Alternative
Investments Books
Book
review:
Asymmetric
Returns: The Future of Active Asset Management (Kindle Edition)
by Alexander M. Ineichen (Author)
Asymmetric
Returns: The Future of Active Asset Management (Wiley Finance)
(Hardcover)
Product Description
In Asymmetric Returns, financial expert Alexander Ineichen
elevates the critical discussion about alpha versus beta and
absolute returns versus relative returns.
He argues
that controlling downside volatility is a key element in asset
management if sustainable positive compounding of capital and
financial survival are major objectives. Achieving sustainable
positive absolute returns are the result of taking and managing
risk wisely, that is, an active risk management process where risk
is defined in absolute terms and changes in the market place are
accounted for.
The result
of an active risk management process-when successful-is an
asymmetric return profile, that is, more and higher returns on the
upside and fewer and lower returns on the downside. Ineichen
claims that achieving Asymmetric Returns is the future of active
asset management.
Alexander M. Ineichen, CFA, CAIA, is Managing Director and Senior
Investment Officer for the Alternative Investment Solutions team,
a key provider within Alternative and Quantitative Investments,
itself a business within UBS Global Asset Management. He is also
on the Board of Directors of the Chartered Alternative Investment
Analyst Association (CAIAA).
Ineichen
is the author of the two UBS research publications In Search of
Alpha—Investing in Hedge Funds (October 2000) and The Search for
Alpha Continues—Do Fund of Hedge Funds Add Value? (September
2001). As of 2006 these two reports were the most often printed
research papers in the documented history of UBS. He is also
author of the widely popular Absolute Returns—The Risk and
Opportunities of Hedge Fund Investing, also published by John
Wiley & Sons.
From the Inside Flap
In order to meet the demands of the investment community, the
asset management industry has to continually evolve. Around the
year 2000, the latest phase of this evolution began to take place.
During that time, hedge funds started to seriously compete with
the traditional asset management industry—especially for
institutional assets. Since then, investors have distinguished
more carefully between alpha and beta, absolute returns and
relative returns, and skill-based strategies and market-based
strategies.
Author Alexander Ineichen has been on the cutting-edge of the
money management industry throughout his entire career. He knows
how difficult it is to find alpha in today's increasingly
efficient markets, but he also understands how the current
paradigm shift in the field of finance can help you overcome this
obstacle.
Filled with in-depth insights and expert advice, Asymmetric
Returns claims that it is possible for an active investment
approach to yield a higher and more sustainable long-term return
with lower downside volatility than is obtainable through passive,
long-only strategies. The term asymmetry refers to most investors
preferring positive returns over negative returns, that is, a
return distribution skewed to the "upside."
In essence, Asymmetric Returns is a manifesto for active asset
management. Written in a straightforward and accessible style,
this comprehensive guide reveals what it takes to achieve an
asymmetric return profile—including an entrepreneurial mindset as
well as a dynamic and flexible risk management process that truly
corresponds to the end investors' risk preferences—and outlines
the essential elements of this innovative investment approach.
Topics discussed within these pages include:
The importance of understanding and managing portfolio volatility
The issue of risk and transparency in today's investment
environment
The price of asymmetric returns
How alpha is an option from the perspective of an investor
Asymmetric returns as a business
The current conversion between the absolute return world
(investment banks, hedge funds) and traditional asset management
The future of active asset management will rely more on finding
and exploiting investment opportunities where the risk/reward
relationship is asymmetric and less on beating an arbitrary
benchmark. With Asymmetric Returns as your guide, you'll discover
how to do this and much more, as you work to achieve sustainable
positive absolute returns through an active risk management
process.
1.
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Alternative Investments
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Books about Art
and Investments in Art
3.
Books about Wine and Wine Investments
4.
Books about Venture Capital and Private Equity
5.
Books about Financial Derivatives
6.
Books about
Commodities and Trading
7.
Books about
Investments
8.
Books about Hedge Funds
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