خرید و دانلود نسخه کامل کتاب mastering uncertainty in commodities trading – Original PDF

This book is about the practice of portfolio management. The book’s target audience is advanced undergraduate and graduate students who participate in a student-managed portfolio. We hope that this book successfully fills the gap between the traditional academic textbooks on investments and portfolio management and practice-oriented books on specific investment strategies. As such, we do not attempt to provide a comprehensive guide to investments or portfolios, nor do we focus on a particular investment strategy. Rather, we cover important aspects of the framework within which the practice of portfolio management occurs, regardless of the chosen investment strategy. We assume a basic understanding of investment and portfolio theory, securities markets, and financial analysis topics that are covered in nearly all undergraduate finance course sequences. We then apply the concepts from these topics to the problem of portfolio management on behalf of a client. Each of us is a faculty advisor to student-managed investment funds (SMIF) and is a professional in the money management industry. As such, our guiding principle is to provide a professional perspective on the practice of portfolio management in student- managed investment funds toward the goal of further professionalizing the activities of such funds. Like professional money managers, student-managed investment funds generally manage someone else’s money. We use professional investment managers, in general, and institutional investment managers, in particular, as a standard toward which student-managed investment funds should strive. Toward this end, we review many of the challenges that professional investment managers face and the various practical approaches to address those challenges. Within each chapter, we discuss the chapter’s topic in conceptual terms before moving on to more concrete examples and applications. For example, we begin the book with a discussion of investment philosophy and process a topic that pervades the entire book. Rather than jump into specific examples of investment philosophies or processes, we first review the key elements of each to clarify their role and importance as a framework and method for generating investment ideas and building portfolios. We include specific examples of investment philosophies and processes from well-established institutional investment management firms at the end of the chapter