Active Management
Active Portfolio Management : A quantative approach for producing
superior returns and selecting superior money managers
- Perhaps the definitive guide how to explain active portfolio
management from a quantative perspective. Grinhold and Kahn explains
portfolio management from a quantative perspective and formulates the
Fundamental Law of Active Management that since have become a
cornerstone for a larger set of fund managers.
"The message is clear: You must play often and play well to win at
the investment management game. It takes only moderate amount of
skill to win a as long as that skill is deployed frequently and
across a large number of stocks." - Active Portfolio Management.
Fooled by Randomness: The Hidden Role of Chance in Life and in the
Markets
- Taleb's classic work on the market, perhaps somewhat cynical from time
to time, but is an excellent read. The books is large non-technical and
serves as a good reality check when judging your own performance.
"No amount of observations of white swans can allow the interference
that all swans are white, but the observation of a single black swan
is sufficient to refute that conclusion." - Fooled by Randomness.
Advanced Bond Portfolio Management: Best Practices in Modeling and
Strategies
- Fabozzi's views on active bond portfolio management. The book contains
a list of separately written chapters that explains how to manager bond
/ fixed Income portfolios actively. One of the must reads for people
trying to analyze fixed income strategies.
"In order to effectively employ portfolios strategies that can
control interest rate risk and enhance returns, investors and their
managers must understand the forces that drive bond markets, and the
valuation and risk management of these complex securities." -
Advanced Bond Portfolio Management.