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16%OFFRalph Vince - The Leverage Space Trading Model: Reconciling Portfolio Management Strategies and Economic Theory - 9780470455951 - V9780470455951
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The Leverage Space Trading Model: Reconciling Portfolio Management Strategies and Economic Theory

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Description for The Leverage Space Trading Model: Reconciling Portfolio Management Strategies and Economic Theory Hardcover. An innovative approach to trading by an expert in the field In The Leverage Space Trading Model, quantitative portfolio analysis expert Ralph Vince takes the Leverage Space Model he presented in The Handbook of Portfolio Mathematics and brings it into entirely new territory. Series: Wiley Trading. Num Pages: 192 pages, Illustrations. BIC Classification: KFFM. Category: (P) Professional & Vocational. Dimension: 229 x 160 x 21. Weight in Grams: 388.

The cornerstone of money management and portfolio optimization techniques has remained the same throughout history: maximize gains and minimize risk. Yet, asserts Ralph Vince, the widely accepted approaches of combining assets into a portfolio and determining their relative quantities are wrong—and will cost you. They illuminate nothing, he says, aside from providing the illusion of safety through diversification. Although numerous Nobel Prizes have been awarded based on some of those widely accepted principles, their popular acceptance does not constitute real-world validation. What has been needed is a viable alternative to directly address these real-world dictates.

In The Leverage Space Trading ... Read more, Vince offers a groundbreaking contribution to the literature that builds on a lifetime of expert analysis to deliver not only a superior new portfolio model, but takes the entire discipline of portfolio management to a new level.

In this book, Vince—who has made many important intellectual contributions to the field for over two decades—departs radically from informed orthodoxy to present an entirely new approach to portfolio management. At its core, The Leverage Space Trading Model basically tells how resources should be combined to maximize safety and profitability given the dictates of the real world. But, as the author points out, given the complex and seemingly pathological character of human desires, we are presented with a fascinating puzzle. Research has found that human beings do not primarily want to maximize gains—our psychological makeup is such that we instead tend to possess seemingly more complex desires. If the models don't work, if we are ultimately unable to satisfy our more complex desires, what's the alternative? As Vince shows, the answer is to utilize the Leverage Space Model as a "framework" to achieve the specific ends a trader or portfolio manager seeks.

The author's new allocation paradigm avoids the troubles that come with mean variance models—which most models are—and quantifies drawdowns to achieve a growth-optimal portfolio within a given drawdown constraint, in a manner that satisfies these seemingly pathological human desires. And for those who don't wish to get involved with the mathematics, Vince has presented the text in a manner of two congruent, simultaneous channels, with math and without.

Most simply put, this book will change how you think about money management and portfolio allocations.

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Product Details

Format
Hardback
Publication date
2009
Publisher
John Wiley & Sons Inc United Kingdom
Number of pages
192
Condition
New
Series
Wiley Trading
Number of Pages
208
Place of Publication
New York, United States
ISBN
9780470455951
SKU
V9780470455951
Shipping Time
Usually ships in 7 to 11 working days
Ref
99-50

About Ralph Vince
RALPH VINCE is a computer programmer who got his start in the trading business as a margin clerk and later worked as a consultant programmer to large futures traders and fund managers. He currently consults with businesses and trading operations around the world and speaks frequently in front of professional and academic groups globally. Vince has been critically acclaimed for ... Read more

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