, professional little reference book, full of pertinent terms and explanations, this one will definitely earn its keep.

Not Perfect, But Very Useful
When I first got into the financial field many years ago, I kept a copy of this book (an earlier edition) close at hand at all times. As I read The Wall Street Journal and Business Week, this book proved indispensible to help me understand concepts and jargon. Today, it is dog-eared, wrinkled and dirty, but I still turn to it occasionally. Yes, some of the definitions are outdated or incomplete. Yes, some terms are missing. But this is the best dictionary of financial terms I've ever seen, and I recommend it to anyone who needs an easy-to-use reference guide.

Great Tool When Dealing with Finance or Investment
Unless you work in finance and investment, it is virtually impossible to keep apprised of the terminology and jargon. Even if you do, it's probably fairly easy to come across some word that you do not know the meaning of or are uncertain as to its meaning. This handy reference book is perfect for both professionals and non-professionals who find themselves confronted with the often arcane verbiage of the finance and investment world.

This book has frequently been of personal use to me in reviewing contracts for clients, as well as helping me when I stumble across some unknown term while reading. This is a nice little tool that should be on your shelf or in your pocket the next time you talk to someone about finances, investments, or even insurance.

Not a panacea but extremely useful
I find myself somewhat amazed at the financial analysts and brokers who find this book unsatisfactory. The poignant analogy coming to mind is offering the book "Accounting for Dummies" to a CPA. Of course it is unsatisfying. A book like this is not aimed at seasoned professionals in the field; rather, it's intended audience is grounded in those with little or no exposure to the securities/financial fields.

I have been involved in securities litigation consulting for almost a decade now. As my consulting practice has grown, I have hired many individuals, most of whom are not well-versed in securities/financial jargon. In significantly all cases, these new employees feel ill-at-ease initially when reviewing case files and documentation due to the learning ramp and educational abyss. I have found if I offer them a copy of the DICTIONARY OF FINANCE AND INVESTMENT TERMS (DFIT) on their first day, the learning curve is flattened and becomes much shorter in duration. As a matter of fact, several of my employees have taken the initiative to take their DFIT home to look for particular words/phrases common to their daily routines. By derivation, this makes the employee feel much less out of place and instills some level of motivation relative to their work (this has been a definite intangible benefit to my practice).

I keep one in my office and although I don't crack it very often, there are times when I'm not as familiar with a word/phrase and then, I rely on DFIT. This is similar to the situation of reading a book, seeing a word you can pronounce and know but aren't quite certain of its EXACT meaning. Let's face it, with over 5,000 entries in DFIT, most professionals, even those entrenched in the field, will find themselves fuzzy on certain words and phrases.

While DFIT is not a panacea, it certainly fills the void. I would recommend this book for anyone new to the finance/investment fields and most professionals who deal on the fringes of these industries. ... I don't really see how one can go wrong here (particularly given that many reference offerings go for hundreds of dollars).

Endorsed by an elected treasurer.
As the elected treasurer for a Califonia county we have had this wonderful little book since its 2nd edition.

Of all the reference and resource books we have at our disposal, this book ranks the highest.

The book is updated quite often and is worth its weight in gold! ... Read more

Book Description

Are you getting a true picture of your company's performance?

This explosive issue and its implications are fully explored in "Real Numbers." The authors, each a chief financial executive, describe how management accounting evolved to this point and how simplicity and clarity can be restored -- particularly in a lean organization. The management accounting model illustrated in "Real Numbers" points the way to unlocking the true profit potential of lean. ... Read more

Reviews (6)

Transforming the Bean Counter...
The book's presentation makes a case for accurate and timely information that is easily understood and actionable. Whereby it is now time to take the benefits learned from implementing lean manufacturing on the shop floor into the office and remove the blinders of old traditional accounting systems. Doing so transforms the accountant from bean counter to a valued partner in the business.

Discussions include:

* a strong section on performance measurement - what the financial team should be measuring in place of current traditional accounting reports.

* how to streamline the process and bring about meaningful change

* a practical methodology for making the transition away from cost accounting - to go from micro accounting to macro accounting

* plain English management financial systems - what they are, why to use, benefits, and how to get them using the one day close method

* new concepts in budgeting (the lean budget) and capital planning whereby one looks at reduction in inventory and flexibility instead of per part cost

* lean acquisitions - what to do with all that new found cash

The final three chapters are my favorite where Jean and Orest take their boardroom management skills and depart wisdom to the reader. Here it is explained why the CEO and CFO must become active leaders, the benefits of breaking from tradition, and the twelve principles of lean accounting.

This is a must read book for everyone who wants to shed the role of bean counter or who has struggled with bean counters and their misunderstanding the accounting side of lean manufacturing.

Rick Anderson
President
TTW Inc. - WinMan software

The authors provide some solid, invaluable advice
How can a manager gain a real picture of a company's performance? Real Numbers: Management Accounting In A Lean Organization helps managers understand management accounting practices, which often produce complex financial statements which have little to do with reality. Each of the authors is a CFO who probes management accounting systems and how simplicity and clarify can be restored to an organization's accounting system. The authors provide some solid, invaluable advice on tweaking accounting practices to get the most from facts and figures generated by accountants.

Translation Key between Production and Accounting
Do you remember your favorite cheat sheet from language class? It was a book or a pamphlet or even a tightly scrawled crib sheet with key reminders on how to navigate the gap between your birth tongue and a whole new world. You carried it around with you to help find your way.
Jean and Ori have put together the best cheat sheet for people straddling the language gap between modern manufacturing and old school accounting. I can't recommend "Real Numbers" enough. Mine is already dog-eared. I carry it with me to international planning meetings to help me translate the smoke and mirrors that can fill the room.
"Real Numbers" is filled with concise, easy-to-understand chapters that assist any decision-maker in understanding the transition from bean counter to business partner. Every chapter has a value-adding how-to approach to overcome the major mental hurdles blocking lean enterprise: controlling wasteful transactions instead of eliminating them, supporting rear-view driving instead of agile leadership, covering every contingent instead of reporting accurately what is needed and when.
Most companies attempting lean transition run into the failure of business accounting to update its methods in stride with lean thinking. This book explains how accountants can see themselves in a new role bridging that gap. And seeing that new role with a shared accounting language is half the battle - won.

Finally, lean makes it to finance
It is about time that someone wrote a book this stellar conveying the power of lean in financial accounting. Every company that is looking to become lean should read this book

Real Numbers = Real Lean Applications
It touched on what we learned in Lean Accounting Training and will be an excellent resource to back up that training as we apply the principles in our own Lean journey. It gives real world examples of Lean Accounting applied in two companies that have truly embraced the Lean Enterprise: Lantech and Wiremold are both featured.

Todd Kunze
Division Lean Manager for O-Ring
Parker Hannifin Corporation ... Read more

Book Description

"Trading is notoriously tough.But Altucher's new book adds a noteworthy addition to the library on Warren Buffett.He shows a lot of Buffett that isn't readily available in the existing common literature.Definitely required reading for any serious Buffett buff."
—Kenneth L. Fisher, Forbes' "Portfolio Strategy" Columnist Founder and CEO, Fisher Investments

"Finally, someone blows apart the myth that Warren Buffett is a buy-and-hold investor. Altucher has given us an insightful and well-written commentary on how Buffett has amassed his track record, and what we can do to emulate him. He details the trade-by-trade examples. This is a must read for anyone wanting to learn about how the Master Investor works."
—John Mauldin, author, Bull's Eye Investing editor of Thoughts from the Frontline (www.2000wave.com)

While Warren Buffett is considered the "world's greatest value investor," there's another side to Buffett that is rarely talked about. Although Buffett has gained recognition for his value investing approach to the markets, the fact is that nobody—over the past fifty years—has traded and invested with a more diverse group of strategies than Buffett.

Trade Like Warren Buffett challenges the current coverage of this great investor by including details of all of Buffett's investing and trading methods, including mean reversion, commodities, bonds, arbitrage, market timing, funds, as well as Graham-Dodd. To augment the discussion of each strategy, Trade Like Warren Buffett also includes interviews with leading financial professionals, who reveal in detail how they've successfully used the same techniques.

There is no one way to sum up Warren Buffett's investment style. But if you're interested in boosting the performance of your portfolio, Trade Like Warren Buffett can show you how. ... Read more

Reviews (9)

Excellent Read
I very much enjoyed reading this book.I have read many of the books about Buffett and this is definitley one I would recommend to anyone who is interested in gaining a deeper understanding of Buffett's investment philosophy.Too many people believe Buffett just "buys and holds" companies like Coke and Gillette, but that is a long way from the whole story.This book details many of the strategies Buffett employed through out the years.The author does an excellent job discussing why Buffett used the startegies and about where Buffet was in his career that made him able to do those sorts of trades.I also think it was good how the author was able to point out certain principals Buffett maintains regardless of what kind of trade he is making.

"Trade Like Warren Buffett," is an excellent read and I highly recommend it.

Buy Buffettology Instead
This book was rather weak.It touched on alot of interesting topics but often didn't dive into them in detail.It also had interviews with at least 3 people who run mutual and hedge funds that didn't have much to do with Buffett's record itself.

I've read just about all of the books on Buffett out there and this one was not one of the best by far.Buy Buffettology or the New Buffettology.They are far better.

A Must Read For All Investors
I have read several books about Warren Buffet and this was the best. The way the author drilled downed on many actual investments and investing techniques that Warren uses was very helpful to this investor. I read this book in one weekend, couldn't put it down. I have been managing money for more than a decade and found this book very educational and a breeze to read. I highly recomend it any investor or anyone who wants a better understanding of one of the greatest investors of all time.

What is a trade?
If one holds a stock for years and even decades and then sells, is that a trade or an investment? What is the period of holding where a trade can be called an investment?

True, some of Buffett's holdngs are shorter than others, but in a CNBC interview with Ron Insana, he said sure he sells.

Glad I Bought It
I was first exposed to James Altucher's work on theStreet.com and have always found his articles to be worthwhile."Trade Like Warren Buffett" is no different.Mr. Altucher's concise observations and comfortable writing style make this book a fun, fast read.

People who have had little exposure to Buffett literature beyond the endless magazine cover stories will see that he is at heart an extremely ambitious and competitive investor who is not above making a quick trade, timing the market or relying at least in part on anecdotal evidence when buying a stock. But even though Mr. Altucher makes short work of the "buy and hold forever" myth that surrounds Buffett, he clearly respects Buffett's prowess and accomplishments. I particularly liked the examination of Buffett's current stock holdings and the stories from his early investing career.And there are a couple of interviews with money managers that provide good perspective.

It was a little frustrating to read about all the investing opportunities that Buffett has taken advantage of over the years but that no longer exist.However, it was also nice to learn that Buffett has made mistakes too. ... Read more

Book Description

Value-at-risk (VaR) is a measure of market risk that has been widely adopted since the mid-1990s for use on trading floors. This is the first advanced book published on VaR. It describes how to design, implement, and use scalable production VaR measures on actual trading floors. It takes readers from the basics of VaR to the most advanced techniques, many of which have never been published in book form.

Practical, detailed examples are drawn from markets around the world, including: Euro deposits, Pacific Basin equities, physical coffees, and North American natural gas.

Real-world challenges relating to market data, portfolio mappings, multicollinearity, and intra-horizon events are addressed in detail. Exercises reinforce concepts and walk readers step-by-step through computations.

Sophisticated techniques are fully disclosed, including: quadratic ("delta-gamma") methods for nonlinear portfolios, variance reduction (control variates and stratified sampling) for Monte Carlo VaR measures, principal component remappings, techniques to "fix" estimated covariance matrices that are not positive-definite, the Cornish-Fisher expansion, and orthogonal GARCH.

* First advanced text on Value-at-Risk
* Practical, detailed examples drawn from markets around the world
* Exercises reinforce concepts and walk readers step-by-step through computations ... Read more

Reviews (2)

good
The book is great in clear notation, real data examples as well as online solutions for readers with or without math background. It will be better to include some advanced theory such as Extreme Value Theory.

One of the most refreshing QF books to come along
This is one of the most refreshing Quantitative Finance books that have come along in the last few years. This book has been a work in process from the author for at least four or five years.

Glyn Holton's mathematical background and experience as practising risk managemer and consultant is thoroughly reflected in character of this book. The notation is consistent and logical, the mathematical/theoretical presentation is rigorous but accessible to pretty much all the intermediate/advanced undergrad students.

The emphasis is on the methodological process of building a model rather than directly presenting the final product itself. This is in contrast to most of the Value-at-Risk books on the markets which up to this point, have been written mainly by academics (University professors) rather than practitioners.

Throughout the book, Mr. Holton keeps emphasizing the duality of VaR metrics in terms of the exposure and the uncertainty of its underlying portfolio. And using the conceptual differences of these two components of risk as starting point, the relevant mathematical, probabilistic, and statistical background material are presented. For the exposure component of risk, Holton presented the mathemcatical mapping procedure; while for the uncertainty component, the conditional distribution characteristization of the risk factors are thoroughly investigated. This 'Bottom-up' analytical approach breaks down the VaR metrics into its 'atomical' parts. From there the VaR measure is methodologically built from the ground up. As result all the VaR models are presented under a uniform theoretical umbrella. This is in contrast with a 'disjointed list of VaR models' approach taken by most of the available literature up to this point. The result is a book suitable for beginners and advanced practitioners alike. Well done Glyn. ... Read more

Book Description

Health Care Finance: Basic Tools for Nonfinancial Managers is a practical financial management text for those who need basic financial management knowledge and a better understanding of health care finance. Using actual examples from hospitals, long-term care facilities, and home health agencies, this text will enable you to read, analyze, understand, and use financial statements and budgets in today's health care environment. ... Read more

Book Description

"I have always found Elliott Wave difficult to understand and more difficult to apply, but finally Steve Poser has written a book that makes sense and is born from real experience. This is not Elliott made easy but Elliott that makes sense. Hats off to Poser for creating the book the marketplace has needed for so long."
–Bruce M. Kamich, CMT
Adjunct Professor of Finance at Baruch College and Rutgers University
Past President of the Market Technicians Association

"Steve Poser is one of the few people I’ve met who can integrate Elliott Wave analysis into a normal conversation on the markets and make sense."
–Michael Kahn
Editor, Quick Takes Pro technical newsletter
Technical Analysis Columnist, Barron’s Online

Numerous books have tried to capture the essence of Elliott Wave theory, but they either made Elliott more complicated than it needed to be, or, in an effort to overcome the perceived complexity of analysis using Elliott, oversimplified the process.

In Applying Elliott Wave Theory Profitably, author and Elliott Wave expert Steven Poser takes a fresh approach to this proven trading strategy, giving you the most well-rounded and straightforward lesson on how to make money using Elliott Wave theory. Drawing from his many years of Elliott Wave experience, Poser:

• Explores how and why technical analysis works, and shows you where Elliott Wave theory fits into that picture
• Reveals each of the basic and advanced patterns that the market might trace out and discusses the market conditions that typically produce these patterns
• Outlines how to build an efficient trading plan
• Illustrates how to continuously update your plan in real time as the market provides you with further information by way of a constant stream of prices, volume, and news
• Examines how to review the market from multiple time frames, so you know what degree of price retracements to expect, as well as what your risks and rewards may be

Written in a clear, easy-to-understand manner, Applying Elliott Wave Theory Profitably is a thorough and essential resource for any trader looking to better understand a proven trading strategy and boost their bottom line. ... Read more

Reviews (8)

Understand the market for the first time
Before reading this book I was a struggling with the question of technical analysis vs fundamentals.I was losing money and I felt true fear for the unpredictable market.I am in forex and I just could not get it right.As soon as I could draw a trendline it was violated , I felt the prey of the market and I felt that I did not know where I was and where I was going.

By reading Mr Poser's book and learning the basic as well as the more advanced concept of elliott my whole trading life flashed in front of my eyes - how many times has technical analysis faltered me because of basic elliott patterns - I understood why technical analysis had failed me and how I could use elliott to fill the gaps and the shortcomings I had experienced . I can honestly say that this book and Mr Poser's approach as depicted in this book has turned me from struggling trader to an excelling trader.For novice to expert I would highly recommend this book ( If I were a dictator I would force it on the people )because by using this book you are unlocking the secrets of the market forever.

The way Mr Poser takes you through the trading plans and adds more and more evidence enables the average man to unlock his destiny and outperform many a portfolio manager!

Thanks Mr Poser for this book , it has had a huge effect on the destiny of my trading career as well enriching my whole life

After this book I know where I am in the market , why I am there in the market , where I am going in the market and believe it or not - even how long it will take me to get to where I am going in the market.A must read for every every trader.

Poorly edited, complicated, save your $$
The Author speaks only about himself, with this book you won't go anywhere, this book poorly written simply forget the reader, and makes Elliott 's waves even more difficult.
the best are "Prechter books".
Don't listen to the other reviews they must be made up.
Sorry.

A logical approach for discretionary traders...
Most of the literature on technical analysis focuses on easily compuerized techniques, such as moving averages, momentum divergences, volume/price comparisons, etc.

The authors of these books advocate a mechanical approach to technical analysis, and stress the benefits of objective rules to reduce emotional errors. These techniques have become quite sophisticated, from examining the effect of various money management algorithms, to using out of sample data to test the ability of the system to trade in different conditions.

I do not dispute that these techniques have substantial value for some traders. Yet, for all of this sophistication, I think most of this research is of limitted utility, for the simple reason that past performance has NO RELATION to future results. If a clearly definable system is discovered by a significant number of people, the markets inevitably change to render that system useless.

Then, once the system is deemed useless by the majority, it's likely they will turn profitable again.

Even system traders need to understand market psychology and logic in order to develop robust systems. This book will help them do it.

Mechanical systems neglect the underlying psychology of market participants. In an environment where the only constant is change, a successful trader needs an underlying philosophy to guide him on what is likely to lead to profits NOW, as opposed to what has happened before. This is where Mr. Poser's book comes in.

Poser teaches you that technical analysis is about understanding CURRENT market psychology. He does this through the framework of Elliott Wave theory. He also stresses the importance of other factors--including classical technical tools, computerized techniques, fundamentals, and intermarket relationships relate and enhance the interpretation of Elliot wave theory.

He describes how to develop detailed trading plans that take into account these various factors. As someone who focuses heavily on price patterns and momentum indicators, this is a method that I had sort of stumbled upon independently, as I have gained experience trading the markets.

It isn't mechanical, but it is clearly a logical and flexible framework for those up to the challenge of discretionarly trading.

a concise and practical guide to using elliot wave
this book is well written and laid out beautifully. the author first explaining what each chapter is about; he slowly guides you along on the subject at hand -- how to use elliot wave theory profitably.

he starts off by discussing how we should read the waves. the basics of each wave. these are discussed in a clear and concise manner.he constantly emphasises on the need to combine various factors like the economy, using indicators, reading crowd psychology etc, into reading the waves. the intersting thing about this author is that he is trying to teach how the reader should be 'street smart' in wall street...

the next few chapters would see the author sharing some of his analysis to show you how to apply elliot wave theory profitably. this so that you can see how to apply what you've just learnt.

in the final chapter, he tries his hands at doing some predictions using what he just wrote on the dow jones, the US$ and the nikkei.

i'm giving only 4 out of 5 stars because i find some discrepencies in chart references. a few charts are not labelled as the writer referred to. causing some minor confusions. however, the content and presentation of this book is excellent. the best book on eliiot wave i've read.

Best Elliott Wave book so far
Poser has put together a very good book. He shows you how to use Elliott Wave without turning it into some sort of mystical religion. He does not say that there are times that you cannot trade with Elliott, but he does tell you what to look for when the patterns start to get sloppy. He also shows you how to do your research (and turn it into a trading or investing strategy) and very importantly shows the link between market psychology and the wave patterns. The book also explains how to use Elliott along with technical indicators and classic chart patterns.

No book is perfect, and although Poser does give you detailed trading plans, and also presents some trading tips, I wish he would have made the tips a more consistent feature throughout the book. His clear writing style and clear depth of knowledge makes this an excellent choice for somebody who want to learn how to use Elliott Wave and why it actually works.

In the end, the book is aimed at showing you how to use Elliott to trade, which is why this book is a buy for anybody interested in learning how to use the Elliott Wave Principle in their trading. ... Read more

Book Description

A Comprehensive Guide to All Aspects of Fixed Income Securities

Fixed Income Securities, Second Edition sets the standard for a concise, complete explanation of the dynamics and opportunities inherent in today’s fixed income marketplace. Frank Fabozzi combines all the various aspects of the fixed income market, including valuation, the interest rates of risk measurement, portfolio factors, and qualities of individual sectors, into an all-inclusive text with one cohesive voice.

This comprehensive guide provides complete coverage of the wide range of fixed income securities, including:

• U.S. Treasury securities
• Agencies
• Municipal securities
• Asset-backed securities
• Corporate and international bonds
• Mortgage-backed securities, including CMOs
• Collateralized debt obligations (CDOs)

For the financial professional who needs to understand the fundamental and unique characteristics of fixed income securities, Fixed Income Securities, Second Edition offers the most up-to-date facts and formulas needed to navigate today’s fast-changing financial markets. Increase your knowledge of this market and enhance your financial performance over the long-term with Fixed Income Securities, Second Edition.

www.wileyfinance.com ... Read more

Reviews (1)

Good first on US bonds
Excellent, modern, introduction to US bond markets, from treasuries through corporates to CMO's. Light on math and formulas, but you'll have that lingo under control. ... Read more

Book Description

In this two-volume work Paul Wilmott, described by the Financial Times as a "cult derivatives lecturer", updates and extends - with 18 new chapters - his earlier classic Derivatives: The Theory and Practice of Financial Engineering (also published by John Wiley). The new material includes chapters on technical trading, volatility modeling, utility theory, trader options, modeling dividends, real options, energy derivatives and analysis of recent derivatives-led fiascos.

Throughout the book's incredibly wide breadth, the author presents to the reader all current financial theories in a manner designed to make them easy to understand and implement. The reader will discover what the author thinks of certain theories, and where an existing concept is dismissed as impractical or unworkable it is always replaced with one of the author's own, alternative theories. Reviews of Derivatives: The Theory and Practice of Financial Engineering.

"It is a serious work that takes the reader all the way from the simplest of notions to the most complicated of recent models. In short, it is the most comprehensive and up-to-date textbook on options that I have seen ... The style is jocular, but the content heavyweight. The aim is to use a mathematical approach at all times but to motivate the development of models with intuition and to use diagrams and spreadsheet solutions whenever possible. It sounds like an impossible mission. Whoever heard of a mathematician who could convey the intuition of a result to those with a less complete training in the subject? Wilmott is an exception: he knows when a result is hard to understand and treats the reader in a sympathetic manner. ... I cannot imagine any derivatives specialist in an investment bank who would not want to have the book available." The Times Higher Educational Supplement.

"...this book has all the qualities necessary to attract impulse buyers expecting the novel which does for/to high finance what Malcolm Bradbury's 'The History Man' does for/to literary academia. ...What the reader gets is a text which will probably come to rank alongside Fabozzi's collected works of Leibowitz as a comprehensive practical reference source for finance theory." Futures and OTC World "Paul Wilmott has succeeded in simplifying the mathematics of financial engineering and he deserves praise for that. Unlike any other mathematical texts, the book uses a crisp and accessible language, relying on plain calculus and avoiding unnecessary formalism of topology and measure theory. It is rich in illustrations and graphs, making it easy for someone with limited maths to understand." --Risk Magazine.

"Paul Wilmott has produced one of the most exciting and classic reference volumes on derivatives which is a must for both students, practitioners, risk managers and the misunderstood."-- Global Trading.Volume 1: This first volume of Paul Wilmott on Quantitative Finance incorporates Parts I-III of this two-volume, seven-part publication. This new book by Paul Wilmott is an extensively updated and expanded edition of the bestselling Derivatives: The Theory and Practice of Financial Engineering. The first third of this volume (introducing the classic financial and mathematical concepts) remains largely the same as in Derivatives, with the remaining two-thirds incorporating the majority of the updating and expansion, plus the addition of a number of completely new chapters, including: Technical methods for predicting market movement Utility theory Derivatives and stochastic control The exercise of American options at non-optimal times Stochastic volatility and mean-variance analysis Dividend modeling.

The author has included numerous Bloomberg screen dumps to illustrate in real terms the points he raises, together with essential Visual Basic code, spreadsheet explanations of the models, the reproduction of termsheets and option classification tables. In addition to the practical orientation of his new publication the author himself also appears throughout the text - in cartoon form only, many readers will be relieved to hear - to personally highlight and explain the key sections and issues discussed. And if that wasn't enough, there is also a movie quiz hidden within the pages...

Volume 2 This second volume of Paul Wilmott on Quantitative Finance incorporates Parts IV-VII of this two-volume publication. Throughout this volume, many of the chapters which also appeared in the first edition - Derivatives: The Theory and Practice of Financial Engineering - have been extensively expanded and updated and in addition there are 11 completely new chapters, including: Mortgage-backed securities Pricing and optimal hedging of derivatives Increased uses of non-probabilistic interest-rate models Valuing a firm and the risk of default An analysis of financial crashes The modeling of bonus compensation for traders Real options Energy derivatives. ... Read more

Reviews (28)

Wilmott is now the quant to beat
Who should buy this book? The real question is who shouldn't buy this book. For the Phd Quant this book is a tour de force in how to explain technical topics clearly and concisely. For the newbie, this is simply the lowest barrier to entry available.

Interestingly, QF does not "replace" a bookshelf of quant books -- rather it nicely compliments many that you're likely to have such as Taleb, Neftci etc. As sales of QF increase, it is likely that readers will be less likely to buy a derivatives book that is over their head.

Volume 1 covers 37 chapters of the equities/currency derivatives world, While Volume 2 covers the Fixed Income World, Risk Measurement , Miscellaneous Topics and Numerical Methods.

Chapter 10 has an excellent and all too rare discussion of Probability Density Functions and First Exit Times, whilst Chapter 14 has an outstanding Trading Game invented by one of Paul Wilmott's former students.

Chapters 16 through 21 cover the Path Dependent world while the balance of the chapters cover extensions to Black Scholes.

Its in these sections that Wilmott delivers some surprising thoughts and insights into Stochastic Volatility Surfaces that are currently the rage.

Throughout both volumes I continue to be astonished at how clear, concise and effective his explanations are. The icons are not annoying at all -- rather I found myself skimming the icons to find out what was required to be committed to memory in each section versus what was background.

As obvious as it sounds, a glaring weakness in Derivatives texts is the inability of authors to elucidate what must be memorized as rote for the student to make further progress. Paul's easy to follow icons lay out a precise plan of study.

I can't say enough about what a leap this is over competing texts.

In Volume 2, Chapters 38 through 50 cover models that Wilmott likes as well as ones that he doesn't [again, a rather novel approach]

Some surprises in Chapters 51 and 52 are an excellent overview of Portfolio Management and a survey of Robert Merton's Asset Allocation in Continuous Time.

Sprinkle in outstanding chapters on Derivatives Fiascos, Real Options, Energy Derivatives and 5 chapters on Numerical Methods and an astonishing survey of Quantitative Finance is complete.

Throughout the books Paul's practical use of Term Sheets and quick and dirty VB code and spreadsheet tricks [you just have to see his Excel shortcut for approximating the Normal distribution] leave the reader constantly wanting to rev ahead.

To round out a tremendous effort, Wilmott also pays homage to authors that he's found helpful and he's generous with suggestions on further reading. This builds sorely needed confidence when attempting new material.

The comparison with Richard Feynman is apt but misses an important detail...Feynman was not noted for turning out hordes of talented understudies. Paul Wilmott has turned out enough talented graduate students that maybe he will be a bona fide cult leader someday.

Insufficient
This is not as good as Wilmott's earlier work, and even that could have benefited from better definition of terms. Wilmott needs to brush up on the latest techniques and talk to some practitioners to learn how to apply math to real world examples. It seems there is a lack of depth of understanding evidenced by the writing. The sections of self-expose are an embarrassment.

Old Material
This is recycled Wilmott, but not even as good as earlier work. His first book was better, probably because his co-authors talked some sense into him. His personal anecdotes demonstrate a low emotional IQ. It is as if Wilmott thinks that if readers agree with the finance they must agree with his incessant and juvenile self-regard. My reaction to the inappropriate self-expose was: "Who cares? Get some friends, they might help on the financial aspects of this book".

Wilmott's financial IQ is only average, if this book is to be the evidence. It seems Wilmott isn't up on the latest techniques, or can't be bothered to research them. Stochastic calculus for example. Lack of real world practical examples demonstrates lack of knowledge of how financial instruments work in practice.

The first resource
I own 'most' of the standard texts, oddly enough, this was one of my most recent purchases. Now, whenenver I need to find out about some concept I am unfamiliar with, or brush up on something, this is the first reference. Very often the other books don't get a look in.
Luckily I work from home. They aren't the sort of books you would take home from the office for bedtime reading, unless you did weightlifting as a hobby.
Pity the martingale approach is missing. Ignore the ridiculous comment by another reviewer who dismisses the martingale approach as useless. The approach is hard, that's all. It would be great to see it boiled down in further volumes.

Not practical or academic enough
The finance market is flooded with paper, but much is redundant and some isn't even very useful. This book manages to be both. "Market Models" by Carol Alexander is a fabulous resource. There are a lot of books and articles on quantitative finance and if you want only that, look through the literature and choose, but this book won't give enough comprehensive coverage to make it a buy. ... Read more

Book Description

The definitive guide to mortgage-backed securities --now revised and updated

The classic -- and single best -- resource for understanding and trading mortgage-backed securities has been brought fully up to date with The Handbook of Mortgage-Backed Securities, Fifth Edition, giving you timely insights into everything from fundamentals to investment characteristics of mortgage-backed securities, as well as state-of-the-art strategies for capitalizing on opportunities.

The Handbook’s seven sections bring you up to speed on mortgages and pass-through securities; stripped mortgage-backed securities and collateralized mortgage obligations; credit-sensitive mortgage-backed securities; prepayment modeling; valuation techniques, relative value analysis, and portfolio strategies; commercial mortgage-backed securities; and non-U.S. mortgage-backed securities.

This edition is more than just a revised edition – it’s practically a new book: twenty-nine of the chapters are either new or have been substantially revised, reflecting the most recent developments in the mortgage-backed securities market, in terms of both product development and financial technology. These entirely new sections give you a seamless transition into the 24-hour, global financial markets of the 21st century. ... Read more

Reviews (3)

Excellent but Compiled Work
I have seven years of experience selling these products, and I use Fabozzi's book often. This is a good reference, and a good treatment of mortgage and asset backed securities. I only gave it four stars because the fact that this is a compiled work of research material interrupts the flow of ideas. On the other hand, there is some merit to getting different angles on the subject from different viewpoints.

One caveat. Mortgage derivatives used to mean calls and puts on mortgage backed securities. Today, however, entire portfolios of mortgage risk are laid off in the form of credit derivatives.

Tavakoli has the best treatment of that topic in the book: "Credit Derivatives".

A major reference
A vast collection of articles by practitioners on Wall Street, this book covers a broad number of topics on Mortgage Backed Securities. While not a scholarly approach, 'street research' typically aims to educate the fixed income portfolio manager.

Fabozzi handbooks are overrated
It's the industry standard. Everyone has one. It stands alone in its field. And if you're reading this you're probably going to buy regardless of what is written here.

But I've found this book (along with some of the other Fabozzi 'Handbooks') to be overrated. Basically, the format of 30 or so different authors each writing a chapter in the form of an article diminishes the usefulness of the book. There is no narrative, pedagogical or otherwise. The format leads to significant gaps in coverage. The quality of the chapters is uneven, as is the level of detail covered.

Don't misunderstand me -- the Handbook isn't bad, by any strecth of the imagination. It's just not as good as it could be. It has almost no fluff, and all the information in it is good. And the competition is a very slim field. For many things Fabozzi is not only your best choice, it's your only one. ... Read more

Book Description

Praise for
TRADING CHAOS
SECOND EDITION

"As a trader and an author for over fourteen years in stocks, futures, and options, it still amazes me when I read a book that teaches me new approaches to the market. This book is one of these amazing books that can teach the novice or the professional something important to take them to the next level of their trading. It is a must read for everyone interested in looking at the markets in a new way."
–George Fontanills, President Emeritus, Optionetics

"Bill and Justine Williams, two of the truly great teachers of market action, have written an outstanding book. It not only covers the psychology of personal trading but provides one with a well defined, coherent trading plan. This book is must reading for any serious trader, whether a beginner or experienced veteran."
–John R. Hill, President, Futures Truth Company

"What Bill Williams does best is raise questions and doubts in the minds of his readers. But, even better, he then provides wonderful new choices for thinking and acting. He has a deft lightness in his writing and a seriousness of purpose that drew me in like a magnet."
–Rodney Napier, PhD, head of The Napier Group
coauthor, The Courage to Act and Groups: Theory & Experience (now in its seventh edition) ... Read more

Reviews (1)

Trading Method that works.
I would have given this book five stars if it did not have 'chaos' in its title. The books is not about chaos theory, it is about trading.
The second edition is really a sequel to another book by Bill Williams: New Trading Dimensions. This book completes the trading methods explained by Bill.
Many like me have used his 'Alligator' to identify trading opportunities. However, the Alligator did not provide for efficient exits. This book completes the picture by discussing appropriate exit strategies and also methods for counter trend trading. Just for this piece of advice, the book is well worth its price. ... Read more

Book Description

Praise for INTERMARKET ANALYSIS

"John Murphy has done it again. He dissects the global relationships between equities, bonds, currencies, and commodities like no one else can, and lays out an irrefutable case for intermarket analysis in plain English. This book is a must-read for all serious traders."
–Louis B. Mendelsohn, creator of VantagePoint Intermarket Analysis software

"John Murphy’s Intermarket Analysis should be on the desk of every trader and investor if they want to be positioned in the right markets at the right time."
–Thom Hartle, President, Market Analytics, Inc. (www.thomhartle.com)

"This book is full of valuable information. As a daily practitioner of intermarket analysis, I thought I knew most aspects of this invaluable subject, but this book gave me several new ideas. I thoroughly recommend it for beginners and professionals."
–Martin Pring, President of Pring.com and editor of the Intermarket Review Newsletter

"Mr. Murphy’s Intermarket Analysis is truly the most efficient and unambiguous way to define economic and fundamental relationships as they unfold in the market. It cuts through all of the conflicting economic news/views expressed each day to provide a clear picture of the ‘here and now’ in the global marketplace."
–Dennis Hynes, Managing Director, R. W. Pressprich

"Master Murphy is back with the quintessential look at intermarket analysis. The complex relationships among financial instruments have never been more important, and this book brings it all into focus. This is an essential read for all investors."
–Andrew Bekoff, Technical Strategist, VDM NYSE Specialists

"John Murphy is a legend in technical analysis, and a master at explaining precisely how the major markets impact each other. This updated version provides even more lessons from the past, plus fresh insights on current market trends."
–Price Headley, BigTrends.com, author of Big Trends in Trading ... Read more

Reviews (4)

Great Rewrite of a Landmark Work
The original book Intermarket Technical Analysis was great for its time, however some of the relationships it described change in a deflationary environment which the author suggests we are in. However, the best reason for the rewrite was the writing in the earlier book was terrible in my opinion. It was a terribly boring book -- even if you are interested in the topic.

This book is different, and is a much better book. It also seems to me that the sector analysis coverage is a little more thorough (although I have not opened them up side by side to tell).

The only downside of this book is I don't think it gives you as many practical tools for tracking the business cycle and sector rotation as Pring's book, how to select stocks using technical analysis. It will give you the basics though, relying heavily on comparative relative strength.

If you want to see the big picture and understand how the markets are tied together, I can without hesitation recommend this book. There are several other books that complement this one as well.

A Good Read
This book will be helpful to those seeking an introduction to the interrelatedness of the currency, commodity, equity and fixed income markets. The book was well written and easy to read. However, I would not suggest the book to a person with no technical, economic or financial background.

Although I respect Mr. Murphy's work, he, like most technical analysts, can tell you with 100% accuracy exactly what happened.........yesterday. He really did do a good job on a very difficult topic, but the historical analogies referenced imply that the interrelatedness is rudimentary and predictable.
After a very detailed history of the four major market relationships, Murphy finally concludes that some of the historical tendencies are currently being challenged and that only time will tell if a new relationship has emerged or if history will again be proven right.

A Panoramic Market View
John Murphy's "Intermarket Analysis" is an updating of his excellent 1991 text "Intermarket Technical Analysis". Both books are the most clearly written and thought-provoking texts on this topic that I have encountered.

In the interest of disclosure, let me say that I do not know Mr. Murphy; nor has he or his publisher solicited this review. His editor at Wiley, Pamela Van Giessen, also edited a book I wrote on The Psychology of Trading. Knowing Ms. Van Giessen's integrity in a business that too often lacks that virtue, and having enjoyed Murphy's first book on the topic, I was eager to give "Intermarket Analysis" a thorough read.

Murphy begins with a review of the markets from the 1980s, recapitulating themes from the first book, including the close linkages among the currency, bond, commodities, and stock markets. His discussion of the role of oil and gold in economic slumps and booms is first rate, as he traces the interplay among these markets during the first Persian Gulf War and then during the "stealth bear market" of 1994. Throughout these presentations, Murphy captures qualitative relationships between markets that provide inspiration for traders interested in quantitative modeling. For example, the relationship between oil stocks and crude oil prices and the CRB/Bond Ratio are promising tools in capturing shifts in commodity prices that tend to impact the stock indices. I was particularly intrigued by his presentation of sector relationships during economic/market cycles, including the relative performance of cyclical and consumer stocks.

Where Murphy's book really shines, however, is in its explanation of intermarket relationships in a deflationary environment. He captures these relationships in his account of the recent bear market, drawing upon such diverse intermarket relationships as semiconductor stocks, Japanese markets, the Australian dollar, and the yield curve. This alone is a major advance over his previous text. At the end of the book, he traces the start of the recent bull market, illustrating the transition from a deflationary environment to an inflationary one--a pattern that also occurred after the great bear market of the 1930s.

Weaknesses in this book, from this reviewer's perspective, include an overemphasis on charts and visual data at the expense of quantitative treatments and a glib treatment of the Kondratieff Wave (long-term economic cycles). That having been said, this is an excellent market book. The presentation of sector rotation during economic cycles alone provided enough ideas to keep me busy with modeling efforts. Chart-based technical analysts and quants alike can find value in Murphy's work.

Brett Steenbarger
www.brettsteenbarger.com

Doing the Topic Justice
As John pointed out in an interview for Stocks & Commodities magazine with the author, it was his original goal to write the quintessential intermarket book but then found the topic so involved that each chapter could have become a book. There is just so much to discuss. Attempting to cover anything but a small snippet in a review is sheer folly. It is also impossible to do the book justice.

One technical analyst sent this author an email recently saying that she considered Murphy's first book on the subject, Intermarket Technical Analysis, to be one of the top three books on technical analysis. Those who liked his first book will absolutely love this one. This reviewer considers it to be one of his top three current technical analysis/market references.

Murphy is perhaps the only man alive today that could have written Intermarket Analysis with such conviction. As he mentions early in the book, anyone with the benefit of hindsight can choose what indicators would have worked best. There is no skill in that. What gives him the credibility to analyze what was happening at the time is that he was doing it daily for his subscribers to the MurphyMorris Market Message Newsletter online and much of the book is documented with excerpts and detailed charts written at the time the events were unfolding.

The book is well written and very readable with plenty of examples to demonstrate each key point. The business cycle and all important market cycles are discussed from the seasonal best time to be in the market (November through January) to the 54-year Kondratieff Long Wave Theory. It will be a book that one will read repeatedly as well as an essential reference to come back to time and again as new market events unfold.

There is also little doubt that this book will become a market best seller. But it will not become the sole domain of the technical analyst and trading community. Everyone who plays the markets will want to read it. It is not simply about trading or technical analysis, but about markets and how to operate within a global framework in the four asset classes and effectively gather crucial up-to-the-minute intelligence to make the best-informed decisions.

Murphy makes one fact crystal clear. There are a number of essential intermarket relationships of which to be aware, any one of which could save your financial bacon at the right time. The implied corollary is that ignorance of any one of them could prove fiscally catastrophic.

Markets have become so interdependent in the last decade, a correlation that continues to strengthen with time. If those who suffered financial ruin between 2000 and 2002 had read his first book, how many of them could have avoided huge losses and even profited from what occurred? We will never know for sure but is it a risk they anyone can afford to take, especially when considering that the cost of avoidance (cost of the book) is less than $50?

(Re-printed from Traders Mag with permission.)

Matt Blackman - Technical Writer/Reviewer Email: matt@tradesystemguru.com
---------------------------------------------------------------
Contributor to Stocks & Commodities Magazine, Working Money, Traders.com Advantage, Active Trader, Traders Mag (Europe) and SFO Magazine ... Read more

Book Description

This is the first comprehensive textbook for students studying fixed-income securities, and is ideally suited to MBA, MSc and final year undergraduate students in Finance and related topics. 

The text offers an accessible and detailed account of interest rates and risk management in bond markets. It develops insights into different bond portfolio strategies, and illustrates how various types of derivative securities can be used to shift the risks associated with investing in fixed-income securities. It also provides extensive coverage on all sectors of the bond market, and the techniques for valuing bonds. In addition, explanation is given of state-of-the-art techniques for bond portfolio management, including:

• A description of numerous fixed-income assets and related securities, namely zero coupon government bonds, coupon bearing government bonds, corporate bonds, exchange-traded bond options, bonds with embedded options, floating rate notes, caps, floors and collars, swaptions, credit derivatives, mortgage-backed securities, etc.
• The development of tools to analyse interest rate sensitivity and to value fixed- income securities, with an emphasis on active and passi ve bond management, and an overview of techniques used by mutual fund and also hedge fund managers.

With numerous worked examples covering the valuation, risk management and portfolio strategies of fixed income securities, and imaginative discussion of important topics such as deriving the zero yield curve, deriving credit spreads, and hedging interest rate risk, the text provides an accessible route into the complex worlds of fixed income securities. 

Supplementary materials for lecturers and students (including a syllabus, a course web page, PowerPoint slides, solutions to problems, and Excel illustrations) can be found at the following website: www.wiley.co.uk/martellini

"The authors have produced a work of the very highest quality.  As focused as it is comprehensive, this is a superb contribution to the literature..."
Moorad Choudhry, VP, Structured Finance Services, JPMorgan Chase Bank, Senior Fellow, Centre for Mathematical Trading and Finance, CASS Business School, London.
... Read more

Reviews (1)

Thank you Martellini et al.
This is an outstanding textbook that is worth every penny I spent on it. It has everything you need for an MBA in finance course on fixed-income securities.
This book is the only one on the subject that has several worked out examples and end of chapter problems and solutions. That is very useful if you want to master the subject. You will encounter plenty of practice opportunities.
All the other books-Tuckman, Fabozzi, Sundaresan, and the rest-while they make good reference books to have on your shelf, they are very poor textbooks to learn from.
If you want to master fixed-income securities, you need to have this textbook.

Thank you, ... Read more

Book Description

How businesses can thrive by learning which customers are creating the most profit-and which are losing them money.

One of the oldest myths in business is that every customer is a valuable customer. Even in the age of high-tech data collection, many businesses don't realize that some of their customers are deeply unprofitable, and that simply doing business with them is costing them money. In many places, it's typical that the top 20 percent of customers are generating almost all the profit while the bottom 20 percent are actually destroying value. Managers are missing tremendous opportunities if they are not aware which of their customers are truly profitable and which are not.

According to Larry Selden and Geoff Colvin, there is a way to fix this problem: manage your business not as a collection of products and services but as a customer portfolio. Selden and Colvin show readers how to analyze customer data to understand how you can get the most out of your most critical customer segments. The authors reveal how some companies (such as Best Buy and Fidelity Investments) have already moved in this direction, and what customer-centric strategies are likely to become widespread in the coming years.

For corporate leaders, middle managers, or small business owners, this book offers a breakthrough plan to delight their best customers and drive shareowner value. ... Read more

Reviews (4)

Make your Angel Customers Happy
We should all be aware of unprofitable Customers. Anyone in business should be already aware of the 80/20 rule - that 80% of your profits come from 20% of your customers.

This book goes that one step further - by some excellent case studies it shows how 150% of your profits come from 20% of your customers - they are the Angels. The Demons are those 20% of your customers who actually lose you money equal to 150% of your profit.

Its not another book about CRM (Customer Relationship Management), but it is about being Customer-focussed rather than Product-focussed.

I have multiple relationships with Companies who could do with reading this book - including my own employer, with whom I have around 20 Contracts, and yet any one Business Unit only seems to know about 1 or 2 others at best. All those lost selling opportunities - for example they know the ages of my kids from my Travel Insurance Policies, but have never tried to sell me any College Savings Plans!

Read the book and make your Angels happier - and get rid of the Demon ones!

This is a great strategy book
This is a skillfully written, subtile and insightfull book.

I believe that the reviewer who said that "this book stated the obvious and that outside of a novice business student, anyone who finds this book interesting or useful may want to consider another profession than business" has missed the point of this book...completely.

The importance of this book is NOT in stating that "the customer is important .. some more than others". This we all know.

The importance of this book is in outlining a practical methods for ascerting which customers are money making one and which are not money making one **by going at the junction of customer marketing and customer finance**. It is by offering a practical way to relate the two perspectives (the qualitative and the quantitative one) that this book was useful to me.

The key thing I learned from this book is the introduction of detailed customer-finance reasonings to evaluate clients.

I also was greatly inspired by their concept of CUSTOMER DEAVERAGING. I too often see company that thinks in terms of their "average customers" and thereby miss any valuable & actionable insight on how to relate to their customers in a way which is both more profitable and more meaningfull (from both the customers and the client perspective).

Well for company who are like that, I think this is a GREAT book that uncovers what needs to be done in both a practical and theorically sound way.

I can testify that having applied a big part of the framework of this book to solve one strategy problem of one of my european client, we did uncover some really devishly customers (50% of their client acquisition was focusing on customers from which their will be never enough money generated to cover the initial customer acquisition expense) and some really angel ones (25% of their customer acqusition was focused on clients that represents overall 65% of their actual profit). We were also able to do some detailed financial modelling to discover that, in their specific case, they should refocus their attention on the angel customers and probably completely change their business model and value proposition for dealing with their demon ones.

If I had one critic it would be that the part relating customer oriented strategy and the stock valuation is treated without enough precision.

Having said that, I can also state the customer business I was speaking about is a recurrent one and that as a result the benefit of acquiring an angel customer goes well beyond the financial revenue derived from them in the first year. So, beyond the immediate profit improvement that are likely to results from their refocusing on the right customers this year, I anticipate this company to achieve a surge of their financial results in the following years (This hopefully will ultimately also find a reflection in their stock price...)

Behold customer centricity
We have all been frustrated in our interactions with companies that are unable to fulfill our needs. Selden's book paints in broad strokes the steps companies can take to transform themselves into truly customer centered organizations. I have found that while many companies claim to be "customer centric," it is actually impossible for them to be so because, as Seldon insightfully explains, they are not organized around customer segments, are unaware of the varying profitability of these segments, and treat customers equally.

This book should serve as a wake up call to senior executives who desire to take their companies to the next level of success. I found it compelling that the companies cited in the book that have undertaken this transformation have been greatly rewarded through increased profitability and above average stock movement.

After reading this book, I believe that executives may perceive such a reorganization to be daunting and require the use of outside consultants. However, Seldon poignantly points out that the immediacy of favorable results on a small scale will make company wide transformation quickly achievable, and produce substantially improved financial returns.

"Elementary Dr. Watson, elementary"...Garbage
What garbage! I guess if you like PLATITUDES like "mom & apple pie" you'll like this book, or if you're into the OBVIOUS that "customers are important.....some more than others" this book will be a revelation, or if you've never taken a "101 Marketing" course in college or highschool, you'll find the bromidic counsel within this simplistic book (reward good customer & turn bad customers into good customer) new or useful. However, I agree with the book reviewer above: finding practical application to such broad generalities is difficult, if not laughable.

Anyone, outside of a novice business student, that finds this book interesting or useful may want to consider another profession than business! Look for a used copy of this book on Amazon......I'm selling it cheap. How does garbage like this get published? ... Read more

Book Description

This book's descriptive, balanced overview of the U.S. financial system, its primary institutions and markets, coupled with an introduction to international markets, creates a presentation truly reflective of today's global marketplace. ... Read more

Reviews (1)

A good starting point for business and finance students
This book is updated to the latest development in financial market, institutions and structure.

It concisely presented the money and capital markets with a touch of history and functionality.

I particularly like the balanced view of the authors in their presentations. It successfully illustrates the functional as well as risk consideration of the markets and institutions.

This book should serve well for student studying in domestic financial market and also as a bridging link to international financial system. ... Read more

Book Description

The Fourth Edition of Financial Accounting teaches accounting from both the preparer and user perspective.To lead students to a full understanding of the impact of financial statements on business decision-making, the authors use the financial statements from Winnebago Industries throughout the chapter and end of chapter material.Porter/Norton is unique in that it also uses a competiting company to Winnebago, Monaco Coach, to do comparative financial analysis; this is reflected throughout the text and in end of chapter problems. ... Read more