{"product_id":"modern-portfolio-management-isbn-9780470398531","title":"Modern Portfolio Management","description":"Active 130\/30 Extensions is the newest wave of disciplined investment strategies that involves asymmetric decision-making on long\/short portfolio decisions, concentrated investment risk-taking in contrast to diversification, systematic portfolio risk management, and flexibility in portfolio design. This strategy is the building block for a number of 130\/30 and 120\/20 investment strategies offered to institutional and sophisticated high net worth individual investors who want to manage their portfolios actively and aggressively to outperform the market. \u003cp\u003eForeword The High and Low of 130\/30 Investing xi\u003c\/p\u003e \u003cp\u003eStructure of the Book xxiii\u003c\/p\u003e \u003cp\u003eAcknowledgments xxix\u003c\/p\u003e \u003cp\u003eINTRODUCTION Evolution of the Active Extension Concept 1\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART ONE Active 130\/30 Extensions and Diversified Asset Allocations 9\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCHAPTER 1 Active 130\/30 Extensions and Diversified Asset Allocations 11\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART TWO The Role of Quantitative Strategies in Active 130\/30 Extensions 45\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCHAPTER 2 Active Extension—Portfolio Construction 47\u003c\/p\u003e \u003cp\u003eCHAPTER 3 Managing Active Extension Portfolios 59\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART THREE Special Topics Relating to Active 130\/30 Extensions 71\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCHAPTER 4 Active Extension Portfolios: An Exploration of the 120\/20 Concept 73\u003c\/p\u003e \u003cp\u003eCHAPTER 5 Alpha Ranking Models and Active Extension Strategies 91\u003c\/p\u003e \u003cp\u003eCHAPTER 6 The Tracking Error Gap 103\u003c\/p\u003e \u003cp\u003eCHAPTER 7 Correlation Effects in Active 120\/20 Extension Strategies 119\u003c\/p\u003e \u003cp\u003eCHAPTER 8 Alpha Returns and Active Extensions 135\u003c\/p\u003e \u003cp\u003eCHAPTER 9 An Integrated Analysis of Active Extension Strategies 149\u003c\/p\u003e \u003cp\u003eCHAPTER 10 Portfolio Concentration 167\u003c\/p\u003e \u003cp\u003eCHAPTER 11 Generic Shorts in Active 130\/30 Extensions 185\u003c\/p\u003e \u003cp\u003eCHAPTER 12 Beta-Based Asset Allocation 197\u003c\/p\u003e \u003cp\u003eCHAPTER 13 Beta Targeting: Tapping into the Appeal of Active 130\/30 Extensions 215\u003c\/p\u003e \u003cp\u003eCHAPTER 14 Activity Ratios: Alpha Drivers in Long\/Short Funds 237\u003c\/p\u003e \u003cp\u003eCHAPTER 15 Generalizations of the Active 130\/30 Extension Concept 257\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART FOUR Key Journal Articles 267\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCHAPTER 16 On the Optimality of Long\/Short Strategies 269\u003c\/p\u003e \u003cp\u003eCHAPTER 17 The Efficiency Gains of Long\/Short Investing 297\u003c\/p\u003e \u003cp\u003eCHAPTER 18 Toward More Information-Efficient Portfolios 323\u003c\/p\u003e \u003cp\u003eCHAPTER 19 Allocation Betas 343\u003c\/p\u003e \u003cp\u003eCHAPTER 20 Alpha Hunters and Beta Grazers 365\u003c\/p\u003e \u003cp\u003eCHAPTER 21 Gathering Implicit Alphas in a Beta World: New Questions about Alternative Assets 379\u003c\/p\u003e \u003cp\u003eCHAPTER 22 Optimal Gearing: Not All Long\/Short Portfolios Are Efficient 395\u003c\/p\u003e \u003cp\u003eCHAPTER 23 20 Myths about Enhanced Active 120\/20 Strategies 413\u003c\/p\u003e \u003cp\u003eCHAPTER 24 Active 130\/30 Extensions: Alpha Hunting at the Fund Level 429\u003c\/p\u003e \u003cp\u003eCHAPTER 25 Long\/Short Extensions: How Much Is Enough? 467\u003c\/p\u003e \u003cp\u003eAbout the Authors 497\u003c\/p\u003e \u003cp\u003eIndex 501\u003c\/p\u003e \u003cp\u003e \u003c\/p\u003e \u003cp\u003e \u003c\/p\u003e   \u003cp\u003e\u003cb\u003eMARTIN L. LEIBOWITZ\u003c\/b\u003e is Managing Director on the U.S. Equity Strategy team at Morgan Stanley. Prior to joining Morgan Stanley in 2004, he was vice chairman and chief investment officer of TIAA-CREF. Leibowitz is a leading authority in the fields of security analysis and overall portfolio allocation strategies. He is the author of four books, including \u003ci\u003eFranchise Value\u003c\/i\u003e (Wiley), and 138 articles, ten of which have won the prestigious Graham and Dodd Award for excellence in financial writing. Leibowitz serves on a number of endowment and foundation investment committees, including Harvard University, University of Chicago, Rockefeller Foundation, Carnegie Corporation, and the Institute for Advanced Study.  \u003c\/p\u003e\u003cp\u003e\u003cb\u003eSIMON EMRICH\u003c\/b\u003e is Head of Quantitative and Derivative Strategies North America at Morgan Stanley. Most recently, he has worked on issues related to alpha-beta separation and the optimization of alpha views in a benchmark-relative portfolio context, as well as on the implications of the quant meltdown during the second half of 2007. He holds degrees from the London School of Economics and Université Catholique de Louvain, in Louvain-la-Neuve, Belgium.  \u003c\/p\u003e\u003cp\u003e\u003cb\u003eANTHONY BOVA, CFA,\u003c\/b\u003e is a vice president with Morgan Stanley Equity Research's Global Strategy team, focusing on institutional portfolio strategy. Prior to his current role, Bova spent four years covering commodity chemicals at Morgan Stanley. Leibowitz and Bova recently received the ninth annual Bernstein Fabozzi\/Jacobs Levy Awards for coauthoring \"Gathering Implicit Alphas in a Beta World,\" cited as the best paper in the 2007 \u003ci\u003eJournal of Portfolio Management.\u003c\/i\u003e   \u003c\/p\u003e\u003cp\u003e\u003cb\u003eModern Portfolio Management\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\"Investment professionals know that performance is determined not just by their overweights, but also by the positions that they choose to underweight.\" With this brief statement, Martin Leibowitz captures the essence of what both institutional and individual investors must accomplish for active risk-taking to achieve superior results.  \u003c\/p\u003e\u003cp\u003eIn \u003ci\u003eModern Portfolio Management\u003c\/i\u003e, Leibowitz and his coauthors offer new strategies for institutional investors who want to manage their portfolios more actively by using 130\/30 investment techniques. The 130\/30 framework is a natural extension of the basic long-only benchmark- relative strategy that is so widely practiced. This approach seeks to exploit the opportunities that exist between the more efficient long only market and the less efficient short market. This book shows how 130\/30 strategies allow asset owners and asset managers to more fully exploit an active manager's information set. The in-depth ideas presented in this volume also go well beyond the strict confines of 130\/30's to shed important new light on other types of active management, including fundamental and quantitative long-only as well as the various forms of more flexible long\/short funds. \u003ci\u003eModern Portfolio Management\u003c\/i\u003e offers institutional investors many insights and exciting new ways to think about alpha generation.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989643739365,"sku":"NP9780470398531","price":100.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470398531.jpg?v=1761784934","url":"https:\/\/k12savings.com\/es\/products\/modern-portfolio-management-isbn-9780470398531","provider":"K12savings","version":"1.0","type":"link"}