THE HANDBOOK OF RISK WARWICK B Księgarnia

Risk is a part of life, and in today's fast-paced market environment, financial risk is something every investment professional must face. The fundamental question is "How can you control, contain, and minimize the risk of your and/or your clients' investments?" With The Handbook of Risk at your side, you'll quickly learn how to deal with investment risk, mainly through the insights and advice of the most qualified professionals in the business.

The Handbook of Risk is composed of sixteen informative chapters, each written by a leading risk expert who explores the nature of risk, the measurement of risk, and the view of risk from an investment professional's perspective. Editor Ben Warwick includes such articles as . . .

The Failure of Invariance by Peter L. Bernstein

A New Paradigm for Portfolio Risk by Robert H. Jeffrey

The Case for Relevancy of Downside Risk Measures by David Nawrocki

Hedge Fund Risk by Brian Cornell

. . . that will put you on the right track to risk management.

Pulling together the best minds in the risk management business, The Handbook of Risk clearly illustrates and analyzes the many aspects of modern risk management and shows you how to deal with them. Don't pass up this opportunity to learn from the best. Pick up The Handbook of Risk and broaden your risk management horizons.

BEN WARWICK is Chief Investment Officer of Sovereign Wealth Management, Inc., a registered investment advisory firm that employs sophisticated wealth management strategies on behalf of institutional investors and high-net-worth families throughout the United States. Mr. Warwick received his BS degree in chemical engineering from the University of Florida and his MBA from the University of North Carolina.
The INVESTMENT MANAGEMENT CONSULTANTS ASSOCIATION (IMCA) is a nonprofit organization with members in the United States, Canada, Britain, Asia, and Australia that promotes education, ethics, and standards for the investment consulting profession. The association's 5,000 members benefit from peer networking opportunities, information sharing, and cutting-edge forums on risk management, portfolio construction, and practice management. IMCA's Certified Investment Management Analyst designation assures clients of a consultant's expertise and commitment to professional ethics. IMCA Practice Standards, Performance Reporting Standards, and Questionnaires for Investment Managers offer practical guidelines to members seeking to enhance their client relationships. The semiannual Journal of Investment Consulting publishes original research and in-depth articles on investment theory and practice, and The Monitor, a bimonthly membership publication, informs members of the latest news on industry trends and investment strategies. IMCA also publishes regular updates on important legislation and regulatory developments in Washington, D.C., and the fifty states through the association's Legislative Network.

Table of Contents

Preface

PART I: THE NATURE OF RISK

The Failure of Invariance (P. Bernstein)

Inverted Reasoning and Its Consequences: Confusing the Present with the Future Discounting (G. Selden)

A New Paradigm for Portfolio Risk (R. Jeffrey)

The Likelihood of Loss (M. Kritzman)

PART II: MEASURING RISK

A Convenient Measure of Risk (R. Clarke)

Forecasting Financial Risk (J. Bilson)

Downside Risk (D. Nawrocki)

Measuring Risk for Asset Allocation, Performance Evaluation, and Risk Control: Different Problems, Same Solution (C. Culp)

Model Risk (E. Derman)

Technology and the Capital Markets (B. Warwick)

Horizon Problems and Extreme Events in Financial Risk Management (P. Christoffersen, F. Diebold, T. Schuermann)

PART III: INVESTMENT MANAGERS' VIEWPOINTS

A Behavioral Framework for Time Diversification (M. Stateman & K. Fisher)

Converging Correlations and Market Shocks: Implications for Managing Risk (L. Llanes)

Investing on the Edge of Chaos (M. Howell)

Hedge Fund Risk (B. Cornell)

The Risks of Alternative Strategies (B. Cornell)

The Risk of Informationless Investing: Hedge Fund Performance (A. Weisman)

Index

274 pages

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