Efficiently Inefficient: How Smart Money Invests and Market Prices are Determined

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		Efficiently Inefficient: How Smart Money Invests and Market Prices are Determined
		Efficiently Inefficient: How Smart Money Invests and Market Prices are Determined

Efficiently Inefficient describes the key trading strategies used by hedge funds and demystifies the secret world of active investing. Leading financial economist Lasse Heje Pedersen combines the latest research with real-world examples and interviews with top hedge fund managers to show how certain trading strategies make money--and why they sometimes don't. Pedersen views markets as neither perfectly efficient nor completely inefficient. Rather, they are inefficient enough that money managers can be compensated for their costs through the profits of their trading strategies and efficient enough that the profits after costs do not encourage additional active investing. Understanding how to trade in this efficiently inefficient market provides a new, engaging way to learn finance. Pedersen analyzes how the market price of stocks and bonds can differ from the model price, leading to new perspectives on the relationship between trading results and finance theory. He explores several different areas in depth--fundamental tools for investment management, equity strategies, macro strategies, and arbitrage strategies--and he looks at such diverse topics as portfolio choice, risk management, equity valuation, and yield curve logic. The book's strategies are illuminated further by interviews with leading hedge fund managers: Lee Ainslie, Cliff Asness, Jim Chanos, Ken Griffin, David Harding, John Paulson, Myron Scholes, and George Soros. Efficiently Inefficient effectively demonstrates how financial markets really work. Free problem sets are available online at http://www.lhpedersen.com

网友对Efficiently Inefficient: How Smart Money Invests and Market Prices are Determined的评论

It is a pretty good book, though it is not clear who the target audience is. About a third of the book is basic finance and valuation concepts suited for an MBA course on investments or CFA, another third has to do with measuring performance and the last third has to do with the title -- how supposedly smart money invests. The parts having to do with valuation and and performance measurement are pretty slow going because they are conceptually difficult and quantitative. The part on measuring performance is well done but will be over the heads of most people. The third part, various investment styles, is the most interesting and accessible part of the book but unfortunately it is sandwiched between a lot of other material that for the seasoned investment professional will be old stuff and for the novice too difficult. The strategies are not suited for individuals, but rather, sophisticated institutions with substantial resources -- so if your objective is to figure out how to make money in the financial markets you should probably look elsewhere.

Great book, I purchased both Efficiently Inefficient and Expected Returns based on the recommendations by Cliff Asness.

They compliment each other well. Efficiently Inefficient is more readable than Expected Returns but not as in depth.

This is the best hedge fund book/textbook that I could find so far. Well structured, well written, very fine quality.

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