Practical analysis for investment professionals

Book Reviews


Book Review: The Value Investors

This examination of the strategies of 12 outstanding investors from around the world provides a valuable contribution to the literature on global value styles. Well researched and well written, in addition to being an enjoyable read, this book is a must for anyone even remotely interested in investment management styles.

Book Review: Finance and the Good Society

Robert Shiller contends that the recent financial crisis was caused not by greed and dishonesty but by the structural shortcomings of financial institutions. He suggests that the financial industry can serve the common good through financial innovation that creates the kind of inclusive society in which all can benefit.

Book Review: Financing Failure: A Century of Bailouts

In this comprehensive historical analysis of several decades’ worth of decisions to bail out troubled banking firms, the author suggests that the 2008–09 interventions were ill conceived and inadequately justified. He argues that misguided government policies were largely responsible for the financial crises that necessitated such bailouts.

Book Review: How to Make Money with Junk Bonds

This well-written and occasionally humorous tutorial on investing in speculative-grade corporate debt covers the essential aspects of high-yield debt, including credit analysis and why one would want to invest in high-yield bonds in the first place. As a basic introduction to the high-yield debt market, the book can’t be beat.

Book Review: Financial Statement Analysis: A Practitioner’s Guide

This entertaining book persuasively argues that it is both naive and dangerous for practitioners to accept financial reports at face value. Using both real-world examples and hypothetical scenarios, the authors demonstrate that in the “real world,” financial statements often conceal as much as they reveal.

Book Review: The Financial Crisis Inquiry Report and In the Wake of the Crisis

These books deepen our knowledge of the key issues surrounding the global financial crisis. Although both works suffer somewhat from a myopic viewpoint, together they enhance the finance professional’s understanding of the crisis and its causes.

Book Review: A Pragmatist’s Guide to Leveraged Finance

This treatise on security-specific analysis of speculative-grade debt by a seasoned, highly regarded specialist in the field is the best book yet on the subject. Covering all aspects of risk assessment and valuation of speculative-grade bonds and leveraged loans, it is essential reading for all professionals engaged in such analysis.

Financial Engineers Behaving Boldly: Emanuel Derman

Nobody personifies a "quant" like Emanuel Derman. In his latest book, Derman smartly draws distinctions between three primary ways of describing the world.

Book Review: The Growth Map: Economic Opportunity in the BRICs and Beyond

The author summarizes past research on the BRICs and other emerging markets and predicts that by 2050, the world’s largest economies will not be the G–7 nations but will instead include several countries currently considered emerging markets.

Book Review: Behavioral Investment Management

Little has been done to improve the overall state of investment management on the basis of our growing knowledge of behavioral finance. This book is an attempt to address this void in a unified investment management framework based on portfolio optimization with a behavioral component that uses advances in utility theory.



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