September 2015
Intermediate to advanced
960 pages
35h 3m
English
book
Alternative Investments: CAIA Level I, 3rd Edition
by Donald R. Chambers, Mark J. P. Anson, Keith H. Black, Hossein Kazemi, CAIA Association
Content preview from Alternative Investments: CAIA Level I, 3rd Edition
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.
CHAPTER 13 Operationally Intensive Real Assets
This chapter focuses on investments that have a substantial proportion of their performance driven by operations related to real assets rather than the value of the underlying real assets.
13.1 Commodity Producers
Chapter 10 discussed natural resources as real assets that have experienced little or no alteration by humans. Investments in natural resources attract investor interest based on their perceived ability to serve as diversifiers against general economic fluctuations and the risk of unexpected inflation. However, direct and liquid institutional investment opportunities in natural resources are somewhat limited by the large extent to which global natural resources are owned by the public. Investments in firms with operations involved in developing natural resources are much more accessible. This section discusses investment opportunities of firms that transform natural resources into commodities and other goods and services available for consumption.
Each investment opportunity related to a natural resource may be viewed as lying on a spectrum, ranging from the purest plays on the value of a natural resource to those that are driven more by their operational focus than by the value of the natural resource related to their operations. For example, the rights to the mineral reserves of land containing copper ore are highly driven by the price of copper. The market price of an operating firm that mines and smelts the copper ...
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.
Read now
Unlock full access
More than 5,000 organizations count on O’Reilly
O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.Julian F.
I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.Amir M.
I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.