We use cookies to make your experience better. By continuing to browse our site you are agreeing to our use of cookies. Learn more.
Finance's Wrong Turns by Richard O. Michaud (Hardback)
£39.99
Available
Product Ref. (e.g. ISBN, SKU)
9783031218620
Published:
17 Dec 2022
Format:
Hardback
Number of pages:
134 pages
Dimensions:
235x155x16mm
Weight:
0.408kgs
Author:
There is a foundational crisis in financial theory and professional investment practice: There is little, if any, credible evidence that active investment strategies and traditional institutional quantitative technologies are able to provide superior risk-adjusted, cost-adjusted return over investment relevant horizons. Economic and financial theory has been in error for more than 50 years and is the root cause of the persistent ineffectiveness of professional asset management. Contemporary sociological and economic theory, agent-based modelling, and an appreciation of the social context for preference theory provides a rational and intuitive framework for understanding financial markets and economic behaviour. The author narrates his experience in quantitative asset management as an institutional asset manager in practice and as a quantitative analyst and strategist on Wall Street.
There is a foundational crisis in financial theory and professional investment practice: There is little, if any, credible evidence that active investment strategies and traditional institutional quantitative technologies are able to provide superior risk-adjusted, cost-adjusted return over investment relevant horizons.
Economic and financial theory has been in error for more than fifty years and is the fundamental cause of the persistent ineffectiveness of professional asset management. Contemporary sociological and economic theory, agent-based modeling, and an appreciation of the social context for preference theory provides a rational and intuitive framework for understanding financial markets and economic behavior. The author narrates his long-term experience in the use and limitations of traditional tools of quantitative asset management as an institutional asset manager in practice and as a quantitative analyst and strategist on Wall Street. Monte Carlo simulation methods, modern statistical tools, and U.S. patented innovations are introduced to redefine portfolio optimality and procedures for enhanced professional asset management. A new social context for expected utility theory leads to a novel understanding of modern equity markets as a financial intermediary for purchasing power constant time-shift investing uniquely appropriate for meeting investor long-term investment objectives.
This book addresses the limitations and indicated resolutions for more useful financial theory and more reliable asset management technology. In the process, it traces the major historical developments of theory and institutional asset management practice and their limitations over the course of the 20th century to the present, including Markowitz and the birth of modern finance, CAPM theory and emergence of institutional quantitative asset management, CAPM and VM theory limitations and ineffective iconic tools and strategies, andinnovations in statistical methodologies and financial market theory.
About the Author: Richard Michaud, PhD, is President, Founder, and Chief Executive Officer of New Frontier Advisors. He earned a PhD in Mathematics and Statistics from Boston University, USA and has taught investment management at Columbia University, USA. His research and consulting has focused on asset allocation, investment strategies, global investment management, optimization, stock valuation, and trading costs. He is the author of Efficient Asset Management (with Robert Michaud), Investment Styles, Market Anomalies, and Global Stock Selection, and over 60 published journal articles, manuscripts, and white papers. He is co-holder of four U.S. patents in portfolio optimization and asset management, a Graham and Dodd Scroll winner for his work on optimization, a former editorial board member of the Financial Analysts Journal, associate editor of the Journal of Investment Management, and former director of the "Q" Group. Dr. Michaud's research was recently profiled in WatersTechnology 2019: "Rebel Math." Notable press articles also include Institutional Investor 2010: Modern Portfolio Theory's Evolutionary Road, and Pensions & Investments 2003: "Markowitz says Michaud has built a better mousetrap."
| Number of pages | 134 |
|---|
We will despatch your order as quickly as we can. If, for whatever reason, a product is out of stock we will contact you to discuss the likely delivery time or an alternative product.
| First Item | 2 Items & Over | |
|---|---|---|
| UK | £3.75 | £5.00 |
| EU | £15.00 | £30.00 |
| USA & Canada | £30.00 | £50.00 |
| Rest of the World | £45.00 | £60.00 |
| Collect in Store | free | free |
Additional Delivery Information (and some really important bits):
UK Delivery
Orders for delivery in the UK are normally despatched by Royal Mail, using the RM 48 Tracked Service with most orders delivered to you within a few days of placing your order with us. For larger parcels, Courier and Signed For delivery services may be used. Signed Books are shipped in our specially made book mailing cartons, with the books themselves wrapped in paper to protect them. Sometimes we may ship your order in several parts, particularly if you have 'Pre-Order' titles in your order or titles which are held in stock with our publishing partners.
The Really Important Bit: Because we use tracked, courier and signed for delivery services, please use an address at which your parcel can be received during the normal working day, for example, you may want to have your order delivered to your work address if you're not at home during the day.
First Item @ £3.75 (sometimes a shipping supplement may be added for particularly heavy books or specific postcodes*)
2 Items & over @ £5.00 in total
Another Really Important Bit: There are a number of Postcodes in the UK for which we will need to charge a shipping supplement, this will be calculated once we know the size and weight of the shipment. For these orders we will contact customers to agree a suitable and economic method of shipping. There may also be additional time required for delivery to some areas of the United Kingdom. Where possible, we will ship book orders (under 2kg) by Royal Mail to all UK postcodes. Large multiple book orders and books over 2kg are often shipped via APC Overnight or similar, regardless of Postcode.
Overseas Delivery
Shipments to EU countries:
First Item @ £15.00 (sometimes a shipping supplement will be added for particularly heavy books)
2 Items & over @ £30.00 in total
A really, really important Brexit bit: From 1st January 2021 shipments to EU addresses may incur additional costs which could be requested by Fed Ex at the time of delivery. These costs may vary from country to country and are not within our control and will be in addition to the costs paid to us for your delivery. If in any doubt, please check with your local Fed Ex office what, if any, additional costs will be applicable to your order - https://www.fedex.com
From 1st July 2021, VAT will be applicable to those EU countries where VAT is applied to books - this additional charge will be collected by Fed Ex (or the Royal Mail) at the time of delivery.
Shipments to the USA & Canada:
First Item @ £30.00
2 Items & over @ £50.00 in total
Shipments to the Rest of the World:
First Item @ £45.00
2 Items & over @ £60.00 in total
All overseas orders are shipped using a 'signed for' courier service - please provide an address at which your parcel can be signed for on receipt. We use the same packaging materials for our overseas deliveries as we do those in the UK. In some cases, particularly large and heavy books, or books being shipped to remote areas, may incur an additional shipping charge - if this is the case with your order, we'll notify you as quickly as possible of these charges and to arrange the additional payment. You can of course cancel your order with an immediate refund should you not wish to accept these additional costs. Shipments to overseas territories may incur additional Duty & Tax costs which could be requested by Fed Ex at the time of delivery. These costs may vary from country to country and are not within our control and will be in addition to the costs paid to us for your delivery. If in any doubt, please check with your local Fed Ex office what, if any, additional Tax & Duty costs will be applicable to your order - https://www.fedex.com
Collect in Person at Coles Books
We're open Monday - Saturday, 9:00am - 5:30pm. If you're collecting your order, please wait until you get the text, phone call or email from us, just to be on the safe side and to ensure we have your order ready for you on arrival (we'll use the contact information provided during checkout). Not everything on our website is available for immediate collection, please do wait for the text, call or email - if time is of the essence, we'd suggest you call us on 01869 320779 and check availability prior to placing your order. You can pick up your order from the till, please bring a copy of your email receipt (electronic or printed is fine).
Coming by Car
If you're coming to Coles by car, why not take advantage of the 2 hours free parking at Sainsbury's Pioneer Square - just follow the signs for Pioneer Square as you drive into Bicester and park in the multi-storey car park above the supermarket. Come down the travelators, exit Sainsbury's, turn right and follow the pedestrianised walkway to Crown Walk and turn right - and Coles will be right in front of you. You don't need to shop in Sainsbury's to get the free parking!
Where to Find Us
Coles Books
22 Crown Walk
Pioneer Square
Bicester, Oxfordshire
OX26 6HY, United Kingdom
It was the most impressive packaging that I have EVER SEEN!!! The books were in perfect condition!!!!!
Super fast delivery and well packaged. Quality item and service!