Treynor On Institutional Investing

- Foreword. Jack L. Treynor--An Independent Mind
- Preface
- Acknowledgments
- Introduction. How a Profession Preserves Its Vitality

Part I. Risk
- Using Portfolio Composition to Estimate Risk
- Business vs. Statistical Price Risk
- Specific Risk
- On the Quality of Municipal Bonds
- Time Diversification

CAPM
- Towards a Theory of Market Value of Risky Assets
- Portfolio Theory is Inconsistent with the Efficient Market Hypothesis
- In Defense of CAPM

Part II. Performance Measurement
- Editorial Viewpoint
- How to Rate Management of Investment Funds
- Can Mutual Fund Outguess the Market?
- The Future of Performance Measurement

Part III. Economics
- Unemployment and Inflation
- What Professor Galbraith Neglected to Tell His Television Audience
- The Financial Objective in the Widely Held Corporation
- The Real Cost of Inflation
- The Fiscal Burden
- A Modest Proposal
- A More Modest Proposal
- Real Growth, Government Spending and Private Investment
- Securities Law and Public Policy
- Shirtsleeves to Shirtsleeves in Three Generations
- Is Training a Good Investment?
- The Fifth Horseman
- A Theory of Inflation
- How to Regulate a Monopoly
- Man's Most Important Invention
- Will the Phillips Curve Cause World War III?

Part IV. Trading
- Editor's Comment
- The Only Game in Town
- What the Courts Ought to Know About Prudence
- De Facto Market Makers
- Editor's Comment
- Four Rules for Successful Trading
- Index Funds and Active Portfolio Management
- Opportunities and Hazards in Investigative Research
- What Does It Take to Win the Trading Game?
- In Defense of Technical Analysis
- The Economics of the Dealer Function
- Market Manipulation
- Types and Motivations of Market Participants
- The Invisible Costs of Trading
- Zero Sum
- Insider Trading: Two Comments

Part V. Accounting
- Financial Reporting--For Whom?
- The Revenue-Expense View of Accrual Accounting
- The Trouble with Earnings
- The Trueblood

Jack L. Treynor is President of Treynor Capital Management, Inc. He was the editor of the Financial Analysts Journal for many years and is the author of more than ninety articles that have appeared in numerous financial publications. Along with William Sharpe, Robert Merton, and Harry Markowitz, Treynor is a Distinguished Fellow for the Institute for Quantitative Research in Finance. He serves on the advisory boards of the Financial Analysts Journal and the Journal of Investment Management, and has taught investment courses at Columbia University and the University of Southern California. Treynor has served as a general partner, trustee, and director of seventy investment companies.