Books in the Bloomberg Financial series

Imagine this: you're offered two corporate bonds from similar issuers with identical credit ratings. Both bonds have 6 percent coupons and ten-year final maturities. The first is noncallable and priced at $98.00. The second is callable at par in seven years and priced at $97.50. Which bond is the better deal? Not the one most people would think... Top traders, investors, and analysts agree that one method, option-adjusted spread (OAS) analysis, is the most useful way to compare and value securities with options. Nearly every day the bond market figures out a new way to structure securities, most of which involve options. This book explains OAS analysis in plain English, presenting each step in the method clearly and concisely. Topics covered include: Why yield-based analysis breaks down for nonbullet bonds How to model put and call provisions as embedded options How to distinguish the intrinsic and time components of option value How to model interest-rate volatility, future interest rates, and future bond prices How to calculate option-free price and yield How to estimate the "fair value" of a bond How to calculate implied spot and forward rates Salespeople, traders, and investors will want to read this book and keep it on their desks.

Financial advisers, trustees, and plan sponsors?in fact, anyone who provides investment advice?may be held to a fiduciary standard of care for the financial well being of their clients, beneficiaries, or employees. Accountants, attorneys, and wealth managers all need to know about these responsibilities. But what, exactly, is meant by the term ?fiduciary standard What must advisers do to be sure their procedures meet legal and ethical standards? This book identifies the 27 Prudent Practices, organized under Five Steps, that were developed by the Foundation for Fiduciary Studies?measures that professionals can take to demonstrate that they accept, understand, and are fulfilling the role of a fiduciary.

The Methodical Compendium of Concentrated Portfolio Options Managing Concentrated Stock Wealth, Second Edition is the adviser's guide to skillfully managing the risk and opportunity presented by concentrated stock holdings.

A clear and practical guide to using binary options to speculate, hedge, and trade Trading Binary Options is a strategic primer on effectively navigating this fast-growing segment.

Select and execute the best trades and reduce risk Rather than teaching options from a financial perspective, How to Price and Trade Options: Identify, Analyze, and Execute the Best Trade Probabilities goes back to the Nobel Prize-winning Black-Scholes model.

Hedge funds have rightly gained the attention of private and institutional investors in recent years, proving themselves as useful portfolio diversifiers and preservers of wealth while greatly dispelling their reputation as an "unsafe" investment. Yet investors attempting to navigate in the field of hedge funds face significant challenges: the large number of funds, the diversity of strategies used, the range of financial instruments traded, and the various formats for investing. Pooling multiple hedge funds together into one vehicle, the fund of funds provides a ready solution, combining professional management expertise with asset allocation. In this book--the first of its kind--industry expert Joseph Nicholas shows investors how these funds operate, the benefits and risks, and the criteria and due diligence to utilize when selecting funds. Nicholas provides an in-depth analysis of historical fund performance and offers unique insight into the industry and trends that may affect its evolution. Clear, insightful, and illustrated with numerous charts and graphs, Hedge Fund of Funds Investing is an essential resource for serious investors.

> --SOHAIL JAFFER, Chairman Alternative Investment Management Association (AIMA) > --VERNON C. SUMNICHT, M.B.A., CFP, President Sumnicht & Associates and Sumnicht Hedge Fund Advisors, LLC THE WHAT, WHEN, AND WHY OF MARKET-NEUTRAL STRATEGIES CLEAR EXPLANATIONS OF SPECIFIC APPROACHES THE RISKS AND MERITS OF EIGHT STRATEGIES HOW TO BUILD A MARKET-NEUTRAL INVESTMENT PORTFOLIO ADVICE AND INSIGHT FROM THE FOREMOST PRACTITIONERS OF MARKET-NEUTRAL STRATEGIES

This new book is an invaluable guidebook for companies trying to capitalize on the opportunities in both developed and emerging cross-border markets. Noted experts discuss critical topics corporate executives--and all those involved with their company's legal, accounting, and tax matters--need to know to successfully complete complex, global transactions.

Do you know when to use a private foundation, a donor-advised fund, or a charitable remainder trust or other charitable vehicle? Do you know the different tax benefits, limitations, and control rules for each alternative? This is an insider's guide to charitable organizations for donors and their advisors.

A full spectrum of leading-edge technical analysis tools, conveniently pulled together in one handy volume, with more than 170 charts and illustrations Capitalize on Market Moves Discover New Opportunities for more Profitable Trades Learn from the Experts, Including: Linda B. Raschke on swing trading Tom DeMark on market turning points Peter Eliades on cycles for pricing projections Lawrence McMillan on trading option volatility Robin Mesch on Market Profile John Murphy on intermarket analysis Steve Nison on Japanese candle chart analysis Steven Poser on Elliott Wave theory Bernie Schaeffer on sentiment indicators Courtney Smith on risk management Kenneth Tower on point and figure charts with moving averages Larry Williams on individual stock sentiment "A must for all investors and traders who are interested in a technical approach to the market." --Alfred H. Kingon, Former Assistant Secretary of the Treasury

A key resource for financial advisors from a leading authority on legal, compliance, and ethics issues, PROTECTING YOUR PRACTICE shows how to build client relationships, grow a practice, and avoid lawsuits in an environment that's become increasingly competitive and adversarial. Includes forms and checklists.

Risk expert James Gleason bypasses presents a down-to-earth, practical look at important new risk management tools and their uses. Gleason demonstrates how an improved understanding of risk provides a new paradigm for management. His exploration covers the full spectrum of financial risks that affects all players and offers practical solutions for overcoming typical challenges.

- Audience: Investment advisers, wealth managers, private bankers, trust officers, insurance advisers, accountants, trust and estate attorneys, high-net-worth individuals- The first book on a rapidly expanding market- PPLI is a "triple play" for wealthy investors, offering wealth creation, tax efficiency, and asset protection.

Many financial professionals don't know the worth of their practices or how to influence it. How to Value, Buy, or Sell a Financial-Advisory Practice takes advisers carefullly through the logic and the legwork of coming to a true assessment of one of their most important personal assets -- their busiiness.Renowned for their years of experience helping advisers tackle the daunting challenges related to the valuation, sale, and purchase of advisory firms, Mark C. Tibergien and Owen Dahl offer guidance that's essential and solutions that work.

"Tax-Aware Investment Management is the most comprehensive guide to portfolio optimality. From capital allocation to manager selection, Doug Rogers clarifies the critical issues and provides strategies for maximizing after-tax returns. He has succeeded in applying the principles of modern portfolio theory to taxable investors."Peter K. Scaturro CEO, U.S. Trust CorporationAlthough some tax rates on investments are lower now than in the past, many investors pay much higher rates to the IRS simply because they or their advisers don't search out the best tax-aware investment strategies. For example, they may sell before a gain qualifies as long-term. In that case, the tax rate can be 35 percent, not 15 percent.Surprisingly, says Douglas S. Rogers, CFA, most managers of mutual funds and other investment vehicles ignore such tax considerations when buying and selling securities, leaving investors with lower after-tax returns than they deserve. Tax-Aware Investment Management offers new thinking, new research, and new analytic tools to help advisers raise the after-tax returns on their clients' portfolios and improve their investments, their overall financial picture, and their estate planning.

A top options trader details a practical approach for pricing and trading options in any market condition The options market is always changing, and in order to keep up with it you need the greeks--delta, gamma, theta, vega, and rho--which are the best techniques for valuing options and executing trades regardless of market conditions.

The definitive guide to fixed-come securities-revised to reflect today's dynamic financial environmentThe Second Edition of the Fixed-Income Securities and Derivatives Handbook offers a completely updated and revised look at an important area of today's financial world. In addition to providing an accessible description of the main elements of the debt market, concentrating on the instruments used and their applications, this edition takes into account the effect of the recent financial crisis on fixed income securities and derivatives.As timely as it is timeless, the Second Edition of the Fixed-Income Securities and Derivatives Handbook includes a wealth of new material on such topics as covered and convertible bonds, swaps, synthetic securitization, and bond portfolio management, as well as discussions regarding new regulatory twists and the evolving derivatives market.* Offers a more detailed look at the basic principles of securitization and an updated chapter on collateralized debt obligations* Covers bond mathematics, pricing and yield analytics, and term structure models* Includes a new chapter on credit analysis and the different metrics used to measure bond-relative value* Contains illustrative case studies and real-world examples of the topics touched upon throughout the bookWritten in a straightforward and accessible style, Moorad Choudhry's new book offers the ideal mix of practical tips and academic theory within this important field.

A guide for community banks to rebuild and strengthen their businessWith Community Banking Strategies, author Vincent Boberski, a financial professional who has spent years working with senior management and the boards of directors at local banks, skillfully reveals how community banks can compete against bigger institutions in the wake of the most significant financial crisis since the 1930s.Chapter by chapter, he offers practical advice on many of the most important issues in this area, including portfolio management, balance sheet management, and dealing with interest rate and credit cycles. Along the way, Boberski also offers in-depth insights on establishing and encouraging the lasting client relationships that produce the most essential piece of the banking business: focusing on increasing core deposits, which is at the heart of any good local bank.* Details the strategies, products, and tactics that will enable community banks to create opportunities out of market dislocations and effectively manage risk* Reveals how to capture consistently profitable growth at the expense of regional and national competitors* Discusses what it takes to transform newfound market dynamics into customer relationships that touch both sides of the balance sheetIf you want to gain a better understanding of the strategies that could consistently lead to success in this field, this book is the best place to start.

This book is a guide to managing and growing a financial-advisory business No matter how little time you have or how serious the challenges your firm faces, this book can help The principles of sound management apply to firms of all stripes, and the tools provided here can work under any circumstances.

A detailed guide to the discipline of corporate valuationDesigned for the professional investor who is building an investment portfolio that includes equity, Corporate Valuation for Portfolio Investment takes you through a range of approaches, including those primarily based on assets, earnings, cash flow, and securities prices, as well as hybrid techniques.Along the way, it discusses the importance of qualitative measures such as governance, which go well beyond generally accepted accounting principles and international financial reporting standards, and addresses a variety of special situations in the life cycle of businesses, including initial public offerings and bankruptcies. Engaging and informative, Corporate Valuation for Portfolio Investment also contains formulas, checklists, and models that the authors, or other experts, have found useful in making equity investments.* Presents more than a dozen hybrid approaches to valuation, explaining their relevance to different types of investors* Charts stock market trends, both verbally and visually, enabling investors to think like traders when needed* Offers valuation guidance based on less quantitative factors, namely management quality and factors relating to the company and the economyCorporate Valuation for Portfolio Investment puts this dynamic discipline in perspective and presents proven ways to determine the value of corporate equity securities for the purpose of portfolio investment.

This book provides a new, powerful twist to MIDAS technical analysis, a trading method developed by the late Paul Levine. The authors show how to employ MIDAS in trading, from recognizing set ups to identifying price targets. The book explains the basics of MIDAS before demonstrating how to apply it in different time frames. Further, it extrapolates how MIDAS can be used with other more conventional indicators, such as DeMark or moving averages. In addition to introducing new indicators that the authors have created, the book also supplies new computer codes.

An energy industry researcher and investment advisor provides a fresh perspective on the economics of energy From major players in the energy industry, such as big oil, to the emerging capΓÇôandΓÇôtrade market, no other book offers a more complete overview of the energy industry, specifically its economic and financial intricacies, than Investing in Energy: A Primer on the Economics of the Energy Industry. Details how to value and invest in the four big energy sectors: oil, gas, power, and green Describes key financial considerations for the energy sectors, including credit metrics, the importance of liquidity, cash flow, and capital expenditures From Bloomberg, a leading provider of the most upΓÇôtoΓÇôdate business news and financial data A comprehensive guide to the economics of the energy industry, Investing in Energy will prove an invaluable resource for traditional energy investors looking to expand into new areas, as well as for ecoΓÇôinvestors looking to better understand how energy markets function.

MANAGED FUTURES are an essential part of the investment industry. Within this arena, managed futures professionals--also known as Commodity Trading Advisors (CTAs)--actively manage client assets using global futures and other derivative securities. Authors Galen Burghardt and Brian Walls--part of Newedge USA, a global multi-asset brokerage firm based out of Chicago--have extensive experience in the managed futures space, and now, with Managed Futures for Institutional Investors, they address the issues that will allow you to gain a firm understanding of this field and improve the performance of your portfolios through the use of CTAs. Divided into three comprehensive parts, the book opens with a detailed discussion of how this specific industry works. Here, everything from cash management practices and calculating a rate of return on something that has no net liquidating value is covered. You'll also gain insights on the most common vehicles for investing in CTAs, including funds, platforms, and managed accounts. Part Two, Building Blocks, offers some informative answers to the tough questions surrounding CTAs. Throughout this section, Burghardt and Walls touch on a number of topics, such as how trend following works and what active management of CTA investments really costs. Along the way, they also show how to put a CTA's drawdown experience in perspective and take a close look at how the single most important source of volatility in world financial markets affects the relationship between stock returns and CTA returns. Rounding out this in-depth look at CTAs and managed futures, Part Three, Portfolio Construction, examines how the predictability of volatility and correlation can be used to build portfolios that into the things that will help, and hinder, you in creating a well-diversified portfolio. They also show how to identify low correlation reliably and where the past, in fact, does reveal something useful about the future. Using futures as part of any actively managed portfolio is essential. This reliable guide offers a practical look at what CTAs and futures are all about, and how they can be used to evaluate and meet risk, return, and liquidity objectives.

A complete resource to trading today's currency market Currency movements are impacted by a variety of factors, including interest rates, trade balances, inflation levels, monetary and fiscal policies, and the political climate. Traders use both fundamental data and a variety of technical tools to trade within this market.

Practical option strategies for the new post-crisis financial market Traditional buy-and-hold investing has been seriously challenged in the wake of the recent financial crisis.

The gold standard for measuring financial progress, updated for today's market From Ross Levin, a trusted financial planner, comes Implementing the Wealth Management Index.

Insights into a pattern-based method of trading that can increase the likelihood of profitable outcomesWhile most books on chart patterns, or pattern recognition, offer detailed discussion and analysis of one type of pattern, the fact is that a single pattern may not be very helpful for trading, since it often does not give a complete picture of the market.What sets Trading Between the Lines apart from other books in this area is author Elaine Knuth's identification of sets of patterns that give a complete analysis of the market. In it, she identifies more complex chart patterns, often several patterns combined over multiple time frames, and skillfully examines these sets of patterns called "constellations" in relation to one another. These constellations turn sets of individual patterns into a more manageable set of patterns, where the relationship between them can lead to tactical trading opportunities.* Shows how to apply complex patterns to specific trades and identify opportunities as well entry and exit points* Markets covered include commodities, equities, and indexes* Presents an effective trading approach based on real market cycles-as opposed to computer simulations-that are found in active marketsMoving beyond the simple identification of basic patterns to identifying pattern constellations, this reliable resource will give you a better view of what is really going on in the market and help you profit from the opportunities you uncover.

An essential guide to the most innovative technical trading tools and strategies availableIn today's investment arena, there is a growing demand to diversify investment strategies through numerous styles of contemporary market analysis, as well as a continuous search for increasing alpha. Paul Ciana, Bloomberg L.P.'s top liason to Technical Analysts worldwide, understands these challenges very well and that is why he has created New Frontiers in Technical Analysis.Paul, along with in-depth contributions from some of the worlds most accomplished market participants developed this reliable guide that contains some of the newest tools and strategies for analyzing today's markets. The methods discussed are based on the existing body of knowledge of technical analysis and have evolved to support, and appeal to technical, fundamental, and quantitative analysts alike.* It answers the question "What are other people using?" by quantifying the popularity of the universally accepted studies, and then explains how to use them* Includes thought provoking material on seasonality, sector rotation, and market distributions that can bolster portfolio performance* Presents ground-breaking tools and data visualizations that paint a vivid picture of the direction of trend by capitalizing on traditional indicators and eliminating many of their faults* And much moreEngaging and informative, New Frontiers in Technical Analysis contains innovative insights that will sharpen your investments strategies and the way you view today's market.

Tap into feedback loops to unravel market trends and discover profitable trading opportunities The Janus Factor presents an innovative theory that describes how feedback loops determine market behavior. The book clearly shows how the theory can be applied to make trading more profitable.