May 2011
Intermediate to advanced
366 pages
11h 31m
English
book
Managed Futures for Institutional Investors: Analysis And Portfolio Construction
by Galen Burghardt, Brian Walls
Content preview from Managed Futures for Institutional Investors: Analysis And Portfolio Construction
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JWBT468-c01 JWBT468-Burghardt March 15, 2011 3:52 Printer Name: Courier Westford
CHAPTER 1
Understanding Returns
The purpose of this chapter is to bridge the gap between the world of conven-
tional money management, where return has a natural and well-understood
meaning, and the world of futures, where the idea of return by itself makes
no sense. The disconnect between the two markets is simply this: Real assets
tie up real cash. To buy a portfolio of real stocks, for example, one invests
real cash. The stocks then spin off dividends, which constitute part of the
return, and the prices of the stocks rise or fall, which constitutes ...
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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.