非对称回报：活动资产管理的未来 ASYMMETRIC RETURNSpdf/txt下载_在线阅读全文

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作者简介：
　　Alexander M. Ineichen, CFA, CAIA, is Managing Director and Senior Investment Officer for the Alternative Investment Solutions team, itself a business within UBS Global Asset Management. In October 2000, Ineichen authored In Search of Alpha: Investing in Hedge Funds, which has become the most often printed research publication in the documented history of UBS Investment Bank. He has published several papers in peer-refereed financial journals, contributed numerous articles and chapters to financial newspapers, magazines, and books, and regularly speaks at industry conferences. Ineichen is also on the Board of Directors of CAIAA (Chartered Alternative Investment Analyst Association) and is the author of the widely popular Absolute Returns: The Risk and Opportunities of Hedge Fund Investing (Wiley).

内容简介

In Asymmetric Returns, financial expert Alexander Ineichen elevates the critical discussion about alpha versus beta and absolute returns versus relative returns. He argues that controlling downside volatility is a key element in asset management if sustainable positive compounding of capital and financial survival are major objectives. Achieving sustainable positive absolute returns are the result of taking and managing risk wisely, that is, an active risk management process where risk is defined in absolute terms and changes in the market place are accounted for. The result of an active risk management process-when successful-is an asymmetric return profile, that is, more and higher returns on the upside and fewer and lower returns on the downside. Ineichen claims that achieving Asymmetric Returns is the future of active asset management.

In Asymmetric Returns, financial expert Alexander Ineichen elevates the critical discussion about alpha versus beta and absolute returns versus relative returns. He argues that controlling downside volatility is a key element in asset management if sustainable positive compounding of capital and financial survival are major objectives. Achieving sustainable positive absolute returns are the result of taking and managing risk wisely, that is, an active risk management process where risk is defined in absolute terms and changes in the market place are accounted for. The result of an active risk management process-when successful-is an asymmetric return profile, that is, more and higher returns on the upside and fewer and lower returns on the downside. Ineichen claims that achieving Asymmetric Returns is the future of active asset management. 　　Alexander M. Ineichen, CFA, CAIA, is Managing Director and Senior Investment Officer for the Alternative Investment Solutions team, a key provider within Alternative and Quantitative Investments, itself a business within UBS Global Asset Management. He is also on the Board of Directors of the Chartered Alternative Investment Analyst Association (CAIAA). Ineichen is the author of the two UBS research publications In Search of Alpha—Investing in Hedge Funds (October 2000) and The Search for Alpha Continues—Do Fund of Hedge Funds Add Value? (September 2001). As of 2006 these two reports were the most often printed research papers in the documented history of UBS. He is also author of the widely popular Absolute Returns—The Risk and Opportunities of Hedge Fund Investing, also published by John Wiley & Sons.

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目　　录

Preface
Acknowledgments
Chapter 1: Survival of the Richest—Volatility Matters
　The Future of the Asset Management Industry
　Change in Risk Perception
　Living Legends on the Future of Investment Management
　Defining Asymmetric Returns
　Introduction
　Background
　Volatility Matters
　The Thing about Compounding Capital
　Evolution Is Jumpy, Not Smooth
　Chapter Summary and Conclusions
　Appendix: On Compounding, Survival, and Dull Swiss

Preface Acknowledgments Chapter 1: Survival of the Richest—Volatility Matters 　The Future of the Asset Management Industry 　Change in Risk Perception 　Living Legends on the Future of Investment Management 　Defining Asymmetric Returns 　Introduction 　Background 　Volatility Matters 　The Thing about Compounding Capital 　Evolution Is Jumpy, Not Smooth 　Chapter Summary and Conclusions 　Appendix: On Compounding, Survival, and Dull Swiss Chapter 2: Risk and Transparency 　Risk Is "Exposure to Change" 　The Boiling Frog Syndrome 　Risk versus Knightian Uncertainty 　Prevention versus Cure 　Risk Measurement versus Risk Management 　The Musical Chairs Effect 　Tracking Risk versus Total Risk 　Controlled versus Uncontrolled Risk 　Investor Protection versus Capital Protection 　Investor Protection 　Systematic versus Nonsystematic Risk 　Systematic Risk 　Nonsystematic Risk 　Chapter Summary and Conclusions Chapter 3: The Price of Asymmetric Returns 　Fees—An Evergreen Issue Revisited 　Introduction 　Paying for the Balancing Act 　Paying the Milkman Thrice 　To Pay or Not to Pay—That Is the Question 　Asymmetric Returns through Derivatives 　Introduction 　Capital-Guaranteed Structures 　Chapter Summary and Conclusions 　Appendix: Aggregate Fees Chapter 4: Fireflies before the Storm 　Risk, Returns, and Market Efficiency 　Active versus Passive Asset Management 　Introducing a Flexible Approach to Managing Money 　Time Diversification, Risk, and Uncertainty 　Does Time Increase or Reduce Risk? 　Tyranny of the Status Quo 　Chapter Summary and Conclusions 　Appendix: On Volatility and Fat Tails Chapter 5: Alpha Is an Option 　Inefficiency of Financial Markets 　There Is No Free Lunch Plan 　Unorthodox Economics and Voodoo Science 　Introduction 　Praxeology 　Reflexivity 　Behavioral Finance 　Chapter Summary and Conclusions 　Appendix: On Alpha, Beta, and Randomness Chapter 6: Active Risk Management Chapter 7: Asymmetry of Single-Manager Risk Chapter 8: Asymmetric Returns as a Business Chapter 9: The Past, the Present, and the Unpredictable Notes References About the Author Index

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非对称回报：活动资产管理的未来 ASYMMETRIC RETURNS

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