Financial market behavior and key trading strategies—illuminated by
interviews with top hedge fund experts Efficiently Inefficient
describes the key trading strategies used by hedge funds and
demystifies the secret world of active investing. Leading financial
economist Lasse Heje Pedersen combines the latest research with
real-world examples and interviews with top hedge fund managers to
show how certain trading strategies make money—and why they
sometimes don't. Pedersen views markets as neither perfectly efficient
nor completely inefficient. Rather, they are inefficient enough that
money managers can be compensated for their costs through the profits
of their trading strategies and efficient enough that the profits
after costs do not encourage additional active investing.
Understanding how to trade in this efficiently inefficient market
provides a new, engaging way to learn finance. Pedersen analyzes how
the market price of stocks and bonds can differ from the model price,
leading to new perspectives on the relationship between trading
results and finance theory. He explores several different areas in
depth—fundamental tools for investment management, equity
strategies, macro strategies, and arbitrage strategies—and he looks
at such diverse topics as portfolio choice, risk management, equity
valuation, and yield curve logic. The book’s strategies are
illuminated further by interviews with leading hedge fund managers:
Lee Ainslie, Cliff Asness, Jim Chanos, Ken Griffin, David Harding,
John Paulson, Myron Scholes, and George Soros. Efficiently Inefficient
effectively demonstrates how financial markets really work. Free
problem sets are available online at http://www.lhpedersen.com
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Produktdetaljer
ISBN
9781400865734
Publisert
2015
Utgiver
Vendor
Princeton University Press
Språk
Product language
Engelsk
Format
Product format
Digital bok
Forfatter