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181. All About Hedge Funds : The Easy
list($25.00)
182. Smart Women Finish Rich
$80.75 $62.38 list($95.00)
183. Stock Patterns for Day Trading
$23.76 $9.06 list($27.95)
184. The Battle for Investment Survival
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185. The Warren Buffett Way, Second
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186. The Wellness Revolution : How
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187. The Weekend Millionaire's Secrets
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188. Convertible Arbitrage: Insights
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189. Fixed Income Mathematics
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190. Trading Risk: Enhanced Profitability
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191. The Complete Guide to Investing
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192. How to Profit from the Coming
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193. Mastering Elliot Wave: Presenting
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194. Investment Performance Measurement
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195. Value at Risk: The New Benchmark
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196. A Complete Guide to Technical
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197. The Complete Guide to Flipping
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198. Missed Fortune : Dispel the Money
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199. Ordinary People, Extraordinary
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200. Credit Derivatives Pricing Models:

181. All About Hedge Funds : The Easy Way to Get Started
by Robert A. Jaeger
list price: $16.95
our price: $11.53
(price subject to change: see help)
Asin: 0071393935
Catlog: Book (2002-10-15)
Publisher: McGraw-Hill
Sales Rank: 13957
Average Customer Review: 5 out of 5 stars
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Book Description

Hedge funds have long been viewed as mysterious, high-risk investments, unsuitable for most investors. All About Hedge Funds debunks these myths and explains how any investor can take advantage of the high-potential returns of hedge funds while incorporating safeguards to limit their volatility and risk. This clear-headed, commonsense guide tells investors:

  • What hedge funds are--and what they are not
  • Four key hedge fund strategies
  • How to incorporate hedge funds into an existing portfolio
  • Types of risk involved in hedge fund investing
... Read more

Reviews (6)

5-0 out of 5 stars Excellent
Not just for people looking for a hedge fund! This book is a great introduction to modern portfolio theory and gives excellent descriptions of most key concepts. If there's a 2nd edition, I hope he will include more clarity and discussion of key terms like Sharpe Ratio (there are 2 definitions in customary usage, it's an important and misunderstood number, and there is no occurrence of "sharpe ratio" in the index), Alpha, Beta, R-squared, etc. Nonetheless, this book is extremely helpful and highly recommended.

5-0 out of 5 stars Great, Great, Great
This book is great!

I'm a Wall Street professional, but wanted to understand more about the hedge fund business. My initial concern was that this book was going to be too basic, but it was not. It provided excellent insights into the function of hedge funds in today's financial world, various types of investment strategies, the tools available to hedge funds and even went into regulatory and tax issues. It answered all the questions I had about hedge funds (and was afraid to ask). Yet while it was not too simplistic for someone already in the financial services world, it was also not too complicated for a layperson. This book will remain a valuable resource for me in the future.

5-0 out of 5 stars Fantastic overview of the industry
This book presents a fantastic overview of the hedge fund industry. The intended target audience is hedge fund investors, which is reinforced by the author's credentials as an executive in a "Fund of Funds". In addition, the book would be very useful as an interview to financial markets, useful for business students interested in careers in trading or hedge funds.

The book starts with a broad overview of market theory, covering efficient markets, diversification theory and strengths and weaknesses of the "Random Walk" theory. The book then moves to an overview of the various investment tools available to hedge funds, such as going long and short on stock prices and volatility. (If you'd like to know in plain english what being "long volatility" means, this is a good book for you!) The book then covers legal, financial and operational details of running a fund. Lastly, it covers the various types of funds, such as equity funds and event driven funds. The scope of the material covers financial institutions such as investment banks and brokers that support hedge funds.

In summary, this was a very informative introductory text on both hedge funds and markets. It will be very useful to both new investors in hedge funds, as well as students of financial markets. The math is well explained, and there are only a few tough technical sections.

Enjoy!

5-0 out of 5 stars Excellent Primer on Hedge Funds and the Industry
This book delivered what I was looking for and more. I needed an introduction to hedge funds and the industry and the book does an excellent job of providing this information in complete and concise detail. In addition, the book also gives a good overview of portfolio theory and how it relates to actual practice. There is also a section that describes the prevalent hedge fund strategies with historical performances. I highly recommend this book to those interested in starting their own fund or wishing to work in the industry.

5-0 out of 5 stars Best book I've read on hedge funds
"All About Hedge Funds" is lucid enough for beginners, sophisticated enough for those in the know, and written with a clarity and intelligence rare in the world of money books. Jaeger avoids hype while providing plenty of insight into this often misunderstood investment tool. ... Read more


182. Smart Women Finish Rich
by DAVID BACH
list price: $25.00
(price subject to change: see help)
Asin: 0767902424
Catlog: Book (1998-12)
Publisher: Broadway
Sales Rank: 38653
Average Customer Review: 4.82 out of 5 stars
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Amazon.com

David Bach's Smart Women Finish Rich is a homage to the financial wisdom of his grandmother; it's also an excellent foundation for women who are starting to get their financial lives in order. Bach's approach to money management is rooted in years of investment seminars for women and his work as senior vice president of investments at Morgan Stanley Dean Witter. During that time he recognized that "people rarely know what is truly driving them emotionally when it comes to money." In response, Bach has written a guide to money management for women based on his belief that "financial planning is as much an emotional issue as it is an intellectual one." Are you considering your values in your work and investing? What part of your daily work is driven by your goals in life? Is your latte habit preventing you from accumulating substantial wealth? Bach addresses tax strategies, wills, insurance, retirement plans, and investments in a highly accessible manner. Smart Women Finish Rich ably bridges the gap between simple saving strategies and preparing for widowhood and financial independence. --Brad Doll ... Read more

Reviews (88)

5-0 out of 5 stars The BEST Personal Finance Book Out There. PERIOD.
I've read about 90 books on personal finance, frugality, etc., in the past year. This is THE BEST. PERIOD. Bach doesn't tell you how to get rich. He talks to you, coaches you, cajoles you to figure out what's really important to you. And then he tells you how to fund those important goals. I've never seen such a beautiful blend of coaching and advice. After reading the couples version of this book, I got my husband to read it, and then we held a "Finance Night" in which we did all the exercises, talked them through, went over our budgets, insurance coverage, etc., and then came up with a 10-step action plan. This book motivated us to do all that! I've since read the version for women and am getting copies for every one in both our families for Christmas. I personally can't remember the specific financial advice Bach gives. Personally, I think financial strategies need to change as events and circumstances change. I don't need a book for specific strategies. I needed a book to help me figure out very specifically what we wanted out of life, and get me motivated to move in that direction! And that's what this book did.

5-0 out of 5 stars Well written financial planning primer for women and men.
I am a Certified Public Accountant with a background in financial planning. In February, I purchased the book for myself. The information wasn't new, but it spoke to me in volumes. For Valentine's day, I purchased the book for my assistant and secretary.

I have finished the book once, and have now been going through it a second time implementing each of the seven items.

During tax season, many of my clients ask for advice? What should we be looking to invest our money in? What does the Roth mean? How much insurance do we need? How do we plan for retirement? Should we be making gifts to our children's college fund? Many times I am not able to spend as much time, during the tax season as my client will need to absorb the information provided then begin working on the plan. This book allows my clients the time to understand the basics of financial planning. Know the time requirements on both them and myself to become effective. This is a wonderful starting point.

I often recommend books that I have read on financial planning, but this was the first time that I not only have recommended the book I went out and purchased over a dozen additional copies. I have given them out not just to Smart Women, but young couples, and those looking toward retirement. The information is sound. It's easy to understand. If the steps are followed they will make any client Finish Rich.

5-0 out of 5 stars Awesome, highly recommend
I picked up this book because I like to read as much as I can about investing. I thought I knew it all--but learned a ton from this book. This book is for every single woman out there. Being financially literate is as important as having good health. It is vital to get finances in order and this book explains how, is easy to followm and Bach makes the topic of money and saving a lot of fun. A must have in your library.

5-0 out of 5 stars Perfect For Those Who Don't Have A Clue About Finances
I had tried asking others regarding finances but it was the usual in one ear out the other. Learning, hearing and asking questions about finances can be a confusing and frustrating task. I decided to give this book a shot and I was pleasantly pleased.

Everything was spelled out in the simplest terms and explained thoroughly. I can now discuss financial matters with the best of them. This book also pushed me to take those first steps to financial freedom without my old fears.
I also enjoyed the fact that the book discusses how our values are also important and made me think about more than just dollars and cents, but also about what I want out of my life.

I highly recommend this book and also the "Smart Couples Finish Rich". You'll be surprised how much you didn't know!!!

5-0 out of 5 stars Very Insightful
This is a great book. I had gone to the bookstore to pick up a different book which they did not have. I came across this one and decided to buy it since the other one was not available. This book is very insightful and definitely helps you with your money. It gives steps and worksheets and advise. There are success stories and practical solutions. ... Read more


183. Stock Patterns for Day Trading
by Barry Rudd
list price: $95.00
our price: $80.75
(price subject to change: see help)
Asin: 0934380414
Catlog: Book (1999-04-06)
Publisher: Traders Press
Sales Rank: 369859
Average Customer Review: 3.92 out of 5 stars
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Book Description

This book describes the trading strategies used by a professional stock trader in his own trading.The ideas come both from friends who are successful traders as well as his own experience with SOES trading.The collection of trading patterns described represents one of the first full-fledged books of instruction on short term, swing and day trading in individual stocks.The author's intraday trend trading approach and his scalping method are both described in detail.He uses the setups daily in his own trading.This manual should prove valuable to the thousands of short term stock traders who seek to make their living from speculating on short term price swings.It is a toolbox for finding high probability trades for success as you trade the stock market.The technical ideas are primarily crafted around the personality of the NASDAQ market but may also be implemented in New York trades. ... Read more

Reviews (12)

5-0 out of 5 stars Doesn't get any better than this
This book contains a gold mine of treasures. Each page contains nuggets of ideas that can be mined for trading success in the market. The four main sections of the book are broken up as follows: 1) Primary trading strategies - there is some repeat from Barry's first book, but many additional trading patterns are also covered. 2) Supporting tools & tactics - this covers what to look at in addition to daily charts to help with trading decisions. GOOD STUFF. 3) Real-World trade analysis and money management - Puts the whole trading process & thought patterns that go along with it under a microscope to summarize the analysis a trader must conduct to be successful. 4) The Psychology & Discipline of day trading. Know yourself before you trade! Things to analyze about yourself and know about yourself before you begin to trade.

This book, like Barry's first book, contains no fluff. There are no wasted words. Barry concisely gets to the heart of the points he is making.

I own approximately 10 books on daytrading. After trading approximately 1 year the only two books I go back to to consolidate/refresh/ingrain ideas are Barry's books.

Sorry Barry. The rating system only goes up to 5 stars. I'd give this book a 6 star rating also.

5-0 out of 5 stars Worth the Money
This book is great for anyone who wants to seriously trade stocks for a living, and it covers many crucial topics for persons just starting to make money day trading.

Once you are in the trade, Rudd does not just leave you to fend for yourself.

This book is about as close as you can get to understand how to make day trading successful.

I found this to be an honest and detailed look into the mind and procedures of a trader.

All in all, I have to give a strong recommendation to this book. It is well worth the money.

3-0 out of 5 stars Solid, but hardly spectacular
Reading all the reviews below, I can see the view of both the positive and negatives. The publisher is Traders Press, who are known for their over priced books, huge pages, fonts and often minimal content. This is no exception. There are 200+ pages in this book, but half of the pages are just charts that may take 3 seconds to look over before moving on. I finished reading this book in about an hour with little effort.

I do like Rudd's style, he gets straight to the point with his pattern setups with very simple (sometimes vague) explanations. He uses typical TA that we already know - support, resistance, price targets, open, close, high, gap resistances. Nothing particularly special for an informed trader. I can't say this is a bad book, the price is reasonable compared to a Joe Ross book and a trader may pick up a thing or two that he isn't aware of.

2-0 out of 5 stars Not very impressed
Although the book does contains some useful information, it could have easily been sold as a daytraders handbook of some kind for much less. 1/2 of the book is illustrations (overkill in my opinion). Later parts of the book simply repeat information presented in earlier parts of the book.

This could have easily been a 75 page handbook for [less money]. In my opinion, the [book is] severly overpriced. Because of this, I give a 2 star rating.

5-0 out of 5 stars One of the best books for day trading
I have read almost 50 books on trading and have been a full time trader for 3 years. I find myself always going back to the basics that Rudd taught. He presents the key strategies to day trade, nothing fancy, just tried and true principles. No Elliot Waves, Gann lines (...). When I first read it, it didn't quite sink in, but on re-reading it several times, it has helped my trading tremendously. There are a lot of trading books out there that are pretty much worthless. I have read most of them but Barry's books are among the 8 key books that I keep for trading. Trading should not be too complicated and one should just focus on several key principles and have fun. Barry helped me to do that. ... Read more


184. The Battle for Investment Survival (A Marketplace Book)
by Gerald M.Loeb, Marketplace Books
list price: $27.95
our price: $23.76
(price subject to change: see help)
Asin: 0471132977
Catlog: Book (1996-01)
Publisher: Wiley
Sales Rank: 26171
Average Customer Review: 4.5 out of 5 stars
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Book Description

"Most of today's advisors are telling us to diversify into stocks, bonds, foreign stocks, and perhaps gold, to spread the risk; Loeb tells us to put all our eggs in one basket, and watch the basket." —from the Foreword by John Rothchild Financial columnist, Time magazine

In The Battle for Investment Survival, the turf is Wall Street, the goal is to preserve your capital at all costs, and to win is to "make a killing without being killed." This memorable classic, originally written in 1935, offers a fresh perspective on investing from times past. The Battle for Investment Survival treats investors to a straightforward account of how to profit—and how to avoid profit loss—in what Loeb would describe as the constant tug-of-war between rising and falling markets.

Acclaim for The Battle for Investment Survival

"About twenty years ago, I read Gerald Loeb's classic The Battle for Investment Survival along with Graham and Dodd's landmark work on security analysis. Ever since then, it has seemed to me, the investment books that have come across my desk have been a dreary collection of how-to-get-rich works that carry the same advice I had read in other books, or were simply filled up with meaningless information." —Ray Brady The Nation's Business

"This book is very special in my life. It is the very first Wall Street book I ever read. After reading 1,200 additional finance books, The Battle for Investment Survival's principles and concepts are still valid to consistent success." —Victor Sperandeo author of Trader Vic: Methods of a Wall Street Master

"What success investors eventually have is governed by their abilities, the stakes they possess, the time they give to it, the risks they are willing to take, and the market climate in which they operate.

I am certain that, depending upon the degree of proficiency with which they are applied, the experiences, ideas, guides, formulas, and principles outlined here can do no less than improve the readers' investment results regardless of what they might do." —from The Battle for Investment Survival

From the moment it first appeared in 1935, The Battle for Investment Survival altered the perceptions, attitudes, and strategies of investors all over the world. Sixty years and hundreds of thousands of copies later, it remains one of the most influential books on investing. Now, a new, updated edition of this all-time classic, including a foreword by John Rothchild, celebrates the extraordinary insights and timeless vision of Gerald M. Loeb.

While much has changed on Wall Street since 1935, the fundamental skills and knowledge needed to consistently make a profit remain as unchanged as the firmly anchored realities of capitalism's driving market forces. Organized in concise, easy-to-read chapters, the author offers everything an investor needs to know about sound investment principles. In The Battle for Investment Survival, the victor is the one who wields knowledge as a weapon. Distilled from over forty years of Wall Street experience as a stockbroker, Gerald M. Loeb's realistic approach offers readers neither short-cuts nor get-rich-quick formulas. Instead, it gives investors—whether novice or expert, individual or institutional—a sensible, uncompromising and deftly written firsthand account of how to realize significant financial returns in today's market.

The Battle for Investment Survival is a tribute to the long-term and incredible opportunities of the market as much as it is a guide to protect investors from common mistakes and pitfalls. Gerald Loeb's timeless and profound insights are sprinkled with humorous allusions and good-natured bluntness. Recommended for investors by investors, this is a book that every reader can learn from. ... Read more

Reviews (10)

4-0 out of 5 stars A blunt appraisal of the rules of success on Wall Street.
I read this book on the advice of William J. O'Neil, undoubtedly one of the market wizards of our time. Gerald M. Loeb is an outspoken advocate of perfecting the art of cutting your losses and timing your buy and sell decisions. For those trading for rapid profits, he mentions the importance of concentrating in the "one outstanding, fast-trading leader that is jumping in the right direction". Detaching yourself from the crowd and realizing one's ditance from perfection is one of the many insights to be gained in this book. To me, the compassionate wisdom of Gerald M. Loeb more than justifies the cost of the book.

OLUMUYIWA OMOLOLU.

5-0 out of 5 stars Perfect Crystallization of a Key Insight
Like many of the other reviewers, I read this book after seeing it in the bibliography of a Wm. O'Neil book. While the observation that "if you've read O'Neil's major works, you've already read Loeb" has some truth to it, I would argue that there is at least one point that Loeb expresses even more clearly than O'Neil, i.e. the fallacy of holding a declining stock because "it will come back." Suppose you were forced to sell the stock today, he asks. Now, suppose you were trying to figure out the VERY BEST investment to try to recoup your loss. Would it be to repurchase your loser? Almost certainly not. To me, that question crystallizes the argument for ruthlessly cutting losses better than I have ever heard it expressed.

The same point is recast in a number of different ways, e.g. the excellent chapter on "Sound Accounting for Investors", in which he advocates always "marking to the market", rather than ignoring "paper" losses or focusing on current income. "Gaining Profits by Taking Losses" and "The Ever-Liquid Account" bring additional perspective to the same theme.

In fact one of the nicest features of the book is the way it is broken up into almost 80 chapters. The main themes are repeated several times, but with different emphases. As a result, the more one browses and rereads selected sections, the more one appreciates the strength of the iconoclastic theory of investment that Loeb advocates.

3-0 out of 5 stars Not much of a surprise ending
After reading this book, all I can say is "wow." That was one long book. It was full of so much information on stocks and when to buy and sell. But the information was not the same old stuff that I have heard before, I was introduced to a whole new theory of buying when everyone else says that you shouldn't because you have sound information on your side. Loeb also talked about putting a good amount of your available money in a smart investment, and watch that investment carefully. A main point that he stressed over and over was not to invest just to invest, only invest when you are going to put in the effort to make money. I thought that it was a difficult book to read because it was about economics, but I think that it might come in handy once I do get money to invest. It was written a long time ago, but I think that the advice that Loeb gives in the book can still be used today.

5-0 out of 5 stars Timeless advice
This is one of the most helpful books you can read on stock investing because it provides, in my opinion, the best advice on selling. Loeb's advice to cut losses promptly helped to inspire me to develop the strategy found in my "Investing: More Success With Less Stress", which I consider to be an extension of Loeb's strategy, quantified. No matter what the pros say, the buy-and-hold strategy is obsolete.

5-0 out of 5 stars My cornerstone on speculation and investment
I've read many recently published books on how to profit from the financial markets. Too many of them leave me feeling like I wasted my time and money.

I decided to go back to the "classics"--Schabacker, Edwards and Magee, Graham, Hamilton, Rhea, and of course, Gerald Loeb.

The more I read these "classics" of investment literature, the more I see the market hasn't fundamentally changed at all. All of those books have taught me something important, but I will always have Loeb's "Battle for Investment Survival" close to the top of my list.

Loeb demonstrates he is fundamentally honest. Unlike most books, that get you to think becomming a millionare through daytrading is easy, Loeb teaches that there is no such thing as "easy money" in the financial markets, nor are there "safe investments" (bonds) as the value of money is constantly depreciating.

He also teaches that there are NO guarantees, and that most people WILL lose money regardless of what they do. I think this is true, but most people cannot face it--even those "efficient market" types who advocate the buy and holding of index funds. (I believe Loeb would be a big fan of Exchange Traded Funds, however)

So, what is one to do in order to preserve purchasing power? His answer: intelligent speculation and the ever-liquid account.

To speculate intelligently, Loeb advises focusing on actively traded stocks--not illiquid "penny stocks" for your SPECULATIVE activities.

Let's be clear--Gerald Loeb is no "buy and hold" advocate. Loeb could be considered an advocate of the "relative strength" approach--before the concept of "relative strength" ever existed.

The moment your stock is failing to deliver superior profits, and you have no fundamental reason to believe its uptrend will continue, he advises you sell and look for another. If you can't find anything interesting, or the market is going down--you stay in cash. For Loeb, you MUST avoid catastrophic losses like those sustained in the crash of '29. A stock that doesn't rise (or fall if you like to short) is a waste to be avoided.

Loeb is not a fan of too much diversification. He thinks it is a crutch that guarantees mediocre performance.

His most important teaching would focus on money management (what we would now call "asset allocation"). Loeb would consider it foolish to allocate a significant (more than 50%) of your capital to stocks. You always need a cushion for those inevitable losses in trading operations.

I've taken Loeb's advice to heart. His advice is even more applicable to options trading.

By keeping a small amount of money in a volatile asset, and ruthlessly cutting losses, you give yourself a chance to match the market or even outperform, but with significantly less risk (volatility), due to the large cash reserves.

Loeb's advice isn't easy to follow. But making money isn't easy. And by following Loeb's advice, I'm quite pleased. ... Read more


185. The Warren Buffett Way, Second Edition
by Robert G.Hagstrom
list price: $24.95
our price: $16.47
(price subject to change: see help)
Asin: 0471648116
Catlog: Book (2004-10-08)
Publisher: John Wiley & Sons
Sales Rank: 10133
Average Customer Review: 3.96 out of 5 stars
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Book Description

PRAISE FOR THE WARREN BUFFETT WAY
FIRST EDITION

"Nobody has described what Buffett practices better than Hagstrom."
–Time

"Simply the most important new stock book . . . If you think you know all about Warren Buffett, you have a lot to learn from this book."
–Forbes

"It’s first rate. Buffett gets a lot of attention for what he preaches, but nobody has described what he practices better than Hagstrom.Here is the lowdown on every major stock he ever bought and why he bought it.Fascinating."
–Fortune

"Almost anybody curious about the relationship between the behavior of economics, the performance of firms, and the ups and downs of the stock market will find something of interest here."
–The Economist

"The Warren Buffett Way is accessible to average readers because Mr. Hagstrom reduces the billionaire’s techniques to some easily understandable tenets . . . the book demonstrates the rewards that can come down the road."
–The Dallas Morning News ... Read more

Reviews (45)

5-0 out of 5 stars Belongs on the list of all time investment classics.
Other reviewers have written that this book is undervalued and they are right. Right from the start Hagstrom gives us advice on the nature of the market. He then gives management tenants, how to value a business and all kinds of investment tenants. These tenents are so fundamental that its very difficult to see how investing can be done without them in one form or the other. This makes the book timeless. Numerous examples are given from real world cases of how these tenants are used. There is also an excellent appendix that gives examples of how a business is valued. This is very helpful. Some reviewers have criticized Hagstrom, saying that if the book is true, why isnt he rich? But this is not how information is to be judged. There are many books that contain solid gold advice, but there are few who master them. Buffett is among them. If one wants additional information on Buffets methods, I suggest reading "How to pick stocks like Warren Buffett" by Tim Vick. But The Warren Buffett Way is a classic and at the top of the heap.

5-0 out of 5 stars one of the most popular investment reads
This book is for anyone whether you are trying to understand investing for the first time or an experienced investor refreshing yourself with the principles of fundamental analysis. Hagstrom answers all the questions of what makes Buffett one of the most successful investors of our time. He talks about Buffett's childhood as a boy ambitious to turn a profit in selling Coca Cola as well as his philosophy behind which he makes his decisions on buying a particular stock. The refreshing part about investing like Buffett is whether you buy millions of dollars worth of stock or just a few shares of stock, you can still use the same principles that Buffett uses in making a decision. The methods are straight-forward and bring common sense approach to picking stocks. In it you buy stocks as if you were buying groceries and not as if you were buying perfume. It is not even necessary to know any complicated formulae about how to determine the value of a stock although some elementary math is required. If you only had to pick one book to read about investing and burn all the other books I would recommend this book. It is more informative that many other textbooks out there read by college students filled with unnecessary math and financial theory.

5-0 out of 5 stars Worth the read
Forget B-school, read this book. Seriously, a great introduction to value investing and the Buffett mentality of risk.

Hagstrom's analysis is very easy to read and understand... a book everyone should read.

5-0 out of 5 stars What if Mr. Market goes really crazy?
If you are reading this book just to be better informed, I think you will get your money's worth. I feel I got a five-star education. But if you are going to read it to make a decision to buy or not to buy Berkshire Hathaway, you should keep these two points in mind: First, almost everyone considers Warren Buffet to be the world's greatest investor. This special attribute of Mr. Buffet might be reflected in the price of Berkshire Hathaway stock. If Warren Buffet were no longer around, what would that do to Berkshire Hathaway? Hasn't Mr. Buffet's greatness built in a premium in Berkshire Hathaway stock?

Second, this book proves that Mr. Buffet beat Mr. Market most of the time under normal circumstances. In abnormal circumstances, Mr. Market could beat Mr. Buffet. Abnormal circumstances would exist if Mr. Market went into a long, deep depression (like he did in the 1930's and dropped in value by 90%). And could a second terrorist attack similar to 9/11 cause Mr. Market to panic and create abnormal circumstances in the economy?

No matter how good the company, Mr. Market can and will hurt the value of its stock. If there is another terrorist attack like 9/11, Mr. Market will panic and Coca Cola, Washington Post, GEICO, etc., would all suffer terribly.

5-0 out of 5 stars Once Again, Take It With A Grain of Salt
I am not Warren Edward Buffett. Unlike Mr. Buffett, who has the delightful headache of trying to figure out where to put his steadily growing billions, I am a non-investor, sitting on the sidelines, wondering what all the fuss is about. Like most readers of this book, I have been told incessantly to invest for retirement, and not knowing exactly how I should do so, I figured it might be a good idea to glean a few secrets from a proven successful investor. Hence, I read The Warren Buffett Way from cover to cover, hoping to learn a few things.

And what did I learn? I learned that I am not Warren Edward Buffett. Unlike Mr. Buffett, whose circle of associates includes all of the Beautiful People of Corporate America, I am surrounded by ordinary people, more than a few of whom are looking for a way to get rich quick. Whereas Mr. Buffett is patient and thoughtful with his investments, most of the people I encounter are thoughtless and reckless with their gambles. These two things, which I increasingly began to ponder as I read this book, distinguish me from the Oracle of Omaha, and quite possibly from most readers of this book.

The book consists of nine chapters, and is mostly historical in nature. It details many of Buffett's past exploits in the stock market, mostly the good moves but also some bad ones, and offers some of the principles guiding Mr. Buffett's stock investing strategy, grouped into three classes called Management, Financial and Market Tenets. The first four chapters of the book delve into the early history of Berkshire Hathaway, the key influences on Mr. Buffett which helped to shape his investment philosophy, Mr. Buffett's perspective on the financial markets, and the principles by which he goes about purchasing a business. The last five chapters of the book give example after example of some of Mr. Buffett's past stock moves, and tries to show his Tenets in action.

The style of the book is mostly active until the fifth chapter, whereupon it becomes plodding. The book is extremely repetitive at points, and as other reviewers have pointed out, key concepts are not fully explained up front, suggesting that the possible target audience for this book are those having a strong background in the general principles of economics and business.

In all honesty, I have previously encountered most of the content of this book in coursework or self-study. I previously read Mr. Hagstrom's The Warren Buffett Portfolio, and found the two books to be similar in some respects. That said, I still found this book to be very interesting and useful, primarily because it exposed me to an investment approach which utilizes these concepts in ways I had not previously considered. I also found it highly interesting on an anecdotal level, given that Mr. Buffett's investment career spans The Go-Go Years, The Nifty Fifty Stocks and the 80s and 90s Tech Stock Boom, and yet he never once participated in these tech-stock manias but handily outperformed tech stock investors nonetheless.

Like I said, I am not Warren Edward Buffett and I can not expect or even hope to do what he does, but that does not mean that I can not think like him. Even Mr. Buffett cautions the small investor in this regard, as there are things that he can do that none of little guys can do. Yet, he also has said that there are things the little guy can do that he can not do. That said, the book deserves to be read by any one lacking the ability to reason through the process of investing. However, readers at all levels should not stop with this book. Others have pointed out that one could get even more information straight from the horse's mouth- the Berkshire Hathaway website.

On the other hand, as this information details past moves for which the conditions surrounding them are most unlikely to come around again, I believe that the more astute reader looking to learn more should consult The Money Game by Adam Smith for a brief historical look at financial foolishness (albeit the late sixties but the resemblance to Right Now is striking), The Theory of Investment Value by John Burr Williams for Buffett's original basis for valuation, and The Intelligent Investor by Benjamin Graham for a more detailed explanation of the concepts of margin of safety, intrinsic value, and the benefits associated with ignoring the market noise. These three books will help one learn how to reason through the investment problem, as this is the most important step, aside from finding smart people (as Mr. Smith admonishes forcefully in The Money Game and Buffett has consistently done) and thinking more but acting less (as Buffett has said- do a few things right and screw everything else). ... Read more


186. The Wellness Revolution : How to Make a Fortune in the Next Trillion Dollar Industry
by Paul ZanePilzer
list price: $16.95
our price: $11.53
(price subject to change: see help)
Asin: 0471430676
Catlog: Book (2003-04-04)
Publisher: Wiley
Sales Rank: 14181
Average Customer Review: 4.16 out of 5 stars
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Book Description

World-renowned economist and entrepreneur Paul Zane Pilzer shows you how to tap into the next trillion-dollar industry–– wellness. Already a $200 billion business, Pilzer predicts that sales of vitamin and other health-related items will grow to over $1 trillion annually within ten years. In The Wellness Revolution, he shows entrepreneurs and investors how to make their fortunes in this burgeoning industry.

"Paul Zane Pilzer has proven time and time again that he holds his finger on the pulse of our economy, and The Wellness Revolution is no different. Pilzer’s insights into the future of our healthcare industry are revolutionary and will empower you to the next level."
–– Anthony Robbins
author, Awaken the Giant Within and Unlimited Power

"In The Wellness Revolution, Paul Zane Pilzer reveals the most important secret for tomorrow’s successful entrepreneurs: where to invest their dream. Step by step, Pilzer shows entrepreneurs how to find where they fit in the mega-industry of the future–– wellness."
–– Randy Fields
cofounder, Mrs. Fields Cookies

"Like any machine, our body runs best when operated according to its design principles. Noted economist Paul Zane Pilzer shows how to promote–– and profit by–– the wellness revolution."
–– Michael J. Behe
Professor of Biology, Lehigh University; author, Darwin’s Black Box

"Paul Zane Pilzer has paid great tribute to J. I. Rodale, founder of Prevention magazine and the organic industry in the United States, by showing how Rodale traditions of individual and environmental health make sound economic investment sense in today’s world. If you’ve been looking for the next big, ground-floor opportunity, catch the wave of the future–– The Wellness Revolution!"
–– Ardath Rodale
Chairman of Rodale, Inc., publisher of Prevention and Men’s Health ... Read more

Reviews (19)

5-0 out of 5 stars A Compelling, Cutting Edge Read
As a former television news health reporter, and someone who is already achieving success building an organization of people who distribute high quality wellness products, I believe Pilzer's book will be compelling reading for baby boomers looking for improved physical and financial health. For those willing to work hard to establish a foothold in this industry, Pilzer offers compelling reasons why the rewards -- both physical and financial -- will be worth it.

5-0 out of 5 stars Highly Recommended!
Paul Zane Pilzer is an economist with a vision. Pilzer sees technological advances remaking the way Americans think about health. In his eyes, scientific breakthroughs are ushering in a revolution that will transform our current healthcare system - which Pilzer describes as the sickness industry - into the proactive, lifestyle-based wellness industry. His book describes this revolution in two parts. The first half, which will appeal to a wide range of readers, analyzes the current state of healthcare and advances in biology and cellular biochemistry. In the second half of the book, which takes a more dollar-minded approach, Pilzer attempts to identify business and investment opportunities that will arise from the Wellness Revolution. Thus, we from getAbstract heartily recommend this book to both camps: the general-interest reader, and the entrepreneur or investor on the hunt for new opportunities.

5-0 out of 5 stars Read this book for health & wealth
I won't go over Paul Zane Pilzers credentials as other reviewers have, I believe that if you found your way to this webpage, you already know his credentials.

But the fact is that Pilzer has predicted other trillion dollar industries. He knows what of he speaks. Personally, I am a baby boomer and in a company that is predicted to become the next billion dollar company. I have also had some health problems and hardly a day goes by when I talk to other baby boomers where the subject of health & wellness doesn't come up.

Pilzer has something here. Worth a read for both your health and your wealth.

5-0 out of 5 stars I'm sold!
Last year, I began wondering why everyone around me was sick and on prescriptions. I didn't remember growing up that way. I had a friend with fibromyalgia and I just began thinking all of this sickness was directly related to the food we eat. I searched for products that would help my friends feel better. I found a liquid vitamin/mineral complex, bought it and shared it with her. She cut her prescriptions in half the first two weeks. My family started feeling better also.
It was at this point that I began my journey into the "wellness industry". I believe that God created our bodies to function a certain way and when we give it unnatural, processed foods, it can't function the way it was intended.

I was glad to find this book after I stumbled upon my personal discoveries. I know now that I am not alone. And, I was so overcome with the lives that are being changed through good products, I got into the industry myself. I've been a Vision For Life distributor for the past year and am helping so many people, both with their health and their wealth. I highly recommend this book for it's facts, figures and knowledge. People definately want to feel better. When you don't feel good, no amount of people telling you to exercise will help. By supplementing with good nutritional products (not like centrum where you feel good just "knowing" your taking it- I mean where you feel good BECAUSE you're taking it) you start to feel better, you start to do more and it becomes much easier to exercise and get more accomplished.

I feel better than I did when I was 19 (thank goodness, I'm much the smarter now too! LOL)

2-0 out of 5 stars Stay Well Rather Than Cure Sickness!
The main problem with The Wellness Revolution is that the brilliant Paul Zane Pilzer has stretched a magazine article's worth of information on healthy living and ways to develop businesses around that theme into a book. If you know nothing about how nutrition, water and exercise affect your health, you will probably love this book. But you can find better books. If you have been paying attention to those areas, you will find the book to be superficial and limited. As for investing, the ideas are pretty broad. Basically, you should make the economics of your business serve wellness and anti-aging.

What will be new to some are the details of how you can use high deductible health insurance and tax-advantaged medical savings to cut your cost of sickness while having some money left over for wellness activities (like exercise and better food). If you regularly read investment or business magazines, chances are you will know about these ideas too.

For entrepreneurs, the stories of Steve Demos (Silk soy milk), Paul Wenner (Gardenburger), Jill Kenney (Club One fitness), Dr. Frank Yanowitz (The Fitness Institute), Dr. Tod Cooperman (ConsumerLab.com), and Stuart Johnson (facilitating wellness products being provided through network marketing) may help inspire a new business thought or principle. Professionals can look at pages 188-189 for specific examples that apply to them.

Those who want stock purchase ideas won't find much here, although you'll probably have an itch to buy stock in whomever first specializes a whole company in wellness insurance.

As a result, the "how to" part of the book's subtitle is quite misleading.

There is a fine book that can be written on this subject, but unfortunately, this isn't it.

After you finish this book (if you choose to read it), I suggest that you find ways to make your working and investing more health-enhancing for you and others. If nothing else, walk on a treadmill while you watch the financial news at night to pick out companies that enhance health! ... Read more


187. The Weekend Millionaire's Secrets to Investing in Real Estate: How to Become Wealthy in Your Spare Time
by Mike Summey, Roger Dawson
list price: $14.95
our price: $10.17
(price subject to change: see help)
Asin: 0071412913
Catlog: Book (2003-09-19)
Publisher: McGraw-Hill
Sales Rank: 1554
Average Customer Review: 4.56 out of 5 stars
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Book Description

"Everything you need to know to make millions by investing in real estate. Be smart -- take advantage of their invaluable experience to help you reach your financial goals."--Jack Canfield, Co-author, The Power of Focus, Dare to Win, and the Chicken Soup for the Soul(R) series.

A proven formula for making a killing in small real estate investments in all market conditions

Millionaire real estate investor Mike Summey and nationally recognized negotiation expert Roger Dawson team up to offer a complete program for becoming a real estate magnate in your spare time. Unlike all the get-rich-quick real estate investment guides on the shelves, The Weekend Millionaire shows readers how to look beyond price to the fundamentals of what makes a property valuable and to leverage that value in order to build wealth, consistently, over years. It also teaches them an original, win-win negotiating strategy in which the buyer determines the terms of the purchase and lets the seller determine the price.

Readers get clear, step-by-step guidance on how to:

  • Find great investment properties
  • Approach sellers
  • Structure a win-win proposal
  • Get a proposal accepted--even with no money down and bad credit
  • Negotiate a transaction
  • Manage and maintain properties for increasing returns
... Read more

Reviews (27)

5-0 out of 5 stars Why did it take so long?
I've read dozens of books on real estate investing and to be honest, I've found most of them either over my head or just plain unbelievable. When I heard Mike Summey talking about the book on the Real Estate and You show on WYCA-FM, I had to check it out. Finally, I've found a book that explains real estate investing in simple language and breaks it down into such doable tasks that I can't wait to get started. I loved the stories that illustrate how to apply the techniques the authors teach. Not only do they tell you what to do and how to do it, but they go the extra mile and use real life stories to show you how to achieve successful win/win negotiations that benefit everyone. If you don't buy another real estate book, buy this one. It's a keeper! You may also want to check out the website listed in the book. It's www.weekendmillionaire.com and it's a great resource for real estate investors.

5-0 out of 5 stars Fantastic read
As a beginner to real estate investing, I have been trying to absorb as much information as possible. This is the 4th book I have read on investing, and it is by far the best. The book does not promise overnight succes, but it does show you how to slowly build assests, and create a stream of income that you can live off of over a period of time. They give stories that they describe as not being typical, but they do help you stay motivated. They also provide easy to follow examples, and charts. I have noticed alot of people who have rated this book poorly seem to have too large of an ego to admit they learned something from someone else. Dont let the negative reviews sway you. If you only have limited time, and only want to read one book, make it this one. The title couldnt be more accurate.

5-0 out of 5 stars Simply the Best.
This book truly covers all aspects of real estate in a very useful, educational manner. The concepts are as timeless as they are valuable. I've read it three times, and I'm constantly referencing it fir information... a MUST READ!

5-0 out of 5 stars Weekend Millionaire's Secrets to Investing in Real Estate
It is the best book on real estate investing that I have read in the nine years I've been in business as a real estate investor. I enjoyed the down to earth format that both Mike and Roger used to get their points across. The five chapters on "negotiations" by Roger is an expert negotiator and Mike has a sense of humor as a southern gentleman and a no nonsense approach to investing in real estate as "buy and hold" strategy. I highly endorsed the book to all of my students whom I am mentoring presently. You can't go wrong by reading the book and asking questions on the chat room at www.weekendmillionaire.com to both Mike and Roger. Looking forward to their new book when it comes out!!!

5-0 out of 5 stars Very good real estate book-priceless information
I have to laugh at reviews where on reviewer wrote "Mike did this and Mike did that. Wouldn't you want to be like Mike?" Since the title of the book is The Weekend Millionaire's Secret's to Investing in Real Estate co authored by Mike Summey, I would think that anyone who bought the book would indeed like to be just like Mike. After all, he is a millionaire and achieved his success in real estate. Why not be like Mike. Sure beats being like that one star reviewer who even came back and voted 47 times for his own review. Now that is somebody with a head trip! ... Read more


188. Convertible Arbitrage: Insights and Techniques for Successful Hedging
by Nick P.Calamos, Nick P. Calamos
list price: $59.95
our price: $37.77
(price subject to change: see help)
Asin: 0471423610
Catlog: Book (2003-06-13)
Publisher: Wiley
Sales Rank: 60188
Average Customer Review: 4.83 out of 5 stars
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Book Description

Master convertible arbitrage and put profits within reach

"Finally, we have a comprehensive, practical, and lucid book on convertible arbitrage from one of the most seasoned investors in this growing asset class."
–Venu Krishna, CFA
Head of U.S. Convertible Research, Lehman Brothers

"Nick Calamos is one of the most experienced and successful convertible bond managers in the mutual fund industry. Who better to explain convertible arbitrage strategies?"
—William Harding, Analyst, Morningstar Investment Services

"Convertible Arbitrage is an indispensable resource, and is required reading for all fund of funds analysts and portfolio managers that cover this strategy."
–Joseph G. Nicholas, Chairman and CEO
HFR Asset Management, LLC

In good markets and bad, convertible arbitrage can give investors the best of both worlds: the safety of bonds and all the possibilities of stock-like performance.

This is partly why convertible arbitrage–following the larger trend of hedge funds–has moved to center stage in the last decade. But profiting from this increasingly popular investment strategy takes much more than knowing a few ground rules. It takes Convertible Arbitrage: Insights and Techniques for Successful Hedging.

Written by leading investment authority Nick P. Calamos, this comprehensive, just-in-time book covers:

  • What the convertible arbitrage strategy is and what distinguishes it from other hedging techniques
  • How to tap into successful convertible valuation models
  • The full range of hedges, from tilted and leveraged hedges to swaps and option hedging
  • And more!

Nick P. Calamos is the first recipient of the Excellence in Fund Management Award for Calamos Growth and Income Fund, bestowed by S&P and BusinessWeek. ... Read more

Reviews (6)

5-0 out of 5 stars Convertible Arbitrage: Insights and Techniques for Successfu
Investment professionals familiar with convertible arbitrage techniques recognize the strategy as a rock-solid tool for generating significant returns regardless of market movements. It's no surprise, then, that amidst the backdrop of market volatility and investor uncertainty, the field of convertible arbitrage keeps growing. Since 1993, the convertible arbitrage market has grown at an astounding 45ompound annual growth rate through the first half of 2002 to $24 billion.* In Convertible Arbitrage: Insights and Techniques for Successful Hedging, renowned investment expert Nick P. Calamos shows you ways to make the most of convertible arbitrage, explaining how to boost returns while decreasing risk-no matter what the market is doing. The practice of convertible arbitrage takes advantage of the unique hybrid nature of convertible securities, which combine both fixed-income and equity characteristics. It typically involves matching a long position in convertible securities-usually convertible bonds-with a short position of corresponding stock. The bond pays interest and guarantees a yield upon maturity-but you also can participate in the movement of the underlying stock because a convertible bond's option component makes it readily convertible into stock. Convertible arbitrage thus allows investors to create positions that achieve either market-neutral returns or that have a bias towards a security's future price, offering tools to both the defensive and aggressive investor. This not-to-be-missed guide gives you: A top-to-bottom overview of convertible arbitrage-its history, how it works, and why it is especially useful in a volatile market In-depth coverage of convertible valuation models and the "greeks," the statistical qualifications of convertible functions Reasons why the credit and business valuation of a convertible can make or break your hedge position A thorough review of convertible arbitrage techniques-from delta hedges and convertible option hedge techniques to swaps and nontraditional hedges An insider's guide to portfolio risk management, including tips on portfolio evaluation, risk analysis, and optimization The array of convertible securities available-and the ever-shifting financial engineering behind them-demands a practical working knowledge of convertible arbitrage hedging techniques. Not only does Convertible Arbitrage put those techniques at your fingertips, it also helps you use those techniques to prepare for-and profit from-new twists in convertible terms, types of securities, or derivative hedge products. *Tremont Advisers, Inc. "The Calamos Convertible Fund offers the Holy Grail in investing-a long-term return superior to the index with less volatility." -William Harding, Analyst Morningstar Investment Services
Minimize risk and maximize profits with convertible arbitrage. Convertible arbitrage involves purchasing a portfolio of convertible securities generally convertible bonds and hedging a portion of the equity risk by selling short the underlying common stock.

5-0 out of 5 stars This is one of the best on hedge fund strategies.
This is by far one of the best books on hedge fund strategies. It's very practical, but also provides enough technical details. Most other books on hedge funds just state some basic facts that everybody knows. This book, however, provides enough details on one single strategy, convertible arb. I would highly recommend this book to any serious Quant who wants to know more about convertible arb.

4-0 out of 5 stars Well-Written Summary of the State of the Art in Convert Arb
Addressing arbitrage opportunities of both convertible bonds and convertible preferred issues, this text also describes the spectrum use of other derivative instruments for both arbitrage and hedging purposes. Of note, capital structure arbitrage --a hot topic, currently-- is also briefly discussed.

The book serves as a worthwhile summary of all that is currently feasible in this arena. Additionally, many techniques are sufficiently described so as to be made immediatly applicable. As expected from a book of relatively short length, some of the techniques are not drawn out in sufficient detail. The capital structure section, for example, is addressed in only a few pages.

Given the considerable number of tips and insights offered by the author, this book is worth reading despite the lack of detail in some sections.

5-0 out of 5 stars A must for portfolio managers - invaluable information
Convertible arbitrage is an alternative investment form that is ever-increasing in popularity. This book teaches both portfolio managers and fund of funds analysts everything they need to know about convertible bonds and includes a thorough background, a description of the various techniques, and valuation models. Illustrates points with informative graphs, tables, and appendices. An excellent resource tool.

5-0 out of 5 stars Derivatives are taking center stage!
The strategies that hedge funds are using now will be in the hands of ordinary investors within the next three weeks. One such strategy is the convertible bond. This is a derivative instrument that cannot be ignored. Fixed income until YOU the investor decide to switch.

How important is this. Mr.Calamos not only shows how relevant it is for today's investor he makes sure that you know the necessary tips and tricks to outwit Wall Street at their own game. As investors wisen up to the need to retain their short term gains instruments such as convertible bonds, warrants, options, futures and many other derivative style investments will dominate the average investors portfolio.

Another two great books along this vein are "Futures For Small Speculators" and "Single Stock Futures For Small Speculators". As the author of both books and a praticing financial planner I field calls constantly from everyday investors that are simply tired of the same old "buy and hold" strategies that don't work or give up to much value in the short run.

Buy convertible arbitrage you won't be disappointed. ... Read more


189. Fixed Income Mathematics
by Frank J. Fabozzi
list price: $62.64
our price: $51.99
(price subject to change: see help)
Asin: 0786311215
Catlog: Book (1996-08-01)
Publisher: McGraw-Hill
Sales Rank: 65664
Average Customer Review: 4.4 out of 5 stars
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Book Description

Don't let the conservative nature of many fixed income intruments mislead you! These are complex, potentially risky investments, and Fixed Income Mathematics is required reading if you are to maximize both income and capital growth from fixed income investing. An expert, thorough analysis of this volatile market's latest developments is presented in the straight-forward, comprehensive style that has become a Fabozzi trademark. It will leave you with a greater ability to utilize and take advantage of basic strategies as well as the newest advances in fixed income analysis and research. ... Read more

Reviews (10)

4-0 out of 5 stars Classic, but dated.
This book covers the territory of fixed income as it existed 4 to 5 years ago. Now credit derivatives trade relative to the bond markets, and have a pricing structure all their own. First-to-default baskets and credit derivatives are important fixed income products. There has been a paradigm shift in the market in the past 4 years. Credit default swaps came out of nowhere and are now $2 trillion in size and continue explosive growth, and that's just one product in credit derivatives land.

I highly recommend Tavakoli's book: "Credit Derivatives and Synthetic Structures" (2nd Edition).

4-0 out of 5 stars Good reference
Ok, so Fabozzi is the ultimate in reference material and general fixed income awareness. The book is good, it provides most of what you need to understand fixed income valuations, particularly essential bond pricing. However, the book really serves well mostly as a reference. There are few true explanations of formulas. With a little effort you can figure out the derivations yourself, but still, is not the point of buying a book with "mathematics" in the title to have something to guide you through that step? Again, worth having, but not the ultimate to explain the nitty gritty, though not sure that that text exists.

4-0 out of 5 stars A good bridge between math and fixed income products
Even though this is not really a advanced book on fixed income products analysis/modeling. It is, for technical background, a good induction book for basic fixed income products with basic analysis tools.

2-0 out of 5 stars This is a real beginner's guide
The book was a great disappointment to me. The title and subtitle (Analytical and statistical techniques) led me to think that the book covered fixed income securities at a sophisticated and advanced level. Not so. If you need to learn how to calculate a PV, FV or IRR, this is the book for you...otherwise probably not!

5-0 out of 5 stars The ┬┐Perfect┬┐ Book For Me
Many of us will be retiring in the next few years, or may already be retired. Fixed income from our financial investments will be an important part of our lives. How many of us really know what Yield To Maturity (YTM) means? Or, for that matter, the myriad of other measurements associated with fixed-income instruments? As a retired engineer with a propensity for computational mathematics, it is my natural desire to optimize my fixed-income portfolio. This "Perfect" book gives me a good head start in my endeavors. The text is logical and easy to understand. The mathematics is "cookbook" simple. As a minimum, I will better equipped to determine the correct price for most fixed-income investments. With enough effort, I should be able to manage my own near "Perfect" portfolio. Fabozzi picks up where most writers stop, namely, the quantitative analysis.
Thank you Frank. ... Read more


190. Trading Risk: Enhanced Profitability through Risk Control
by Kenneth L.Grant
list price: $69.95
our price: $47.57
(price subject to change: see help)
Asin: 0471650919
Catlog: Book (2004-08-27)
Publisher: John Wiley & Sons
Sales Rank: 11262
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Book Description

A revolutionary system for fearless trading without excessive risk

"Trading Risk provides a useful and intuitive roadmap of the risk management process, as written by an individual with unique experience and insight into this topic.It is an engaging read and covers complex subject matter in a straightforward and often-entertaining manner."
– Stanley Shopkorn, Shopkorn Associates

"Ken Grant's eminently readable new book on risk management is a rare blend of theory and practical applications. It is a great starting point for the novice and deep enough for the experienced practitioner."
– Mark R. Graham, Managing Partner, Blue Elite Fund, Ltd.

"This book describes a very practical approach to risk management in a lucid and entertaining manner.Anyone concerned with the topic of risk management ought to find it of interest."
– Susan Estes, Managing Director, Countrywide Securities

"Thoughtful, unique, detailed, actually enjoyable, and comprehensible reading for what is normally a boring and confusing topic."
– Dwight Anderson, President, Osprei Management, LP

"A must-read for risk managers of companies of all sizes who want to preserve capital and take practical advantage of trends in the marketplace.This is a clearly written, funny, and entertaining guide to a very serious topic that affects all corporations.This very complex topic was simplified and made easy to understand by a true expert in the art of risk management."
– Phupinder Gill, Managing Director & President
Chicago Mercantile Exchange ... Read more


191. The Complete Guide to Investing in Rental Properties
by SteveBerges
list price: $18.95
our price: $12.89
(price subject to change: see help)
Asin: 0071436820
Catlog: Book (2004-04-16)
Publisher: McGraw-Hill
Sales Rank: 22163
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192. How to Profit from the Coming Real Estate Bust : Money-Making Strategies for the End of the Housing Bubble
by John Rubino
list price: $24.95
our price: $16.47
(price subject to change: see help)
Asin: 1579548709
Catlog: Book (2003-09-20)
Publisher: Rodale Books
Sales Rank: 13311
Average Customer Review: 4 out of 5 stars
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Book Description

The housing bubble is about to burst. Are you ready?

While the rest of the economy teeters on the edge of recession, home sales are booming and home prices are surging. Can this continue?

Not a chance. The housing market is hot because Americans-- apparently convinced that the good times will never end-- are borrowing record amounts of money to buy ever-larger homes. And we've learned to treat our existing homes like piggy banks, borrowing against our home equity to maintain our lifestyles. This boosts the economy but causes us to incur debts that will soon force us to stop spending. The result will be a deep recession, complete with declining home prices and a collapse in the value of housing-related stocks.

And that's the optimistic scenario! With mortgage, corporate, and government debt soaring, the bursting of the housing bubble might set off a chain reaction that wreaks 1930s-style havoc on stocks, the dollar, and real estate.

In clear, easy-to-understand terms, this book shows how real estate has become the latest in a long line of financial bubbles, how the bubble is likely to burst, and how you can both protect yourself and make money as the drama unfolds. You'll also learn:

* Why all "cash" is not equally safe
* Why gold will soar as the dollar falls
* Which stocks will be casualties of the housing bust, and how to profit from their collapse
* How to ensure against-- and even profit from-- a decline in the value of your home

Whether you're worried about the value of your home, your stock portfolio, or your bank account, you'll find answers here. You can't stop what's coming, but you can turn it to your advantage.
... Read more

Reviews (13)

2-0 out of 5 stars Does a bubble really exist?
The main problem with this book is that the author believes the housing market will crash and so therefore it is not an objective look at the residential real estate market. As a result, I did not find it helpful. I live in Southern California. The housing market crashed in the early 1990s not because of interest rates or overbuilding but because of a severe recession. The California economy was still in recession while the rest of the country improved. This drove many people out of the state, which of course led to more supply of housing than demand. Housing dropped approximately 40%. However, anyone who held onto their home made that 40% and more back in less than a decade. A previous reviewer claimed that San Diego's population and housing have increased at the same rate, yet there has been a 110% increase in prices. This simply is not possible. Housing is based on supply and demand. Housing simply won't go up in value if there is little or no demand.

It is estimated that only 80% of the necessary housing is being built to accommodate the large numbers of people moving into Southern California. For every 3 jobs created in Orange County, California only one housing unit is built. This has driven many OC workers into homes in surrounding areas like Long Beach and Riverside, which has driven prices up in these areas. Many building companies are wary of overbuilding so they are constraining supply. Local governments make more money from commercial real estate, so they have had strong incentives to provide more permits for commercial rather than residential real estate, which has contributed to current housing shortages. An increase in interest rates may temporarily dampen the housing market but as more people enter the rental markets already sky-high rents will go higher driving even more people back into the housing market. I don't see any decline in Southern California housing for a long time. As a result, I don't believe that there will be a housing bust anytime soon to benefit from.

Real estate is local, so you can't judge what may happen in Illinois based on what is happening in Arkansas, which is why I am only discussing my local market. The rule of thumb is that housing increases an average of 6% a year. Some housing markets can go into decline and remain in decline for years. However, these are generally areas that are/were dependent on one industry or one company as an employer. This book is interesting in many respects but I don't feel that his premise applies where I live.

5-0 out of 5 stars Perfect Timing
The whole "How to Profit" thing is a little overdone
these days, but this book's timing is good enough to
make up for the unoriginal title. Here in California,
real estate is clearly a bubble, and Rubino does a
good job of laying out the causes and consequences.
Then he fits the housing bubble into the big picture
which, if he's right, is absolutely terrifying. In a
nutshell, we've been borrowing like crazy for the past
twenty years, and now we're eating our home equity.
Pretty soon we'll run out of wiggle room and the whole
system will crumble. People who borrowed to the max on
overvalued houses will go bankrupt and the companies
that are inflating the housing bubble will crash. And
the east and west coasts, where home prices are
highest, will have the hardest time. All things
considered, it's a tightly-reasoned, well-written,
very scary argument.

One tip for readers: You can skip the "Housing
history" section (it's interesting but not necessary
to understanding today's housing bubble) and go
straight to the second section, where Rubino explains
how the housing bubble happened and why it's going to
pop.

3-0 out of 5 stars Not a great treatment, but there isn't much alternative
SUMMARY:

If you are just looking at this thread for the first time, and are the general "layperson" most of us are, I suggest you might want to read the first half (125 pages) to get a relatively complete and coherent high level discussion of the possibility a bubble exists. After you do that there are lots of web resources that have more detailed & up to date facts & arguements. It's a pretty easy read -- too easy, if anything, it does not go nearly far enough in depth for my tastes (but then again I am a systems analyst by profession). I personally think this book is mostly worthless, indeed possibly even dangerous in its advice, for the purposes the title claims (how to make money on the bubble popping), but the description of the arguments to for trying to do so are a bit better.

DETAILS:

The first half of the book (which another reviewer suggests you could skip -- !!!) is actually the most useful IMO. It gives a general summary of the reasons that sugggest current housing prices are unsustainable. The arguments are not very complexly constructed, but I don't fault the book for it, I think it has a target audience, and that is the general public, not the subset who have a firm grasp of macroeconomics & math. My biggest gripe with this part of the book is that he expresses some facts in a misleading way, to my mathematically semi-sophisticated eye. For example, on p. 62 he has a graph of total US debt and GDP vs. a 45 year time axis. To the "untrained eye" (and he supports this impression in his text), it looks like debt is growing much faster than gdp. This impression is created by the fact that both are under $5trillion in 1957, and by 2002 gdp is $10t and debt around $34t. However, I suspect if you graphed the RATIO of debt to GDP (which is really the issue, what multiple of gdp is debt, i.e. very roughly, how many years of earnings collectively would it take to pay off collctive debt), you will see the ratio MUCH higher at the start of the period than now, you'd probably see a decline in the graph slope for many years, then maybe an increase starting around 1985, based upon an eyeball evaluation of the two curves. That would have been a MUCH more meaningful graph, a more useful historical perspective. Maybe he thought that too abstract for his intended audience, being a derivative of the data (change over time in the rate of change of the ratio), but in this particular case I believe he has made more out of those historical numbers than is really warranted. The problem for me is, when you see that once, you start to trust less all the rest of the arguments he makes, you instead find yourself wondering "what did he leave out or misrepresent this time?" But with that caveat, I repeat that this is still the best overall attemtpt to make a case for a housing bubble, with the possible exception of a "Special Survey" done by the magazine Economist on 5/29/2003, which looks at the issue from an international perspective.

The last 1/2 of the book (the ostensible purpose, "how to make (or save) your money when the bubble bursts") seems even less well thought out. I'm not a professional investor, but I have been doing it a couple decades now & I came out of reading this book with very few viable (IMO) ideas on how to achieve what the title promises. For example, buying cash rich companies -- he lists msft, csco, intl, dell, nok. This advice is totally bereft of the context of stock price or p/e, and I'm sorry, a dollar is worth a dollar, and you can't say a company with cash is a good buy without even referencing how much cash you will pay for that cash!!! the suggestion of convertible bonds is also curious, I admit I have not looked at them much in my years, but my intuitive reaction is, won't these only do better than normal bonds as the stock price INCREASES (i.e. as it approaches the conversion price?) these bonds pay a lower rate & make up for that with the option to convert to shares at a fixed stock price. The value of that conversion option drops with the stock price (indeed for convertibles close to strike price, stock price changes are MAGNIFIED in the convertible pricing). And regarding gold pricing -- I actually have one raw gold producer that he mentions on my watch list right now, they are a major player in many other metals markets as well (copper, silver, etc). Having that POV, I can tell you that he has totally ignored the whole question of decreased industrial demand that would come with the kind of financial catastrophe he envisions, very relevant given the exposure this particular stock has to these other metal productions. Heck that is the reason that I am still on the sidelines, reduction of demand in china (which is creeping up in the news more in recent weeks as they attempt to engineer a "soft landing" to a badly overheated economy) could totally take the floor out from underneath a lot of these companies.

Finally, while by no means suggesting this is a fair way to evaluate his advice in this second half of the book -- since the whole argument is predicated on the collapse of the housing market, which has not (yet) happened -- it should be noted that a quick review of many of his suggested strategies shows that anyone following his advice in the one year approx since he finished writing it (he mentions this being the beginning of June 2003) would have vastly underperformed the market, or even lost money, in the interim.

So, in short, I find the first half the book (is there a bubble, why) a pretty good introduction to the argument for it, not perfect, but perhaps the best one out there. I find the other half (what will happen to the economy when it bursts, how to profit/protect yourself from it) very much unsatisfying, and I am stuck where I started, thinking "I think there is a serious risk here" but still unable to figur out how to translate this concern into concrete action for my own personal finances.

4-0 out of 5 stars Worth a read
If the names Stephen Roach, Marc Faber, Bill Bonner, Bob Prechter, or Jim Puplava are familiar to the reader, then John Rubino's well written, easily digestible, and quite convincing summary of the bear case (not just in real estate, but also in the US equity market) should be old news. However, if these names are unfamiliar, the reader would do well to plunk down the money to buy this book, consider his argument, and give some thought to preparing for possible bad times should they occur.

Rubino spends the first part of the book laying out a case for why a bubble exists in the real estate markets, and then uses the second part of the book to explain possible strategies to protect assets and even profit. The hedging strategies are well organized, but I doubt most people would consider shorting housing/fannie/freddie stock or buying gold/silver bullion. It would also be unrealistic to expect people to abruptly move from their overpriced houses in California/Boston, leaving friends, families and schools behind. The asset protection strategies could have been more detailed (in the same vein as the books by Martin Weiss). Rubino could have made his real estate bubble case stronger by using more local market information, statistics, and graphs (a la John Talbott in his highly recommended book The Coming Crash in the Housing Market).

Overall, this book would prove valuable for people unfamiliar with the risks in the economy and the possible outcomes if this risk ever manifests itself in the economy and the markets.

This reviewer cannot help but add as an aside that given the current conditions (early 2004) in the United States of unhealthy financial asset and real estate valuations, burgeoning debt and its financing by foreign nations with their own unpredictable agendas, high budget and trade deficits, and wage pressure brought on by globalization, it might not be a bad idea for the reader to recognize that the potential downside risk may be much greater than any potential upside, and act accordingly when planning for their financial future.

5-0 out of 5 stars Outstanding!
I never thought I'd say this about a finance book, but I couldn't put this one down. It is fascinating, logical, concise, well-written, and occasionally quite funny. Despite the catchy title, it is about more than just the regional housing bubbles we are experiencing right now: it is a primer on the entire lending industry and how badly it's gotten out of hand.

Just to be clear about it, this is not a "doom and gloom" or "the sky is falling"-type book. There are no histrionics to be found here, only well-researched facts and common sense presented in a very reasoned manner. Whether you own real estate or are thinking of eventually buying, and whether or not you are convinced that some housing markets are overpriced, this book will give you the background and advice you need to protect your assets and possibly even to profit enormously.

I have to comment on one of the other reviews here, by "A reader from San Diego, Ca," which implies that Rubino ignores the laws of supply and demand. This is an unfair accusation because it cites bad data: as a matter of fact, San Diego's home supply has increased at exactly the same rate as its population growth. They have both increased by 7% in the past 5 years. In the same time period, San Diego home prices have increased by 110%. The person who posted that review is clearly more interested in rhetoric than in facts but I wanted to set the record straight. ... Read more


193. Mastering Elliot Wave: Presenting the Neely Method: The First Scientific, Objective Approach to Market Forecasting with the Elliott Wave Theory (version 2)
by Glenn Neely
list price: $95.00
our price: $95.00
(price subject to change: see help)
Asin: 0930233441
Catlog: Book (1990-04-01)
Publisher: Windsor Bks/Probus
Sales Rank: 212228
Average Customer Review: 4.44 out of 5 stars
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Reviews (16)

5-0 out of 5 stars Easy reading mastery
Glen Neely is one of the foremost Elliott Wave experts on the planet. I've seen his frequent quest lectures on television and radio business channels and in business section editorials.

I think this book makes a great complement to professional trader Larry Connor's "Advanced Trading Strategies." My perspective is that "Mastering Elliott Wave" contains everything one needs at all levels to master Elliott Wave, with clearly drawn pictures, complete computations, and exhaustive detail.

Where "Mastering Elliott Wave" provides the detailed "language" specification, Larry provides the more specific Elliott Wave "code" applications to trade the market. It seems that each book complements the other synergistically. Mastering Elliott Wave provides you with all of the tools, where Larry's book gets you to think more practically about logic and system design variations using the EW tools.

Many strict Elliott Wave tacticians hand draw their charts to get a better feel for market movement and direction. I kept a hand-drawn chart of Silver futures and I was better able to see and even feel the turning points that way, made some money, and it wasn't difficult.

5-0 out of 5 stars Mastering
This book is actually for those who want to "master" the Elliott wave theory. Though Mr Neeley explains his method from the scratch, you have to spend a great amount of time to understand how to identify the waves and how you should apply the rules and guidelines even if you know the theory. After long hours of studying the book and applying the techniques on the price charts, you will surprisingly find out that your view on the technical analysis and Elliott wave theory changed.

"A large portion of market technicians spend their time trying to manipulate price data to find that "magical" key-indicator. How can a transformation of price data be better than the original data?" says Mr Neeley. If you're in the search of the "magical" key indicator(s), this book is not for you, since there's not even a word about the technical indicators, but when you finish studying the book, you will see that you don't need to look for an indicator.

Since Fibonacci numbers and golden ratio are the most important parts of the wave theory, you have to know how to apply them on the charts. This book is the best one I've ever read about how to apply Fibonacci techniques on a price chart. Not only the price distance, but the time elapsed to form the waves are dependant with the Fibonacci numbers and this book teaches you how to use them.

Author also defines clearly how to apply the Rule of Alternation, Rule of equality and Rule of Complexity. Further you read, you learn how to analyse complex wave structures and what to expect when the waves are advancing to form larger waves.

I have to warn those who want to learn some trading techniques using the Elliott Theory or Neeley Method, since there's nothing in this book about trading, but do not forget that this book is mastering the the Elliott Wave. Do you think you still need a pre-made trading technique after mastering the theory? I don't think so.

4-0 out of 5 stars Not for the faint of heart--for serious traders only!
Just about 5 years ago, I began seriously studying the markets. I was heavily influenced by many experts that this thing called Tecnical Analysis was a bunch of BS.

Five years, and thousands of dollars (in profits) later, I can tell you that technical analysis is a crucial tool in dealing with the fundamental uncertainty we traders deal with every day.

Even when I was basing decisions on conventional technical techniques, Elliott Wave Theory seemed like tea-leaf reading. But knowing what I know about the markets, I kept an open mind. I learned how to apply the basic rules, and was amazed at what I saw. There is much more to Elliott than I thought.

Neeley gives a thorough method for applying the Wave theory based strictly on price action. He guides you from analysing individual swings, to grouping them correctly into wave patterns. Once you have a workable count, it is possible to place a low risk, high profit trade on.

The key value in all of this is that you can see a number of possible scenarios. The one problem with Elliott is the issue of alternate counts. I've found that alternate counts often disagree as to the magnitude of a comming move, and less often on the direction, if you are using multiple timeframes.

I've actually worked through most of Neely's rules. I set up a spreadsheet to calculate the retracement levels he indicates in his text. Having said that, Neely omits one crucial bit of info. His method is based on retracement levels. Yet, he never tells you whether to use price levels, or percentages to measure the length of waves. Since he indicates you should use recent data, I've assumed he meant price lengths in dollars (or whateve currency you use).

This is a crucial omission, as price targets are determined by the relationships among waves. Sometimes using price lengths, rather than percentages, renders impossible targets. The only way around this is to use percentages for longer longer time periods, and price lengths for shorter ones. Posner covered this in Applying Elliott Wave Theory Profitably.

One problem is that Neely gives extensive wiggle room in his use of retracements to define patterns. This means his categories, while appearing rigorously objective, actually overlap to a considerable degree. You will often be left with 2 choices for a label, despite applying the rules consistently. That isn't necessarily Neely's fault--he is being realistic. No one ever said the market was easy.

I wouldn't tackle this text if you are unfamilliar with classical technical analysis. Elliott wave can be a frustrating theory. I've gotten headaches trying to count corrective patterns. Despite what Neely says, conventional indicators, candlesticks, and chart patterns can be very helpful when wave counts are not. Classical technicals and Elliott often overlap--suggesting the same conclusion. When they do, then you know you have a potential profit opportunity.

But if you are familiar with classical methods, and you are serious about learning Elliott Wave, then I can recommend this book.

5-0 out of 5 stars Hardcore Elliott
If you are looking for a general introduction to Elliott Wave theory and practice this book is not for you. I would suggest starting with Prechter's "Elliott Wave Principle" from 1979. If you are prepared to spend a lot of time working through the minutiae of the rules and conditions contained within this book, however, (especially using your own data) you will find this a most rewarding endeavour. Wave theory is not for the faint-hearted, it requires a lot of time and application to give you the building blocks to come up with a view of the market.

4-0 out of 5 stars Hard to read but worthy... from chapter 4 on
It seems to be two books in one. The first chapters, specially 3 are really hard and after reading several times, when the light starts to turn on... you find typing errors!!. The relation stated on the paragraph you have just read - and understand - can not be correct because then, the previous one is not posible... Crazy!!

Anyway, just passing over those 3 first chapters and dedicating your time to those from 4 on it is a very recomended reading to get to understand some more on Elliott's theory. ... Read more


194. Investment Performance Measurement (Frank J. Fabozzi Series)
by Bruce J.Feibel
list price: $89.95
our price: $62.96
(price subject to change: see help)
Asin: 0471268496
Catlog: Book (2003-01-24)
Publisher: Wiley
Sales Rank: 132559
Average Customer Review: 5 out of 5 stars
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Book Description

Investment performance measurement is the quantification of the results achieved by an investment program. Understanding performance measurement is vital for anyone who participates in the investment process. Investment Performance Measurement is a comprehensive and integrated survey of the steps taken to measure performance as well as a reference guide to the calculation and interpretation of the various risk and return statistics commonly encountered by anyone responsible for selecting, monitoring, and evaluating the performance of investment managers.

Written in a clear and accessible style, with each concept developed through fully worked examples, this book is a valuable guide that provides you with critical insights into many areas of this important step in the investment management cycle.

This straightforward and well-rounded resource provides a step-by-step guide to the processes used by practitioners to analyze the performance of an investment portfolio.

Topics include:

  • Calculation of the returns earned by portfolios and portfolio managers
  • Measurement of the risks taken to earn these returns
  • Measurement of the risk and return efficiency of a portfolio
  • Attribution of value added over the benchmark to management decisions
  • Presentation and interpretation of returns calculated using industry standards

Filled with in-depth spreadsheet examples, Investment Performance Measurement gives you all the information you’ll need to understand and implement the techniques used to measure the performance of an investment. ... Read more

Reviews (4)

5-0 out of 5 stars Best book on investment performance measurement
I have read many books on this subject. This book is the best. It's well written, easy to understand, but in much detail.

Some other books only cover some calculation of returns, but this book covers all the subjects that matter to investment performance measurement: Return Measurement, Risk Measurement, Efficiency and Skill Measurement, Performance Attribution and Performance Presentation.

This book is not expensive. Good value for your money.

Anne-Mei-Ling
Indexfund Investment Group BV analyst

5-0 out of 5 stars Clear and Concise
Excellent presentation of performance measurement. Great for the novice to advanced reader. Very concise yet thorough as well as a focused text. Calculations are clear with plenty of examples which makes this text very user-friendly. The reader can quickly begin to implement the formulas. Highly recommend to anyone interested in this important topic.

5-0 out of 5 stars A great reference to have....
I find myself referencing Feibel's performance algorithms quite often. The book overall is well written, easy to follow, and quite organized. I recommend it to anyone that needs a good handbook alongside them or is new to performance calcs.

5-0 out of 5 stars An education and refresher course!
It is about time that a text like this has been made available. There are others out there, but none that cover the breadth and detail required to understand what is relevant today. Covering everything to how returns are calculated, and then moving on up to other more complex issues such as risk and attribution - it lays it all out, along with clear examples to support the text. It should sit as a reference tool on anyone's desk who works in investment management. ... Read more


195. Value at Risk: The New Benchmark for Managing FinancialRisk
by PhilippeJorion
list price: $75.00
our price: $47.25
(price subject to change: see help)
Asin: 0071355022
Catlog: Book (2000-08-17)
Publisher: McGraw-Hill
Sales Rank: 54836
Average Customer Review: 2.94 out of 5 stars
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Book Description

To accommodate sweeping global economic changes, the risk management field has evolved substantially since the first edition of Value at Risk, making this revised edition a must. Updates include a new chapter on liquidity risk, information on the latest risk instruments and the expanded derivatives market, recent developments in Monte Carlo methods, and more. Value at Risk, Second Edition, will help professional risk managers understand, and operate within, today’s dynamic new risk environment. ... Read more

Reviews (18)

2-0 out of 5 stars Still useful as reference but check out the competition
Currently the VaR literature is cluttered with books all clamoring for your attention. Thus the potential student of the subject is blessed with being in a position to make a choice. The 'reader from New York' provided a good overview of the relevant literature. IMHO, this book tried to hit a balance between breadth of coverage (different models in practice) and depth (rigour), but the result is a compromise that leaves neither the student of the subject nor the practitioner satisfied. Since other reviewers have done such a good job dissecting this book, I will just concentrate on recommending the books that I feel are better values: For beginning students I feel Kevin Dowd's provides a good overview of the VaR literature in a clear and concise way. For pracitioners and more advanced risk mangement students, I HIGHLY recommend Glyn Holton's new Value-at-Risk Theory and Practice book. His approach is totally refreshing. Instead of starting at the top of the pyramide (the value-at-risk metrics), he starts out at the bottom. He breaks down VaR into its most basic elements. By providing a detailed explanation of difference between exposure and uncertainty, he introduces readers to the mathematical and probabilitistic background material needed to formulate the VaR measure (methodology) and the metrics (resulting VaR value). Both Kevin Dowd and Glyn Holton's presentations are organized and their writing are crisp and easily understandable. You won't go wrong with either book.

1-0 out of 5 stars No longer useful
The first edition was for a while the only book on the subject. As such, it had to be the best. But, at that time, RiskMetrics VCV approach was the only approach. Jorion analyses this approach in detail, and derives many results (for example, attributing risks, etc.). He then implies by omission that they work for other methods, they don't. He also implies by omission that RiskMetrics is the absolute greatest, it isn't - it's probably now the weakest method. Surveys show that now only 10% of banks worldwide are using this method - and the numbers are falling.

There is nothing about coherence, the problems with VaR, the fundamental problems with using it to allocate risks to portfolios...
There was no reason to bring out a new edition.

4-0 out of 5 stars Good Book for sophisticated investment analyst
Good Book for sophisticated investment analyst

4-0 out of 5 stars Value at Risk
The financial and banking sectors have changed dramatically over the last two decades. The traditional commercial banks are shying away from loans and relying on riskier (??) products such as derivatives to bolster the income. Non-bank financials have been consistently adding products and product lines to their inventory (insurance & loans??). As these firms change themselves, their need for risk measurement and management has also increased which in turn has driven the advances and increased focus on Value at Risk type concepts during this time.

Despite improvements in measuring risk the newspapers are full of stories where risks have been mismanaged. Jorion?s introductory chapters on risk management failures are good at proving why risk management is important. I think beginners would find the chapters that define the different types of risks (credit, liquidity, operational, legal & market), the role of VaR in regulatory capital measurements, and the first part of the VaR discussion as being useful. The chapters that specifically deal with credit, operational, and liquidity risks are also important though the author does not cover these topics as deeply as he covers VaR.

I understand that this book used to be the bible for managing financial risk. I still think it?s an extremely useful book, but agree with some of the other commentators that it could have been more than it is. With an industry that changes as quickly as the financial sector you?d hope for some more detail on current trends and events besides Basel II. (Role of new products such as credit derivatives? Do firms really care about incremental VaR or Marginal VaR, and if they do when? When is it practical to use? How do firms use it? Who are the current leaders in the techniques?). I would also have liked to see more on reputational risk (how do firms decide if a product is appropriate for a client? how would the public perceive a firm?s transactions with a particular client? Enron and WorldCom are current examples).

The difficulty in writing about this subject is that it?s very easy to be too complicated and detailed for beginners but not complicated or detailed enough for professionals. For example, beginners may have difficulties with the material if they don?t understand basic financial concepts, but professionals are probably looking for more specifics on how these concepts are applied for specific products. I?d imagine that there aren?t many readers in that middle ground. This book is definitely geared more towards the professional.

2-0 out of 5 stars Better Alternatives
This book was rushed into print following the release of JPMorgan's landmark RiskMetrics description of VaR. Like RiskMetrics, its focus is on explaining VaR to corporate end users. For a while, it was the only book available on VaR, so it became well known. A second edition added material on topics other than VaR, but did not update the treatment of VaR. By today's standards, the book is dated.

Now there are a number of excellent books available on VaR, and these cater to various audiences. Depending upon what you are looking for, they offer a more accessible, more sophisticated, or more up-to-date treatment of VaR.

For an elementary introduction, you can't beat Butler. Downplaying theory, he shows you practical spreadsheet examples you can use to implement basic VaR models. He explains related topics, such as probability distributions, delta and gamma, and the Monte Carlo method, so the book is self-contained.

Marrison's "Measuring Market Risk" describes VaR in the context of bank risk management. More sophisticated than Butler, this is a practical, "real world" book for people starting in bank risk management. Marrison ties VaR together with topics such as capital allocation, credit risk modeling and asset-liability management.

Holton is written for practicing risk mangers or researchers. Before it even publishes, it has made a splash on trading floors where dog-eared preprint copies have become a coveted item. Holton explains in detail things like delta-gamma VaR and variance reduction for Monte Carlo VaR -- topics other books only mention. Also, Holton is the only book that offers exercises.

For use of VaR in investment management, see Pearson's "Risk Budgeting." It introduces VaR and then explains how it can be used to allocate assets between investment categories or among managers -- this is known as risk budgeting. The focus of the book is a technique from calculus that allows you to decompose risks so that the parts sum to the whole. There isn't much else written on this topic, and Pearson offers the best treatment that I know of.

Finally, there is Dowd's "Beyond Value-at-Risk." This provides an excellent survey of the literature on VaR. It also covers related risk management topics, including credit risk management and risk-adjusted performance measurement. ... Read more


196. A Complete Guide to Technical Trading Tactics : How to Profit Using Pivot Points, Candlesticks & Other Indicators (Wiley Trading)
by John L.Person
list price: $59.95
our price: $37.77
(price subject to change: see help)
Asin: 047158455X
Catlog: Book (2004-04-16)
Publisher: John Wiley & Sons
Sales Rank: 59304
Average Customer Review: 5 out of 5 stars
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Book Description

Praise for A complete guide to Technical Trading Tactics

"John Person does an excellent job of explaining how to apply technical analysis to the futures markets. Since futures trading is short-term in nature, it demands precision timing tools. A lot of those tools can be found in this new book."
––John Murphy
author of Technical Analysis of the Financial Markets and Intermarket Analysis

"Easy to read and easy to follow, A Complete Guide to Technical Trading Tactics is a book traders will love."
––Larry Williams
Legendary trader and author of Day Trade Futures Online and Long-Term Secrets to Short-Term Trading

"A Complete Guide to Technical Trading Tactics is replete with useful trading tips in a logical format, presented by a seasoned trader with a flair for telling it like it is . . .sure to enrich your pocketbook."
––Larry Pesavento
40-year veteran trader and former member of the CME

"There is a Japanese proverb: ‘He whose ranks are united in purpose will be victorious.’ This book skillfully reveals how to join the most important aspects of technical analysis including my favorite (of course) candlesticks. Covers the spectrum from market mechanics to chart analysis, pivot points (John’s specialty), order placement, and much more. Use this book! It will help you along the road to victory in your trading battles."
––Steve Nison, CMT
President, Candlecharts.com and author of Japanese Candlestick Charting Techniques and The Candlestick Course

"Brilliantly provides succinct descriptions and applications of technical trading techniques, gives a solid overview of the derivatives market, shows how to identify and work with a broker, and presents issues that a trader must face to be successful. A must-read for traders at all experience levels."
––Daniel M. Gramza
President, Gramza Capital Management, Inc.

"John Person provides readers the most valuable commodity they can buy on any exchange: the benefit of his vast knowledge and experience related to trading. His analysis and discussion of pivot points is an especially valuable contribution to trading literature."
––Edward D. Dobson
President, Traders Press, Inc. ... Read more

Reviews (4)

5-0 out of 5 stars perfect
john is one of the few select people that can explain trading into one book.not only did i learn new techniques from this book but he also reminds me how i should trade.
i highly recommend this book.

5-0 out of 5 stars Excellent in every way.
I started my career reading books from the likes of John J. Murphy, Steve Nison, McMillan, Elder, Bulkowski, etc...

This book can sit on my shelf in equal company from each of these other great analysts.

Thanks for your insight and guidance John, it is sincerely appreciated.

I especially enjoyed the section on Pivot Points.

Sincerely,
LT

5-0 out of 5 stars Geat Hidden Jem
This book is a gem... great discussions on the lesser known areas of trading. Of course, this book does a great job of covering the standard indicators in a very well thought out fashion. But the real power J. Person's book lies on the chapters on crowd behavior, and going against the grain of the "talking heads."

I greatly enjoyed this read, and know I will be implementing many of the ideas in my own trading. Trading Tactics is a must read for all, novices as well as seasoned professionals will find something useful within its pages...SB

5-0 out of 5 stars The great lessons to help you pull the trigger
I think the chapter on Pivots plus the candle stick patterns is one of the smartest and best visual "right side of the chart" indicators I have learned yet. What powerful signals these are. It is awesome to see a that an entire chapter is donated to solutions to the emotional hang ups in trading too! Buy this book it works! ... Read more


197. The Complete Guide to Flipping Properties
by SteveBerges
list price: $19.95
our price: $13.57
(price subject to change: see help)
Asin: 0471463310
Catlog: Book (2003-11-14)
Publisher: John Wiley & Sons
Sales Rank: 5630
Average Customer Review: 3.88 out of 5 stars
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Book Description

Fix and flip single-family houses for quick profit––and long-term prosperity

The Complete Guide to Flipping Properties offers proven, straightforward guidance for anyone interested in flipping properties for quick profits. This comprehensive guide to flipping will help any real estate investor design a detailed plan for achieving their financial goals as quickly as possible. Steve Berges, creator of the value play strategy, shows you step by step how to flip properties and lock in profits. With in-depth explanations of every aspect of the art of flipping––from finding properties and closing the deal, to repairing houses and reselling at the best price––this book is the ultimate resource for novice investors and real estate pros alike.

The Complete Guide to Flipping Properties includes:

  • Time-tested strategies for flipping
  • Ten proven methods for locating great properties
  • Property valuation methods––and which one is right for you
  • Financial analysis and modeling techniques
  • How to create value and maximize your profits
  • Seven steps of successful negotiation
  • How to close the deal
  • Foolproof exit strategies for getting rid of properties
  • How to assemble a winning team of professionals
  • Three keys to maximizing your potential as a real estate investor

With tips on writing business plans, investing on credit or with OPM (other people’s money), and creative financing methods, The Complete Guide to Flipping Properties gives any investor the tools they need to build wealth safely and reliably. ... Read more

Reviews (8)

5-0 out of 5 stars Excellent Financial Analysis!
I've read a half dozen or more books on flipping/rehabbing and none of the others come close to this one when it comes to financial analysis. Most authors focus on the "how to's" of flipping, which Berges does also, but he outshines all of them when it comes to analyzing real estate.

Berges walks the reader through using several examples in a financial model to help properly analyze an investment property . At the end of the analysis, if the returns are acceptable, you buy the property and if they are not, you pass on it and go on to the next one. No emotional attachments here. Buying and selling is done strictly on an analytical basis.

A lot of authors tend to focus on getting in to a deal for "nothing down" but say very little, if anything, about value. Just because you can buy a house for nothing down doesn't mean it's a good deal or that you should buy it. Out of all the real estate books I've read over the years, Berges is the only one to really emphasize value.

My guess is that Berges will lead the way among future writers by emphasizing value and financial analysis just like Robert Allen led the way with the nothing down techniques in the 80s and 90s.

Two thumbs up!

1-0 out of 5 stars Not nearly as good as his first book
His book on flipping properties is not nearly as good as his "The Complete Guide to Buying and Selling Apartment Buildings."

I really liked his first book, and when I saw this one on the bookshelf, I picked it up without hesitation. To my dismay, this book doesn't do its job getting a REI newbie off the starting blocks, and it definitely doesn't give any additional information to the flippers who have been in the business for a while.

My advice is to skim through this one while you are at the bookstore, and then put it back on the shelf.

5-0 out of 5 stars Excellent Guide to Flipping
I've read most all of the books on flipping and rehabbing. This book is by far the best! The author uses many examples and provides step-by-step instructions that are easy for readers to follow. He also includes an entire chapter on how to actually find these properties which was really helpful to me. I was able to use this information to locate four houses over the last month and currently have one of them under contract.

I highly recommend this book to both beginning investors and to those who are more experienced as the author seems to have a knack for writing to a wide range of audiences. Great book!

5-0 out of 5 stars Another Great Book by Berges!
I read Berges' book The Complete Guide to Buying and Selling Apartments about a year ago or so and liked it so well I couldn't wait for him to come out with another book. His book on Flipping is every bit as good as the book on apartments. Berges provides a comprehensive and complete approach to anyone interested in buying and selling houses. He wrote about a similar topic, which he referred to as "the value play" in his apartment book. In the flipping properties book, Berges applies the value play strategy, which is to buy, add value, and sell, all in a very short period of time. The idea is to get in, get out, and make money!

Although Berges covers one of the same topics Bronchick does, he does it in a different way which gives the reader another perspective. Authors write about similar topics all the time. There's nothing wrong with this. Berges also covered several topics that Bronchick did not. No harm there either. It's pretty clear to me that judging by their writing styles and backgrounds, Berges likes the finance end of real estate while Bronchick prefers the legal end. Maybe the two should consider teaming up!

3-0 out of 5 stars Flipping is a State of Mind not a State of Being
Go through my catalog of book reviews and this will seem wildly out of place. However, my wife really really wants to buy a house. So I've picked up a good pile of books on purchasing a home, renovating a home and ... yes ... flipping a home.

My father was in the development business when I was growing up, so I've had the opportunity to be with houses from breaking ground to opening. I think I have a good eye for potential and love the creativity of improving a space.

So, my wife really wants a show house. It's a long story, but she really does. Given that we both own our own businesses and that those businesses are pretty young, I didn't feel comfortable adding a lot to our debt load.

So I convinced her to look at some less "show housey" houses. Let's just say that it didn't go over really well.

But I come from two families of creative thinkers and I thought, "What if we treated the first house or two like investments, rather than like homes?"

One puts a lot of emotional stock in their home ... but they can be more pragmatic about an investment. The concept took a while to get through to my wife, but now she is fully on-board.
Then I started reading ... I'm reading about six books at the same time. This is the first to be finished.

Steve Berges has written a concise entry-level book on flipping properties. He gets into some of the valuation of flipping. His methodologies are simplistic and geared towards the numbers only. I don't think he fully appreciates that artistic eye that it takes to see a house that has potential versus one that merely can be fixed up.

There's a bit of rah-rah in this, which I'm finding in a lot of these real-estate books. The end chapter is mostly rah-rah in fact. But this book is very helpful in getting the interested reader focused on the subject at hand.

Indeed, none of the books I've seen thus far will give you all the answers you want. But they will help you focus. ... Read more


198. Missed Fortune : Dispel the Money Myth-Conceptions--Isn't It Time You Became Wealthy?
by Douglas R. Andrew
list price: $19.95
our price: $13.96
(price subject to change: see help)
Asin: 0446693502
Catlog: Book (2004-04-01)
Publisher: Warner Business Books
Sales Rank: 1839
Average Customer Review: 5 out of 5 stars
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Reviews (3)

5-0 out of 5 stars Missed Fortune: Dispel the Money Myth-Conceptions
I wish I had read a book like this years ago. This book change the way I think about money. I can't thank Douglas Andrew enough for sharing his insights. A must read for anyone with a mortgage!!!!

5-0 out of 5 stars I learned quite a bit from this book
I stumbled unto this book and I only browsed the first couple of chapters while I was at the bookstore. For now, I'll write an incomplete review, because this is such a good book, I was kind of surprised it only had one anonymous Amazon review thus far.

This book, or at least the little that I've read from this book, is truly outstanding. It takes the common sense financial practices of the average financial investor/homeowner, and it tells us why they're a bad idea.

A couple of juicy tidbits:

- Overpaying on your mortgage paiment will increase the risk of losing your property.
- In a real estate downturn, bankers like to take over equity-rich properties, not equity-poor properties (it's less work for them).
- In a real estate downturn or in an emergency, it's better to have your money in a side liquid fund, than to have it tied up in your property.
- And in case your bank tries to repossess your property, you'll have more leverage against the bank and you'll have more room to maneuver if your money is out the property.

Now again, I haven't read the book fully, these are just the couple of ideas that I remember at the top of my head, but those ideas were very thought-provoking (to me at least). I intend to buy this book, read it fully, and come back here to give a better review.

5-0 out of 5 stars Absolutely amazing
If you are in the financial services industry or even just looking to have a safe and secure retirement, you need to read this book! It is absolutely amazing!!!!!!!!!!!!!! ... Read more


199. Ordinary People, Extraordinary Wealth: The 8 Secrets of How 5,000 Ordinary Americans Became Successful Investors--and How You Can Too
by Ric Edelman
list price: $15.00
our price: $10.50
(price subject to change: see help)
Asin: 0062736868
Catlog: Book (2000-12-26)
Publisher: HarperBusiness
Sales Rank: 34909
Average Customer Review: 3.06 out of 5 stars
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Book Description

How did a secretary, a firefighter, a retired naval officer, a housewife, a construction worker, a schoolteacher, and a pharmacist become wealthy?  Bestselling author Ric Edelman has studied the wealth-making habits of these 5,000 other ordinary Americans and reveals his findings in this extraordinary book that outlines in eight easy, practical steps to secrets to achieving and maintaining wealth.

Here you'll find a lifetime of wealth-building experience from people just like you -- people who have figured out how to arrange their finances and make wise investment decisions so that they can reach their goals and achieve financial security.  Plus, you'll find tips on

  • How to turn your mortgage into a wealth-enhancing tool
  • Why small investments work better than big ones
  • How to max out on your employer-sponsored retirement plan
  • When to hold investments and when to fold them
  • When to pay attention to financial news and when to turn it off

Let your neighbors lend you a hand. And let Ric Edelman guide you through their lessons in this  eye-opening journey with thousands of ordinary folks who found their way to extraordinary wealth.

... Read more

Reviews (68)

3-0 out of 5 stars Don't waste your money
First off I'd like to say that the information in this book,8 so called secrets,is valuable. Mr. Edelman explains it in an easy to understand way. The reason I say not to waste your money is this. Each secret has a chapter with an average length of 11.5 pages. So basically the good information is in about 90 some pages. The rest of the book is filled with the authors' clients telling you how they do the things that the book says. In my opinion this should be a 100 page book at the most. It took me 2 hours to get all the valuable information out of this book(it is good information). I think the author expanded most of his energy trying to sell you his other books by the numerous footnotes telling you to by his other books. He was trying to be humorous most of the time with the footnotes but it became annoying.

My recommendation is..The library

5-0 out of 5 stars A great addition to The Millionaire Next Door
I've noticed that several people are comparing this book to The Millionaire Next Door and making it as a either/or deal.I ve read The Millionare Next Door as well as this book and I believe they compliment each other, even though they also contradict each other. Who says that anyone has a corner on truth or that there is only one way to become financially successful? The Millionaire Next Door beats the frugality concept to death and shows how ordinary people can become successful via frugal living.Ordinary People/Extraordinary Wealth also shows how ordinary people achieve extraordinary wealth only with a slightly different method.Edelman, and his successful clients, recommend not paying off your mortgage early (I did but took out a home equity line of credit later) I didn't initially agee with Edelaman on this, but I do now.A paid off mortgage may make you feel good but it ds you no good. It's like money in a shoebox generating nothing.Some people also compared Edelmans book with the poular Rich Dad Poor Dad by Robert Kiyosaki, another great book. Kiyosaki emphasizes that a house is not an asset and that money is better used to invest in real assets as opposed to paying off a non asset---mortgage. In this regard, Edelman and Kiyosaki are very similiar.To me it makes more sense to invest in assets like rental properties and equities than to pay off your mortgage to be debt free (you are also cash flow free). Although I wouldn't have said that 10 years ago--live and learn!All three books: The Millionaire Next Door, Rich Dad Poor Dad and Ordinary People Exxtraordinary income make great, highly instructional and profitable reading.These books deliver only if you follow through on the advice given.If you are new to Edelman, I highly recommend that you read The Truth About Money first, then move on to Ordinary People Extraordinary Wealth.

2-0 out of 5 stars No Epiphanies or Elixirs Here
The reason I give this book two stars is that it emphasizes the potential rewards of risk without emphasizing a responsible, balanced approach. Other publications, such as the bestseller, Rich Dad, Poor Dad, and excerpts from The Millionaire Next Door communicated more clearly that what separates the financially independent individuals from those who are trapped in the paycheck-to-paycheck rat race world is that the former are made up of compulsive savers and investors while the latter are made up of compulsive spenders who entrap themselves by spending increases that correlate with pay raises.

Author Robert Kiyosaki at least hit the nail on the head when he said that the road to financial success is to increase your ability to build interest income, a goal well highlighted in Dominguez and Robin's Your Money or Your Life, by building assets and reducing liabilities. In fact, his terms made investing in the stock market appear a whole lot more attractive an option than what this book, with its bits and pieces of anecdotal evidence, could ever begin to express.

Sorry, still 2 stars. The way that the chapters were laid out did not strike me as being overtures of a road to victory for every person. Why? Because, unlike other reliable sources, such as Kiyosaki's works, it does not go deeply enough into the process of thinking about what defines financial intelligence and what the financially intelligent thing to do would be for a given situation.

With the quick jump to placing a seemingly blind faith in investing the stock market and with the few stories of how several became "successful" with his strategies (and they may be financially sound), this book resonated the pitches of a snake oil salesman.

Ric Edelman is, perhaps, an intelligent man, but don't confuse this "Yadda, Yadda, Yadda" with "Yabba Dabba Doo"!

4-0 out of 5 stars Recommended for any young investor
This book provides a good survey of where to start thinking about your investment possibilities, and offers some good advice on what to do and what not to do. The most valuable part of the book is the personal experiences shared by the financially successful individuals at the end of each chapter. I agree with another reviewer that this booked was basically a sales brochure, however, it offers some good advice. Recommended if you have no clue what you're doing but know you have to do something ASAP.

5-0 out of 5 stars 8 secrets on how 5,000 people achieved financial success/
The fact is that the 8 secrets revealed in this book have already worked for over 5,000 people. That is a pretty impressive record.

Some of the tips you will learn include:

How to turn your mortgage into a wealth-enhancing tool

Why small investments work better than big ones

How to max oout your employer sponsored retirement plan

Your investments: when to hold them and when to fold them

Financial news: when to pay attention and when to turn it off

And a whole lot more.

This book was written prior to the Clinton Stock Market Crash that occurred in 2000 but as a reader of Ric Edelman, I am happy to say that after following Edelmans's advice, I was a victor not a victim. I listen to Ric, not self serving brokers or out of touch magazine authors who think they are qualified to write on personal finance. ... Read more


200. Credit Derivatives Pricing Models: Model, Pricing and Implementation
by Philipp J.Schönbucher, P.J. Schonbucher
list price: $125.00
our price: $78.75
(price subject to change: see help)
Asin: 0470842911
Catlog: Book (2003-03-01)
Publisher: John Wiley & Sons
Sales Rank: 91204
Average Customer Review: 3.17 out of 5 stars
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Book Description

Since its inception, the market for credit derivatives has shown impressive growth and is expected to hit a volume of more than $4.8 trillion by 2004. Credit derivatives have begun to transform modern banking; they have become a standard instrument for the management of default risk; they are being used for risk management and hedging as well as for speculation, balance-sheet management and regulatory capital purposes.

Despite their great usefulness, even established professionals often feel insecure when it comes to the quantitative analysis of the prices and risks of credit derivatives. Confronted with a bewildering variety of fundamentally different pricing approaches, it can be very challenging to understand their relative advantages and disadvantages and to choose the "correct" one for the problem at hand.

In this book, the author carefully explains the different pricing models for credit derivatives in a very application-oriented way. Based on his wide experience in professional training for credit derivatives analysis, the models are developed with a view to their application to real pricing problems rather than just presenting the theory.

Philipp Schönbucher is one of the most talented researchers of his generation. He has taken the Credit Derivatives world by storm. In this book he carefully explains the concepts and the mathematics behind all of the most important and popular credit risk models. Professor Schönbucher has filled an important gap on the quantitative finance bookshelf. –Paul Wilmott

The reader is presented with a clear, concise and readable treatment of credit pricing models that will appeal to practitioners and academics. It provides a useful roadmap to the many daily challenges that face practitioners. It will become a standard reference.
–Stuart M. Turnbull, Senior Vice President, Fixed Income Research, Lehman Brothers, NY

"This is the most comprehensive, and also the clearest, book on the details of constructing credit risk models that I have read. Throughout, it is directly useful for general value-at-risk credit modelling as well as its stated focus of credit derivatives. Readability is greatly enhanced by its step-by-step organization across what has grown to be a large topic area and the focus of its single author, as opposed to a collection of disjointed papers. Alternative modelling frameworks are written in a common notation and the reader is given all the details needed for direct implementation. The author, Philipp Schönbucher, is clearly one of the top researchers in this area, even before the writing of this book." –Greg M Gupton, DefaultRisk.com

"Philipp addresses a wide range of modelling issues in the fast growing market of credit derivatives. He covers a broad spectrum of topics starting with the simple everyday trading tools while gradually building up to the more complex mathematical models. It successfully bridges the gap between academia and practice in an elegant and easy style, making it a valuable book for a wide audience"  –Ebbe Rogge, Product Development Group, Financial Markets, ABN AMRO
... Read more

Reviews (6)

3-0 out of 5 stars Amongst the best of a bad lot
The state of theory is in such tremendous flux at present with a majority of research unpublished and a growing consensus that the state of the art is entirely inadequate. No book could possibly please industry researchers at this point, but Philipp contributes some ideas and clarification here and there and some leads which are valuable. He is perhaps a little dismissive and pessimistic when the theory wanders into hard mathematical problems, and to to a large extent his book ends where the fun stuff begins. Nontheless I would recommend, especially to those entering the field.

1-0 out of 5 stars Academic's Imperfect Idea of the Market
This book on credit derivatives models is written by an academic without a feel for how the market trades in practice. Schonbucher presents the mathematical equations without expanding on the meaning of the models or their application.

There are some errors of fact when he discusses how certain products work, such as first-to-default baskets, a serious error in and of itself, but unfortunately there are additional similar errors which show the author has an imperfect understanding of the market he writes about. All in all this book was an unsatisfying treatment of the topic.

2-0 out of 5 stars Models in theory
Nice equations, but hasn't kept up with Ph.D.'s who work on Wall Street and know the theory, thoroughly understand the products, and can apply practical but theoretically sound compromises to accommodate reality. Ph.D.'s at work in finance - including myself (physics) - are probably too busy to write the definitive modelling book. This book fails to address key ingredients such as daycounts, settlement conventions, documentation asymmetry, and more.

5-0 out of 5 stars Informative, Rigorous, Excellent
The book covers the basics of credit risk modeling and derivative pricing (both structural and intensity type of models), explained in a clear style with enough detail to enable implementation (a rarity in financial literature!). Basics of the theory of stochastic processes and risk-neutral pricing are also covered. Calibration methods for the models are clearly explained. Due to the limited scope, some topics are given only cursory coverage (Copula function methods, role of interest-rates models etc.), but even then, enough references are provided. A very useful, concisely written tome!

4-0 out of 5 stars Good Model Overview
This is a fine overview of credit derivatives modeling. The model explanations are good, but the book may have benefited from more disclosure about data limitations and the current sources of data. Value dislocations due to documentation language are not captured by the models, especially in the light of ISDA's 2003 language changes. More detail on applications and the need to deal with risks introduced by specific structures would also have been helpful.

Curiously, there are a few conventions inconsistent with market practice used in this book. For instance, the author defines credit risk as default risk, ignoring the standard definition of credit risk which includes general credit spread widening, and credit downgrades. It also seems the author is unfamiliar with how first-to-default baskets are traded, and seems to think that premiums of the survivors are paid after a first-to-default event (They cease.). These observations aside, this is a long-awaited reference for credit derivatives professionals.

For the above risks, I recommend two other sources. Applications and documentation risks are clearly explained in Tavakoli's "Credit Derivatives" (2nd Edition). For professionals who want to know how to apply derivatives in structured finance, I highly recommend Tavakoli's just released book: "Collateralized Debt Obligations and Structured Finance". ... Read more


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