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The New Money Management: A Framework for Asset Allocation资金管理新论书籍详细信息
- ISBN：9780471043072
- 作者：暂无作者
- 出版社：暂无出版社
- 出版时间：1995-03
- 页数：224
- 价格：449.50
- 纸张：胶版纸
- 装帧：精装
- 开本：暂无开本
- 语言：未知
- 丛书：暂无丛书
- TAG：暂无
- 豆瓣评分：暂无豆瓣评分
内容简介：
In his bestselling Portfolio Management Formulas and The Mathematics of Money Management, Ralph Vince brought the complex mathematics of probability and modern portfolio management theory down to earth for traders and investors. He introduced innovative new ways they could be used to maximize account management decisions. Now, in this groundbreaking new book, Vince takes a quantum leap forward to provide investment professionals with a proven new approach to portfolio management that overturns nearly a half-century of accepted wisdom about asset allocation and money management.
The culmination of Ralph Vince's years spent probing the limits of the mathematics of portfolio management, The New Money Management elaborates on his celebrated Optimal f notion—a concept which will be familiar to readers of either of Vince's previous books—to provide a revolutionary portfolio management model designed to optimize account performance, not just in the long run, but at virtually any given point in time.
Unlike traditional models which focus on risk and reward as competing entities, the approach to portfolio construction described in this book concentrates on obtaining optimal synergy among all of the various components of a given portfolio. Unlike previous portfolio models which assumed an a priori distribution to returns, usually with returns being normally distributed, this new model is applicable to any distributional form of return.
In The New Money Management, Ralph Vince once again demonstrates his critically acclaimed talent for talking about highly complex concepts in practical, real-world terms. Writing in a lively, anecdotal style, and relying on a bare minimum of math, he gently guides readers through the maze of complex theoretical issues while arming them with a set of easy-to-understand, easy-to-use formulas and investment strategies that they can put into practice immediately.
The New Money Management is an indispensable resource for all investment professionals, especially traders in stocks, options, and futures; institutional investors; and portfolio managers.
From a leading pioneer in portfolio theory, a revolutionary new approach to maximizing ongoing account equity
In his most original and accessible book yet, computer trading systems expert Ralph Vince introduces investment professionals to a revolutionary portfolio management model designed to optimize account performance, not just in the long run, but at virtually any given point in time.
"Ralph Vince has done it again. His work is original and level-headed, and contributes more than anyone else to our understanding of risk. Vince's work is required reading for any portfolio manager." —Barbara Rockefeller, President Rockefeller Asset Management, Inc.
"Ralph Vince's optimal concept is the single best strategy for determining how many contracts or number of shares to buy when first entering a trade. This latest book breaks new ground in the field of money management." —Howard A. Bernstein, President HB Capital Management, Inc.
"I would encourage all progressive portfolio managers to understand Ralph Vince's methodology. His works continue to be a rigorously well-researched and documented method of risk control and asset allocation. His focus is unique in our industry." —Michael J. McCarthy, Portfolio Manager Signalert Corporation
"A great book, if you want to get rich quickly without going broke first, to help you formulate your risk and trading strategy." —Harry Ploss Private Managed Futures Investor and Actuary
The publisher, John Wiley & Sons
This groundbreaking practical guide introduces a revolutionary portfolio management model for optimizing account performance at virtually any given point in time. Explains highly complex concepts in straightforward terms using a bare minimum of math. Provides traders and investors with easy-to-understand, easy-to-use formulas and investment strategies that they can put into practice immediately.
书籍目录：
Introduction
Get Out and Stay Out
Ignorance Is the Problem
Structure and Format
Chapter 1 A New Framework
Why This New Framework Is Better
Conceptual Overview of the New Framework
Multiple Simultaneous Plays
A Comparison to the Old Frameworks
Towards a New Type of Analysis
Statistical Independence
The History off
The Estimated Geometric Mean (or How the Dispersion of Outcomes Affects Geometric Growth)
The Fundamental Equation of Trading
Why Is f Optimal?
They Don't Like It
Introduction to Portfolios with Optimalf
Fallacious Notions Regarding Both Drawdowns and Diversification
The Next Step
Scenario Planning
Scenario Spectrums
Addendum One: Deficit Reduction Through Increased Gross Domestic Product Variance
Addendum Two: The Misleading Nature of Accrual of Management Fees and Time-Weightings
References
Chapter 2 Laws of Growth, Utility, and Finite Streams
Human Population Growth
Maximizing Expected Average Compound Growth
Utility Theory
The Expected Utility Theorem
Characteristics of Utility Preference Functions
Alternate Arguments to Classical Utility Theory
Finding Your Utility Preference Curve
Utility and the New Framework
Reference
Chapter 3 Conditional Probabilities Involving Correlation
Number of Occurrences (Frequencies) and Probabilities
A Theory of Conditional Probability
Joint Probabilities Between Two Continuous Distributions
Estimating Joint Probabilities
References
Chapter 4 A New Model
Mathematical Optimization
The Objective Function
Mathematical Optimization vs. Root Finding
Optimization Techniques
Survival of the Fittest
The Genetic Algorithm
Important Notes
Reference
Chapter 5 Money Management for Money Managers
Bibliography and Sources
Index
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书籍介绍
THE NEW MONEY MANAGEMENT In his bestselling Portfolio Management Formulas and The Mathematics of Money Management, Ralph Vince brought the complex mathematics of probability and modern portfolio management theory down to earth for traders and investors. He introduced innovative new ways they could be used to maximize account management decisions. Now, in this groundbreaking new book, Vince takes a quantum leap forward to provide investment professionals with a proven new approach to portfolio management that overturns nearly a half-century of accepted wisdom about asset allocation and money management. The culmination of Ralph Vince's years spent probing the limits of the mathematics of portfolio management, The New Money Management elaborates on his celebrated Optimal f notion--a concept which will be familiar to readers of either of Vince's previous books--to provide a revolutionary portfolio management model designed to optimize account performance, not just in the long run, but at virtually any given point in time. Unlike traditional models which focus on risk and reward as competing entities, the approach to portfolio construction described in this book concentrates on obtaining optimal synergy among all of the various components of a given portfolio. Unlike previous portfolio models which assumed an a priori distribution to returns, usually with returns being normally distributed, this new model is applicable to any distributional form of return. In The New Money Management, Ralph Vince once again demonstrates his critically acclaimed talent for talking about highly complex concepts in practical, real-world terms. Writing in a lively, anecdotal style, and relying on a bare minimum of math, he gently guides readers through the maze of complex theoretical issues while arming them with a set of easy-to-understand, easy-to-use formulas and investment strategies that they can put into practice immediately. The New Money Management is an indispensable resource for all investment professionals, especially traders in stocks, options, and futures; institutional investors; and portfolio managers. From a leading pioneer in portfolio theory, a revolutionary new approach to maximizing ongoing account equity ...In his most original and accessible book yet, computer trading systems expert Ralph Vince introduces investment professionals to a revolutionary portfolio management model designed to optimize account performance, not just in the long run, but at virtually any given point in time. "Ralph Vince has done it again. His work is original and level-headed, and contributes more than anyone else to our understanding of risk. Vince's work is required reading for any portfolio manager." --Barbara Rockefeller, President Rockefeller Asset Management, Inc. "Ralph Vince's optimal concept is the single best strategy for determining how many contracts or number of shares to buy when first entering a trade. This latest book breaks new ground in the field of money management." --Howard A. Bernstein, President HB Capital Management, Inc. "I would encourage all progressive portfolio managers to understand Ralph Vince's methodology. His works continue to be a rigorously well-researched and documented method of risk control and asset allocation. His focus is unique in our industry." --Michael J. McCarthy, Portfolio Manager Signalert Corporation "A great book, if you want to get rich quickly without going broke first, to help you formulate your risk and trading strategy." --Harry Ploss Private Managed Futures Investor and Actuary
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