Futures Investing

Jul 13

Alternative Beta Strategies and Hedge Fund Replication (Wiley Finance)

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Alternative Beta Strategies and Hedge Fund Replication (Wiley Finance) The book has a copyright of 2008. Alas, it does not say when in 2008 the final draft was written. There is no coverage of the fantastic financial disasters of 2008, starting with Bear Stearns and going onto the collapse of Lehman and AIG. So the book can be imagined to have a blissful ignorance of events that were soon to come to pass.

If you can ignore this, then perhaps much of the book is still germane, especially since in mid 2009, the world economy seems to have stabilised. The author analyses at a meta level the various hedge fund strategies. This lets you understand and classify a hedge fund. Useful if you represent a fund of funds, perhaps, that is considering how to allocate money across different funds for maximum return.

You also get to appreciate how a fund’s strategy can be dynamic. That is, it might change over time. Presumably if the strategy is successful, this is reflected in a high alpha for the fund.

Another usage is for anyone daring enough to start up a new hedge fund today. The book gives you an appreciation on where maybe to position your fund’s strategy, vis-a-vis the other funds. : There s a buzzword that has quickly captured the imagination of product providers and investors alike: “hedge fund replication”. In the broadest sense, replicating hedge fund strategies means replicating their return sources and corresponding risk exposures. However, there still lacks a coherent picture on what hedge fund replication means in practice, what its premises are, how to distinguish di erent approaches, and where this can lead us to.

Serving as a handbook for replicating the returns of hedge funds at considerably lower cost, Alternative Beta Strategies and Hedge Fund Replication provides a unique focus on replication, explaining along the way the return sources of hedge funds, and their systematic risks, that make replication possible. It explains the background to the new discussion on hedge fund replication and how to derive the returns of many hedge fund strategies at much lower cost, it differentiates the various underlying approaches and explains how hedge fund replication can improve your own investment process into hedge funds.

Written by the well known Hedge Fund expert and author Lars Jaeger, the book is divided into three sections: Hedge Fund Background, Return Sources, and Replication Techniques. Section one provides a short course in what hedge funds actually are and how they operate, arming the reader with the background knowledge required for the rest of the book. Section two illuminates the sources from which hedge funds derive their returns and shows that the majority of hedge fund returns derive from systematic risk exposure rather than manager “Alpha”. Section three presents various approaches to replicating hedge fund returns by presenting the first and second generation of hedge fund replication products, points out the pitfalls and strengths of the various approaches and illustrates the mathematical concepts that underlie them.

With hedge fund replication going mainstream, this book provides clear guidance on the topic to maximise returns.
Alternative Beta Strategies and Hedge Fund Replication (Wiley Finance)

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Tagged with: Finance • Wiley

Jul 11

Baby Life Insurance – An Investment in Their Future

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Baby Life Insurance is a great and affordable way to prepare your child’s financial future. Parents think about their new bundle of joy. Parents think about all of the harms that may come to them and joys they will eventually bring to this world. Parents also question, “Will they be safe at night, is that a good toy, is he learning up to grade level?” Who is she bringing home for a first date? Did he get into the right college for him? We think about all of these things. How often do Parents think about protecting their children by giving them a financial head start?

Baby life gives your child a financial head start in an affordable way. Most parents say, life insurance, how can that help my child? “Isn’t life insurance for dead people?” No, it is not. Life insurance is for the living.

In order to understand baby life, and insurance in general, you have to understand why it evolved in the West. Insurance evolved to protect shipping cargo coming from the East Indies. A group of investors would pool their resources together and “underwrite” their name on the ships manifest saying they would invest in a portion of the cargo, therefore protecting themselves from all the risk. They were in effect sharing a financial risk of the voyage and gaining financially when they voyage was successful. If we think about baby life insurance as insurance on your child’s life cargo, his or her creative potential, you can start to see, feel and understand the ways life insurance can be used in life, not death.

Baby life is a way to have someone else share in the financial risk of your child’s voyage. The next question of course is, “How can purchasing a baby or childrens life insurance plan protect my child’s future?” Children and baby life insurance plans are usually exceptionally affordable whole life policies. The best and unique thing about about these and other whole life policies is they build up what is called a cash value accumulation. This cash value accumulation is the financial vehicle you are using to help your children get a financial head start in life.

If you believe something is better than nothing than what I am about to say will make sense, dollars and sense. This cash value can be borrowed against when you need it. When you buy only a $100,000 insurance policy for you child today, in twenty years you have built them a nice chunk of cash they can use and or borrow against without having to get a banks approval letter to start a family or business. The best part most youth insurance policies is, you do not have to give it to them until they are twenty five; which is about the time most youngster have finally settled down.

Most people agree if they had a chunk of change to buy their first house they would have been eternally grateful to their parents. When we think about baby life insurance as a financial instrument for life your children can use to get ahead of the crowds in life, baby and childrens life policies begin to make sense. Dollars and Sense.

Learn more about how buying childrens life insurance policy can give your children a financial head start.

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Tagged with: Future • Insurance

Jul 09

The Compleat Day Trader II (Compleat Day Trader)

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The Compleat Day Trader II (Compleat Day Trader) The Worst Author – Ever – ProTrader – USA
Save your money. Never, never waste your funds on the drivel this author produces!!

A profitable trader would never have time enough to write even one tenth the quantity of words this person produces.

Find traders that actually make money to learn from. There are a few that have written good books.

As starting points:
For equities traders try: Professional Stock Trading
For futures traders try: Trading Day by Day

These are simply starting points, but are written by REAL traders, not worthless-book producers.
Having read many books on Day Trading and attended courses and seminars, this book added “confidence”. It gives you simple systems to work with, 30MBO, InsideDays, Gaps, etc.. It also tells you what the indicators lack and what most traders lack to succeed, discipline. Use the 30MBO but don’t change the method. Stick to it. Be disciplined. Aimed at the futures and commodities traders, these methods also work with fast high volume, high votility stocks. I emailed Jake with a question on the 30MBO and got a reply in hours, that’s value. I have ordered his next book, “The Complete Guide to Day Trading Stock”. Can’t wait. I cannot see how anyone (who is not a beginner) would not benefit from this book. : The Compleat Day Trader II picks up where the Compleat Day Trader left off. Bernstein provides new trading strategies and techniques soecifically designed for the new breed of intuitive” traders, who create their own system, customized for their own trading styles and areas of effectiveness. The Compleat Day Trader II includes the most up to date strategies and systems for seizing hold of day trading success, including: A separate chapter detailing each system and method; Indicator formulas and system codes; The psychology of day trading. The Compleat Day Trader II builds on the ideas presented in Bernstein’s first day-trading book, The Compleat Day Trader. This time around, Bernstein focuses on more advanced trading systems and places particular emphasis on the importance of self-discipline in day trading, and he zeros in on the best futures markets to trade, including the S&P 500, Treasury bonds, and European currencies. He peppers the book with cautions about the difficulties of day trading, saying, for example:

The bad news is that it’s getting harder and harder to win as the markets become more competitive and as insiders grab onto opportunities before the general public has had a chance to do so. Fortunately, the basic rules of profitable futures trading still apply. Therefore, if you follow the rules, you will improve your odds of success, even though they may be less than they would have been 15 years ago.

The lure of making a living–if not a fortune–on the daily ups and downs of the stock and commodity markets has drawn thousands into this high-stakes game. Just how many profitable day traders there are is impossible to gauge, but judging from message boards and articles in the financial press, it’s a safe bet that lots of people lose lots of money. Reading both The Compleat Day Trader and The Compleat Day Trader II should you bring you to the conclusion that while profitable day trading is possible, it requires more than just a passing interest. Proceed with caution. –Harry C. Edwards
The Compleat Day Trader II (Compleat Day Trader)