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Portfolio Construction, Management And Protection

by: Strong,Robert A.

Portfolio Construction, Management And Protection

by: Strong,Robert A.

ISBN 13:
9780324232585
ISBN 10:
0324232586
Edition: 4th
Format: Hardcover
Copyright: 07/14/2005
Publisher: Cengage Learning
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Summary

This applications-oriented text transitions from theory to practice in a clear, straightforward manner. An ideal text for schools that do not have a "pure" portfolio course, it accomplishes the objectives of both a traditional investments course and a portfolio theory course. The book balances coverage of both the small and large investor, and offers unique coverage of topics not found in other texts, such as fiduciary duty and investment policy. Numerous references and questions from the CFA exam are also included.

Preface

xxi

PART ONE BACKGROUND, BASIC PRINCIPLES, AND INVESTMENT POLICY

(124)

The Process of Portfolio Management

(12)

Introduction

(1)

Part One: Background, Basic Principles, and Investment Policy

(4)

Part Two: Portfolio Construction

(1)

Part Three: Portfolio Management

(2)

Part Four: Portfolio Protection and Contemporary Issues

(1)

Internet Exercise

(3)

Valuation, Risk, Return, and Uncertainty

(37)

Key Terms

(1)

Introduction

(1)

Valuation

(1)

Growing Income Streams

(1)

Safe Dollars and Risky Dollars

(6)

Choosing Among Risky Alternatives

(3)

Defining Risk

(2)

Relationship Between Risk and Return

(5)

Direct Relationship

(1)

Concept of Utility

(1)

Diminishing Marginal Utility of Money

(1)

St. Petersburg Paradox

(2)

Fair Bets

(1)

The Consumption Decision

(1)

Other Considerations

(1)

The Concept of Return

(6)

Measurable Return

(3)

Return on Investment

(3)

Some Statistical Facts of Life

(11)

Definitions

(4)

Properties of Random Variables

(4)

Linear Regression

(1)

R Squared and Standard Errors

(2)

Summary

(1)

Questions

(1)

Problems

(3)

Internet Exercises

(1)

Further Reading

(2)

Setting Portfolio Objectives

(29)

Key Terms

(1)

Introduction

(1)

Why Setting Objectives Can Be Difficult

(2)

Semantics

(1)

Indecision

(1)

Subjectivity

(1)

Multiple Beneficiaries

(1)

Investment Policy versus Investment Strategy

(1)

Portfolio Objectives

(7)

Preconditions

(2)

Traditional Portfolio Objectives

(2)

Special Situation of Tax-Free Income

(2)

Portfolio Objectives and Expected Utility

(1)

The Importance of Primary and Secondary Objectives

(1)

Other Factors to Consider in Establishing Objectives

(3)

Inconsistent Objectives

(1)

Infrequent Objectives

(1)

Portfolio Splitting

(1)

Liquidity

(1)

The Role of Cash

(1)

Portfolio Dedication

(2)

Cash Matching

(1)

Duration Matching

(2)

Summary

(1)

Questions

(1)

Problems

(2)

Internet Exercises

(1)

Further Reading

(1)

Appendix Mutual Fund Evaluation Term Project

(1)

Key Terms

(1)

Introduction

(1)

Classification of Mutual Funds

(4)

Open End versus Closed End

(1)

Net Asset Value versus Market Value

(1)

Load versus No Load

(2)

Management Fees

(1)

Buying Mutual Fund Shares

(1)

Mutual Fund Objectives

(1)

Term Assignment

(2)

Part One

(1)

Part Two

(1)

Part Three

(1)

Part Four

(1)

Part Five

(1)

Further Reading

(1)

Investment Policy

(44)

Key Terms

(1)

Introduction

(1)

The Purpose of Investment Policy

(7)

Outline Expectations and Responsibilities

(2)

Identify Objectives and Constraints

(4)

Outline Eligible Asset Classes and Their Permissible Uses

(1)

Provide a Mechanism for Evaluation

(1)

Elements of a Useful Investment Policy

(5)

Return

(1)

Risk

(2)

Constraints

(2)

Risk and Return Considerations: Different Investors

(4)

Individual Investors

(1)

Institutional Investors

(4)

Critiquing and Revising the Investment Policy Statement

(2)

Characteristics of a Good Statement

(1)

Revising the Policy

(2)

Summary

100

(1)

Questions

100

(1)

Problems

101

(7)

Internet Exercise

108

(1)

Further Reading

109

(1)

Appendix Sample Statements of Investment Policy

110

(1)

All Souls Congregational Church

110

(2)

All Souls Congregational Church Endowment Fund Investment Policy March 2003

110

(1)

General Purpose and Philosophy

110

(1)

Responsibilities

111

(1)

Objectives

111

(1)

Constraints

111

(1)

Reporting

112

(1)

The Philadelphia Foundation

112

(3)

The Philadelphia Foundation, Inc. Investment Policy Approved---November 2003

112

(1)

Mission

112

(1)

Investment Goals

112

(1)

Spending Policy

113

(1)

Asset Allocation Strategy

113

(1)

Investment Guidelines

113

(1)

Administrative and Review Procedures

114

(1)

Investment Responsibility

114

(1)

Eastern Maine Healthcare

115

(10)

Statement of Investment Objectives and Policy Guidelines for Eastern Maine Healthcare

115

(1)

Pension Plan Endowment Fund Self Insurance Trust April 1998

115

(1)

Amended by Eastern Maine Healthcare Board of Directors December 17, 2002

115

(1)

Purpose

115

(1)

Endowment Fund Spending Policy

115

(1)

Objectives

116

(1)

Asset Allocation/Manager Structure

117

(1)

Investment Guidelines

118

(3)

Performance Standards

121

(1)

Responsibilities

122

(2)

Amendments

124

(1)

PART TWO PORTFOLIO CONSTRUCTION

125

(260)

The Mathematics of Diversification

127

(15)

Key Terms

127

(1)

Introduction

127

(1)

Linear Combinations

128

(6)

Return

128

(1)

Variance

128

(6)

Single-Index Model

134

(3)

Computational Advantages

134

(2)

Portfolio Statistics with the Single-Index Model

136

(1)

Multi-Index Model

137

(1)

Summary

137

(1)

Questions

138

(1)

Problems

138

(3)

Internet Exercise

141

(1)

Further Reading

141

(1)

Why Diversification Is a Good Idea

142

(50)

Key Terms

142

(1)

Introduction

142

(1)

Carrying Your Eggs in More Than One Basket

142

(2)

Investments in Your Own Ego

143

(1)

The Concept of Risk Aversion Revisited

143

(1)

Multiple Investment Objectives

144

(1)

Role of Uncorrelated Securities

144

(12)

Variance of a Linear Combination: The Practical Meaning

144

(1)

Portfolio Programming in a Nutshell

145

(1)

Concept of Dominance

146

(3)

Harry Markowitz: The Founder of Portfolio Theory

149

(7)

Lessons from Evans and Archer

156

(4)

Methodology

156

(1)

Results

157

(1)

Implications

158

(1)

Words of Caution

159

(1)

Diversification and Beta

160

(1)

Capital Asset Pricing Model

161

(3)

Systematic and Unsystematic Risk

161

(1)

Fundamental Risk/Return Relationship Revisited

161

(3)

Equity Risk Premium

164

(1)

Using a Scatter Diagram to Measure Beta

165

(3)

Correlation of Returns

165

(1)

Linear Regression and Beta

166

(2)

Importance of Logarithms

168

(2)

Statistical Significance

168

(2)

Arbitrage Pricing Theory

170

(3)

APT Background

170

(1)

The APT Model

170

(2)

Example of the APT

172

(1)

Comparison of the CAPM and the APT

172

(1)

Future Prospects for APT

173

(1)

Summary

173

(1)

Questions

174

(1)

Problems

175

(2)

Internet Exercises

177

(1)

Further Reading

178

(2)

Appendix Stochastic Dominance

180

(1)

Key Terms

180

(1)

Introduction

180

(1)

Efficiency Revisited

181

(1)

First-Degree Stochastic Dominance

181

(4)

Second-Degree Stochastic Dominance

185

(2)

Stochastic Dominance and Utility

187

(3)

Stochastic Dominance and Mean Return

189

(1)

Higher Orders of Stochastic Dominance

189

(1)

Practical Problems with Stochastic Dominance

190

(1)

Summary

190

(1)

Problems

190

(1)

Further Reading

191

(1)

International Investment and Diversification

192

(42)

Key Terms

192

(1)

Introduction

192

(1)

Why International Diversification Makes Theoretical Sense

193

(4)

Remembering Evans and Archer

193

(1)

Remembering Capital Market Theory

194

(3)

Foreign Exchange Risk

197

(13)

Business Example

197

(1)

An Investment Example

198

(1)

From Whence Cometh the Risk?

198

(5)

Dealing with the Risk

203

(5)

The Eurobond Market

208

(1)

Combining the Currency and Market Decisions

208

(2)

Key Issues in Foreign Exchange Risk Management

210

(1)

Investments in Emerging Markets

210

(10)

Background

211

(1)

Adding Value

211

(1)

Reducing Risk

212

(1)

Following the Crowd

212

(1)

Special Risks

213

(4)

Asymmetric Correlations

217

(1)

Market Microstructure Considerations

218

(2)

Political Risk

220

(3)

Factors Contributing to Political Risk

221

(1)

Subclasses of Political Risk

222

(1)

Dealing with Political Risk

222

(1)

Other Topics Related to International Diversification

223

(2)

Multinational Corporations

223

(1)

American Depository Receipts

223

(1)

International Mutual Funds

224

(1)

Summary

225

(1)

Questions

226

(1)

Problems

227

(4)

Internet Exercises

231

(1)

Further Reading

231

(3)

The Capital Markets and Market Efficiency

234

(26)

Key Terms

234

(1)

Introduction

234

(1)

Role of the Capital Markets

234

(3)

Economic Function

235

(1)

Continuous Pricing Function

235

(1)

Fair Price Function

236

(1)

Efficient Market Hypothesis

237

(10)

Types of Efficiency

237

(1)

Weak Form

238

(4)

Semi-Strong Form

242

(1)

Strong Form

243

(1)

Semi-Efficient Market Hypothesis

244

(3)

Security Prices and Random Walks

247

(1)

Anomalies

247

(7)

Low PE Effect

247

(1)

Low-Priced Stocks

248

(1)

Small Firm and Neglected Firm Effects

249

(1)

Market Overreaction

250

(1)

January Effect

250

(2)

Day-of-the-Week Effect

252

(1)

Turn-of-the-Calendar Effect

252

(1)

Persistence of Technical Analysis

252

(1)

Chaos Theory

253

(1)

Summary

254

(1)

Questions

255

(1)

Problems

256

(1)

Internet Exercise

257

(1)

Further Reading

257

(3)

Picking the Equity Players

260

(28)

Key Terms

260

(1)

Introduction

260

(1)

Stock Selection Philosophy: Fundamental and Technical Analysis

261

(1)

Dividends and Why They Really Do Not Matter

261

(13)

Types of Dividends

261

(6)

Why Dividends Do Not Matter

267

(1)

Theory versus Practice

268

(1)

Stock Splits versus Stock Dividends

269

(5)

Investment Styles

274

(6)

Value Investing

274

(3)

Growth Investing

277

(1)

Capitalization

277

(2)

Integrating Style and Size

279

(1)

Categories of Stock

280

(5)

Blue Chip Stock

280

(1)

Income Stocks

281

(1)

Cyclical Stocks

281

(1)

Defensive Stocks

282

(1)

Growth Stocks

282

(1)

Speculative Stocks

283

(1)

Penny Stocks

283

(1)

Categories Are Not Mutually Exclusive

283

(1)

A Note on Stock Symbols

284

(1)

Summary

285

(1)

Questions

285

(1)

Problems

286

(1)

Internet Exercise

287

(1)

Further Reading

287

(1)

Security Screening

288

(27)

Key Terms

288

(1)

Introduction

288

(1)

Why Screening Is Necessary

289

(1)

Time Constraints

289

(1)

Everyday Examples of Screens

289

(1)

What Constitutes a Good Screen?

290

(1)

Ease of Administration

290

(1)

Relevance and Appropriateness

290

(1)

Acceptance by the User

291

(1)

Ordinal Ranking of Screening Criteria

291

(1)

Sources of Information

291

(7)

Value Line

291

(1)

Standard & Poor's

292

(1)

Mergent

292

(6)

Brokerage Information

298

(1)

Internet

298

(1)

Screening Processes

298

(8)

Multiple-Stage Screening

298

(1)

Subjective Screening

299

(3)

Screening with the Popular Press Only

302

(4)

A Quick Risk Assessment Screen with the Stock Report

306

(1)

Examples of Commercial Screens

306

(5)

Published Paper Data

306

(1)

Computerized Data

307

(4)

Summary

311

(1)

Questions

312

(1)

Problems

312

(1)

Internet Exercise

313

(1)

Further Reading

313

(2)

Bond Pricing and Selection

315

(46)

Key Terms

315

(1)

Introduction

315

(1)

Review of Bond Principles

316

(4)

Identification of Bonds

316

(1)

Classification of Bonds

316

(2)

Terms of Repayment

318

(1)

Bond Cash Flows

319

(1)

Convertible Bonds

319

(1)

Registration

320

(1)

Bond Pricing and Returns

320

(12)

Valuation Equations

321

(1)

Yield to Maturity

322

(1)

Realized Compound Yield

323

(1)

Current Yield

324

(1)

Term Structure of Interest Rates

325

(2)

Spot Rates

327

(2)

The Conversion Feature

329

(1)

The Matter of Accrued Interest

330

(2)

Bond Risk

332

(7)

Price Risks

332

(1)

Convenience Risks

333

(2)

Malkiel's Interest Rate Theorems

335

(2)

Duration as a Measure of Interest Rate Risk

337

(2)

The Meaning of Bond Diversification

339

(2)

Default Risk

339

(1)

Dealing with the Yield Curve

340

(1)

Bond Betas

341

(1)

Choosing Bonds

341

(4)

Client Psychology and Bonds Selling at a Premium

341

(1)

Call Risk

342

(1)

Constraints

342

(3)

Example: Monthly Retirement Income

345

(8)

The Problem

345

(1)

Unspecified Constraints

346

(1)

Using S&P's Bond Guide

346

(1)

Solving the Problem

347

(6)

Summary

353

(1)

Questions

354

(1)

Problems

355

(3)

Internet Exercise

358

(1)

Further Reading

358

(3)

The Role of Real Assets

361

(24)

Key Terms

361

(1)

Introduction

361

(1)

Real Estate in General

362

(3)

Investment Characteristics

362

(1)

Developed and Undeveloped Property

363

(1)

Pension Fund Investment in Real Estate

364

(1)

Timberland in Particular

365

(9)

Institutional Interest in Timberland

365

(1)

A Timberland Investment Primer

366

(8)

Real Estate Investment Trusts

374

(1)

Types of REITs

374

(1)

Types of Real Estate Value

374

(2)

Gold

376

(6)

Motivation for Gold Investment

376

(1)

Determinants of the Price of Gold

377

(2)

The London Fix

379

(1)

Investing in Gold

380

(2)

Summary

382

(1)

Questions

382

(1)

Internet Exercise

383

(1)

Further Reading

383

(2)

PART THREE PORTFOLIO MANAGEMENT

385

(146)

Revision of the Equity Portfolio

387

(28)

Key Terms

387

(1)

Introduction

387

(1)

Active Management versus Passive Management

387

(10)

The Manager's Choices

388

(9)

Tactical Asset Allocation

397

(9)

What Is Tactical Asset Allocation?

397

(2)

How TAA Can Benefit a Portfolio

399

(1)

Designing a TAA Program

400

(1)

Caveats Regarding TAA Performance

400

(1)

Costs of Revision

401

(5)

Contributions to the Portfolio

406

(1)

When Do You Sell Stock?

406

(4)

Rebalancing

406

(1)

Upgrading

407

(1)

Sale of Stock via Stop Orders

407

(1)

Extraordinary Events

408

(1)

Final Thoughts

409

(1)

Summary

410

(1)

Questions

410

(1)

Problems

411

(2)

Internet Exercise

413

(1)

Further Reading

413

(2)

Revision of the Fixed-Income Portfolio

415

(20)

Key Terms

415

(1)

Introduction

415

(1)

Passive versus Active Management Strategies

416

(8)

Passive Strategies

416

(1)

Active Strategies

416

(4)

Risk of Barbells and Ladders

420

(2)

Bullets versus Barbells

422

(1)

Swaps

422

(1)

Forecasting Interest Rates

423

(1)

Volunteering Callable Municipal Bonds

424

(1)

Bond Convexity (Advanced Topic)

424

(7)

The Importance of Convexity

424

(1)

Calculating Convexity

425

(3)

An Example

428

(1)

Using Convexity

429

(2)

Summary

431

(1)

Questions

432

(1)

Problems

432

(1)

Internet Exercise

433

(1)

Further Reading

433

(2)

Principles of Options and Option Pricing

435

(24)

Key Terms

435

(1)

Introduction

435

(1)

Option Principles

436

(1)

Why Options Are a Good Idea

436

(1)

What Options Are

436

(1)

Standardized Option Characteristics

437

(1)

Where Options Come From

438

(1)

Where and How Options Trade

439

(1)

The Option Premium

440

(2)

Sources of Profits and Losses with Options

442

(1)

Option Pricing

443

(12)

Determinants of the Option Premium

443

(3)

Black-Scholes Option Pricing Model

446

(2)

Development and Assumptions of the Model

448

(2)

Insights into the Black-Scholes Model

450

(1)

Delta

451

(1)

Theory of Put/Call Parity

452

(2)

Stock Index Options

454

(1)

Summary

455

(1)

Questions

455

(1)

Problems

456

(1)

Internet Exercise

457

(1)

Further Reading

457

(2)

Option Overwriting

459

(24)

Key Terms

459

(1)

Introduction

459

(1)

Using Options to Generate Income

459

(16)

Writing Calls to Generate Income

460

(3)

Writing Puts to Generate Income

463

(4)

Writing Index Options

467

(5)

A Comparative Example

472

(3)

Combined Hedging/Income Generation Strategies

475

(3)

Writing Calls to Improve on the Market

475

(2)

Writing Puts to Acquire Stock

477

(1)

Writing Covered Calls for Downside Protection

478

(1)

Multiple Portfolio Managers

478

(2)

Separate Responsibilities

478

(1)

Distinction Between Option Overwriting and Portfolio Splitting

479

(1)

Integrating Options and Equity Management

479

(1)

Summary

480

(1)

Questions

480

(1)

Problems

481

(1)

Internet Exercise

482

(1)

Further Reading

482

(1)

Performance Evaluation

483

(28)

Key Terms

483

(1)

Introduction

483

(1)

Importance of Measuring Portfolio Risk

483

(4)

A Lesson from History: The 1968 Bank Administration Institute Report

484

(1)

A Lesson from a Few Mutual Funds

485

(1)

Why the Arithmetic Mean Is Often Misleading: A Review

486

(1)

Why Dollars Are More Important Than Percentages

487

(1)

Traditional Performance Measures

487

(7)

Sharpe and Treynor Measures

487

(4)

Jensen Measure

491

(1)

Performance Measurement in Practice

492

(2)

Dollar-Weighted and Time-Weighted Rates of Return

494

(1)

Performance Evaluation with Cash Deposits and Withdrawals

495

(5)

Daily Valuation Method

496

(2)

Modified Bank Administration Institute (BAI) Method

498

(1)

An Example

498

(1)

An Approximate Method

499

(1)

Performance Evaluation When Options Are Used

500

(6)

Incremental Risk-Adjusted Return from Options

500

(5)

Residual Option Spread

505

(1)

Final Comments on Performance Evaluation with Options

506

(1)

Summary

506

(1)

Questions

506

(1)

Problems

507

(1)

Internet Exercise

508

(1)

Further Reading

508

(3)

Fiduciary Duties and Responsibilities

511

(20)

Key Terms

511

(1)

Introduction

511

(1)

History

512

(4)

Prudent Man Rule

512

(2)

The Spitzer Case

514

(1)

Prudent Expert Standard

515

(1)

Uniform Management of Institutional Funds Act

515

(1)

Uniform Prudent Investor Act

515

(1)

Fiduciary Duties

516

(3)

Care

516

(2)

Loyalty

518

(1)

Prohibited Transactions

519

(1)

Emerging Areas

519

(9)

Due Diligence

519

(1)

Social Investing

520

(1)

Proxy Voting

521

(4)

Soft Dollars

525

(3)

Summary

528

(1)

Questions

528

(2)

Internet Exercise

530

(1)

Further Reading

530

(1)

PART FOUR PORTFOLIO PROTECTION AND EMERGING TOPICS

531

(108)

Principles of the Futures Market

533

(23)

Key Terms

533

(1)

Introduction

533

(1)

Futures Contracts

534

(3)

What Futures Contracts Are

534

(1)

Why We Have Futures Contracts

535

(1)

How to Fulfill the Futures Contract Promise

535

(2)

Market Mechanics

537

(5)

The Marketplace

537

(2)

Creation of a Contract

539

(1)

Market Participants

539

(3)

The Clearing Process

542

(4)

Matching Trades

543

(1)

Accounting Supervision

544

(1)

Intramarket Settlement

545

(1)

Settlement Prices

545

(1)

Delivery

546

(1)

Principles of Futures Contract Pricing

546

(4)

Expectations Hypothesis

547

(1)

Normal Backwardation

548

(1)

Full Carrying Charge Market

549

(1)

Reconciling the Three Theories

550

(1)

Foreign Currency Futures

550

(2)

Hedging and Speculating with Foreign Currency Futures

550

(1)

Pricing of Foreign Exchange Futures Contracts

551

(1)

Summary

552

(1)

Questions

553

(1)

Problems

554

(1)

Internet Exercise

554

(1)

Further Reading

554

(2)

Benching the Equity Players

556

(19)

Key Terms

556

(1)

Introduction

556

(1)

Using Options

556

(6)

Equity Options with a Single Security

557

(3)

Index Options

560

(2)

Using Futures Contracts

562

(6)

Importance of Financial Futures

562

(1)

Stock Index Futures Contracts

562

(1)

S&P 500 Stock Index Futures Contract

563

(1)

Hedging with Stock Index Futures

563

(2)

Calculating a Hedge Ratio

565

(1)

Hedging in Retrospect

566

(2)

Dynamic Hedging

568

(3)

Dynamic Hedging Example

569

(1)

The Dynamic Part of the Hedge

569

(1)

Dynamic Hedging with Futures Contracts

569

(2)

Summary

571

(1)

Questions

572

(1)

Problems

572

(1)

Internet Exercise

573

(1)

Further Reading

573

(2)

Removing Interest Rate Risk

575

(21)

Key Terms

575

(1)

Introduction

575

(1)

Interest Rate Futures Contracts

576

(6)

Categories of Interest Rate Futures Contracts

576

(1)

U.S. Treasury Bills and Their Futures Contracts

576

(3)

Treasury Bonds and Their Futures Contracts

579

(3)

Concept of Immunization

582

(10)

Duration Matching

582

(4)

Immunizing with Interest Rate Futures

586

(2)

Immunizing with Interest Rate Swaps

588

(2)

Disadvantages of Immunizing

590

(2)

Summary

592

(1)

Questions

592

(1)

Problems

593

(1)

Internet Exercise

594

(1)

Further Reading

594

(2)

Integrating Derivative Assets and Portfolio Management

596

(21)

Key Terms

596

(1)

Introduction

596

(1)

Setting the Stage

596

(5)

Portfolio Objectives

596

(1)

Portfolio Construction

597

(4)

Meeting an Income Constraint

601

(2)

Determining Unmet Income Needs

601

(1)

Writing Index Calls

601

(2)

Risk Management

603

(9)

Stock Portfolio

603

(3)

Hedging Company Risk

606

(1)

Fixed-Income Portfolio

607

(5)

Managing Cash Drag

612

(1)

Summary

613

(1)

Questions

614

(1)

Problems

614

(2)

Internet Exercise

616

(1)

Further Reading

616

(1)

Contemporary Issues in Portfolio Management

617

(22)

Key Terms

617

(1)

Introduction

617

(1)

Security Analyst Objectivity

618

(1)

Stock Lending

618

(6)

Mechanics of a Short Sale

619

(2)

How a Stock Lending Transaction Works

621

(1)

Stock Lending's Lucrative Nature

622

(1)

Regulatory Concerns

623

(1)

Certificateless Trading

623

(1)

Program Trading

624

(3)

Alternative Investments

627

(2)

Long/Short Portfolios

627

(1)

Hedge Funds

628

(1)

Managed Futures

629

(1)

Role of Derivative Assets

629

(2)

Process of Education

629

(1)

Getting Board Approval

630

(1)

The Chartered Financial Analyst Program

631

(3)

History

631

(1)

The CFA Program Exams

631

(1)

CFA Program Themes

632

(2)

Regulation Fair Disclosure

634

(2)

The SEC Position

634

(1)

The Industry Position

635

(1)

AIMR Response

635

(1)

The Future of the Regulation

635

(1)

Summary

636

(1)

Questions

637

(1)

Problems

637

(1)

Internet Exercise

638

(1)

Further Reading

638

(1)

Glossary

639

(16)

Index

655

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Portfolio Construction, Management And Protection

Portfolio Construction, Management And Protection

9780324232585

0324232586

Summary

Table of Contents

Supplemental Materials

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Amazon no longer offers textbook rentals. We do!

Portfolio Construction, Management And Protection

Portfolio Construction, Management And Protection

9780324232585

0324232586

Summary

Table of Contents

Supplemental Materials

Write a Review

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