Investment Management (PDF)

PART ONE: Getting Started--Your Tool Kit. CHAPTER 1: Introduction. CHAPTER 2: What You Need to Know. CHAPTER 3: Information or Noise? CHAPTER 4: Intuition. CHAPTER 5: Random Occurrences. CHAPTER 6: Law of Small Numbers. CHAPTER 7: Average Is Average. CHAPTER 8: Efficient Markets. CHAPTER 9: Random Walk. PART TWO: Avoiding Torpedoes. CHAPTER 10: Perfect Earnings Forecasts. CHAPTER 11: Can Analysts Forecast Earnings Changes? CHAPTER 12: Earnings Forecasts (and Torpedo Stocks). CHAPTER 13: Using Earnings Forecasts. CHAPTER 14: Size Effect. CHAPTER 15: Price-Earnings Effect. CHAPTER 16: The Magic of Growth. CHAPTER 17: Estimate Revisions. PART THREE: Landmark Insights. CHAPTER 18: Nobel Laureate Markowitz. CHAPTER 19: Nobel Laureate Sharpe. CHAPTER 20: Compensation for Bearing Risks. CHAPTER 21: Daring to Be Different. CHAPTER 22: Law of Active Management. CHAPTER 23: Nobel Laureate Nash and Keynes. CHAPTER 24: Nobel Laureates Kahneman and Smith. CHAPTER 25: What Guides Investors. PART FOUR: Dissecting Returns. CHAPTER 26: Luck or Skill? CHAPTER 27: Measuring Investment Returns. CHAPTER 28: Anatomy of the S&P 500. CHAPTER 29: Returns Earned by Investors. CHAPTER 30: Market Timing versus Asset Allocation. CHAPTER 31: Market Timing: Risk versus Reward. CHAPTER 32: Know the Odds Before You Play the Game. CHAPTER 33: Ten Best Days. PART FIVE: Putting the Pieces Together. CHAPTER 34: Trading Costs. CHAPTER 35: Mutual Funds. CHAPTER 36: Advantages of . . . . CHAPTER 37: Style Persistence. CHAPTER 38: Asset Allocation. CHAPTER 39: Beware of Taxes. CHAPTER 40: Beyond Active versus Passive. CHAPTER 41: Long-Term Capital Management. CHAPTER 42: To Win the Game. CHAPTER 43: Highlights. Notes. Index.

ROBERT L. HAGIN recently retired as an Executive Director for Morgan Stanley Investment Management. He is a former academic (UCLA and the Wharton School), a thirty-year veteran of the investment management industry, and the author of three books about portfolio management. Hagin is a longtime board member of the Q-Group, Wall Street's premier association of quantitative investment professionals, and has been an editorial advisor to AIMR and to IMCA. He currently designs innovative hedging strategies, publishes his monthly Investing Insights, and consults with public and private pension funds and endowments in the United States and Europe. He is especially well known for his ability to cull academic research for insights that are useful to investment professionals, fiduciaries, and consultants, and to translate these insights into practical action-orientedadvice.

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