Treynor on Institutional Investing

Informationen zum Autor Jack L. Treynor is President of Treynor Capital Management, Inc. He was the editor of the Financial Analysts Journal for many years and is the author of more than ninety articles that have appeared in numerous financial publications. Along with William Sharpe, Robert Merton, and Harry Markowitz, Treynor is a Distinguished Fellow for the Institute for Quantitative Research in Finance. He serves on the advisory boards of the Financial Analysts Journal and the Journal of Investment Management, and has taught investment courses at Columbia University and the University of Southern California. Treynor has served as a general partner, trustee, and director of seventy investment companies. Klappentext Praise for TREYNOR ON INSTITUTIONAL INVESTING"Jack Treynor has a mind of his own. I mean that as the highest compliment. Jack Treynor sees what no one else sees, thinks what no one else thinks, explains what no one else explains. You will learn more in fifteen minutes with Jack Treynor than in a full hour with most pundits. You will work hard but you will see things, think things, and understand things as never before. This book is a most valuable treasure, gleaming with Jack Treynor's brilliance."-Peter L. Bernstein, author, Capital Ideas Evolving"Vintage Treynor. This is a must-own reference for anyone involved in institutional asset management. It assembles - in one place - many of the important insights of one of the most provocative and creative players in the finance world over the past half-century."-Robert D. Arnott, Chairman, Research Affiliates, and Former Editor, Financial Analysts Journal"As a practicing investment manager, Treynor always preferred brilliance to soundness. Identifying the flaws in conventional thinking, he shows both the theorist and the practitioner where to invest time in their search for excess return."-Perry Mehrling, Professor of Economics, Barnard College, Columbia University, author, Fischer Black and the Revolutionary Idea of Finance"Jack Treynor's new book brings together a lifetime of exploring the important questions surrounding the sophisticated investor's task. Readers of Treynor on Institutional Investing will be richly rewarded by the insights the author has developed about both the practical and the conceptual keys to successful investing."-Samuel L. Hayes, III, Jacob Schiff Professor of Investment Banking Emeritus, Harvard Business School Zusammenfassung Praise for TREYNOR ON INSTITUTIONAL INVESTING"Jack Treynor has a mind of his own. I mean that as the highest compliment. Jack Treynor sees what no one else sees, thinks what no one else thinks, explains what no one else explains. You will learn more in fifteen minutes with Jack Treynor than in a full hour with most pundits. You will work hard but you will see things, think things, and understand things as never before. This book is a most valuable treasure, gleaming with Jack Treynor's brilliance."-Peter L. Bernstein, author, Capital Ideas Evolving"Vintage Treynor. This is a must-own reference for anyone involved in institutional asset management. It assembles - in one place - many of the important insights of one of the most provocative and creative players in the finance world over the past half-century."-Robert D. Arnott, Chairman, Research Affiliates, and Former Editor, Financial Analysts Journal"As a practicing investment manager, Treynor always preferred brilliance to soundness. Identifying the flaws in conventional thinking, he shows both the theorist and the practitioner where to invest time in their search for excess return."-Perry Mehrling, Professor of Economics, Barnard College, Columbia University, author, Fischer Black and the Revolutionary Idea of Finance"Jack Treynor's new book brings together a lifetime of exploring the important questions surrounding the sophisticated investor's task. Readers of Treynor on Institutional Investing will be ri...

List of contents

Foreword.
 
Preface.
 
Acknowledgments.
 
Introduction.
 
Part One: Risk.
 
1. Using Portfolio Composition to Estimate Risk.
 
2. Business vs. Statistical Price Risk.
 
3. Specific Risk.
 
4. On the Quality of Municipal Bonds.
 
5. Time Diversification.
 
CAPM.
 
6. Towards a Theory of Market Value of Risky Assets.
 
7. Portfolio Theory is Inconsistent with the Efficient Market Hypothesis.
 
8. In Defense of CAPM.
 
Part Two: Performance Measurement.
 
9. Editorial Viewpoint.
 
10. How to Rate Management of Investment Funds.
 
11. Can Mutual Fund Outguess the Market?
 
12. The Future of Performance Measurement.
 
Part Three: Economics.
 
13. Unemployment and Inflation.
 
14. What Professor Galbraith Neglected to Tell His Television Audience.
 
15. The Financial Objective in the Widely Held Corporation.
 
16. The Real Cost of Inflation.
 
17. The Fiscal Burden.
 
18. A Modest Proposal.
 
19. A More Modest Proposal.
 
20. Real Growth, Government Spending and Private Investment.
 
21. Securities Law and Public Policy.
 
22. Shirtsleeves to Shirtsleeves in Three Generations.
 
23. Is Training a Good Investment?
 
24. The Fifth Horseman.
 
25. A Theory of Inflation.
 
26. How to Regulate a Monopoly.
 
27. Man's Most Important Invention.
 
28. Will the Phillips Curve Cause World War III?
 
Part Four: Trading.
 
29. Editor's Comment.
 
30. The Only Game in Town.
 
31. What the Courts Ought to Know About Prudence.
 
32. De Facto Market Makers.
 
33. Editor's Comment.
 
34. Four Rules for Successful Trading.
 
35. Index Funds and Active Portfolio Management.
 
36. Opportunities and Hazards in Investigative Research.
 
37. What Does It Take to Win the Trading Game?
 
38. In Defense of Technical Analysis.
 
39. The Economics of the Dealer Function
 
40. Market Manipulation.
 
41. Types and Motivations of Market Participants.
 
42. The Invisible Costs of Trading.
 
43. Zero Sum.
 
44. Insider Trading: Two Comments.
 
Part Five: Accounting.
 
45. Financial Reporting--For Whom?
 
46. The Revenue-Expense View of Accrual Accounting.
 
47. The Trouble with Earnings.
 
48. The Trueblood Report.
 
49. A Hard Look at Traditional Disclosure.
 
50. The Trouble with Corporate Disclosure.
 
Part Six: Investment Value.
 
51. Top-Down Economic Forecasts and Securities Selection.
 
52. The Value of Control.
 
53. Economic Life vs. Physical Life.
 
54. The Investment Value of Plant.
 
55. Growth Companies.
 
56. Bulls, Bears and Market Bubbles.
 
57. The Canonical Market Bubble.
 
58. The Investment Value of Brand Franchise.
 
59. The Investment Value of an Idea.
 
Part Seven: Active Management.
 
60. How to Use Security Analysis to Improve Portfolio Selection.
 
61. Why Clients Fail.
 
62. Long Term Investing.
 
63. The Institutional Shortfall.
 
64. Persuasion and Long Term Investing.
 
65. Is "Reasonable Knowledge" Enough?
 
66. How Technical Should Investment Management Be?
 
67. If You Can Forecast the Market, You Don't Need Anything Else.
 
68. Market Efficiency and the Bean Jar Experiment.
 
69. From the Board. Information-Based Investing.
 
70. The 10 Most Important Questi

Product details

• Authors: Jack L Treynor, Jack L. Treynor, Jl Treynor, Treynor Jack L.
• Publisher: Wiley, John and Sons Ltd
• Languages: English
• Product format: Hardback
• Released: 06.11.2007
• EAN: 9780470118757
• ISBN: 978-0-470-11875-7
• No. of pages: 608
• Series: Wiley Finance; Wiley Finance Editions; The Wiley Finance Series; Wiley Finance; Wiley Finance Editions; The Wiley Finance Series
• Subjects: Social sciences, law, business > Business > Business administration; Finance & Investments, Finanz- u. Anlagewesen, Institutionelle Finanzplanung, Institutional & Corporate Finance