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Fixed Income Mathematics has established itself as an indispensable reference source for fixed income professionals. No other book provides such a comprehensive and authoritative overview of the analytical tools used to value bonds and measure price and yield behavior. The third edition has been substantially revised to reflect new developments in the field, including the introduction of more complex instruments and new methods to assess risk. Building from basic concepts to advanced techniques, Fixed Income Mathematics provides market professionals with all the information they need to evaluate any fixed income security and build and manage a fixed income portfolio. The topics include: The time value of money; Bond pricing and return analysis; The yield curve and its application to pricing and duration; and Analyzing complex bonds.
Everything today's executives and finance pros need to know about the freewheeling derivatives market to understant and manage risk with confidence Swaps, swaptions, caps, floors. Almost daily, new, more exotic forms of derivatives sweep through the marketplace, bringing their innovators one step closer to the holy grail of completely hedging risk on huge institutional investments. That's fine for traders. But what about those in the managerial chairs responsible for financial oversight of derivatives deals? This book satisfies their hunger for reliable information about how derivatives really work. Written in down-to-earth language everyone can understand, Derivatives for Decision Makers uses common examples from business and the markets to explain how derivatives work and how they are being used right now. Armed with its insights, executives, attorneys, accountants, and corporate board members will understand derivatives well enough to ask the right questions of themselves, their employees, and their trusted advisors. * Covers the principles of derivatives, from their use in common situations such as refinancing a mortgage, through advanced financial applications * Goes beyond media coverage to explain recent derivatives use, misuse, and regulation GEORGE CRAWFORD (Palo Alto, California) lectures on fiduciary investing at Stanford Law School, where he also directs The Institutional Shareholder's Forum. He is a Visiting Scholar at the Hoover Foundation, and a former Partner and Firm Director of the Private Capital Section at Jones Day Reavis & Progue. BIDYUT C. SEN (New York, New York) has been a leading figure in derivative products and structured financings over the last decade. He is a Managing Director at Morgan Stanley, where he is co-head of the Worldwide Derivative Products Group.
Provides a comprehensive introduction to the subject of financial markets. Covers markets in central trading places like the New York Stock Exchange and the Chicago Board of Trade, and markets in non-central trading such as that in government bonds, foreign currencies, and over-the-counter stocks. Includes unique analyses of pricing of options and features, especially futures in Eurodollars. This is the comprehensive introduction to financial markets from an economic perspective. It assumes a basic understanding of economics. The authors cover both markets that trade in central locations like the New York Stock Exchange and the Chicago Board of Trade, and also markets that trade by phone , computer terminal, etc., like bonds, foreign currency and securities traded on over-the-counter market. Also included are options and future markets, and the authors present and unique way of analysing the prices of these instruments, especially the pricing of futures in Eurodollars.
I vowed to one day write a book so that other novices would not have to go through the same grueling process to learn about trading. --Sunny Harris With a surge in the number of people trying their hand at trading today--baby boomers, retirees, individual investors--it's more important than ever to develop a solid working knowledge of the rudiments of this potentially profitable practice. Trading 101 is a clearly written, concise, and thorough introduction to the basics. The author, renowned for her successful Trading 101 seminars, creates an indispensable reference covering everything from charting techniques and trading vehicles to technical analysis and current market buzzwords. With easy-to-read charts and graphs supplementing the text, this is an invaluable resource for complete information on: The whats and the how-tos: What is a put? What is a call? How do I place a trade? How do I select a broker? Fundamental analysis and its economic indicators -- leading indicators, real GDP, interest rates, productivity Developing your own trading system--design, costs, backtesting the system, and evaluating your performance Obtaining fundamental data--bulletin board services, commercial data vendors, the Internet, chart services Setting up your trading as a business -- developing a business plan, legal and tax questions, back office services Discipline--sticking to your system, finding coaches that can help you stay motivated, keeping a diary Trading 101 also provides details on which newsletters offer dependable investment advice, how to choose the best discount brokerage, and which of today's computers and financial software packages are the best for planning and evaluating trades. Complete with glossary, bibliography, and listings of networking and educational meetings on the Internet, as well as beginner seminars and conferences, software vendors, and recommended books, this comprehensive, easy-to-use guide is the one to have in hand before entering the unpredictable and competitive world of trading. Praise for Trading 101 Trading 101 should be required reading for every new or prospective futures trader. It provides more solid information and all-around knowledge than any other book I've ever seen on the subject. It receives my unqualified endorsement and takes top place on my list of recommended titles for futures traders. --Edward Dobson, President, Traders Press, Inc. Trading 101 is a great idea. There was nothing like this when I started out. The novice trader now has a place to start the search. Oh, the time it would have saved me! --John Bollinger, CFA, CMT, President, Bollinger Capital Management, Editor, The Capital Growth Letter Sunny has done a great job in bringing a highly complex and diverse topic to the level of human understanding--must reading for every new trader. --Jake Bernstein, author The Investor's Quotient, Second Edition
Learn to maximize your trading power with...OPTION Strategies Find out how options really work with this complete introduction to options valuation and trading. In this revised and expanded edition, top options expert Courtney Smith details the ins and outs of this lucrative, yet complex, financial instrument. From the working fundamentals to the most innovative pricing models, Option Strategies gives you the information you need to make a wise and successful investment. Whether you want to bull up or bear down, buy puts or sell calls, here's where you'll find: * Descriptions of option basics: carrying charges, transaction costs, underlying instruments, and premiums * Details on advanced strategies: bull, bear, and calendar spreads; straddles and strangles; synthetic longs and shorts Decision Structures that enable you to select an appropriate options strategy and evaluate its risks and rewards in various market environments Written in clear, nontechnical language, this comprehensive guide makes the complex world of options easier to grasp. For traders and hedgers-both novice and professional-this is the only book to have for getting to the bottom of options, and staying on top of the latest strategies. With their high-profit yields and the flexibility they offer in buying and selling, options are a preferred trading vehicle for investors. Trading options, however, is as complex as it can be lucrative. Even for experts in the field, getting a firm grasp on this high-risk activity can be difficult. Option Strategies makes it easier, offering all the tools you need to invest safely and profitably, using the latest trading techniques. Now revised and updated, this comprehensive guide by one of the industry's top experts covers all the essentials, from the fundamentals of options to the intricacies of options valuation and trading. You'll find details on everything from carrying charges and strike prices to commissions, interest rates, and break-even points. Beyond the basics, you'll also learn about the bull and bear strategies needed to buy and sell calls, puts, spreads, straddles and combinations, synthetic positions, arbitrage, and much more. Additionally, major strategies are highlighted and accompanied by a unique Decision Structure that gives you a clear picture of how each strategy works, and advice on how to plan your investment better. Consisting of a series of questions and answers, these decision structures assist you in analyzing potential trades, determining your objectives and the amount of risk you're prepared to take, and deciding what follow-up action to take once you've entered a trade. To help you tune in to current trading trends and practices, this newest edition has been expanded to cover the latest practical and innovative trading strategies, and advanced options techniques such as implied volatility. Filled with examples, charts, and graphs, this concise, accessible book is the only guide you'll need to stay on top of the high-risk, high-profit game of options.
Money and Capital Markets offers thorough coverage of financial institutuions and markets for upper level endergraduate and MBA students. Prerequisites for the text are an introductory finance course and basic knowledge of algebra. Money and capital Markets presents the major theories of the impact of inflation, government spending, and monetary policy upon interest rates. In order to emphasize factors determining the prices and risks of financial instruments, descriptive information about institutions is kept to a minimum. The links between different types of securities are shown through risk--free arbitrage. this allows lecturers and students to establish frameworks for linking different types of bonds and connecting futures markets with spot markets. The third edition features: * Updated institutional information, including coverage of US treasury auctions, investment banking, brokers and dealers, bank regulation, and mortagage markets. * Extensively revised end of chapter problems challenging the student to think critically. * More user friendly chapters on spot and forward interest rates, coupon--bearing bands, bond investment risks and features.
Mutual funds offer a practical way to enter the world of investing. Financial expert David Scott offers a straightforward guide to mutual funds--what they are, how to invest in them, and the rewards and risks associated with them. Also included are 30 helpful investment tips as well as 15 charts and graphs.
The must-have book for all futures traders In Fundamental Analysis, the legendary Jack D. Schwager has produced the most comprehensive, in-depth book ever written on the use of fundamental analysis for futures trading. In what is destined to become the bible of the futures industry, Schwager has poured out insights gathered during his long career as a trader, researcher, bestselling writer, and highly regarded authority in the field. This book is packed with invaluable information you'll use every trading day. Futures guru Jack Schwager has created the definitive source on using fundamental analysis for price forecasting that no trader can afford to be without. -Tom Baldwin Chairman, Baldwin Group This book won't make you a great commodities trader instantly, but it will teach you what you must know to start. -Jim Rogers Author, Investment Biker Jack Schwager always provides clear and compelling material on the often opaque subject of futures trading. -Richard Dennis President, Dennis Trading Group Jack Schwager's deep knowledge of the markets and his extensive network of personal contacts throughout the industry have set him apart as the definitive market chronicler of our age. -Ed Seykota Fundamental Analysis is the first book in the Schwager on Futures series-the definitive source on the futures market for the next century that no trader will want to be without. Jack Schwager is one of the most important and visible figures in the futures industry today. His Market Wizards and New Market Wizards are two of the bestselling finance titles of all time. Now Schwager has created the most comprehensive guide ever for using fundamental analysis for futures trading. The much-awaited Schwager on Futures series greatly expands and updates material first contained in his A Complete Guide to the Futures Markets, which has been the bible of the industry for the past decade. In this first volume of the series, Fundamental Analysis, Schwager shows traders how to apply analytical techniques to actual price forecasting and trading in virtually all futures contracts currently traded. In chapter after chapter, Schwager draws on what he has learned during his legendary career as a successful trader, researcher, and bestselling investment author to dispense priceless insights. Explains how to apply the techniques of technical analysis to fundamental data-information not found elsewhere Shows how regression analysis works and tells how to use it as a tool for price forecasting Includes step-by-step instruction on how to build a forecast model Contains a 13-chapter section illustrating the applications of fundamental techniques to individual markets and market groups Outlines how to analyze seasonal fluctuations, including seasonal price charts of 27 active markets Numerous charts, tables, and examples illustrate all key concepts, and the text itself is written in the clear, nontechnical style that has helped make Jack Schwager one of today's most widely read and highly regarded investment writers.
Cultivate the skills necessary to follow your business intuitions No matter how much background and training a trader or investor has, intuition remains the key personal asset to attaining financial success. Success depends on refining your intuition to a level that allows you to take the next step with unshakable confidence. But bringing yourself to this level is a daunting challenge--one that often requires you to override the logic of your acquired knowledge. With insights from industry success stories, exercises, and analysis from psychologists and psychiatrists, The Intuitive Trader shows traders and investors how to capitalize on their powerful intuitive skills so that they can take their trading to a new level. Interviews with preeminent psychologists and psychiatrists about developing intuition Extensive exercises that show the reader how to use intuition to enhance trading performance Words of wisdom from successful traders and investors, including Tony Saliba, Linda Raschake, Paul Tudor Jones, Jimmy Rodgers, and George Soros ROBERT KOPPEL (Chicago, Illinois) is President of Future Skills, a Chicago-based consulting firm that works with individual traders, CTA's and brokerage firms. A former member of the Chicago Mercantile Exchange, he is a partner in Skylane Trading, a clearing firm backed by Daiwa Securities. Koppel is the author of The Inner Game of Trading and The Outer Game of Trading, and he frequently lectures on the psychology of sound investing.
Sending an SOS when it comes to ROIs? Help is on the way ...UNDERSTANDING RETURN ON INVESTMENT Return on investment (ROI) plays a major role in business, but it can be a difficult concept to grasp. Understanding Return on Investment shows you how to better utilize this essential tool by simplifying and clarifying all its important points. This invaluable guide includes information on: The effect of ROI on investment and disinvestment decisions The various forms of ROI and how they provide different measures for evaluating investment activities The relationship of ROI to ROE (return on equity) The use of ROI in evaluating investment centers in a decentralized operation How ROI is used to evaluate managers The use of weighted average cost of capital (WACC) in making investment decisions If you use ROI, but are confused or unclear about some of its details, you'll definitely profit from Understanding Return on Investment, a complete guide to this all-important performance indicator.
Strategies for earning equity-like returns - with substantially lower risk! Convertible securities - generally, corporate bonds which can be converted into a fixed number of common stock shares - have been around for over a century. While they have generated decent returns for savvy, risk-averse investors, and are an ideal security in today's volatile markets, convertibles have received remarkably little coverage in the popular press. Convertible Securities opens the window, providing in-depth research and analysis to help both new and experienced investors benefit from the many advantages of convertibles.Eye-opening from front to back, it traces: the basics of convertible evaluation, including its investment value as a straight bond, its convertible value as a stock, and its theoretical fair value; proven methods for uncovering convertibles trading below fair value by identifying key variables such as conversion premium and yield advantage; how to use popular convertible bond indexes to track performance, benefiting from their advantages, while remaining aware of their shortcomings. The basic concepts of a convertible security are fairly straightforward, yet nuances make it one of the most involved and potentially profitable investments available. Let Convertible Securities act as your guidebook to this exciting investment class, providing you proven strategies to participate in the capital appreciation of common stocks, while providing a consistent buffer against risk.