非对称回报：活动资产管理的未来 ASYMMETRIC RETURNS
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作者： Alexander M. Ineichen著
出 版 社： John Wiley & Sons
出版时间： 2007-7-1字数：版次： 1页数： 336印刷时间： 2007/12/01开本：印次：纸张： 胶版纸I S B N ： 9780470042663包装： 精装编辑推荐
作者简介：
Alexander M. Ineichen, CFA, CAIA, is Managing Director and Senior Investment Officer for the Alternative Investment Solutions team, itself a business within UBS Global Asset Management. In October 2000, Ineichen authored In Search of Alpha: Investing in Hedge Funds, which has become the most often printed research publication in the documented history of UBS Investment Bank. He has published several papers in peer-refereed financial journals, contributed numerous articles and chapters to financial newspapers, magazines, and books, and regularly speaks at industry conferences. Ineichen is also on the Board of Directors of CAIAA (Chartered Alternative Investment Analyst Association) and is the author of the widely popular Absolute Returns: The Risk and Opportunities of Hedge Fund Investing (Wiley).
内容简介
In Asymmetric Returns, financial expert Alexander Ineichen elevates the critical discussion about alpha versus beta and absolute returns versus relative returns. He argues that controlling downside volatility is a key element in asset management if sustainable positive compounding of capital and financial survival are major objectives. Achieving sustainable positive absolute returns are the result of taking and managing risk wisely, that is, an active risk management process where risk is defined in absolute terms and changes in the market place are accounted for. The result of an active risk management process-when successful-is an asymmetric return profile, that is, more and higher returns on the upside and fewer and lower returns on the downside. Ineichen claims that achieving Asymmetric Returns is the future of active asset management.
Alexander M. Ineichen, CFA, CAIA, is Managing Director and Senior Investment Officer for the Alternative Investment Solutions team, a key provider within Alternative and Quantitative Investments, itself a business within UBS Global Asset Management. He is also on the Board of Directors of the Chartered Alternative Investment Analyst Association (CAIAA). Ineichen is the author of the two UBS research publications In Search of Alpha—Investing in Hedge Funds (October 2000) and The Search for Alpha Continues—Do Fund of Hedge Funds Add Value? (September 2001). As of 2006 these two reports were the most often printed research papers in the documented history of UBS. He is also author of the widely popular Absolute Returns—The Risk and Opportunities of Hedge Fund Investing, also published by John Wiley & Sons.
目录
Preface
Acknowledgments
Chapter 1: Survival of the Richest—Volatility Matters
The Future of the Asset Management Industry
Change in Risk Perception
Living Legends on the Future of Investment Management
Defining Asymmetric Returns
Introduction
Background
Volatility Matters
The Thing about Compounding Capital
Evolution Is Jumpy, Not Smooth
Chapter Summary and Conclusions
Appendix: On Compounding, Survival, and Dull Swiss
Chapter 2: Risk and Transparency
Risk Is "Exposure to Change"
The Boiling Frog Syndrome
Risk versus Knightian Uncertainty
Prevention versus Cure
Risk Measurement versus Risk Management
The Musical Chairs Effect
Tracking Risk versus Total Risk
Controlled versus Uncontrolled Risk
Investor Protection versus Capital Protection
Investor Protection
Systematic versus Nonsystematic Risk
Systematic Risk
Nonsystematic Risk
Chapter Summary and Conclusions
Chapter 3: The Price of Asymmetric Returns
Fees—An Evergreen Issue Revisited
Introduction
Paying for the Balancing Act
Paying the Milkman Thrice
To Pay or Not to Pay—That Is the Question
Asymmetric Returns through Derivatives
Introduction
Capital-Guaranteed Structures
Chapter Summary and Conclusions
Appendix: Aggregate Fees
Chapter 4: Fireflies before the Storm
Risk, Returns, and Market Efficiency
Active versus Passive Asset Management
Introducing a Flexible Approach to Managing Money
Time Diversification, Risk, and Uncertainty
Does Time Increase or Reduce Risk?
Tyranny of the Status Quo
Chapter Summary and Conclusions
Appendix: On Volatility and Fat Tails
Chapter 5: Alpha Is an Option
Inefficiency of Financial Markets
There Is No Free Lunch Plan
Unorthodox Economics and Voodoo Science
Introduction
Praxeology
Reflexivity
Behavioral Finance
Chapter Summary and Conclusions
Appendix: On Alpha, Beta, and Randomness
Chapter 6: Active Risk Management
Chapter 7: Asymmetry of Single-Manager Risk
Chapter 8: Asymmetric Returns as a Business
Chapter 9: The Past, the Present, and the Unpredictable
Notes
References
About the Author
Index
