Schwager
on Futures: Managed Trading - The Myths and Truths by Jack D. Schwager
An
in-depth investigation into the risky business of managed futures,
written by one of today's most widely respected financial authorities.
Due to their meteoric investment returns and role as diversification and
inflation hedging instruments, managed futures, professionally managed
investments in commodity and financial futures markets have grown
enormously popular. Yet with apparent success comes disaster, including
a two-year string of financial calamities capped by the bankruptcy of
California's Orange County. Now Jack Schwager, the man most traders
think is futures, investigates the financial practices of a $25 billion
business many experts feel is dangerously out of control. Sure to stir
controversy in corporate boardrooms and on busy trading floors, this
timely, detailed book takes readers to the frenzied center of the
managed futures market, exploding many commonly held myths about its
theoretical underpinnings and performance.
This book covers hot topics such as investor behavior, the benefits of
diversification, and the effect of adding managed futures to
conventional portfolios Newest edition in the widely admired Schwager on
Futures Series (including
Fundamental
Analysis
and
Technical
Analysis).
CONTENTS
PART I- PERFORMANCE ISSUES
Why "Actual" Trading Results Are Sometimes a Misnomer.
Performance Reporting: Sources of Distortion and Special Cases.
Measuring Trading Performance.
The Apples and Oranges Pitfall.
Why All Conventional CTA Indexes Are Misleading.
PART II- IS PAST PERFORMANCE PREDICTIVE OF FUTURE PERFORMANCE?
Are Prospectus Returns Indicative of Future Performance?
Is Past Performance Predictive of Future
Performance?: A Brief Review of Academic Studies.
Is Past Performance Predictive of Future Performance?: A CTA-Based
Analysis.
PART III- INVESTMENT AND PORTFOLIO ISSUES
We Have Met the Enemy.
Robin Hood Investing: Taking from the Winners and Giving to the Losers.
Is Diversification Beneficial?
Should Managed Futures Included in Investment Portfolios?
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