This booklet takes portfolio design beyond the familiar "black box" mean-variance framework. Most importantly, the short-term volatility of financial assets, commonly measured as standard deviation, is a highly imperfect measure of the actual long-horizon perils faced by real-world investors subject to the vagaries of financial and military history. These risks have names--inflation, deflation, confiscation, and devastation--and any useful discussion of portfolio design of necessity incorporates their probabilities, consequences, and costs of mitigation ... This booklet contains ... with luck, a framework within income and all-equity portfolios. This booklet contains ... with luck, a framework within which to think more clearly about risk. Note: the entire Investing for Adults series is not for beginners.

Portfolio Design – choosing the right mix of assets appropriate to a particular investor – is the key to successful investing. It can help you accumulate wealth over time, while cushioning the blow of possible economic downturns. But in order to successfully achieve this goal, you need to be familiar with all of the major asset classes that go into modern portfolios and learn how much they add to portfolio diversification. Thoughtful asset allocation provides discipline to the investment process and gives you the best chance of building and safeguarding wealth. Wharton Professor Richard C. Marston, 2014 recipient of the Investment Management Consultants Association’s prestigious Matthew R. McArthur Award, will guide you through the major decisions that need to be made when designing a portfolio and will put you in the best position to balance the risk-reward relationship that is part of this endeavor. Portfolio Design is to be read by investment advisors. The book is rich in information about individual asset classes, including both traditional assets like stocks and bonds as well as alternative assets such as hedge funds, private equity, real estate, and commodities. So it should appeal to all sophisticated advisors whether or not they are trying to qualify for one of the major investment designations. In fact, the book is designed to be read by any advisor who is as fascinated as Marston by the investment process.

In this new twist on a topic of perennial interest, Joe MacInnis shows how the leadership traits forged in extraordinary circumstances are transferrable to our everyday lives. Simply put, this is a handbook for building character. Some people are born leaders. The rest of us find ourselves in positions where leadership is required. Self-described "accidental leader" Dr. Joe MacInnis found himself in such a situation: deep beneath the ice of the Arctic Ocean. Starting with his undersea explorations, this physician, scientist, author and motivational speaker shares an accessible--and obtainable--list of leadership traits inspired by his own journey and the icons he's learned from over the years. Deep Leadership is an eminently digestible book with short lessons and anecdotes. Think Rework meets Iacocca. Its centre is the author's 12 "Essential Traits of Leadership": Cool Competence, Powerful Presentations, Physical Toughness, Hot-Zone Humour, Mental Resilience, Strategic Imagination, High-Empathy Communication, Enduring Trust, Fierce Ingenuity, Team Genius, Resolute Courage and Warrior's Honour. Each trait is communicated with an anecdote from MacInnis's experience, making it totally memorable. MacInnis also gives the reader a primer to navigate his or her own path toward leadership, including such practices as keeping a journal, building a library, and finding mentors.

Portfolio risk forecasting has been and continues to be an active research field for both academics and practitioners. Almost all institutional investment management firms use quantitative models for their portfolio forecasting, and researchers have explored models' econometric foundations, relative performance, and implications for capital market behavior and asset pricing equilibrium. Portfolio Risk Analysis provides an insightful and thorough overview of financial risk modeling, with an emphasis on practical applications, empirical reality, and historical perspective. Beginning with mean-variance analysis and the capital asset pricing model, the authors give a comprehensive and detailed account of factor models, which are the key to successful risk analysis in every economic climate. Topics range from the relative merits of fundamental, statistical, and macroeconomic models, to GARCH and other time series models, to the properties of the VIX volatility index. The book covers both mainstream and alternative asset classes, and includes in-depth treatments of model integration and evaluation. Credit and liquidity risk and the uncertainty of extreme events are examined in an intuitive and rigorous way. An extensive literature review accompanies each topic. The authors complement basic modeling techniques with references to applications, empirical studies, and advanced mathematical texts. This book is essential for financial practitioners, researchers, scholars, and students who want to understand the nature of financial markets or work toward improving them.

Deep Credit Risk - Machine Learning in Python aims at starters and pros alike to enable you to: - Understand the role of liquidity, equity and many other key banking features- Engineer and select features- Predict defaults, payoffs, loss rates and exposures- Predict downturn and crisis outcomes using pre-crisis features- Understand the implications of COVID-19- Apply innovative sampling techniques for model training and validation- Deep-learn from Logit Classifiers to Random Forests and Neural Networks- Do unsupervised Clustering, Principal Components and Bayesian Techniques- Build multi-period models for CECL, IFRS 9 and CCAR- Build credit portfolio correlation models for VaR and Expected Shortfall- Run over 1,500 lines of pandas, statsmodels and scikit-learn Python code- Access real credit data and much more ...

The New York Times Bestseller, with a new afterword "[Michael Lewis’s] most ambitious and important book." —Joe Klein, New York Times Michael Lewis’s brilliant narrative of the Trump administration’s botched presidential transition takes us into the engine rooms of a government under attack by its leaders through willful ignorance and greed. The government manages a vast array of critical services that keep us safe and underpin our lives from ensuring the safety of our food and drugs and predicting extreme weather events to tracking and locating black market uranium before the terrorists do. The Fifth Risk masterfully and vividly unspools the consequences if the people given control over our government have no idea how it works.

In Global Risk Agility and Decision Making, Daniel Wagner and Dante Disparte, two leading authorities in global risk management, make a compelling case for the need to bring traditional approaches to risk management and decision making into the twenty-first century. Based on their own deep and multi-faceted experience in risk management across numerous firms in dozens of countries, the authors call for a greater sense of urgency from corporate boards, decision makers, line managers, policymakers, and risk practitioners to address and resolve the plethora of challenges facing today’s private and public sector organizations. Set against the era of manmade risk, where transnational terrorism, cyber risk, and climate change are making traditional risk models increasingly obsolete, they argue that remaining passively on the side-lines of the global economy is dangerous, and that understanding and actively engaging the world is central to achieving risk agility. Their definition of risk agility taps into the survival and risk-taking instincts of the entrepreneur while establishing an organizational imperative focused on collective survival. The agile risk manager is part sociologist, anthropologist, psychologist, and quant. Risk agility implies not treating risk as a cost of doing business, but as a catalyst for growth. Wagner and Disparte bring the concept of risk agility to life through a series of case studies that cut across industries, countries and the public and private sectors. The rich, real-world examples underscore how once mighty organizations can be brought to their knees—and even their demise by simple miscalculations or a failure to just do the right thing. The reader is offered deep insights into specific risk domains that are shaping our world, including terrorism, cyber risk, climate change, and economic resource nationalism, as well as a frame of reference from which to think about risk management and decision making in our increasingly complicated world. This easily digestible book will shed new light on the often complex discipline of risk management. Readers will learn how risk management is being transformed from a business prevention function to a values-based framework for thriving in increasingly perilous times. From tackling governance structures and the tone at the top to advocating for greater transparency and adherence to value systems, this book will establish a new generation of risk leader, with clarion voices calling for greater risk agility. The rise of agile decision makers coincides with greater resilience and responsiveness in the era of manmade risk.

The economic climate is ripe for another golden age of shareholder activism Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations is a must-read exploration of deep value investment strategy, describing the evolution of the theories of valuation and shareholder activism from Graham to Icahn and beyond. The book combines engaging anecdotes with industry research to illustrate the principles and methods of this complex strategy, and explains the reasoning behind seemingly incomprehensible activist maneuvers. Written by an active value investor, Deep Value provides an insider's perspective on shareholder activist strategies in a format accessible to both professional investors and laypeople. The Deep Value investment philosophy as described by Graham initially identified targets by their discount to liquidation value. This approach was extremely effective, but those opportunities are few and far between in the modern market, forcing activists to adapt. Current activists assess value from a much broader palate, and exploit a much wider range of tools to achieve their goals. Deep Value enumerates and expands upon the resources and strategies available to value investors today, and describes how the economic climate is allowing value investing to re-emerge. Topics include: Target identification, and determining the most advantageous ends Strategies and tactics of effective activism Unseating management and fomenting change Eyeing conditions for the next M&A boom Activist hedge funds have been quiet since the early 2000s, but economic conditions, shareholder sentiment, and available opportunities are creating a fertile environment for another golden age of activism. Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations provides the in-depth information investors need to get up to speed before getting left behind.

We must take risks if we are to grow personally and professionally. Risks are a part of a fully-lived life. But in the commotion of today's fast-paced, technology-driven world, people have become disconnected from the wise counsel of their inner resources, hampering their ability to make meaningful choices. Consequently, risks are increasingly being taken in an impulsive, haphazard, and often reckless way. In Right Risk, Bill Treasurer draws on the experiences and insights of successful risk-takers (including his own experiences as a daredevil high diver) to detail ten principles that readers can use to take risks with greater intelligence and confidence. Right Risk is about taking more deliberate and intentional risks in an increasingly complex world. It aims to answer such questions as: How do I know which risks to take and which to avoid? How do I balance the need to take more risks with the need to preserve my safety? How do I muster up the courage to take risks when it is so much easier not to? How do I confront all those people who keep telling me what a mistake it would be to take the risk? And, most importantly, How do I make risk-taking less of an anxiety-provoking experience? Right Risk will help readers take risks with greater discipline, focus, and maturity-to confidently face life's challenges and take advantage of life's opportunities.

Since the Global Financial Crisis, a surge of interest in the use of finance as a tool to address social and economic problems suggests the potential for a generational shift in how the finance industry operates and is perceived. J. C. de Swaan seeks to channel the forces of well-intentioned finance professionals to improve finance from within and help restore its focus on serving society. Drawing from inspiring individuals in the field, de Swaan proposes a framework for pursuing a viable career in finance while benefiting society and upholding humanistic values. In doing so, he challenges traditional concepts of success in the industry. This will also engage readers outside of finance who are concerned about the industry's impact on society.