05404nam 2200661 450 991013898660332120230803022624.01-118-41532-91-118-65676-81-118-41811-5(CKB)2550000001166772(EBL)1568417(OCoLC)865331158(SSID)ssj0001192430(PQKBManifestationID)11675125(PQKBTitleCode)TC0001192430(PQKBWorkID)11227361(PQKB)11079184(MiAaPQ)EBC1568417(Au-PeEL)EBL1568417(CaPaEBR)ebr10814727(CaONFJC)MIL548150(EXLCZ)99255000000116677220131217d2013 uy 0engur|n|---|||||txtccrFinancial advice and investment decisions a manifesto for change /Jarrod W. Wilcox, Frank J. FabozziHoboken, New Jersey :John Wiley and Sons, Incorporation,2013.©20131 online resource (354 p.)The Frank J. Fabozzi SeriesDescription based upon print version of record.0-470-64712-4 1-306-16899-6 Includes bibliographical references and index.Cover; Title Page; Copyright Page; Dedication; Contents; Preface; Acknowledgments; About the Authors; CHAPTER 1 Why Do We Need Better Financial Advice?; The Individual; Organizational Influences; The Rest of the Story; CHAPTER 2 The Evidence Is Compelling; Financial Planning; Your Most Important Investment Decision; Option Payoffs are Not Simple; After-Tax Payoffs are Not Simple; Our Primitive Brains and Monkey See, Monkey Do; Others' Agendas and the Perils of the Ivory Tower; CHAPTER 3 The Extended Balance Sheet Approach to Financial Planning; The Simplest ModelThe Stochastic Dynamic Programming AlternativeThe Mental Accounting Alternative; The Extended Balance Sheet; A Financial Planning System; CHAPTER 4 Properties of Mostly Efficient Markets; Multi-Agent Emergent Behavior; Why Security Returns are Difficult to Predict; Markets Bubble and Crash; Investment Implications of Market Characteristics; CHAPTER 5 Growing Discretionary Wealth; The Discretionary Wealth Approach; Elements of the Approach; Appropriate Markowitz Risk Aversion; CHAPTER 6 Coping with Uncertain Knowledge; Interpretation of Probability; Bayesian Probability FundamentalsResisting Forecasting OverconfidenceMaking Estimates More Robust to Extreme Observations; Taking Context into Account; Making Better Use of Information in Decisions; CHAPTER 7 Controlling Investing Behavioral Biases; Facing Up to Complexity; Promoting Independent Thinking; Controlling Organizational Biases; CHAPTER 8 Tax Efficient Investing; Context; Taxes that Affect Investment Returns; General Principles of After-Tax Investing; Measurement of After-Tax Performance and Benchmarks; CHAPTER 9 Matching Investment Vehicles to Needs; Revisiting Risk Aversion; Taxes Again; DiversificationHigher MomentsImplementation; CHAPTER 10 Active vs. Passive Strategies; Pricing Efficiency and the Active-Passive Debate; CHAPTER 11 Performance Measurement; Relating Measurement to Purpose; Spending Control; Measurement for Individual Passive Investing; Performance Reporting for Active Investors; Delegating Your Investments Based on Measurements; Measuring vs. Evaluating Performance; CHAPTER 12 Organizational Investing; Representative Investing Organizations; Delegating Superior Investing Results; Motivating Organizational Benefits; CHAPTER 13 Financial Advice and SocietySocial Ideals and Financial Problem SymptomsRedesigning Society with Better Financial Advice; And in Conclusion...; APPENDIX A Traditional Asset Classes and Alternative Assets; Asset Class Defined; Common Stock Asset Classes; Real Estate; Alternative Assets; APPENDIX B Bond Features, Yield Measures, and Risks; Features of Bonds; Yield Measures and their Limitations; Call and Prepayment Risk; Credit Risk; APPENDIX C Probability Distributions Commonly Used in Investment Management; Normal Distribution; Student's t-Distribution; Stable Distributions and Stable Paretian DistributionsAPPENDIX D Useful Financial Planning Formulas A practical guide to adapting financial advice and investing to a post crisis world There's no room for ""business as usual"" in today's investment management environment. Following the recent financial crisis, both retail and institutional investors are searching for new ways to oversee investment portfolios. How do you combine growth with a focus on wealth preservation? This book offers you a fresh perspective on the changes in tools and strategies needed to effectively achieve this goal. Financial Advice and Investment Decisions provides today's investment professioFrank J. Fabozzi SeriesPortfolio managementPortfolio management.332.6Wilcox Jarrod W572018Fabozzi Frank J109596MiAaPQMiAaPQMiAaPQBOOK9910138986603321Financial advice and investment decisions2043959UNINA