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Forbes Guide to the Markets: Becoming a Savvy Investor, 2nd Edition

توضیحات

What a difference ten years can make. When the first edition of Forbes® Guide to the Markets was published a decade ago, the financial landscape was very different. "Dot coms" were flying high and the global economy was booming. Today, while the climate is very different, the basics and fundamentals remain the same, and the Second Edition of Forbes® Guide to the Markets reflects the most up-to-date look at how best to navigate today's financial markets.

As a former chief risk officer of two multibillion-dollar hedge funds, author Marc Groz has a solid understanding of what it takes to become a better investor, and with the Second Edition of Forbes® Guide to the Markets, he shares his insights with you.

Designed to help both the new and experienced investor enter today's turbulent markets with confidence, the Second Edition of Forbes® Guide to the Markets covers all the elements necessary to become financially street smart—from products, players, and procedures to rules, regulators, and risk/reward trade-offs.

Filled with proven investment principles, this practical guide has been completely revised to reflect new trends and changes in the markets, including:

  • Updated chapters containing buying and selling techniques; fundamental, technical, and quantitative analysis; and futures and options information
  • The emergence of exchange-traded funds, alternative investments, and derivatives
  • The role of hedge funds in an investment portfolio and the effects of the subprime crisis
  • Diversification and calculating returns
  • And much more

An essential resource for both the new and seasoned investor, this authoritative guide is a must-read for anyone who intends on improving their investment endeavors.


Marc M. Groz is a leading authority on financial markets, with a deep understanding of hedge funds, risk management, and the interplay of liquidity, transparency, and valuation in market dynamics. Currently, he serves as managing member and chief investment officer of Topos LLC, a Stamford, Connecticut–based alternative asset manager, investor, and risk advisor.

Forbes®  is the leading business magazine in the United States, with an audience of more than 5 million readers. Since 1917, Forbes' mission has been to provide access to information and insights that ensure its readers' success.

Acknowledgments.

Note to the Reader.

About the Author.

Introduction: Becoming a Savvy Investor.

Section I Establishing a Frame of Reference.

Chapter One From “Dumb” Barter to Intelligent Agents.

Chapter Two Point-Counterpoint.

Stocks.

Mutual Funds.

Bonds.

ETFs.

Options.

Futures.

Summary.

Chapter Three Confronting Information Overload.

Investor Constraints.

Investor Choices.

Investor Safety.

Section II Stocks and Equity Markets.

Chapter Four Varieties of Stocks.

Just What Is a Security, Anyway?

Issuers and Underwriters: Why Does a Corporation Sell Stock to the Public?

Why Investors Buy Stock.

Summing Up Total Return: Dividends and Capital Gains.

A Letter to Our Shareholders: Annual and Quarterly Reports (and Filings).

Making Sense of Types, Classes, and Other Stock Categories: A Map of the World of Stock.

Chapter Five Stock Markets.

The Big Board.

The Incredible Growth of Trading and Capital.

National Association of Securities Dealers Automated Quotation System (Nasdaq).

Technology, Dark Pools, and the Evolution of a Unified Market.

Chapter Six Three Views of the Numbers.

Fundamental Analysis.

Technical Analysis.

Quantitative Analysis.

Chapter Seven Where to Find Information on Stocks and Financial Markets.

A Selection of Information Sources on the Financial Markets.

Chapter Eight How to Buy and Sell Stock.

Full-Service Brokers.

Discount Brokers.

Financial Intermediaries.

Direct Purchase.

If It Sounds Too Good to Be True . . . Protecting Yourself from Stock Scams.

A Note on Financial Planners.

Section III Mutual Funds and Investment Companies.

Chapter Nine A History and Overview of the Mutual Fund Business.

Open-End versus Closed-End Funds.

Index Funds.

Load versus No-Load Funds.

Chapter Ten Advantages of Mutual Funds.

Simplicity.

Diversification.

Access to New Issues.

Economies of Scale.

Professional Management.

Indexing.

Chapter Eleven Disadvantages of Mutual Funds.

Impact of One-Time Charges and Recurring Fees on Fund Performance.

Hidden Cost of Brokerage.

Some Hidden Risks of Fund Ownership.

Chapter Twelve Sources of Information on Mutual Funds.

Investment Company Institute Classification of Types of Funds.

Lipper Analytical Services.

Forbes.

Morningstar.

Chapter Thirteen Alternative Investments.

Hedge Funds.

Funds of Hedge Funds.

Other Alternatives.

Section IV Bonds and Other Fixed-Income Securities.

Chapter Fourteen Seven Characteristics of Bonds.

The Lifespan of Bonds.

Interest versus Discount.

Relationship of Price to Yield.

Four Important Yield Measures.

Credit Quality, Ratings, and Insurance.

Call and Related Features.

Fixed versus Floating Rates and Foreign Currencies.

Chapter Fifteen How the Other $30 Trillion Is Invested.

Treasuries.

Corporates.

Mortgage-Backed Securities and Other Asset-Backed Securities.

Municipals.

Money Market.

Summary.

Section V Options, Futures, and Other Derivatives.

Chapter Sixteen Options.

Exchange-Traded Options.

Combination Strategies.

Determining the Value of an Option.

Chapter Seventeen Futures.

A Seller’s Need to Hedge . . .

Some Buyers Need to Hedge, Too.

Speculation or Insurance? Maybe a Little of Both.

Actuals versus Cash-Settled Contracts.

Margin and Collateral.

Chapter Eighteen Other Derivatives.

Section VI Summing Up Risk and Return.

Chapter Nineteen How Well Are My Investments Doing?

The Basics of Return.

Annualized Returns: Arithmetic (Simple) or Geometric (Compound)?

Time-Weighted Returns versus Money-Weighted Returns.

Complicating Factors.

Chapter Twenty Coming to Grips with the Many Dimensions of Risk.

A Definition of Investment Risk.

The Relativity of Risk.

What Is Market Risk?

“It Will Fluctuate”.

Other Kinds of Investment Risk: From the Quantifiable to the Subjective.

Balancing Risk and Return.

Chapter Twenty-One A Crescendo of Change.

Again, We Ask, What Is a Market?

Glossary.

Index.