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- Product code: 10947
- ISBN: 0471988685,
ISBN13: 9780471988687,
157 pages, hardback
Published by John Wiley & Sons on 1999
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Description of Portfolio Indexing
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The dominant paradigm in modern-day fund management remains the Capital Asset Pricing Model (CAPM). Originally developed in the 1960s as an explanatory and predictive model of capital market behaviour, it has subsequently acquired enormous significance in many fund-management institutions.
Professionals, students and amateur investors alike will profit from this enjoyable tract on how to maintain and navigate vehicles of investment.
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Reviews'Harold Hutchinson's Portfolio Indexing is a long-overdue theoretical and practical perspective on the 'managers versus trackers' debate. He concludes that the indexing solution to risk management is flawed and that individual judgement will always have a proper role to play in investment. This much-needed book will hopefully help to stop the current steam-rolling move of the fund management industry towards indexing in its tracks, and encourage a more balanced view of the benefits of the active manager, especially in volatile or falling markets.'
Phillip Keane, Director, Industrial Bank of Japan Asset Management International Ltd.
'Portfolio Indexing challenges the growing consensus in favour of portfolio indexing as the optimal investment strategy. His devastating criticisms of the theoretical foundations underlying indexing, and his plea for a more modest inductive approach to portfolio management, have huge and as yet untapped implication s for the asset management industry.'
Dr Andrew Allan, Vice President, Salomon Smith Barney
'Difficult concepts are explained in a simple, intuitive way but without loss of rigour, and are illuminated by the author's firsthand knowledge of how financial markets work. Portfolio Indexing does for financial markets what Zen and the Art of Motorcycle Maintenance did for natural philosophy.'
Rod Cross, Professor of Economics ICMM, University of Strathclyde
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Contents of Portfolio Indexing
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Forward
Preface
Acknowledgements
1.A Random Walk through Finance Theory - Essential Building Blocks
2.The Capital Asset Pricing Model - The Dawn of Portfolio Indexing
3.Difficulties - Financial Markets in the Full Light of Day
4.An Alternative - Financial Market Strategy in the Twilight
Bibliography
Index
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