Investment Management

This site is dedicated to the art and science of portfolio management. The material, reflecting my interests, is categorized into three areas. The first are the general tools that are needed to study portfolio management - the definition and measurement of risk, the notion of market efficiency and how to test for inefficiencies and the components and determinants of trading costs. The second is the process of portfolio management, which covers the mechanics of creating and managing a portfolio. The third is the area of investment philosophies, from value investing to growth investing to charting to indexing, and what underlies each philosophy and when and why some investors succeed with each philosophy and why others fail.

1. Books:
If you are using one of my three books on investment management, you can access the website supporting the book below:

2. Classes

I do not teach a class on investment philosophies but have the material ready for one. You can access webcasts, lecture notes and other material for the class by going here:

MBAInvestment Philosophies Class at Stern School of Business

3. Topic
You can also pick a topic to browse through material available on the topic. You can also go directly to the material that you are interested in and download data or spreadsheets. The overheads and solutions to the problems are stored in pdf format, and you need Adobe Acrobat to read pdf files. (You can download Acrobat Reader directly from the Adobe site at http://www.adobe.com) The spreadsheets are in Microsoft Excel format, and can be used on either a Mac or Windows system.

Tools for Investment Management

Topic	Sub-topic
Risk	Models of Risk and Return
Market Efficiency	What is an efficient market? Testing for Market Inefficiency Results of Empirical Studies of Market Efficiency
Trading Costs	Components of Trading Costs The Bid-Ask Spread Price Impact

The Investment Management Process

Topic	Sub-topic
The Big Picture of Portfolio Management	Big Picture
Understanding the Client	Understanding Risk
Asset Allocation	Importance of Asset Allocation
Security Selection	Approaches to Security Selection Passive Security Selection Active Asset Selection
Execution	Trading Costs and Speed Trading Strategies
Performance Evaluation	Measures of Performance Evaluation

Investment Philosophies

Topic	Material
An Overview of Investment Philosophies	Notes Readings
Value Investing	Notes Readings
Growth Investing	Notes Readings
Information Trading	Notes Readings
Market Timing	Notes Readings
Arbitrage	Notes Readings
Charting and Technical Analysis	Notes Readings
Indexing	Notes Readings