Investment Strategies in Practice
As threatened in the Introduction and amply borne out in the event, the chapters in Part II addressed a disparate hodge-podge of investment approaches—three directional examples and two each involving cash flow and arbitrage trading techniques. Their time horizons varied from the ephemeral to the perpetual, market exposures were fully hedged, partially hedged, or naked; leverage was high, minimal, or none; and tactical choices and the ability to exercise real options were in some cases available to their managers and in others not. The examples, various as they were, were chosen to cover as wide a swathe of the range of investment management possibility as the limitations of my investment experience ...

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