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CFA Institute Investment Series

&lt;b&gt;The workbook to accompany &lt;i&gt;Corporate Finance: A Practical Approach, Second Edition&lt;/i&gt;&lt;/b&gt;

Michelle R. Clayman

Martin S. Fridson

George H. Troughton

Corporate Finance Workbook

A Practical Approach

&lt;b&gt;PART I Learning Outcomes, Summary Overview, and Problems 1&lt;/b&gt;  &lt;p&gt;CHAPTER 1 Corporate Governance 3&lt;/p&gt; &lt;p&gt;Learning Outcomes 3&lt;/p&gt; &lt;p&gt;Summary Overview 3&lt;/p&gt; &lt;p&gt;Problems 5&lt;/p&gt; &lt;p&gt;CHAPTER 2 Capital Budgeting 11&lt;/p&gt; &lt;p&gt;Learning Outcomes 11&lt;/p&gt; &lt;p&gt;Summary Overview 12&lt;/p&gt; &lt;p&gt;Problems 15&lt;/p&gt; &lt;p&gt;CHAPTER 3 Cost of Capital 29&lt;/p&gt; &lt;p&gt;Learning Outcomes 29&lt;/p&gt; &lt;p&gt;Summary Overview 29&lt;/p&gt; &lt;p&gt;Problems 31&lt;/p&gt; &lt;p&gt;CHAPTER 4 Measures of Leverage 39&lt;/p&gt; &lt;p&gt;Learning Outcomes 39&lt;/p&gt; &lt;p&gt;Summary Overview 39&lt;/p&gt; &lt;p&gt;Problems 40&lt;/p&gt; &lt;p&gt;CHAPTER 5 Capital Structure 45&lt;/p&gt; &lt;p&gt;Learning Outcomes 45&lt;/p&gt; &lt;p&gt;Summary Overview 45&lt;/p&gt; &lt;p&gt;Problems 46&lt;/p&gt; &lt;p&gt;CHAPTER 6 Dividends and Share Repurchases: Basics 51&lt;/p&gt; &lt;p&gt;Learning Outcomes 51&lt;/p&gt; &lt;p&gt;Summary Overview 51&lt;/p&gt; &lt;p&gt;Problems 52&lt;/p&gt; &lt;p&gt;CHAPTER 7 Dividends and Share Repurchases: Analysis 57&lt;/p&gt; &lt;p&gt;Learning Outcomes 57&lt;/p&gt; &lt;p&gt;Summary Overview 57&lt;/p&gt; &lt;p&gt;Problems 59&lt;/p&gt; &lt;p&gt;CHAPTER 8 Working Capital Management 63&lt;/p&gt; &lt;p&gt;Learning Outcomes 63&lt;/p&gt; &lt;p&gt;Summary Overview 63&lt;/p&gt; &lt;p&gt;Problems 64&lt;/p&gt; &lt;p&gt;CHAPTER 9 Financial Statement Analysis 67&lt;/p&gt; &lt;p&gt;Learning Outcomes 67&lt;/p&gt; &lt;p&gt;Summary Overview 67&lt;/p&gt; &lt;p&gt;Problems 68&lt;/p&gt; &lt;p&gt;CHAPTER 10 Mergers and Acquisitions 73&lt;/p&gt; &lt;p&gt;Learning Outcomes 73&lt;/p&gt; &lt;p&gt;Summary Overview 74&lt;/p&gt; &lt;p&gt;Problems 75&lt;/p&gt; &lt;p&gt;&lt;b&gt;PART II Solutions 83&lt;/b&gt;&lt;/p&gt; &lt;p&gt;CHAPTER 1 Corporate Governance 85&lt;/p&gt; &lt;p&gt;Solutions 85&lt;/p&gt; &lt;p&gt;CHAPTER 2 Capital Budgeting 87&lt;/p&gt; &lt;p&gt;Solutions 87&lt;/p&gt; &lt;p&gt;CHAPTER 3 Cost of Capital 99&lt;/p&gt; &lt;p&gt;Solutions 99&lt;/p&gt; &lt;p&gt;CHAPTER 4 Measures of Leverage 103&lt;/p&gt; &lt;p&gt;Solutions 103&lt;/p&gt; &lt;p&gt;CHAPTER 5 Capital Structure 107&lt;/p&gt; &lt;p&gt;Solutions 107&lt;/p&gt; &lt;p&gt;CHAPTER 6 Dividends and Share Repurchases: Basics 111&lt;/p&gt; &lt;p&gt;Solutions 111&lt;/p&gt; &lt;p&gt;CHAPTER 7 Dividends and Share Repurchases: Analysis 113&lt;/p&gt; &lt;p&gt;Solutions 113&lt;/p&gt; &lt;p&gt;CHAPTER 8 Working Capital Management 115&lt;/p&gt; &lt;p&gt;Solutions 115&lt;/p&gt; &lt;p&gt;CHAPTER 9 Financial Statement Analysis 119&lt;/p&gt; &lt;p&gt;Solutions 119&lt;/p&gt; &lt;p&gt;CHAPTER 10 Mergers and Acquisitions 125&lt;/p&gt; &lt;p&gt;Solutions 125&lt;/p&gt; &lt;p&gt;About the CFA Program 131&lt;/p&gt;

&lt;p class="MsoNormal"&gt;&lt;span style="font-family: 'Arial',sans-serif;"&gt;The Green Banking Transition Manual sets the green banking standard for academic and professional audiences. Dr. Zeidan connects conventional financial indicators with green banking to present the practical case for sustainable finance. His insightful approach demonstrates that assessing environmental indicators is necessary for prudent banking business and not a &amp;lsquo;nice-to-have&amp;rsquo; attachment. This book will soon be the central manual for all involved in green banking and those who want to be involved in the future.&lt;/span&gt;&lt;/p&gt;

Rodrigo Zeidan

Navigating the Sustainable Finance Landscape

The Green Banking Transition Manual

Bachelor Thesis from the year 2024 in the subject Economics - Job market economics, grade: 1,0, Ingolstadt University of Applied Sciences, language: English, abstract: The impact of technology on employment and consequently on skills is becoming increasingly apparent, particularly in the use of artificial intelligence. The aim of this bachelor thesis can therefore be divided into two research questions: On the one hand, the aim is to analyze what impact the use of artificial intelligence will have on the labor market. The second question is concerned with the impact artificial intelligence will have on the labor market in terms of the skills required.In order to provide a profound answer to the research questions, a wide range of literature was used, including books, research studies and use cases. Based on the research questions, the thesis addresses the worldwide AI-driven labor market, identifying both the displacement of human workers and the simultaneous opportunities for new occupations and economic growth. Moreover, a variety of necessary skills are highlighted that are essential for overcoming the dynamic challenges on the labor market posed by AI. Finally, the subsequent analysis of the financial sector and public administration serves to illustrate and clarify the relevance of these skills. Therefore, both knowledge of artificial intelligence and existing human skills are important. Depending on the occupation and task area, the focus of skills is either on the direct application of artificial intelligence or on developing an awareness and understanding of it. It also shows that a wide range of actors, including companies and educational institutions, have a key role to play in the process of adapting workers' skills.

Marina Laukes

How AI is Shaping Tomorrow's Labor Market. The Impact of Artificial Intelligence on the Required Skills in the Labor Market

The Wiley Finance Series

PRAISE FOR
THE ART OF COMMITMENT PACING

"Every institutional investor should read Meyer's The Art of Commitment Pacing, the only book systematically discussing the challenges in allocating to private capital, a lumpy, illiquid, and opaque asset class. Meyer eloquently provides state-of-the-art practical solutions to help asset allocators build up and maintain allocations to private assets. This book is an essential guide to an institutional asset allocator's most important decision."
--Hossein Kazemi, Ph.D., CFA, Philipp Professor of Finance at Isenberg School of Management, Editor of the Journal of Alternative Investments, and Senior Advisor to the CAIA Association and the FDP Institute

"Private markets are now a staple of institutional asset allocations. As a result, fundamental questions have come to the fore that academic literature has fallen short of addressing. Thomas Meyer offers practical solutions, the perfect mix of theoretical and practical insights, in a series of synthetic and accessible chapters for knowledgeable practitioners. This is well-invested time that will pay off over the long term."
--Cyril Demaria, Head of Private Market Strategy at Julius Bär, Affiliate Professor at EDHEC, Author of Asset Allocation and Private Markets, and Introduction to Private Equity, Debt and Real Assets

"This book is a game-changer for investors in private capital, offering unprecedented insights and practical models to master commitment pacing and risk management."
--Jason Scharfman, Managing Partner Corgentum Consulting.

"Thomas has condensed the art and science of commitment pacing into a rigorous yet pragmatic guide, filling a huge gap in the finance literature - a must read for all LPs."
--Andrea Carnelli Dompé, PhD. CEO &amp; Co-founder - Tamarix Technologies

"Commitment pacing is one of the hidden gems in the toolbox of every private equity fund manager. Historically it has lagged in terms of research and literature focus versus fund manager selection or due diligence. Thomas Meyer levels the playing field by focusing on this often overlooked subject. If you want to move from simplistic commitment pacing models to rigorous forecasting in a portfolio of private equity funds, this is a book for you."
--Ignacio Larrú Martínez, General Partner at Kanoar Ventures SGEIC, SA

"With the growing allocation to private equity by Japanese institutional investors, The Art of Commitment Pacing provides a very useful weapon for them to build a sophisticated investment program. We live in a volatile investment environment and managing a private equity portfolio that lacks liquidity is not an easy task. This book helps investors to overcome their challenges."
--Kazushige Kobayashi, Managing Director, MCP Asset Management

"Thomas Meyer delves into the critical risk associated with Private Capital: its inherent illiquidity. Expanding on the concepts introduced in his previous best-selling works, Thomas offers an in-depth exploration of this risk. He provides essential strategies, including commitment pacing, to safeguard institutional investors against potential significant upheavals. This book is an indispensable guide for every investor in private capital looking to optimize their success."
--Pierre-Yves Mathonet, Former Head of Risk, Private Equities Department, Abu Dhabi Investment Authority and former Head of Division, Risk Management, Private Equity, European Investment Fund

Advanced guidance for institutional investors, academics, and researchers on how to manage a portfolio of private capital funds

The Art of Commitment Pacing: Engineering Allocations to Private Capital provides a much-needed analysis of the issues that face investors as they incorporate closed ended-funds targeting illiquid private assets (such as private equity, private debt, infrastructure, real estate) into their portfolios. These private capital funds, once considered "alternative" and viewed as experimental, are becoming an increasingly standard component of institutional asset allocations.

However, many investors still follow management approaches that remain anchored in the portfolio theory for liquid assets but that often lead to disappointing results when applied to portfolios of private capital funds where practically investors remain committed over nearly a decade.

When planning for such commitments, investment managers and researchers are faced with practical questions such as:
* How to measure and control the real exposure to private assets?
* How to forecast cash-flows for commitments to private capital funds?
* What ranges for their returns and lifetime are realistic, and how can the investor's skill be factored in?
* Over which dimensions should a portfolio be diversified and how much diversification is enough?
* How can the impact of co-investments or secondaries be modelled?
* How to design pacing plans that lead to resilient and efficient portfolios?
* What stress scenarios should be considered and how can they be applied?

These are just examples of the many questions for which answers are provided. The Art of Commitment Pacing describes established and new methodologies for building up and controlling allocations to such investments. This book offers a systematic approach for building up and controlling allocations to such investments.

The Art of Commitment Pacing is a valuable addition to the libraries of investment managers, as well as portfolio and risk managers involved in institutional investment. The book will also be of interest to advanced students of finance, researchers, and other practitioners who require a detailed understanding of forecasting and portfolio management methodologies.

Engineering Allocations to Private Capital

The Art of Commitment Pacing

Discover the official resource for success on the 2024 CFA Level II exam. Get your copy of the CFA(r) Program Curriculum now.

The 2024 CFA Program Curriculum Level II Box Set contains the content you need to perform well on the Level II CFA exam in 2024. Designed for candidates to use for exam preparation and professional reference purposes, this set includes the full official curriculum for Level II and is part of the larger CFA Candidate Body of Knowledge (CBOK).

Organized to get you accustomed to the Level II exam's heavy reliance on vignettes, the Level II curriculum will help you master mini case studies and accompanying analyses.

The 2024 CFA Program Curriculum Level II Box Set allows you to:
* Develop critical knowledge and skills essential in the industry.
* Learn from financial thought leaders.
* Access market-relevant instruction.

The set also offers practice questions to assist with your mastery of key terms, concepts, and formulas. The volumes in Level II's box set are:
* Volume 1: Quantitative Methods and Economics
* Volume 2: Financial Statement Analysis
* Volume 3: Corporate Issuers and Equity Valuation
* Volume 4: Equity Valuation and Fixed Income
* Volume 5: Derivatives, Alternative Investments, and Portfolio Management
* Volume 6: Portfolio Management and Ethical and Professional Standards

Indispensable for anyone preparing for the 2024 Level II CFA exam, the 2024 CFA Program Curriculum Level II Box Set is a must-have resource for those seeking the intermediate skills required to become a Chartered Financial Analyst(r).

Discover the official resource for success on the 2024 CFA Level II exam. Get your copy of the CFA(r) Program Curriculum now.

The 2024 CFA Program Curriculum Level II Box Set contains the content you need to perform well on the Level II CFA exam in 2024. Designed for candidates to use for exam preparation and professional reference purposes, this set includes the full official curriculum for Level II and is part of the larger CFA Candidate Body of Knowledge (CBOK).

Organized to get you accustomed to the Level II exam's heavy reliance on vignettes, the Level II curriculum will help you master mini case studies and accompanying analyses.

The 2024 CFA Program Curriculum Level II Box Set allows you to:
* Develop critical knowledge and skills essential in the industry.
* Learn from financial thought leaders.
* Access market-relevant instruction.

The set also offers practice questions to assist with your mastery of key terms, concepts, and formulas. The volumes in Level II's box set are:
* Volume 1: Quantitative Methods and Economics
* Volume 2: Financial Statement Analysis
* Volume 3: Corporate Issuers and Equity Valuation
* Volume 4: Equity Valuation and Fixed Income
* Volume 5: Derivatives, Alternative Investments, and Portfolio Management
* Volume 6: Portfolio Management and Ethical and Professional Standards

Indispensable for anyone preparing for the 2024 Level II CFA exam, the 2024 CFA Program Curriculum Level II Box Set is a must-have resource for those seeking the intermediate skills required to become a Chartered Financial Analyst(r).

2024 CFA Program Curriculum Level II Box Set

Studienarbeit aus dem Jahr 2024 im Fachbereich BWL - Investition und Finanzierung, Note: 2,0, FOM Essen, Hochschule für Oekonomie  &amp; Management gemeinnützige GmbH, Hochschulleitung Essen früher Fachhochschule, Sprache: Deutsch, Abstract: Das Ziel dieser Hausarbeit besteht darin, neben einer Darlegung der theoretischen Grundlagen zum Thema „Sustainable Finance“, die Funktionsweisen sowie die verschiedenen Arten von „Green Bonds“ und „Sustainable Loans“ aufzuzeigen. Der Schwerpunkt der Arbeit liegt dabei auf einer eingehenden Analyse der Chancen und Risiken im Zusammenhang mit Finanzierungsinstrumenten „Green Bonds“ und „Sustainable Loans“, um festzustellen, ob diese tatsächlich einen Mehrwert für den Emittenten und Investoren bieten, um so langfristig soziale und Umweltziele zu fördern sowie einen nachhaltigen Finanzsektor zu unterstützen. 

Die „nachhaltige Finanzwirtschaft“ (engl.: „Sustainable Finance“) hat in den letzten Jahren erheblich an Bedeutung gewonnen und spielt eine entscheidende Rolle in der globalen Wirtschaft und im Finanzsektor. Initiativen wie Fridays for Future gewinnen an bedeutende mediale und gesellschaftliche Aufmerksamkeit, da der Handlungsdruck auf die Politik aufgrund der immer deutlicher werdenden Klimaveränderungen und Extremwetterereignisse zunimmt. Die zentrale Herausforderung der kommenden Jahre besteht darin, unsere Gesellschaft und Wirtschaft hin zu mehr Nachhaltigkeit zu transformieren. Dies schließt die Erreichung der Klimaziele, den Schutz der Umwelt und die Förderung sozialer Gerechtigkeit ein, während wir gleichzeitig ein angemessenes Wohlstandsniveau aufrechterhalten müssen, um die Lebensqualität von intra- und intergeneration lebenden Menschen in Deutschland und weltweit zu sichern. 

Sustainable Finance. Eine kritische Analyse ausgewählter Finanzierungsinstrumente

Année après année, les médias présentent l'or que les Français détiendraient comme une manne de 3000 voir de 5000 tonnes de métal jaune. Pendant longtemps l'auteur a pris ces estimations pour argent comptant. Néanmoins, les années passant, et les affirmations publiées restant les mêmes, le doute s'est installé, d'autant qu'aucune source n'a jamais été citée pour étayer ces chiffres. 

Cette enquête, qui est en fait une immersion dans l'histoire de France, a conduit l'auteur à rechercher dans les archives de la  Banque de France et du Ministère des Finances les informations pour répondre à la question : "Quel pourrait  être, au mieux, le volume d'or détenu par les Français aujourd'hui".

La réponse, élaborée uniquement à partir de données fiables et documentées, ne manquera pas de surprendre le lecteur autant qu'elle a surpris l'auteur.

Avant d'en dévoiler la teneur, l'auteur aborde plusieurs aspects permettant de préciser le contexte, tels que la vision des médias sur le sujet, ou bien encore, l'origine des monnaies thésaurisées. 

Dans un deuxième temps, il passe en revue les facteurs et les évènements historiques ayant pu contribuer à la perte de monnaies d'or avant d'en déduire les estimations qui conduiront à la réponse.

Yannick Colleu

Une enquête sur l'épargne or des Français

L'Or des Français

Wiley Trading

An up-to-date and practical roadmap for diversified futures trading using CTA fund strategies

In the newly revised second edition of Following the Trend: Diversified Managed Futures Trading, renowned hedge fund founder and asset manager Andreas F. Clenow presents a systematic asset management methodology in a way that allows readers to emulate the success of CTA industry professionals. In the book, you'll find performance and attribution details for every year between 2002 and 2021 and detailed explanations of how the markets, industry, and strategy have evolved between the publication of the first edition and today.

The author also offers:
* Detailed discussions of whether CTA hedge funds continue to show high internal correlation and exhibit homogeneous behaviour
* The impact of low and negative interest rate environments, massive inflows into equity markets, and the rise of quant trading firms
* Explorations of the combination of different types of trading models to enhance performance, complete with rulesets and fulsome analyses

A ground-breaking and thoroughly incisive examination of the commodity trading advisor industry, Following the Trend: Diversified Managed Futures Trading is an essential volume for sophisticated retail traders, day traders, private investors, investment managers, portfolio managers, and institutional investors.

An up-to-date and practical roadmap for diversified futures trading using CTA fund strategies

In the newly revised second edition of Following the Trend: Diversified Managed Futures Trading, renowned hedge fund founder and asset manager Andreas F. Clenow presents a systematic asset management methodology in a way that allows readers to emulate the success of CTA industry professionals. In the book, you'll find performance and attribution details for every year between 2002 and 2021 and detailed explanations of how the markets, industry, and strategy have evolved between the publication of the first edition and today.

The author also offers:
* Detailed discussions of whether CTA hedge funds continue to show high internal correlation and exhibit homogeneous behaviour
* The impact of low and negative interest rate environments, massive inflows into equity markets, and the rise of quant trading firms
* Explorations of the combination of different types of trading models to enhance performance, complete with rulesets and fulsome analyses

A ground-breaking and thoroughly incisive examination of the commodity trading advisor industry, Following the Trend: Diversified Managed Futures Trading is an essential volume for sophisticated retail traders, day traders, private investors, investment managers, portfolio managers, and institutional investors.

Diversified Managed Futures Trading

Following the Trend

Little Books. Big Profits

How well does it pay to own the Standard &amp; Poor's 500 Index's best-performing stock of the year? Over the 2012-2021 period, the one-year total return ranged from 80% to 743%. This book identifies the quantitative and qualitative traits of stocks that made it to #1 and tells the stories of how they got there. A key indicator, the Fridson-Lee Statistic, makes its debut in these pages.

Aiming for the massive upside of the #1 stocks entails substantial risk. It's not something to do with more than a small percentage of your portfolio. But attempting to pick the coming year's top performer can provide an outlet for speculative impulses that might otherwise spoil a prudent, long-term investment plan. And by investigating the statistically determined best candidates for #1, you'll gain important insights into stock selection.

The Little Book of Picking Top Stocks explains why conventional equity research provides only limited help in zeroing in on the index's future top performer. Spotting the #1 stock isn't Wall Street analysts' focus, although the information they furnish about companies' competitive strategies is quite helpful. Problematically, investment banks' fundamental stock reports are structured around a valuation metric that was discredited nearly half a century ago--earnings per share.

Author Martin Fridson's previous writings on the stock market include the books It Was a Very Good Year and Investment Illusions, as well as articles such as "Ben Graham's Value Approach: Can It Still Work?" He has received the CFA Society of New York's Ben Graham Award and has been named the Financial Management Association International's Financial Executive of the Year. The Green Magazine called his Financial Statement Analysis (co-authored with Fernando Alvarez) "one of the most useful investment books ever."

How well does it pay to own the Standard &amp; Poor's 500 Index's best-performing stock of the year? Over the 2012-2021 period, the one-year total return ranged from 80% to 743%. This book identifies the quantitative and qualitative traits of stocks that made it to #1 and tells the stories of how they got there. A key indicator, the Fridson-Lee Statistic, makes its debut in these pages.

Aiming for the massive upside of the #1 stocks entails substantial risk. It's not something to do with more than a small percentage of your portfolio. But attempting to pick the coming year's top performer can provide an outlet for speculative impulses that might otherwise spoil a prudent, long-term investment plan. And by investigating the statistically determined best candidates for #1, you'll gain important insights into stock selection.

The Little Book of Picking Top Stocks explains why conventional equity research provides only limited help in zeroing in on the index's future top performer. Spotting the #1 stock isn't Wall Street analysts' focus, although the information they furnish about companies' competitive strategies is quite helpful. Problematically, investment banks' fundamental stock reports are structured around a valuation metric that was discredited nearly half a century ago--earnings per share.

Author Martin Fridson's previous writings on the stock market include the books It Was a Very Good Year and Investment Illusions, as well as articles such as "Ben Graham's Value Approach: Can It Still Work?" He has received the CFA Society of New York's Ben Graham Award and has been named the Financial Management Association International's Financial Executive of the Year. The Green Magazine called his Financial Statement Analysis (co-authored with Fernando Alvarez) "one of the most useful investment books ever."

How to Spot Hidden Gems

The Little Book of Picking Top Stocks

&lt;p&gt;&lt;b&gt;Secure your financial future amid Australia’s biggest real estate boom&lt;/b&gt;&lt;/p&gt; &lt;p&gt;When it comes to making a sound investment, do you know the crucial difference between real estate and property? The answer is land. Land (real estate) appreciates in value — but buildings (property) do not. This fundamental truth powers bestselling author John L. Fitzgerald’s masterful investing strategy in &lt;i&gt;7 Steps to Wealth&lt;/i&gt;. Adapting Warren Buffet’s secret of compound growth, Fitzgerald reveals the essential steps that Australian investors can use to grow their wealth. Uncover the facts and figures that prove residential land is Australia’s best growth asset — and will continue to be, thanks to ongoing booms in the property market and population growth.&lt;/p&gt; &lt;p&gt;&lt;i&gt;7 Steps to Wealth&lt;/i&gt; shares John L. Fitzgerald's own 40-year proven investing plan, supported statistically and with real-life case studies. You’ll quickly discover why &lt;i&gt;7 Steps to Wealth&lt;/i&gt; is the only Australian property book endorsed by three property billionaires! Now in its 9th edition, the book is up to date with the latest census data, location criteria and growth forecasts.&lt;/p&gt; &lt;ul&gt; &lt;li&gt;Unlock the secret power of compound growth and make it work for you&lt;/li&gt; &lt;li&gt;Avoid the common mistakes that most property investors make&lt;/li&gt; &lt;li&gt;Read case studies and testimonials from those who successfully followed the 7 steps and became millionaires&lt;/li&gt; &lt;li&gt;Understand how to safely build wealth in property, be cashflow positive and still get a tax deduction.&lt;/li&gt; &lt;/ul&gt; &lt;br /&gt;There is no better time for Australians to use this proven strategy for safely building wealth. With &lt;i&gt;7 Steps to Wealth&lt;/i&gt;, you’ll discover how to invest in real estate for a comfortable, financially independent future.

John L. Fitzgerald

The Vital Difference between Property and Real Estate

7 Steps to Wealth

Over the past century, if the wealthiest families had spent a reasonable fraction of their wealth, paid taxes, invested in the stock market, and passed their wealth down to the next generation, there would be tens of thousands of billionaire heirs to generations-old fortunes today. The puzzle of The Missing Billionaires is why you cannot find one such billionaire on any current rich list. There are a number of explanations, but this book is focused on one mistake which is of profound importance to all investors: poor risk decisions, both in investing and spending. Many of these families didn't choose bad investments- they sized them incorrectly- and allowed their spending decisions to amplify this mistake.

The Missing Billionaires book offers a simple yet powerful framework for making important lifetime financial decisions in a systematic and rational way. It's for readers with a baseline level of financial literacy, but doesn't require a PhD. It fills the gap between personal finance books and the academic literature, bringing the valuable insights of academic finance to non-specialists.

Part One builds the theory of optimal investment sizing from first principles, starting with betting on biased coins. Part Two covers lifetime financial decision-making, with emphasis on the integration of investment, saving and spending decisions. Part Three covers practical implementation details, including how to calibrate your personal level of risk-aversion, and how to estimate the expected return and risk on a broad spectrum of investments.

The book is packed with case studies and anecdotes, including one about Victor's investment with LTCM as a partner, and a bonus chapter on Liar's Poker. The authors draw extensively on their own experiences as principals of Elm Wealth, a multi-billion-dollar wealth management practice, and prior to that on their years as arbitrage traders- Victor at Salomon Brothers and LTCM, and James at Nationsbank/CRT and Citadel.

Whether you are young and building wealth, an entrepreneur invested heavily in your own business, or at a stage where your primary focus is investing and spending, The Missing Billionaires: A Guide to Better Financial Decisions is your must-have resource for thoughtful financial decision-making.

Over the past century, if the wealthiest families had spent a reasonable fraction of their wealth, paid taxes, invested in the stock market, and passed their wealth down to the next generation, there would be tens of thousands of billionaire heirs to generations-old fortunes today. The puzzle of The Missing Billionaires is why you cannot find one such billionaire on any current rich list. There are a number of explanations, but this book is focused on one mistake which is of profound importance to all investors: poor risk decisions, both in investing and spending. Many of these families didn't choose bad investments- they sized them incorrectly- and allowed their spending decisions to amplify this mistake.

The Missing Billionaires book offers a simple yet powerful framework for making important lifetime financial decisions in a systematic and rational way. It's for readers with a baseline level of financial literacy, but doesn't require a PhD. It fills the gap between personal finance books and the academic literature, bringing the valuable insights of academic finance to non-specialists.

Part One builds the theory of optimal investment sizing from first principles, starting with betting on biased coins. Part Two covers lifetime financial decision-making, with emphasis on the integration of investment, saving and spending decisions. Part Three covers practical implementation details, including how to calibrate your personal level of risk-aversion, and how to estimate the expected return and risk on a broad spectrum of investments.

The book is packed with case studies and anecdotes, including one about Victor's investment with LTCM as a partner, and a bonus chapter on Liar's Poker. The authors draw extensively on their own experiences as principals of Elm Wealth, a multi-billion-dollar wealth management practice, and prior to that on their years as arbitrage traders- Victor at Salomon Brothers and LTCM, and James at Nationsbank/CRT and Citadel.

Whether you are young and building wealth, an entrepreneur invested heavily in your own business, or at a stage where your primary focus is investing and spending, The Missing Billionaires: A Guide to Better Financial Decisions is your must-have resource for thoughtful financial decision-making.

A Guide to Better Financial Decisions

The Missing Billionaires

Wiley Investment

Investing in Asia is a risky affair, made all the more difficult because Western investors do not understand the environment that shapes the investments they are making. This book digs into the geographical, economic, and political forces that shape the unique investment environment in Asia. An outsider's inside view of Asia as an investment opportunity.

Investing in Asia is a risky affair, made all the more difficult because Western investors do not understand the environment that shapes the investments they are making. This book digs into the geographical, economic, and political forces that shape the unique investment environment in Asia. An outsider's inside view of Asia as an investment opportunity.

Corporate Finance Workbook

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Inhaltsverzeichnis

Schlagworte

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