خرید و دانلود نسخه کامل کتاب The handbook of pairs trading: strategies using equities, options, and futures – Original PDF

weak economic landscape, many investors find themselves still feeling the sting that was created when the bull market reversed in early 2000. The days of triple digit returns are long gone and, for many, so is a sub- stantial percentage of the personal wealth that was created in the late 1990s. It is no wonder, therefore, that many of these same investors have sought shelter in fixed income securities, cash instruments, or in increas- ingly popular market-neutral strategies. Broad exploration of one particular market-neutral strategy that has not been widely publicized but which has endured for years as a success- ful approach among many institutional money managers and hedge fund experts is the focus of the following pages. The strategy is called pairs trading. In simple terms, pairs trading consists of buying one stock in an industry and selling short another stock (with which it has been paired via standards to be explained later), usually in the same industry. This ap- proach has become something of a lost or rarefied skill, but currently it is resurfacing rapidly in the mainstream. This work is divided into five distinct parts. The first four explore the elements that make up the trading of equity pairs and the requisite skills that accompany that endeavor. The final part introduces alterna- tive applications of the theory to alternate security types including options, futures, and currencies. This part also takes the reader step-by- step through a series of trade examples across the various asset classes to both highlight the nuances of each and solidify the reader’s under- standing of the theory. The discussion of each topic, equities and ad- vanced strategies, is designed to serve a specific purpose and, in a sense, be able to stand alone. Collectively, however, this work should serve the reader as a comprehensive resource for all of the various types of pairs trading.