Investor and Industry Perspectives on Investment Advisers and Broker-Dealers

Investor and Industry Perspectives on Investment Advisers and Broker-Dealers
Angela A. Hung | 2008-03-25 00:00:00 | RAND Corporation | 228 | Investing
In theory, financial professionals are relatively distinct: A broker-dealer conducts transactions in securities on behalf of itself and others; and an investment adviser provides advice to others regarding securities. Different laws regulate each type of professional, but boundaries have blurred. This report examines current business practices and investor understanding of each type.

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Morningstar Guide to Mutual Funds: Five-Star Strategies for Success

Morningstar Guide to Mutual Funds: Five-Star Strategies for Success
Christine Benz | 2005-10-07 00:00:00 | Wiley | 304 | Investing
GUIDE TO MUTUAL FUNDS

SECOND EDITION

"Picking actively managed mutual funds is no mean challenge. And as the recent era underscores, past performance is of little help. The Morningstar Guide to Mutual Funds helps cut through the fog with a solid volume of constructive information. The central message--'truly diversify, keep it simple, focus on costs, and stick with it'--is not only timeless, it is priceless."
--John C. Bogle, founder and former CEO, The Vanguard Group

"Successful investors know they must do their own due diligence. Morningstar has done much of that homework in this guide. Leave it to Morningstar to get it right, offering smart ways to pick, build and monitor a portfolio. It's a commonsense guide that should grace every investor's shelf."
--Ted David, CNBC Anchor

"There's nothing Morningstar doesn't know about mutual funds. And at last, for ready reference, there's a book. You'll find everything here you need to know about managing fund investments, inside or outside a 401(k)."
--Jane Bryant Quinn, Newsweek columnist and author of Making the Most of Your Money
Reviews
I'm getting around to reviewing this books years after I purchased it. It is an excellent introduction and strategy guide to investing through mutual funds, but that is not enough. Mutual funds can tank as badly as any stock. If you are like me, pretty darn smart and busy making a living, turn your money over to a professional that will manage a portfolio of mutuals for you. But there is the rub, finding a competent manager. I got lucky and found someone good. So, read the book and use your knowledge to reject the managers that don't really know what they are doing until you find one that does.
Reviews
A good good book for those wishing basic information to start investing in Mutual Funds.
Reviews
My dad read this book & found it one of the best overviews of Mutual Funds. He said it had taken him over 30 years to reach many of the conclusions in the book - and some he learned the hard way. He wished this book had been around when he started investing 30+ years ago.
Reviews
I bought this book because I had read the multi-volume series on investing Benz also wrote for Morningstar, and I also follow her articles on their website. If you are just starting out as an investor, or you are looking for a refresher (or ONE book to give someone who is not an educated investor) this book is an ideal choice. Well done. She takes the mystery [and maybe some of the fear] out of investing in Mutual Funds.
Reviews
Christine Benz is extremely knowledgeable and articulate, explainly the ins and outs of mutual funds in easily understood language. This is your first and last stop if you wish to become informed about this popular way of investing your money. The only downside is that it was published in 2005. A more up-to-date edition would have more--or perhaps changing--information on featured funds.

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Stock Valuation: An Essential Guide to Wall Street's Most Popular Valuation Models (McGraw-Hill Library of Investment and Finance)

Stock Valuation: An Essential Guide to Wall Street's Most Popular Valuation Models (McGraw-Hill Library of Investment and Finance)
Scott Hoover | 2005-12-15 00:00:00 | McGraw-Hill | 400 | Investing

A practical look at the valuation models used by Wall Street

Veteran consultant and educator Scott Hoover analyzes the limitations and idiosyncrasies of major valuation models. He examines the time value of money, cash flow analysis, discount rates, and other tools, and describes how money managers and bankers apply them to valuation.

Reviews
This book does a very good job in covering the main concepts and procedures in stock valuation. It is very readable and very informative. The background required from the reader is quite basic. The reader needs only basic knowledge of finance and accounting and basic math.



The book presents a good introduction to financial statement analysis, discounted cash flow, relative valuation, and accounting for stock options in the valuation process.



I believe investors will find this book very useful, very informative, and very practical.




Reviews
Hoover writes for a reader interesting in deciphering financial statements, and who is willing to indulge in some simple analysis. This is really an introductory book to its field. But quite adequate for a layperson. The maths requirement is rudimentary. Summation of a finite series for estimating the time value of cash flow is a typical formule in the book. The maths is not emphasised. Instead, there is more of a general education in qualitative or semi-quantitative forecasting of a firm's future earnings. This is often quite adequate, without the need for more sophisticated modelling. Mostly because earnings can be so volatile.



One topical issue is how to value employee stock options. This has been a point of contention since at least the early 90s. When a bunch of Silicon Valley companies successfully nixed an attempt by the SEC to force companies to write a cost of issued options. Now, after the dot com and telecom implosions, it is mandatory. And the book shows easy ways to get reasonable estimates.

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Positive Alpha Generation: Designing Sound Investment Processes (The Wiley Finance Series)

Positive Alpha Generation: Designing Sound Investment Processes (The Wiley Finance Series)
Claude Diderich | 2009-03-23 00:00:00 | Wiley | 364 | Investing
Diderich describes tools and techniques, which can be used to develop quantitative models for actively managing investment products, and focuses on how theoretical models can and should be used in practice. He describes the interaction between different elements of an investment process's value chain in a single and consistent framework. A key focus is placed on illustrating the theory with real world examples. At the end of the book the reader will be capable of designing or enhancing an investment process for an investment or portfolio managers products from start to finish.
* Increased pressure to add value through investments makes this a hot topic in the investment world
* Combined theoretical and practical approach makes this book appealing to a wide audience of quants and investors
* The only book to show how to design and implement quantitative models for gaining positive alpha
Reviews
Think of this book perhaps as providing a meta-alpha framework. It explains an approach that lets you assess and implement different alpha models. Many risk based models are described. The mathematical treatment is rather advanced. By way of example, you are or should already know at a detailed level the ideas behind CAPM (Capital Asset Pricing Model).



One important section talks about portfolio construction algorithms, and how to get total risk from specific and systematic sources.



For institutional investors, the book recommends the use of benchmarks. Indeed, it is hard to imagine such an investor not using benchmarks these days. Several sources of benchmarks are proferred.



The agency problem is also addressed. Where this distinguishes responsibility for different parts of a portfolio return.



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If You're Clueless about Mutual Funds

If You're Clueless about Mutual Funds
Seth Godin | 1997-04-01 00:00:00 | Kaplan Business | 208 | Investing
With the new series, If You're Clueless About . . . And Want To Know More, Seth Godin launches a group of helpful, humorous, and easy-to-read guides to smart money management. In this title, Godin quickly brings people up to speed on more intelligent mutual fund investing. Beginning with a lively look at the history of mutual funds, the guide goes on to provide a worksheet for estimating the total cost of a fund, and lists ten questions to ask before investing.
Reviews
This is an excellent book for beginner's. It's very easy to understand and there is no dry reading. It helps you understand how mutual funds work and helps you decide what type of funds are best fitted for your individual goals. If you already have an extended knowledge of mutual funds this book may be a little boring.
Reviews
Clueless about mutual funds is a readable book for beginning interest in money management. This book starts with easy explainations on money talk. I have enjoyed reading it, and thats why I ordered it. My only critism is that it gets tougher to understand as you continue to read it.

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Investments + Standard and Poor's Educational Version of Market Insight

Investments + Standard and Poor's Educational Version of Market Insight
Zvi Bodie,Alex Kane,Alan J. Marcus | 2008-09-01 00:00:00 | McGraw Hill Higher Education | 1088 | Investing
Bodie, Kane, and Marcus' "Investments" is the leading textbook for the graduate/MBA investments market. It is recognized as the best blend of practical and theoretical coverage, while maintaining an appropriate rigor and clear writing style. Its unifying theme is that security markets are nearly efficient, meaning that most securities are usually priced appropriately given their risk and return attributes. The text places greater emphasis on asset allocation, and offers a much broader and deeper treatment of futures, options, and other derivative security markets than most investment texts.

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