Active Portfolio Management - Richard C. Grinold & Ronald N. Kahn (English Ebook)

The art of investing is evolving into the science of investing. This evolution has been happening
slowly and will continue for some time. The direction is clear; the pace varies. As new generations
of increasingly scientific investment managers come to the task, they will rely more on analysis,
process, and structure than on intuition, advice, and whim. This does not mean that heroic personal
investment insights are a thing of the past. It means that managers will increasingly capture and
apply those insights in a systematic fashion.
We hope this book will go part of the way toward providing the analytical underpinnings for the
new class of active investment managers. We are addressing a fresh topic. Quantitative active
management—applying rigorous analysis and a rigorous process to try to beat the market—is a
cousin of the modern study of financial economics. Financial economics is conducted with much
vigor at leading universities, safe from any need to deliver investment returns. Indeed, from the
perspective of the financial economist, active portfolio management appears to be a mundane
consideration, if not an entirely dubious proposition. Modern financial economics, with its theories
of market efficiency, inspired the move over the past decade away from active management (trying
to beat the market) to passive management (trying to match the market).

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Penerbit/Pengarang : Richard C. Grinold | Ronald N. Kahn
Jumlah Halaman: 597 Halaman
Ukuran File: 6,26 MB

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