Efficient Asset Management: A Practical Guide to Stock Portfolio Optimization and Asset Allocation

Book Description

The failure of optimized portfolios to meet their practical investment goals has prompted many portfolio managers to abandon optimization techniques for simpler alternatives to maximize asset value. Yet, according to financial expert Richard Michaud, readily available methods exist to help practitioners reduce instability and enhance the value of optimization--tools that the investment community has largely ignored. In his succinct new book, Michaud argues that the problems lies with the conventional perception of optimization as a numerical computation; this view has severely restricted the typical manager's understanding of inherent limitations--and resulted in optimized portfolios that frequently fall short of their potential. If, instead, managers approach optimization as a statistical estimation, Michaud argues, they can resolve many of the serious limitations. Michaud identifies and explains five powerful techniques--improved estimation, application of benchmark priors, integration of active forecasts, tests for efficiency, and tests for portfolio weights--that portfolio managers can use to reduce errors, increase precision, and enhance the value of seemingly optimized portfolios. He illustrates the impact of each method with a simple asset allocation problem. With its important implications for investment practice, Efficient Asset Management's highly intuitive yet rigorous approach to defining optimal portfolios will appeal to investment management executives, consultants, brokers, and anyone seeking to stay abreast of current investment technology. Through practical examples and illustrations, Michaud updates the practice of optimization for modern investment management.

Customer Reviews:

Important information when considering Markowitz optimization.......2007-05-13

Michaud's resampling methodology is quite rigorous, although the patentability of application of econometric concepts that are over 40 years old to a theory advanced by Markowitz in 1952 should be seriously questioned by any rational reader. The applicability of resampling and improvements to the inputs to estimation are clear, and should be strongly considered by anyone in the asset management industry. The book glosses over other approaches to optimization that are not based on Markowitz, all but ignoring the huge body of literature that has been built up around other optimization approaches. Except for this shortfall, this is an excellent book, and shoulds be a part of your library on quantitative asset management.

It has good chapters, but..........2006-04-14

This book has a couple of good chapters on the problems of implementing the Markowitz model. Interestingly enough, I understood better the resampling idea in Scherer's article (a clean and honest review in my opinion which Michaud understandably hates) than in the entire Michaud's book. If I'm not mistaken the basic resampling idea was originally due to Jorion. Michaud patented it a variation of it. Now if you want to implement the ideas presented in this book, you are by law forbidden to do it (because it is patented). In that sense I think this book should be free (since as another reviewer below put it, it is a sales pitch.) There is an interesting review on this troubling trend of patenting really basic algorithms in Wilmott Magazine. Still it makes interesting reading. 2 1/2 stars.

Required Reading for Sophisticated Investors.......2006-01-13

This is an excellent book for the readers with solid quant skills. This is not a course in investing for poets. So be honest with yourself about your capabilities and needs.

the author responds.......2005-11-23

The new reader should know that the innovations in the book described in chapters 6 and 7 have been awarded three patents so far, two in the U.S. and one in Israel. Worldwide patents are pending. The critiques by some reviewers do not mention that many sophisticated investment and consulting institutions worldwide have adopted the techniques described in this book as their sole asset allocation optimization framework. They also do not mention that Markowitz has confirmed that "Michaud optimization beats Markowitz optimization" and that "Bayes does not beat Michaud optimization." Resampled Efficiency optimization is the only provably effective portfolio optimization and portfolio rebalancing technology in the world today and is revolutionizing asset management in practice worldwide. See www.newfrontieradvisors.com for further updates, research and applications.

All gloss no substance.......2005-03-16

I am surprised that this process has gained the clout that it has. It almost seems like the finance industry got bored of existing processes and so came up with something new and possibly promising, evn though the author himself cannot explain why hes doing what he is doing.

The book is short, but could have so been shorter had it not been for Michauds constant repetition of ideas. Save your money and google the concept if u really want to know about it.

Book Description

At a time when kids have more debt and temptation than ever comes a completely revised and updated edition of the #1 New York Times bestseller on teaching children aged three to twenty about money

Money Doesn't Grow on Trees is the book that parents turn to when it comes to teaching their children about money. With 180,000 young adults between the ages of eighteen and twenty-four declaring bankruptcy last year and college students graduating with an average of $28,000 in debt, Neale S. Godfrey is the definitive expert on the subject and her time-tested advice is more important than ever.

Money Doesn't Grow on Trees offers exercises and concrete examples on everything from responsible budgeting to understanding the difference between "want" and "need" for children of every age. This revised edition includes entirely new sections that discuss

The power of the Internet

The tactics of television advertisers

The world of eBay

Godfrey's years of experience as a mother and a financial expert make Money Doesn't Grow on Trees a book no responsible parent can afford to pass up.

Customer Reviews:

I bought 12 copies and gave for gifts!.......2007-03-30

My husband originally bought this book, and then I read and re-read it. We have 2 sons, (10 & 12 yrs old). This book REALLY helped us to set up a program for spending and saving with our sons. I like the way is is simply laid out. I would highly recommend any parent who is interested in learning more and getting help on how to set-up the whole money thing to get this book...better earlier than later! Be patient, it does work...it just takes time and persisitence.

User-friendly and useful.......2007-02-09

We all spend a lot of time talking about how to instill proper financial values in our children. This book gives you step-by-step advice on how to make that "talk" reality. The sections on how to use the world as your financial classroom and how to instill your personal values through consumerism were perfect for our young children. Perhaps the best part of the book is that it is written in an easy-to-read, easy-to-understand style. Anyone reading this book will be able to use and implement these ideas.

Good book for all parents........2001-07-31

If your a parent and having trouble teaching your children about economy then this is the book for you. It help me with my children very much. This book has many was to help you teach your children and may even teach you a thing or two. So if you need help then get this book.

Money Doesn't Grow On Trees: Teaching Your Kids The Value Of A Buck

Average customer rating:

a generation raised with too much
A must have for families!
A fan from Hong Kong
I would not recommend
She's done it again!

Money Doesn't Grow On Trees: Teaching Your Kids The Value Of A Buck
Ellie Kay
Manufacturer: Revell
ProductGroup: Book
Binding: Mass Market Paperback

Budgeting & Money Management | Personal Finance | Business & Investing | Subjects | Books

Money & Values | Personal Finance | Business & Investing | Subjects | Books

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Look Inside Parenting Books | Trip | Specialty Stores | Books
Similar Items:

A Woman's Guide to Family Finances: Finding Real Money in an Unreal Economy
A Moms Guide to Family Finances
Shop, Save, and Share
How to Save Money Every Day
Money Doesn't Grow On Trees: A Parent's Guide to Raising Financially Responsible Children

Accessories:

Health o Meter HDC100-01 "Grow with Me" Teddy Bear Scale for Babies and Toddlers
Braun IRT 4020 ThermoScan Ear Thermometer

ASIN: 0800787250

Book Description

Raise Money-Smart Kids

Ellie Kay, “savings queen” and the mother of five, provides down-to-earth, practical ways to teach kids how to handle money wisely. Her signature humor and creative, helpful advice, along with tips from other parents, make this an easy-to-follow guide for parents of preschoolers through teens.

As kids discover that Money Doesn't Grow on Trees, with your help they'll learn to:

Save Give Budget Live on their own Earn their own money and more.

Customer Reviews:

a generation raised with too much.......2007-07-16

Here is a book to kick start parents to stop spoiling and teaching kids that possessions represent love, personal significance or status.
The current generation of high school kids throws a tantrum when they aren't GIVEN 9 yes, given) a new car on their 16th birthday- and pay their own gas. well, theres only a parent to blame- stop buying and send them to work- thye truly feel entitled because they were raised on unearned praise and rewards- their language of love is things and they think their idientiy comes from having the right stiff. I see this in church kids and non-church kids. Wake up nation and reads this book

A must have for families!.......2004-01-14

Ellie Kay has done it again. In this book Ellie lays everything out on the table when it comes to teaching your child about finances. Funny thing though, I learned a thing or two myself! Every aspect is broken down from age zero to eighteen and beyond!
I immediately applied what I had learned on my children and saw a dramatic change within one week. You must get this book along with her other books, "Shop, Save and Share" and "A Womans Guide to Family Finance". Your family will thank you later!

A fan from Hong Kong.......2003-06-25

It's very nice to meet you here. I'm Jackie Ho from
Hong Kong. I'm just reading the book `Money Doesn't Grown On Trees'. It's really very useful. Actually I'm going to design and launch a class of `Money Education' to kids and teens. I want to tell them what the money is and teach them how to manage money, and also, make them more interests in math, logic, reading
comprehension, etc. This book gives me lots of ideas.
Thank you so much, Ms. Kay.

I would not recommend.......2003-04-01

I was looking for a book to help guide me and my husband to teach my child about allowance and money management. I had no idea that this is a religious based book. I am a Christian, but I don't believe that God is the answer to money questions. Furthermore, there is not any straight forward, helpful information. This book is mostly just vague ideas. I would not recommend this book

She's done it again!.......2003-03-18

Ellie is a gold mine of information regarding saving money and spending what we have wisely. I have 3 children and was pulling my hair out trying to teach them that the way to earning money is not by holding your hand out to daddy. I have read this book more times than I can count and have found and implemented many ideas. My 13 year old daughter is not very fond of her actually having to do something now but she can't hold her hand out forever. We have to remember that what we teach them now greatly effects their future. To have anything when you become an adult, you have to work and be on a budget. With the ideas Ellie has in her books, you can teach your children now. I don't want to see my children have a rough time when they are older because I gave them whatever they wanted when they were younger. I have noticed since my 7 year old has been working for that "I gotta have it toy", he takes care of them better and doesn't forget where he puts it.

Buying Ellie's books has been the best investment I could make to our budget. Thank's Ellie!

Money Still Doesn't Grow on Trees: A Parent's Guide to Raising Financially Responsible Teenagers and Young Adults
Average customer rating:

Great resource for dealing with the $ issues we SHOULD have dealt with before!

Parent Helper

Money Still Doesn't Grow on Trees: A Parent's Guide to Raising Financially Responsible Teenagers and Young Adults
Neale Godfrey , and Tad Richards
Manufacturer: Rodale Books
ProductGroup: Book
Binding: Paperback

General | Business & Investing | Subjects | Books
General | Personal Finance | Business & Investing | Subjects | Books
Money Management for Young People | Personal Finance | Business & Investing | Subjects | Books
General | Parenting | Parenting & Families | Subjects | Books
Teenagers | Parenting | Parenting & Families | Subjects | Books
General | Parenting & Families | Subjects | Books
General | Health, Mind & Body | Subjects | Books
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Money Doesn't Grow On Trees: A Parent's Guide to Raising Financially Responsible Children

Neale S Godfreys Ultimate Kids Money Book

The First National Bank of Dad: The Best Way to Teach Kids About Money

Kids and Money: Giving Them the Savvy to Succeed Financially (Bloomberg Personal Bookshelf (Paperback)) (Bloomberg Personal Bookshelf (Paperback))

Allowance Magic: Turn Your Kids Into Money Wizards

Accessories:

Health o Meter HDC100-01 "Grow with Me" Teddy Bear Scale for Babies and Toddlers Health o Meter HDC100-01 "Grow with Me" Teddy Bear Scale for Babies and Toddlers

Braun IRT 4020 ThermoScan Ear Thermometer

ASIN: 1579548512

Book Description

Is it possible to turn a teenager into a financially responsible human being? Based on years of listening and talking to parents and kids about money, Neale S. Godfrey has seen it can happen-but only when parents play an active part in getting them on the right track. Money Still Doesn't Grow on Trees helps parents deal with adolescents' attitudes and expectations about money and offers practical steps for curbing their excesses and helping them acquire the financial savvy they'll need as adults. Godfrey calls upon parents to evaluate the patterns concerning money they have established with their teenage kids. She includes making common mistakes such as trying to give them what 'everyone else' has or using a shopping trip as a reward for good behavior. She explains what teens should know about family finances and budgeting; examines the pressures our consumer culture puts on kids, with smart advice on how to counteract them; and describes the personal values teens gain when they begin to earn and manage their own money. Snapshots of families coping (with varying degrees of success) with their own teenagers' financial habits-plus sidebars, quizzes, cartoons, and quotations-add to the book's appeal and persuasiveness.

Customer Reviews:

Great resource for dealing with the $ issues we SHOULD have dealt with before!.......2007-05-17

A very easy read - with information divided into easily digestible (and logical) sections. Question and answer sections, forms to use, and "real world" examples abound and are extremely helpful, and easily "reworked" to pass along to the child/"pre-adult" in your life. The book even delves into difficult issues such as divorced parents, which creates dealing with "mommy versus daddy" (even in older "children"), diffferent parenting styles, etc. Best perhaps if used when your child is high school age - but we found plenty of information still valuable for a college-age child who's not money-savvy at all. Also wonderful the way it never "talks down" to you - but helps you realize some of the errors you've made - and how to solve them. And most positively - that it's never too late to try to help your kid learn about financial matters!

Parent Helper.......2007-01-29

I gave this book to my daughter and her husand and my son-in-law read it that day. It will assist her parents' financial conversations with my precocious granddaughter.

Mama says, ''Money Doesn't Grow on Trees!'' (World of Dr. Mackamatix Mathematics Edutainment Book)

Average customer rating:

Mama says, ''Money Doesn't Grow on Trees!'' (World of Dr. Mackamatix Mathematics Edutainment Book)
Iris Marie Mack MBA/PhD
Manufacturer: Pen & Ivy
ProductGroup: Book
Binding: Paperback

General | Ages 4-8 | Children's Books | Subjects | Books

School | Issues | Children's Books | Subjects | Books
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ASIN: 1413408915

Book Description

A little girl growing up in New Orleans dreams about seeing the world. Soon she discovers that she could actually do this via mathematics. She's all grown up now. Her name is Dr. Mackamatix. Now that she´s fulfilled her dreams of traveling this beautiful planet, she wishes to show kids how they too can see our beautiful planet via mathematics. Do you wish to learn how you too may see the world via mathematics? Please visit Dr. Mackamatix´s FUN website www.phatmath.com and view her online video trailer www.authorbytes.com/mamasays to learn more!! Dr. Mackamatix will introduce you to some of her multicultural animated hip-hop buddies: Al G. Bro, Professor Zero, Frakshun, Ma$, Queen%, and Nada. Together they'll take you on many adventures through "The World of Dr. Mackamatix" - which is sort of like a hip-hop version of Sesame Street. Dr. Mackamatix and her friends show kids how mathematics can be FUN, is used in their everyday lives and in almost every profession! One of the students - Ma$ - asks Professor Zero to teach her how mathematics is used to invest money. He teaches her how to learn more mathematics by learning how money grows in a bank savings account. Yes, he shows her money doesn´t grow on trees!

Money Doesn't Grow on Trees?!: An Indispensable Guide to Money (Indespensable Guides)

Average customer rating:

Great Book for ANYONE!!!!

Money Doesn't Grow on Trees?!: An Indispensable Guide to Money (Indespensable Guides)

Manufacturer: Barbour Publishing, Incorporated
ProductGroup: Book
Binding: Paperback

Budgeting & Money Management | Personal Finance | Business & Investing | Subjects | Books

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Money Management for Those Who Don't Have Any

ASIN: 1593106637
Release Date: 2005-03-20

Book Description

Many people live from one financial trial to the next, always feeling as if money is running the show-and they're just along for the ride. Money Doesn't Grow on Trees? sets out to turn the tables, and provide newcomers to the money scene all the basic tools they need to successfully manage their finances. Sections are bite-sized, easy to follow, conversational, and present information in terms that anyone can understand. The tone is helpful and steers away from "preachiness," even when addressing the spiritual aspects of relating to money or getting out of debt.

Customer Reviews:

Great Book for ANYONE!!!!.......2006-04-26

I picked up this book at the local drug store thinking this would be a fluff piece. But for $5 bucks I got more than I could ever have bargained for. Its easy to read, you can pick and choose chapters that you wish to look at. And there is also a section for you to write down your specific goals and so forth. I learned so much about my habits from a secular and spiritual point of view. A book you'll want to pass around.

Average customer rating:

Entertaining yes, useful no

Money Doesn't Grow on Trees
Breck Speed , and Mark Dutton
Manufacturer: Cumberland House
ProductGroup: Book
Binding: Hardcover

General | Business & Investing | Subjects | Books

Introduction | Investing | Business & Investing | Subjects | Books

Management | Management & Leadership | Business & Investing | Subjects | Books

Budgeting & Money Management | Personal Finance | Business & Investing | Subjects | Books

General | Personal Finance | Business & Investing | Subjects | Books
ASIN: 1888952067

Customer Reviews:

Entertaining yes, useful no.......2000-03-31

I was entertained by this book and the quips and cartoons were fun. However, I was hoping to find something more educational and was disappointed. I'll keep looking.

Average customer rating:

Money Doesn't Grow on Trees (AlphaPets)
Ruth Lerner Perle
Manufacturer: Grolier Enterprises Inc.
ProductGroup: Book
Binding: Hardcover
ASIN: B000MPNKD2

Average customer rating:

Money doesn't grow on trees (AlphaPets)
Ruth Lerner Perle
Manufacturer: Grolier
ProductGroup: Book
Binding: Hardcover

General | Literature | Children's Books | Subjects | Books
ASIN: B0006P7TZS

Money Doesn't Grow On Trees: A Parent's Guide to Raising Financially Responsible Children

Average customer rating:

Money Doesn't Grow On Trees: A Parent's Guide to Raising Financially Responsible Children
Neale S. Godfrey; Carolina Edwards
Manufacturer: Fireside
ProductGroup: Book
Binding: Paperback
ASIN: B000UKX4Q2

Money Doesn't Grow on Trees: A Trip to the Land of Shopping

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Money Doesn't Grow on Trees: A Trip to the Land of Shopping
Jane Norman
Manufacturer: Metacom
ProductGroup: Book
Binding: Hardcover
ASIN: 0886762871

Book Description

This book provides a comprehensive, up-to-date discussion of contemporary debates at the interface between psychology and criminal law. The topics surveyed include critiques of eyewitness testimony; the jury; sentencing as a human process; the psychologist as expert witness; persuasion in the courtroom; detecting deception; and psychology and the police. Kapardis draws on sources from Europe, North America and Australia to offer an expert investigation of the subjectivity and human fallibility inherent in our system of justice. He also provides suggestions for minimizing undesirable influences on crucial judicial decision-making. First Edition Hb (1997): 0-521-55321-0 First Edition Pb (1997): 0-521-55738-0

Download Description

This book provides a comprehensive, up-to-date discussion of contemporary debates at the interface between psychology and criminal law. The topics surveyed include critiques of eyewitness testimony; the jury; sentencing as a human process; the psychologist as expert witness; persuasion in the courtroom; detecting deception; and psychology and the police. Kapardis draws on sources from Europe, North America and Australia to provide an expert investigation of the subjectivity and human fallibility inherent in our system of justice. He also provides suggestions for minimising undesirable influences on crucial judicial decision-making. International in its scope and broad-ranging in its research, this book is the authoritative work on psycho-legal enquiry for students and professionals in psychology, law, criminology, social work and law enforcement.

Speak to the Earth : Pages from a Farmwife's Journal
Average customer rating:
Speak to the Earth : Pages from a Farmwife's Journal
Rachel Peden
Manufacturer: Random House Inc (T)
ProductGroup: Book
Binding: Hardcover

General | Agricultural Sciences | Professional Science | Professional & Technical | Subjects | Books
North America | Travel | Subjects | Books
ASIN: 0394494326

Speak to the Earth pages from a farmwife's journal.
Average customer rating:
Speak to the Earth pages from a farmwife's journal.
Rachel Peden
Manufacturer: Knopf
ProductGroup: Book
Binding: Hardcover
ASIN: B000H5CFI8

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