Asymmetric Returns: The Future of Active Asset Management - Rilegato

Ineichen, Alexander M.

Rilegato

ISBN 10: 0470042664 ISBN 13: 9780470042663

Casa editrice: John Wiley & Sons Inc, 2007

Riassunto

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.

Su questo libro

L'autore:

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 authoredIn 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 popularAbsolute Returns: The Risk and Opportunities of Hedge Fund Investing (Wiley).

Dalla seconda/terza di copertina:

In order to meet the demands of the investment community, the asset management industry has to continually evolve. Around the year 2000, the latest phase of this evolution began to take place. During that time, hedge funds started to seriously compete with the traditional asset management industryespecially for institutional assets. Since then, investors have distinguished more carefully between alpha and beta, absolute returns and relative returns, and skill-based strategies and market-based strategies.

Author Alexander Ineichen has been on the cutting-edge of the money management industry throughout his entire career. He knows how difficult it is to find alpha in today's increasingly efficient markets, but he also understands how the current paradigm shift in the field of finance can help you overcome this obstacle.

Filled with in-depth insights and expert advice, Asymmetric Returns claims that it is possible for an active investment approach to yield a higher and more sustainable long-term return with lower downside volatility than is obtainable through passive, long-only strategies. The term asymmetry refers to most investors preferring positive returns over negative returns, that is, a return distribution skewed to the "upside."

In essence, Asymmetric Returns is a manifesto for active asset management. Written in a straightforward and accessible style, this comprehensive guide reveals what it takes to achieve an asymmetric return profileincluding an entrepreneurial mindset as well as a dynamic and flexible risk management process that truly corresponds to the end investors' risk preferencesand outlines the essential elements of this innovative investment approach.

Topics discussed within these pages include:

• The importance of understanding and managingportfolio volatility
• The issue of risk and transparency in today'sinvestment environment
• The price of asymmetric returns
• How alpha is an option from the perspective of an investor
• Asymmetric returns as a business
• The current conversion between the absolute returnworld (investment banks, hedge funds) andtraditional asset management

The future of active asset management will rely more on finding and exploiting investment opportunities where the risk/reward relationship is asymmetric and less on beating an arbitrary benchmark. With Asymmetric Returns as your guide, you'll discover how to do this and much more, as you work to achieve sustainable positive absolute returns through an active risk management process.

Su questa edizione

• Editore: John Wiley & Sons Inc
• Data di pubblicazione: 2007
• ISBN 10: 0470042664
• ISBN 13: 9780470042663
• Rilegatura: Copertina rigida
• Numero di pagine: 336