The Global Money Markets by Frank J. Fabozzi

Product Description

An informative look at the world of short-term investing and borrowing

The Global Money Markets is the authoritative source on short-term investing and borrowing-from instruments in the U.S. and U.K., to asset-liability management. It also clearly demonstrates the various conventions used for money market calculations and discusses other short-term structured financial products such as asset-backed securities and mortgage-backed securities.

Steven V. Mann (Columbia, SC) is Professor of Finance at the Moore School of Business, University of South Carolina. He has coauthored two previous books and numerous articles in the area of investments and works as a consultant to investment/commercial banks throughout the United States. Moorad Choudhry (Surrey, UK) is a Vice President of structured finance services with JPMorganChase in London. Prior to that he worked as a gilt-edged market maker and Treasury trader at ABN Amro Hoare Govett Sterling Bonds Limited, and as a sterling proprietary trader at Hambros Bank Limited. Moorad is a Senior Fellow at the Centre for Mathematical Trading and Finance, City University Business School.

John Wiley & Sons, Inc. is proud to be the publisher of the esteemed Frank J. Fabozzi Series. Comprising nearly 100 titles-which include numerous bestsellers—The Frank J. Fabozzi Series is a key resource for finance professionals and academics, strategists and students, and investors. The series is overseen by its eponymous editor, whose expert instruction and presentation of new ideas have been at the forefront of financial publishing for over twenty years. His successful career has provided him with the knowledge, insight, and advice that has led to this comprehensive series.

Frank J. Fabozzi, PhD, CFA, CPA, is Editor of the Journal of Portfolio Management, which is read by thousands of institutional investors, as well as editor or author of over 100 books on finance for the professional and academic markets. Currently, Dr. Fabozzi is an adjunct Professor of Finance at Yale University's School of Management and on the board of directors of the Guardian Life family of funds and the Black Rock complex of funds.
Product Details
Amazon Sales Rank: #533476 in Books
Published on: 2002-07-15
Number of items: 1
Binding: Hardcover
328 pages
Editorial Reviews

Review
Fabozzi, Mann and Choudhry have written an excellent introduction to the money market. Stigum's (2002) Money Market has long been the standard text for this market, so let's compare. For many readers, Fabozzi, Mann and Choudhry will be the preferred text.

At one quarter the length (328 pages vs. 1250), we might call the new book "Stigum Light." This is not a bad thing. Many people don't have time to read the entire Stigum but can get through the shorter book in a few sittings. If someone has a job interview in a couple days and needs to learn about the money market fast, they are going to read Fabozzi, Mann and Choudhry.

The book achieves its relative brevity with only a modest sacrificing in depth of detail. Where it compromises is breadth. While Stigum devotes 400 pages to discussing the major players before proceeding to discuss the instruments that are traded, Fabozzi, Mann and Choudhry focus primarily on the instruments.

Coverage is broad, including Treasuries, agencies, corporate debt, financial institutions' debt, floaters, repos, short-term MBS and ABS, futures, FRA's, swaps, caps and floors. They also have nice chapters on asset-liability management and on bank capital requirements.

Whereas Stigum has very few formulas, Fabozzi, Mann and Choudhry is modestly more technical, detailing important pricing and yield calculations. These discussions are accompanied by Bloomberg screen shots that show the reader where the information is coming from. As you are reading, you can check the screen to see if an instrument uses an actual/actual or actual/360 basis. You can grab the current swap curve or check when a coupon is next paid. The screen shots put the examples in context and give the reader a sense of being there on a trading floor.

So how should you choose between the two books? Do you want a book you can read in a week or a book you can read in a month? Do you want a definitive text complete with historical insights and wonderful anecdotes, or do you want a practical shortcut? Do you want a book that is mostly non-technical, or do you want one that covers essential formulas accompanied with Bloomberg screen shots? Do you want a book that covers all aspects of the money markets, or do you want one that focuses primarily on the instruments? Both are available. What are you looking for? --Riskbook.com

Book Info
The ultimate and most comprehensive guide to the world's money markets and the products that make up this vital element of the global economy. Brings together the complete range of products used in markets around the world.

From the Inside Flap
The money markets are the vital conduit through which government and corporate finances are raised and invested. Global capital flows-essential to the continuing development of the world's economy-hinge on the smooth functioning of the money markets. The Global Money Markets is the first concise, detailed account of this most essential element of the capital markets. The principal objective of this book is to give you a clear picture of how the money markets operate and how they function to provide the liquid, instant market that is required in today's electronic age.

Comprehensive content takes you from introductory-level issues to the most intricate details of advanced topics. This book covers all aspects of today's markets and the range of instruments used around the world. It includes vanilla products such as bills and commercial paper as well as securitized products such as asset-backed commercial paper. Further developments, including short-term asset-backed securities, are also covered, as is the full range of money market derivatives. Rounding out the discussion of money market products, practices, and mechanics, The Global Money Markets also covers such topics as repo, banking ALM, and regulatory capital in extensive detail.

The Global Money Markets is the ultimate guide to the world's money markets: essential reading for practitioners and students alike.
Customer Reviews

Good overall book on money markets
This is a timely book that covers in great detail virtually all apsects of the markets. Well written and well worth getting.

Stigum (or Success) versus Choudhry
A one-star Amazon review of the late Marcia Stigum's book: "The Money Market" denigrates her work, but recommends this book. Coincidentally it seems to have appeared just after a reviewer recommended her book over "The Repo Handbook" authored by Choudhry, one of the authors of this book.

It hardly seems sporting to denigrate the excellent work of Ms. Stigum when she is no longer able to set the record straight. Her classic work on the U.S. markets that allows one to deduce the dynamics - and equips one to solve the mathematics - of the global money markets deserves high honors.

The unsportsmanlike behavior doesn't end there, since it seems that books with titles that compete with Mr. Choudrhy's upcoming releases have multiple one-star reviews from obvious pseudonyms and free internet accounts. The books that get the most attention from this stalker are the most commercially successful in the competing areas. Perhaps it is a fan gone mad, or perhaps there is a more obvious explanation.

I would have given this book three stars, but I deducted for bad sportsmanship.

Trading Spreads and Seasonals By Joe Ross

Product Description

Trading Spreads and Seasonals is a powerful, profit enhancing trading course based on Joe Ross' years of personal trading experience and remarkable trading success.

These days, it seems most traders are focused on outright futures or options trading strategies. You hardly ever hear of anyone who trades spreads or seasonal spreads, or outright seasonal futures - especially at the same time! That's because very few futures traders truly understand seasonality. This is why far too many never earn all they can from trading. Worse than that, they end up losing money.

Fortunately, Trading Spreads and Seasonals changes all that. It stacks the odds of winning in your favor. How? By giving you a complete explanantion of how to crack the markets using a novel approach that combines explosive profit potential of futures with seasonally measured risk. Plus you learn to protect yourself from the vagaries of market price action that serve to turn winning trades into losers.

You'll find out just what to look for before you enter a trade, such as how to spot trends that will affect you positively where it counts, your trading account. You will not only learn how to hedge your risk, but how to use it to explode your profits in a steady pattern of equity growth! You'll see which markets to avoid and which trades to avoid. You'll know when to get in and, MORE IMPORTANTLY, when to get out. Trading Spreads and Seasonals does it simply, without all the technical mumo-jumbo and mathmatical formulas of other approches.
Product Details
Amazon Sales Rank: #925367 in Books
Published on: 1995-09-01
Binding: Hardcover
324 pages
Editorial Reviews

About the Author
Joe Ross, trader, author, and educator, has been an active trader since 1957, when he began his trading career in the commodity futures market. In 1982, when it became possible to daytrade the S&P 500 stock index futures via live data feed, he successfully made the transition from full-time position trader to full-time daytrader. Since 1988, Joe has written seven major texts on futures trading. All have become classics.
Customer Reviews

NOTHING NEW
Unfortunately nothing new at all: Bollinger Bands, RSI and typical chart patterns. Unprofessional lay out, a lot of unused space and many peripatetic explanations. Maybe some ideas for absolute beginners. I will short this book and rather spend the money on a new Harry Potter novel.

Where's the Meat?
I think Joe did an excellent job of describing what seasonal/seasonal spreads are, but gave me little in the way of new ideas for trading them, or new research into spreads that really work. Most traders would be much better off with a subscription to Moore Research if they already know they would like to trade futures in this manner.

Closely Guarded Secret
"Secrets!"
If you have gotten this far by choice or accident, you have stumbled onto the most profitable way to make a living with the least amount of margin in the field of speculation.

Ross' refers to seasonal spreads as a "closely guarded secret." Many books about trading assume that you are starting out with many thousands of dollars earned somewhere else.

This little known facet of the commodities market is ideal for people who have a steady income and want to earn a second income trading a small amount of capital.

The key here is supplemental income. You have to find a way to keep your day-to-day needs for income separate from your program of wealth building. You have to find a way to keep your spending from increasing just because you are making a bundle trading. Seasonal Spreads are how many new traders build up a large trading account in a short time, starting with a hardly any capital in the commodities market.

In high school you should have become familiar with the "Ten Multiples." Let me refresh your memory. Mony grows geometrically. How much do you have when you double one thousand dollars ten times?

1. 2,000.00
2. 4,000.00
3. 8,000.00 etc.

If you can save $20.00 a week and you will have that first thousand dollars in less than a year.

Now the thing is this. People often talk about a Million dollars as being a lot of Mony. But really, do the math. Let's see what the flow-of-sums returns.

How much income per week will you have if you had one million dollars invested (not in spreads)?

You will find that you can easily exceed a Millionaire's income with a small amount of trading capital, perpetually in seasonal spreads.

Ok what is the minimum trail to your first successful trade. At a minimum

1. "Reminiscences of a stock Operator," "Reminiscences," gets into the details of Speculation and details you must thoroughly understand if you are considering making a living Speculating in securities.

2. "Ross's Spreads and Seasonals," for in-depth technical analysis and trading tactics.

With these tools, You should soon be able to enter and exit your first seasonal spread at a profit.

Sniper Trading Workbook: Step-by-Step Exercises to Help You Master Sniper Trading by George Angell

Product Description

Important lessons and key investment strategies for trading stocks, options, and futures
Sniper Trading helps readers fine-tune their trading to the point where they know exactly where the market will go and when it will get there. With thirty years of experience, George Angell shows readers how to trade successfully on a consistent and informed basis. Sniper Trading is a complete guide to trading everything from stocks and options to futures. Readers will discover how to price trading, identify buy and sell zones, place spread or seasonal trades, and, most importantly, how to win at trading by overcoming common pitfalls and mastering common learning curves. Angell offers the individual trader the inside track on his most successful investment strategies, so they can profit like the professionals.
Product Details
Amazon Sales Rank: #262343 in Books
Published on: 2002-01-04
Number of items: 1
Binding: Paperback
168 pages
Editorial Reviews

Book Info
Provides important lessons and key investment strategies for trading stocks, options, and futures. Helps readers fine-tune their trading to the point where they know exactly where the market will go and when it will get there. Softcover.

From the Back Cover
The Sniper Trading Workbook is the perfect complement to Sniper Trading: Essential Short-Term Money-Making Secrets for Trading Stocks, Options, and Futures. This workbook provides an invaluable opportunity to explore your understanding of the formulas and strategies covered in the main text-before you put them to use in real market environments.

Each chapter of the workbook is designed to stand on its own, so you can tackle one strategy before moving on to another. A brief description of the topic at hand is followed by a series of questions on that topic and their solutions. Test your knowledge on the concepts, techniques, and systems discussed in Sniper Trading, with realistic examples that are likely to occur during the normal course of short-term trading, including:
* The Two Major Daily Trends
* The 3-Day Difference: How to Measure Market Momentum
* Chart Patterns: Finding Symmetry in the Market
* Confirming Indicators
* Strategies for Getting Out of Trouble
* Seasonal Trends

With over thirty chapters dedicated to short-term trading, the Sniper Trading Workbook provides an honest answer to the question: Am I truly prepared to trade?

About the Author
GEORGE ANGELL is the author of eight books on trading including the bestselling Winning in the Futures Market and Sure-Thing Options Trading. In addition, Angell lectures on the futures and options markets and creates software, audio, and videotapes on trading strategy. He has been a guest on CNBC and CBS television as well as numerous radio shows. He spent ten years as a floor trader and is a graduate of New York University. Angell divides his time between trading and lecturing, writing, and consulting on the markets.
Customer Reviews

sniper trading
Being a colllege professor for more than 3 decades, I have read too many books on money, market, investing , and trading. I found
George Angell's book one of the best. It tells as it is and reveals not only the in-and-out, the up-and-down of trading the market but also the philosophy of life, the psychology of trading, and the attitude of winning the games. I recommend this book to anyone who has interest in shot-term trading.
The Professor

Trend Following: How Great Traders Make Millions in Up or Down Markets, New Expanded Edition, (Paperback) by Michael W. Covel

Product Details
Amazon Sales Rank: #5123 in Books
Published on: 2007-03-19
Number of items: 1
Binding: Paperback
448 pages
Editorial Reviews

From the Back Cover

THE INVESTMENT STRATEGY THAT WORKS IN ALL MARKETS...WITH PROOF TO BACK UP THE PROMISES
Reveals the trading strategy that made John W. Henry rich enough to buy the Boston Red Sox.
Contains 50+ pages of easy-to-understand charts, actual results from top Trend Followers.
Shows how to apply trend following in your portfolio–one step at a time, in plain English.

“Trend Following will replace Market Wizards as the must-read bible for a new generation of traders.”

—Jonathan Hoenig, Portfolio Manager, Capitalistpig Hedge Fund LLC/Fox News Contributor


“Michael Covel’s Trend Following: Essential.”

—Ed Seykota, Trend Follower for 35 years and Original Market Wizard


“Investment books that have a lasting appeal offer insight that resonates with a large number of investors. We believe Michael Covel’s Trend Following will be such a book.”

—Richard E. Cripps, Legg Mason Chief Market Strategist


“A mandatory reference for anyone serious about alternative investments.”

—Jon Sundt, President and CEO of Altegris


“Michael Covel does an excellent job of educating his readers about the little-known opportunities available to them through one of the proven best hedge fund strategies. This book is like gold to any smart investor.”

—Christian Baha, CEO, Superfund


“Please read [Trend Following] whether you think you have an interest in trend following or are not quite sure…Covel has hit a home run with it.”

—Gail Osten, Editor-in-Chief, Stocks, Futures & OptionsMagazine


“Covel has created a very rare thing—a well documented and thoroughly researched book on trend following that is also well written and easy to read. This is one book that traders at all levels will find of real value.”

—John Mauldin, author of Bull’s Eye Investing


For more than 30 years, one trading strategy has consistently delivered extraordinary profits in bull and bear markets alike: Trend Following. Just ask the billionaire traders who rely on it...traders like John W. Henry, whose trading profits bought the Boston Red Sox!


In Trend Following, New Expanded Edition, you’ll meet them...and discover exactly how to use trend following in your own portfolio. This expanded edition includes more than 50 pages of easy-to-understand performance charts. It is the book multi-billion-dollar hedge funds have

made mandatory reading for their staffs.


Michael Covel goes right to the source, presenting powerful insights straight from the world’s top trend followers, and debunking Wall Street myths and misinformation from well-known pros who ought to know better. You’ll learn how to manage risk, employ market discipline, and, when the moment is right, swing for the home run.
Real proof, real data, real results
Decades of actual performance charts from professional money managers
All the information you need...in one number
Why the market price tells you all you need to know to trade
Pinpointing targets of opportunity
What to trade, when to trade, and how much to trade
How it’s done: classic case studies
Who profited from the global scandals of the last 15 years…and how they did it
Meet today’s leading trend followers
Extraordinary trader profiles, including top traders from the past 30 years

MICHAEL W. COVEL is the founder and President of Trend Followingâ„¢. A researcher of the most successful trend following investment managers, he has been in the alternative

investments industry consulting on trend following to individual traders, hedge funds, and banks for ten years.


From his writing to public speaking, Covel pulls no punches. Passionately educating his clients in order to find that “edge” has made Covel a widely respected expert in the field. He writes for numerous industry publications and is continually quoted and interviewed by Barron’s, Bloomberg, and RobTV, to name but a few. An experienced and successful entrepreneur, he is a frequent guest on national TV and radio shows and regularly gives presentations at international hedge fund conferences from Hong Kong to Tokyo, advising listeners on proper trading, decision-making, risk management, and trend following. Covel is also Managing Editor at TurtleTrader.com, the leading trend following news and commentary resource since 1996.


Living and working in Virginia, he is a lifelong baseball fan.

About the Author

MICHAEL W. COVEL is the founder and President of Trend Followingâ„¢. A researcher of the most successful trend following investment managers, he has been in the alternative investments industry consulting on trend following to individual traders, hedge funds, and banks for ten years.


From his writing to public speaking, Covel pulls no punches. Passionately educating his clients in order to find that “edge” has made Covel a widely respected expert in the field. He writes for numerous industry publications and is continually quoted and interviewed by Barron’s, Bloomberg, and RobTV, to name but a few. An experienced and successful entrepreneur, he is a frequent guest on national TV and radio shows and regularly gives presentations at international hedge fund conferences from Hong Kong to Tokyo, advising listeners on proper trading, decision-making, risk management, and trend following. Covel is also Managing Editor at TurtleTrader.com, the leading trend following news and commentary resource since 1996.


Living and working in Virginia, he is a lifelong baseball fan.

Excerpt. © Reprinted by permission. All rights reserved.
Preface

"Men wanted for hazardous Journey. Small wages. Bitter cold. Long months of complete darkness. Constant danger. Safe return doubtful. Honor and recognition in case of success."1

This book is the result of an eight-year "hazardous journey" for the truth about Trend Following. It fills a void in a marketplace inundated with books about finance and trading but lacking any resource or, for that matter, practically any reference to what we believe is the best strategy to consistently make money in the markets. That strategy is known as Trend Following:

When it is a question of money, everyone is of the same religion.

Voltaire

"Let's break down the term 'Trend Following' into its components. The first part is 'trend.' Every trader needs a trend to make money. If you think about it, no matter what the technique, if there is not a trend after you buy, then you will not be able to sell at higher prices . . . 'Following' is the next part of the term. We use this word because trend followers always wait for the trend to shift first, then 'follow' it."2

Trend Following seeks to capture the majority of a trend, up or down, for profit. It trades for profits in the major asset classes—stocks, bonds, currencies, and commodities. However simple the basic concepts about Trend Following are, they have been widely misunderstood. Our desire to correct this state of affairs is what, in part, launched our research. We wanted to be as objective as possible, so we based our writing on the available data:

Trend followers' month-by-month performance histories.
Trend followers' published words and comments over the last 30 years.
News accounts of financial disasters.
News accounts of the losers in those financial disasters.
Charts of markets traded by trend followers.

Charts of markets traded by losers in the financial disasters.

Education rears disciples, imitators, and routinists, not pioneers of new ideas and creative geniuses. The schools are not nurseries of progress and improvement, but conservatories of tradition and unvarying modes of thought.

Ludwig von Mises

If we could have developed a book comprised of only numbers, charts, and graphs of Trend Following performance data, we would have. However, without any explanation, few readers would have appreciated all of the ramifications of what the data showed. Therefore our approach to writing Trend Following became similar to the one Jim Collins describes in Good to Great, in which a team of researchers generated questions, accumulated data in their open-ended search for answers, and then energetically debated it.

Trend followers we studied form a sort of underground network of relatively unknown traders who, except for an occasional article, the mainstream press has virtually ignored. What we have attempted to do is lift the veil, for the first time, on who these enormously successful traders are, how they trade, and what is to be learned from their approach to trading that we might apply to our own portfolios.

Trend Following challenges much of the conventional wisdom about successful trading. We were determined to avoid being influenced by knowledge institutionalized and defined by Wall Street. We were adamant about fighting "flat earth" thinking. During our research, we tried to avoid starting with an assumption and then finding the data to support it. Instead we asked the question and then, objectively, doggedly, and slowly, let the answer reveal itself.

If there was one factor that motivated us to work in this manner, it was simple curiosity. The more we uncovered about trend followers, the more we wanted to know. For example, one of our earliest questions was who profited when Barings Bank collapsed in 1995. Our search unearthed Barings Bank-related performance data including that of trend follower John W. Henry (now the majority owner of the Boston Red Sox). His track record generated new questions, such as, "How did he discover Trend Following in the first place?" and "Has his approach changed in any significant way in the past 20 years?"

We were also curious about who won the $1.9 billion Long Term Capital Management lost during August and September 1998. We wanted to know why the biggest banks on Wall Street would invest $100 billion in an options pricing model, Nobel prize-winning or not. Further, considering what mutual fund managers have lost in the past few years and what successful trend followers have earned during the same time period, we could not understand why so few investors know anything about Trend Following. We also became interested in:

The important thing in science is not so much to obtain new facts as to discover new ways of thinking about them.

Sir William Bragg

How trend followers win in the zero-sum game of trading.
Why Trend Following has been the most profitable style of trading.
The philosophical framework of trend followers' success.
Timeless principles of Trend Following.
The Trend Following worldview of market behavior.

Reasons why Trend Following is so enduring.

Many of the trend followers we studied are reclusive and extremely low key. Some discovered Trend Following on their own and used it to make their fortunes out of home offices. Bill Dunn, a successful trend follower who has beaten the markets for over 25 years, works out of a quiet, spartan office in a Florida coastal town. For Wall Street, this approach to trading is tantamount to sacrilege. It goes against all the customs, rituals, trappings, and myths we have grown accustomed to associating with Wall Street success. In fact, it is our hope that our profiles of trend followers will correct the public's misconception of a successful trader as a harried, intense workaholic who spends 24/7 in the labyrinth of a Wall Street trading firm, surrounded by monitors and screaming into a phone.

We've assembled the first comprehensive look at Trend Following, but this is neither a course nor the only resource you will ever need. It is to be used in conjunction with our Web site at www.trendfollowing.com. We have tried to be comprehensive with our definitions. However, if we mention an unfamiliar word, name or reference a source you haven't heard of, please go to Google (www.google.com).

Fish see the bait, but not the hook; men see the profit, but not the peril.

Chinese Proverb

We have tried to make the material accessible and interesting enough so it might give you an occasional "aha" experience. However, if you're looking for trading "secrets," you need to look elsewhere. There are none. If you're in the mood for stories about what it's like inside a typical Wall Street firm or how greedy traders sow the seeds of their destruction, like in Den of Thieves, or Barbarians at the Gate, we will not meet your needs.

To be aware how fruitful the playful mood can be is to be immune to the propaganda of the alienated, which extols resentment as a fuel of achievement.

Eric Hoffer

You may have noticed that I use "we" instead of "I" when describing the process of writing this book. That's because it could not have been written without the generosity of the traders, professors, investors, colleagues, and friends who graciously shared their wisdom and trading experiences with me. Without their support, hard work, long hours, and creativity, Trend Following would still be an ongoing hazardous journey. So if there is any "honor and recognition" to be given, it is to everyone who participated, not just the person whose name appears on the cover.


© Copyright Pearson Education. All rights reserved.
Customer Reviews

Great Read
I bought both of this author's books on the recommendation of Amazon. The first book, the Complete TurtleTrader was the one that I read first. I wish I would have read them in reverse. Trend Following built up the story. After reading Trend Following I went back and read the Complete TurtleTrader again.

What made the book great? Well like most reading these types of books, I am a person who wants the most out of my money. I want my money to perform. The little girl in side of me still says that I can make serious money like the boys do. This book inspired me to make the most of what I can use.

Read it - but take my advice, read Trend Following first, Complete TurtleTrader second.

Impressionable, but...
If you are looking for clear cut set of rules/strategy that you, the individual investor, can follow to make money, then look elsewhere. The trend followers solely follow the movement of the price in exclusion to everything else. They identify a trend - uptrend or downtrend - and play upon it. As noted in the book, they react to and not predict the prices.

The methods, far and few, explained in the book are definitely not suitable for me - the retail investor. First of all, I don't have access to a trading system that can follow the rules outlined. Second, I am not a trader in the strict sense myself, where trades are triggered by a system without me realizing what is happening. To perfect such a system would take me ages given that investing isn't my main bread winner. This book will pass off as a great text book in the annals of the Ivy League schools, but when it comes to making money for you, the individual investor again, I think you are better off reading the likes of Jesse Livermore, Nicolas Darwas and William O' Neal. Read the Lessons from the Greatest Stock Traders of All Time' by John Boik or any of William O'Neals books. They define clear cut rules that we can all follow and make money. How else would I have made about 80K in the past three years compared to the first 8 years of my investing where I barely made any.

There are a lot of anecdotes in the book - literally, every page has 2-3 of these. All of these may impress, but in the end they are nice to feel scholarly about. If you are a beginning investor, the first chapter -Trend following, all of 22 pages - lays the foundation by explaining the different schools of thought regarding investing. Then there is 55 pages outlining the great trend followers are their performance but never in clear and precise terms or rules what their methods are. It almost feels sycophantic reading about other 'great' beings the way it is written. At last, after reading almost 210 pages, I got to see some system of trading. All these are pretty dry.

This is possibly the only one exception to the many great investing books in my library that I could have borrowed from the library. You will be better off reading 'How to make money in stocks..' by William O' Neal again and again and again.

Not bad, but not very useful
I own this book, I even recommend this book. But let me explain the 2 star rating....

While the book is a good history lesson, and shows how some of these guys make a lot of money, it's just not practical advice for the rest of us. I highly doubt that many of us have a billion dollar hedge fund to run.

Also, there are no real strategies in this book.

However, it did get me thinking in a different way. So for that, it is worth the money. (The main thing was to allow for larger swings against your position, allow the market a little more room than I did before.)

I know that this guy sells other products on his website, but to be honest, I don't see them being worth it. Most of this book is about defending trend traders, which is fine, but I wasn't attacking them in the first place.

I have begun to use the 4 hour chart more with his thinking, and I have to say it makes a little more sense. Not to get caught up in "micro-movements" as I call them. But to allow massive 300 pips swings against you on a weekly chart isn't practical for most of us.

So in conclusion, I think it's a good read, but if you get what I got out of it from my review, then it may or may not be worth the money.

Commodity Trading Advisors: Risk, Performance Analysis, and Selection (Wiley Finance)

Product Description

Authoritative, up-to-date research and analysis that provides a dramatic new understanding of the rewards-and risks-of investing in CTAs
Commodity Trading Advisors (CTAs) are an increasingly popular and potentially profitable investment alternative for institutional investors and high-net-worth individuals. Commodity Trading Advisors is one of the first books to study their performance in detail and analyze the "survivorship bias" present in CTA performance data. This book investigates the many benefits and risks associated with CTAs, examining the risk/return characteristics of a number of different strategies deployed by CTAs from a sophisticated investor's perspective. A contributed work, its editors and contributing authors are among today's leading voices on the topic of commodity trading advisors and a veritable "Who's Who" in hedge fund and CTA research.
Greg N. Gregoriou (Plattsburgh, NY) is a Visiting Assistant Professor of Finance and Research Coordinator in the School of Business and Economics at the State University of New York. Vassilios N. Karavas (Amherst, MA) is Director of Research at Schneeweis Partners. Francois-Serge Lhabitant (Coppet, Switzerland) is a FAME Research Fellow, and a Professor of Finance at EDHEC (France) and at HEC University of Lausanne (Switzerland). Fabrice Rouah (Montreal, Quebec) is Institut de Finance Mathématique de Montréal Scholar in the finance program at McGill University.
Product Details
Amazon Sales Rank: #359151 in Books
Published on: 2004-09-24
Number of items: 1
Binding: Hardcover
424 pages
Editorial Reviews

Download Description
Authoritative, up-to-date research and analysis that provides a dramatic new understanding of the rewards-and risks-of investing in CTAs Commodity Trading Advisors (CTAs) are an increasingly popular and potentially profitable investment alternative for institutional investors and high-net-worth individuals. Commodity Trading Advisors is one of the first books to study their performance in detail and analyze the "survivorship bias" present in CTA performance data. This book investigates the many benefits and risks associated with CTAs, examining the risk/return characteristics of a number of different strategies deployed by CTAs from a sophisticated investor's perspective. A contributed work, its editors and contributing authors are among today's leading voices on the topic of commodity trading advisors and a veritable "Who's Who" in hedge fund and CTA research.

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Authoritative, up-to-date research and analysis that provides a dramatic new understanding of the rewards-and risks-of investing in CTAs Commodity Trading Advisors (CTAs) are an increasingly popular and potentially profitable investment alternative for institutional investors and high-net-worth individuals. Commodity Trading Advisors is one of the first books to study their performance in detail and analyze the "survivorship bias" present in CTA performance data. This book investigates the many benefits and risks associated with CTAs, examining the risk/return characteristics of a number of different strategies deployed by CTAs from a sophisticated investor's perspective. A contributed work, its editors and contributing authors are among today's leading voices on the topic of commodity trading advisors and a veritable "Who's Who" in hedge fund and CTA research.

From the Inside Flap
Commodity Trading Advisors (CTAs) use proprietary trading programs that buy and sell commodities and financial futures around the globe. Different than hedge fund and long-only portfolio managers, they don't follow any stock or bond market trends, but rather, attempt to seize opportunities in a variety of commodity and financial futures markets. The investment potential of CTAs is undeniable, yet little has been done to study their performance in detail-until now.

In Commodity Trading Advisors: Risk, Performance Analysis, and Selection editors Greg Gregoriou, Vassilios Karavas, François-Serge Lhabitant, and Fabrice Rouah bring together the best minds in the business to analyze CTAs from both a quantitative and qualitative perspective. Divided into four comprehensive sections-Performance; Risk and Managed Futures Investing; Managed Futures Investing, Fees, and Regulation; and Program Evaluation, Selection, Diversification, and Returns-this unique resource contains articles that cover a wide range of CTA issues, including:
The performance of CTAs in changing market conditions
Simple and cross efficiency of CTAs using data envelopment analysis
The effect of large hedge fund and CTA trading on futures market volatility
Measuring the long volatility strategies of managed futures
Managed futures funds and other fiduciary products
Choosing the right CTA
How to design a commodity trading futures program

Although much of the information related to CTAs can be technical in nature, Commodity Trading Advisors distills the knowledge of experts within this field in the most straightforward and accessible way possible. You'll become familiar with many of the benefits and risks associated with CTAs as well as the risk/return characteristics of a number of different strategies implemented by them. You'll also learn about important CTA selection and monitoring issues, such as evaluation, returns, and tracking.

Filled with in-depth insights and practical advice, Commodity Trading Advisors can help you-whether you're an institutional investor, pension fund manager, endowment fund, or high-net-worth individual-understand the complexities of this alternative investment opportunity, and show you how to use CTAs as a portfolio diversification tool that can mitigate downside risk in any market.