CAIA Level I

Preface.
Acknowledgments.
About the Authors.
PART I INTRODUCTION TO ALPHA DRIVERS AND BETA DRIVERS.
1: What Is an Alternative Asset Class?
2: Why Alternative Assets are Important.
3: The Beta Continuum.
4: Alpha versus Beta.
5: The Calculus of Active Management.
PART II: REAL ESTATE.
6: Real Estate Investment Trusts.
7: Introduction to NCREIF and the NCREIF Indexes.
8: Real Estate as an Investment.
9: Core, Value Added and Opportunistic Real Estate.
PART III: HEDGE FUNDS.
10: Introduction to Hedge Funds.
11: Establishing a Hedge Fund Investment Program.
12: Due Diligence for Hedge Fund Managers.
13: Risk Management Part 1: Hedge Fund Return Distributions.
14: Risk Management Part II: More Hedge Fund Risks.
15: Hedge Fund Benchmarks and Asset Allocation.
16: Hedge Fund Incentive Fees and the Free Option.
17: Hedge Fund Collapses.
18: Top Ten Hedge Fund Quotes.
PART IV: COMMODITIES AND MANAGED FUTURES.
19: Introduction to Commodities.
20: Investing in Commodity Futures.
21: Commodity Futures in a Portfolio Context.
22: Managed Futures.
PART V: PRIVATE EQUITY.
23: Introduction to Venture Capital.
24: Introduction to Leveraged Buyouts.
25: Debt as Private Equity Part I: Mezzanine Debt.
26: Debt as Private Equity Part II: Distressed Debt.
27: Trends in Private Equity.
28: The Economics of Private Equity.
PART VI: CREDIT DERIVATIVES.
29: Introduction to Credit Derivatives.
30: Collateralized Debt Obligations.
31: Risks and New Developments in CDOs.
Appendix A: Basic Principles of Return and Present Value.
Appendix B: Measures of Risk and Risk Management.
Appendix C: Correlation and Regression Analysis.
Appendix D: The Quantitative Analysis of 130/30 Products.
Index.

MARK J. P. ANSON, PhD, is the Chief Investment Officer at Calpers. Prior to joining Calpers, he was portfolio manager at OppenheimerFunds, a registered options principal in equity derivatives for Salomon Brothers Inc., and a practicing attorney specializing in futures and derivatives markets. Dr. Anson earned his law degree from the Northwestern University School of Law and his PhD and master's in finance from the Columbia Graduate School of Business. He has also earned the Chartered Financial Analyst, Certified Public Accountant, Certified Internal Auditor, and Certified Management Accountant degrees. Dr. Anson is a frequent contributor to academic and professional publications on the topics of risk management, derivatives, and portfolio management.