Asymmetric Returns: The Future of Active Asset Management (Wiley Finance) By Alexander M. Ineichen



Alexander M. Ineichen, «Asymmetric Returns: The Future of Active Asset Management (Wiley Finance)»
Publisher: Wiley; 1 edition (December 11, 2006) | ISBN-10: 0470042664 | ISBN-13: 978-0470042663 | 352 Pages | File type: PDF | 2.8 mb

In Asymmetric Returns, financial expert Alexander Ineichen elevates the critical discussion about alpha versus beta and absolute returns versus relative returns. He argues that controlling downside volatility is a key element in asset management if sustainable positive compounding of capital and financial survival are major objectives. Achieving sustainable positive absolute returns are the result of taking and managing risk wisely, that is, an active risk management process where risk is defined in absolute terms and changes in the market place are accounted for. The result of an active risk management process-when successful-is an asymmetric return profile, that is, more and higher returns on the upside and fewer and lower returns on the downside. Ineichen claims that achieving Asymmetric Returns is the future of active asset management.
Alexander M. Ineichen, CFA, CAIA, is Managing Director and Senior Investment Officer for the Alternative Investment Solutions team, a key provider within Alternative and Quantitative Investments, itself a business within UBS Global Asset Management. He is also on the Board of Directors of the Chartered Alternative Investment Analyst Association (CAIAA). Ineichen is the author of the two UBS research publications In Search of Alpha—Investing in Hedge Funds (October 2000) and The Search for Alpha Continues—Do Fund of Hedge Funds Add Value? (September 2001). As of 2006 these two reports were the most often printed research papers in the documented history of UBS. He is also author of the widely popular Absolute Returns—The Risk and Opportunities of Hedge Fund Investing, also published by John Wiley Sons.
From the Inside Flap
In order to meet the demands of the investment community, the asset management industry has to continually evolve. Around the year 2000, the latest phase of this evolution began to take place. During that time, hedge funds started to seriously compete with the traditional asset management industry—especially for institutional assets. Since then, investors have distinguished more carefully between alpha and beta, absolute returns and relative returns, and skill-based strategies and market-based strategies.
Author Alexander Ineichen has been on the cutting-edge of the money management industry throughout his entire career. He knows how difficult it is to find alpha in today's increasingly efficient markets, but he also understands how the current paradigm shift in the field of finance can help you overcome this obstacle.
Filled with in-depth insights and expert advice, Asymmetric Returns claims that it is possible for an active investment approach to yield a higher and more sustainable long-term return with lower downside volatility than is obtainable through passive, long-only strategies. The term asymmetry refers to most investors preferring positive returns over negative returns, that is, a return distribution skewed to the "upside."
In essence, Asymmetric Returns is a manifesto for active asset management. Written in a straightforward and accessible style, this comprehensive guide reveals what it takes to achieve an asymmetric return profile—including an entrepreneurial mindset as well as a dynamic and flexible risk management process that truly corresponds to the end investors' risk preferences—and outlines the essential elements of this innovative investment approach.
Topics discussed within these pages include:
The importance of understanding and managingportfolio volatility
The issue of risk and transparency in today'sinvestment environment
The price of asymmetric returns
How alpha is an option from the perspective of an investAsymmetric returns as a business
The current conversion between the absolute returnworld (investment banks, hedge funds) andtraditional asset management
The future of active asset management will rely more on finding and exploiting investment opportunities where the risk/reward relationship is asymmetric and less on beating an arbitrary benchmark. With Asymmetric Returns as your guide, you'll discover how to do this and much more, as you work to achieve sustainable positive absolute returns through an active risk management process.
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