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Treynor On Institutional Investing



"Jack Treynor has a mind of his own. I mean that as the highest compliment. Jack Treynor sees what no one else sees, thinks what no one else thinks, explains what no one else explains. You will learn more in fifteen minutes with Jack Treynor than in a full hour with most pundits. You will work hard but you will see things, think things, and understand things as never before. This book is a most valuable treasure, gleaming with Jack Treynor's brilliance."
—Peter L. Bernstein, author, Capital Ideas Evolving

"Vintage Treynor. This is a must-own reference for anyone involved in institutional asset management. It assembles — in one place — many of the important insights of one of the most provocative and creative players in the finance world over the past half-century."
—Robert D. Arnott, Chairman, Research Affiliates, and Former Editor, Financial Analysts Journal

"As a practicing investment manager, Treynor always preferred brilliance to soundness. Identifying the flaws in conventional thinking, he shows both the theorist and the practitioner where to invest time in their search for excess return."
—Perry Mehrling, Professor of Economics, Barnard College, Columbia University, author, Fischer Black and the Revolutionary Idea of Finance

"Jack Treynor's new book brings together a lifetime of exploring the important questions surrounding the sophisticated investor's task. Readers of Treynor on Institutional Investing will be richly rewarded by the insights the author has developed about both the practical and the conceptual keys to successful investing."
—Samuel L. Hayes, III, Jacob Schiff Professor of Investment Banking Emeritus, Harvard Business School

Jack L. Treynor is President of Treynor Capital Management, Inc. He was the editor of the Financial Analysts Journal for many years and is the author of more than ninety articles that have appeared in numerous financial publications. Along with William Sharpe, Robert Merton, and Harry Markowitz, Treynor is a Distinguished Fellow for the Institute for Quantitative Research in Finance. He serves on the advisory boards of the Financial Analysts Journal and the Journal of Investment Management, and has taught investment courses at Columbia University and the University of Southern California. Treynor has served as a general partner, trustee, and director of seventy investment companies.





Part One: Risk.

Chapter 1. Using Portfolio Composition to Estimate Risk.

Chapter 2. Business vs. Statistical Price Risk.

Chapter 3. Specific Risk.

Chapter 4. On the Quality of Municipal Bonds.

Chapter 5. Time Diversification.


Chapter 6. Towards a Theory of Market Value of Risky Assets.

Chapter 7. Portfolio Theory is Inconsistent with the Efficient Market Hypothesis.

Chapter 8. In Defense of CAPM.

Part Two: Performance Measurement.

Chapter 9. Editorial Viewpoint.

Chapter 10. How to Rate Management of Investment Funds.

Chapter 11. Can Mutual Fund Outguess the Market?

Chapter 12. The Future of Performance Measurement.

Part Three: Economics.

Chapter 13. Unemployment and Inflation.

Chapter 14. What Professor Galbraith Neglected to Tell His Television Audience.

Chapter 15. The Financial Objective in the Widely Held Corporation.

Chapter 16. The Real Cost of Inflation.

Chapter 17. The Fiscal Burden.

Chapter 18. A Modest Proposal.

Chapter 19. A More Modest Proposal.

Chapter 20. Real Growth, Government Spending and Private Investment.

Chapter 21. Securities Law and Public Policy.

Chapter 22. Shirtsleeves to Shirtsleeves in Three Generations.

Chapter 23. Is Training a Good Investment?

Chapter 24. The Fifth Horseman.

Chapter 25. A Theory of Inflation.

Chapter 26. How to Regulate a Monopoly.

Chapter 27. Man's Most Important Invention.

Chapter 28. Will the Phillips Curve Cause World War III?

Part Four: Trading.

Chapter 29. Editor's Comment.

Chapter 30. The Only Game in Town.

Chapter 31. What the Courts Ought to Know About Prudence.

Chapter 32. De Facto Market Makers.

Chapter 33. Editor's Comment.

Chapter 34. Four Rules for Successful Trading.

Chapter 35. Index Funds and Active Portfolio Management.

Chapter 36. Opportunities and Hazards in Investigative Research.

Chapter 37. What Does It Take to Win the Trading Game?

Chapter 38. In Defense of Technical Analysis.

Chapter 39. The Economics of the Dealer Function

Chapter 40. Market Manipulation.

Chapter 41. Types and Motivations of Market Participants.

Chapter 42. The Invisible Costs of Trading.

Chapter 43. Zero Sum.

Chapter 44. Insider Trading: Two Comments.

Part Five: Accounting.

Chapter 45. Financial Reporting—For Whom?

Chapter 46. The Revenue-Expense View of Accrual Accounting.

Chapter 47. The Trouble with Earnings.

Chapter 48. The Trueblood Report.

Chapter 49. A Hard Look at Traditional Disclosure.

Chapter 50. The Trouble with Corporate Disclosure.

Part Six: Investment Value.

Chapter 51. Top-Down Economic Forecasts and Securities Selection.

Chapter 52. The Value of Control.

Chapter 53. Economic Life vs. Physical Life.

Chapter 54. The Investment Value of Plant.

Chapter 55. Growth Companies.

Chapter 56. Bulls, Bears and Market Bubbles.

Chapter 57. The Canonical Market Bubble.

Chapter 58. The Investment Value of Brand Franchise.

Chapter 59. The Investment Value of an Idea.

Part Seven: Active Management.

Chapter 60. How to Use Security Analysis to Improve Portfolio Selection.

Chapter 61. Why Clients Fail.

Chapter 62. Long Term Investing.

Chapter 63. The Institutional Shortfall.

Chapter 64. Persuasion and Long Term Investing.

Chapter 65. Is "Reasonable Knowledge" Enough?

Chapter 66. How Technical Should Investment Management Be?

Chapter 67. If You Can Forecast the Market, You Don't Need Anything Else.

Chapter 68. Market Efficiency and the Bean Jar Experiment.

Chapter 69. From the Board. Information-Based Investing.

Chapter 70. The 10 Most Important Questions to Ask in Selecting a Money Manager.

Part Eight: Pensions.

Chapter 71. Risk and Reward in Corporate Pension Funds.

Chapter 72. An Investor’s Guide to the Index Fund Controversy.

Chapter 73. The Principles of Corporate Pension Finance.

Chapter 74. Pension Claims and Corporate Assets.

Part Nine: Cases.

Chapter 75. Feathered Feast: A Case.

Chapter 76. An Extraordinarily Cheap Trade.

Chapter 77. The Gauntlet.

Chapter 78. A Prudent Man.

Chapter 79. Default—Shawnee Manufacturing.

Chapter 80. Public Voting.

Chapter 81. Fiduciary Funds.

Chapter 82. Poosha-Carta Food Stores.

Chapter 83. The Fed Watchers.

Chapter 84. Betting on Management.

Chapter 85. Financial Literacy.

Chapter 86. Cereal Mergers.

Chapter 87. Quiz for Fed Candidates.

Chapter 88. When Plant Wears Out.

Chapter 89. Answers to Quiz for Fed Candidates.

Chapter 90. Gas Caps and the Sherman Act.

Chapter 91. The Worldwide Financier.

Chapter 92. Reifen AG.

Part Ten: Miscellaneous.

Chapter 93. Wha' Happen?

Chapter 94. Portfolio Insurance and Market Volatility.

Chapter 95. Betting on Good Management.

Chapter 96. Remembering Fischer Black.

Chapter 97. Fairness in Tax Policy.

Chapter 98. Why Market-Valuation Indifferent Indexing Works.