Explains the significance of interest-on-interest and introduces the concept of realized compound yield, which can be used to predict future bond values

Inside the Yield Book: Tools for Bond Market Strategy

Business & Money

Leibowitz, Martin L.

Homer, Sidney

Investing

Prentice Hall Direct

Active 130/30 Extensions is the newest wave of disciplined investment strategies that involves asymmetric decision-making on long/short portfolio decisions, concentrated investment risk-taking in contrast to diversification, systematic portfolio risk management, and flexibility in portfolio design. This strategy is the building block for a number of 130/30 and 120/20 investment strategies offered to institutional and sophisticated high net worth individual investors who want to manage their portfolios actively and aggressively to outperform the market.

Modern Portfolio Management: Active Long/Short 130/30 Equity Strategies

Emrich, Simon

Bova, Anthony

Finance

wiley

A cutting-edge look at the endowment model of investing 
Many larger endowments and foundations have adopted a broadly diversified asset allocation strategy with only a small amount of traditional U.S. equities and bonds. This technique, known as the "endowment model of investing," has demonstrated consistent long-term performance and attracted the attention of numerous institutional and individual investors. With The Endowment Model of Investing Leibowitz, Bova, and Hammond take a closer look at the endowment model with customary research sophistication and attention to detail. Throughout the book, they examine how the model provides truly outstanding real returns, while keeping a close eye on the risks associated with this method of investing. Along the way, the authors offer practical advice on incorporating the endowment model into your own investment endeavors and reveal what it takes to make this method work in the real world. <ul>
<li>Details the growing debate about the endowment model of investing and discusses how to use it successfully</li> <li>Written by an authority on endowment investing and non-traditional asset allocation strategies</li> <li>Offers expert insights on understanding risk and return in non traditional asset allocation</li> </ul>
If you want to gain a better grasp of one of the most successful forms of investing, then The Endowment Model of Investing is a book you need to read.

The Endowment Model of Investing: Return, Risk, and Diversification

Hammond, P. Brett

John Wiley&Sons, Inc.

A modern approach to equity valuation Understanding the key ingredients that combine to affect price/earnings (P/Es) is of crucial importance to the investment process. In Franchise Value, Martin Leibowitz tackles the imposing task of determining what really has an impact on P/Es. The author shows why he subscribes to the conventional logic that the P/E gauges the market's assessment of the firm's future. He then introduce readers to the franchise-value approach to analyzing the prospective cash flows that determine a company's P/E. The franchise-value approach to valuation enables the analyst or investor to break the firm into two key component parts and to value those components. The franchise value approach is original and insightful, and with this book, readers can begin to implement this approach to perform better equity valuations. Martin L. Leibowitz, PhD (Stamford, CT), is Vice Chair and Chief Investment Officer at TIAA-CREF, where he is responsible for the overall management of all TIAA-CREF investments. He has authored several books and more than 130 articles, nine of which have received a Financial Analysts Journal Graham and Dodd Award of Excellence.

Franchise Value: A Modern Approach to Security Analysis

Economics

A New Perspective on Asset Allocation

Reference

The Research Foundation of ICFA (CFA Institute)

This monograph develops the franchise value approach to analyzing the prospective cash flows that determine a company's price-to-earnings ratio. The franchise factor model retains the simplicity and intuitive appeal of the dividend discount model, but it offers the advantages of flexibility in application and insight into the components of P/E growth.

Franchise Value and the Price/Earnings Ratio (The Research Foundation of AIMR and Blackwell Series in Finance)

Kogelman, Stanley

Research Foundation of AIMR & Blackwell Publishers

Of all the day-to-day activities that security analysts and portfolio managers perform, perhaps the most important is valuing the stocks they hold. In this monograph, the author introduces a new valuation approach that switches the focus from price to earnings to price to sales.

Sales Driven Franchise Value (The Research Foundation of AIMR and Blackwell Series in Finance)

A completely updated edition of the guide to modern bond analysis First published in 1972, Inside the Yield Book revolutionized the fixed-income industry and forever altered the way investors looked at bonds. Over forty years later, it remains a standard primer and reference among market professionals. Generations of practitioners, investors, and students have relied on its lucid explanations, and readers needing to delve more deeply have found its explication of key mathematical relationships to be unmatched in clarity and ease of application. This edition updates the widely respected classic with new material from Martin L. Leibowitz. Along the way, it skillfully explains and makes sense of essential mathematical relationships that are basic to an understanding of bonds, annuities, and loans―in fact, any securities or investments that involve compound interest and the determination of present value for future cash flows. The book also includes a new foreword. <ul>
<li>Contains information that is more instructive, important, and useful than ever for mastering the crucial concepts of time, value, and return</li> <li>Combines the clear fixed-income insights found in the original edition with completely new knowledge to help you navigate today's dynamic market</li> <li>Includes over one hundred pages of new material on the role of bonds within the total portfolio</li> </ul>
In an era of calculators and computers, some of the important underlying principles covered here are not always grasped thoroughly by market participants. Investors, traders, and analysts who want to sharpen their ability to recall and apply these fundamentals will find Inside the Yield Book the perfect resource.

Inside the Yield Book: The Classic That Created the Science of Bond Analysis

Bloomberg Press

Investing: The Collected Works of Martin L. Leibowitz (An Institutional Investor Publication)

Probus Professional Pub

A series of studies developed at Salomon Brothers Inc. that is based on the concept of shortfall risk, which is the risk of failing to earn the minimum return that an investment manager regards as critical. The approach has the advantage over conventional risk measures by distinguishing between upward and downward return fluctuations. By treating higher expected returns as a cushion against the full impact of volatility, it can help a fund maintain its minimum target levels as interest rates change. Annotation c. by Book News, Inc., Portland, Or.

Return Targets and Shortfall Risks: Studies in Strategic Asset Allocation

Bader, Lawrence N.

Irwin Professional_Pub

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Books by Leibowitz, Martin L.