Beating the Indexes: Investing in Convertible Bonds to by Bill Feingold

By Bill Feingold

You could beat the marketplace by way of warding off risk-averse, career-protecting funding managers and index-based thoughts which are completely chuffed with mediocrity. truth is, as indexing and quasi-indexing became extra familiar, the risks of those suggestions became extra reported: a bias towards overrated, overgrown, large-cap shares more likely to hit lengthy classes of underperformance. yet there’s excellent news: If you’re keen to speculate a section extra of your individual time, you may have a stronger likelihood of thrashing the professionals than they wish you to imagine. In Beating the Indexes, prime dealer and Minyanville columnist invoice Feingold indicates you the way to systematically make the most the biases and mediocrity of index traders, and constantly make successful investments. Writing for person traders in addition to specialist advisors and funds managers, Feingold introduces a extra ecocnomic set of making an investment techniques in line with convertible bonds and comparable replacement investments. during this strangely readable (even fun to learn) e-book, each one bankruptcy exposes one index making an investment delusion – and offers a robust technique for beating traders who nonetheless purchase into it. If you’re bored with minimum returns that disappear with the slightest industry volatility, this is often the ebook you’ve been looking for.

Show description

Read Online or Download Beating the Indexes: Investing in Convertible Bonds to Improve Performance and Reduce Risk PDF

Best investments & securities books

The Volatility Edge in Options Trading: New Technical Strategies for Investing in Unstable Markets

 “Jeff’s research is exclusive, a minimum of between educational derivatives textbooks. i'd certainly use this fabric in my derivatives type, as i feel scholars would receive advantages from interpreting the numerous dimensions of Jeff’s buying and selling concepts. I specifically came across the fabric on buying and selling the gains cycle and dialogue of the way to insure opposed to cost jumps at identified occasions very helpful.

The Option Trader's Hedge Fund: A Business Framework for Trading Equity and Index Options

During this ebook, a hedge fund supervisor and an alternative buying and selling trainer aid you earn regular, trustworthy source of revenue promoting thoughts by way of coping with your choice trades and operating your choice portfolio as a true enterprise with constant, regular returns. choked with real-world examples, the authors provide help to deal with your personal “one guy” hedge fund and make constant gains from promoting recommendations via using the fundamental framework and basic enterprise version and ideas of an “insurance company”.

Investor Behavior: The Psychology of Financial Planning and Investing

Investor Behavior provides readers with a finished knowing and the most recent learn within the quarter of behavioral finance and investor selection making. Blending contributions from famous lecturers and skilled practitioners, this 30-chapter e-book will offer funding execs with insights on tips to comprehend and deal with consumer habit; a framework for analyzing monetary industry job; and an in-depth figuring out of this significant new box of funding learn.

High performing investment teams : how to achieve best practices of top firms

"High acting funding groups exhibits you ways contemporary prime funding corporations create "positive/high strength" at every one point, expanding the decision-making talents in their staff whereas dramatically lowering the politics, paperwork, and hand-wringing that breed simply negativity and failure. Written via a crew of modern-day top specialists on funding management, tradition, and teambuilding, this results-focused ebook explores the seven behaviors obvious in a few shape in almost each best appearing association and offers you with hands-on activities you could take to rebuild your company round these behaviors.

Extra resources for Beating the Indexes: Investing in Convertible Bonds to Improve Performance and Reduce Risk

Sample text

They attend the same investor meetings and, in recent years, have started to congregate at “idea events” more regularly. In these events—typically dinners attended by a fairly small number of influential money managers—these investors share the theses behind various trades. They hope their sharp, educated, savvy peers will poke holes in the ideas, forcing them to go back and reexamine them. If the criticisms can be satisfactorily addressed, the investment thesis is still valid, though perhaps at a different price or with a less-aggressive targeted exit.

Keep in mind that the average size of the companies you’re good at is only four times that much. Are you going to own a quarter of each of these companies? That puts you in an entirely different position than you were before. The short answer is, no, you’re not going to do that. No way. So what do you do instead? You could change your universe to include much larger companies. After all, if the average market value of your targets went from $800 million to $20 billion, you could still take a 1% stake in 25 companies and be done with it.

And when the direction seems so clear, the path of least resistance is to raise the target, shooting even more adrenaline into the trade. ” Such pacts—implicit understandings among investment managers to keep buying, or at least not sell, holdings as long as the company stays “on message”— are healthy for the employees of these firms, but potentially devastating for their ultimate investors. A buyers’ pact requires a triad of investors, analysts, and willing company management. The company publicly tells of unexpectedly high revenues and growth, the analysts applaud the company while sparing it the difficult questions of the quality and sustainability of the growth, and the investors keep buying with impunity because there is no public “red flag” that might hit major news services.

Download PDF sample

Rated 4.90 of 5 – based on 15 votes