The New Money Management: A Framework for Asset Allocation资金管理新论 下载 pdf 百度网盘 epub 免费 2025 电子版 mobi 在线

　　In his bestselling Portfolio Management Formulas and The Mathematics of Money Management, Ralph Vince brought the complex mathematics of probability and modern portfolio management theory down to earth for traders and investors. He introduced innovative new ways they could be used to maximize account management decisions. Now, in this groundbreaking new book, Vince takes a quantum leap forward to provide investment professionals with a proven new approach to portfolio management that overturns nearly a half-century of accepted wisdom about asset allocation and money management.

The culmination of Ralph Vince's years spent probing the limits of the mathematics of portfolio management, The New Money Management elaborates on his celebrated Optimal f notion—a concept which will be familiar to readers of either of Vince's previous books—to provide a revolutionary portfolio management model designed to optimize account performance, not just in the long run, but at virtually any given point in time.

Unlike traditional models which focus on risk and reward as competing entities, the approach to portfolio construction described in this book concentrates on obtaining optimal synergy among all of the various components of a given portfolio. Unlike previous portfolio models which assumed an a priori distribution to returns, usually with returns being normally distributed, this new model is applicable to any distributional form of return.

In The New Money Management, Ralph Vince once again demonstrates his critically acclaimed talent for talking about highly complex concepts in practical, real-world terms. Writing in a lively, anecdotal style, and relying on a bare minimum of math, he gently guides readers through the maze of complex theoretical issues while arming them with a set of easy-to-understand, easy-to-use formulas and investment strategies that they can put into practice immediately.

The New Money Management is an indispensable resource for all investment professionals, especially traders in stocks, options, and futures; institutional investors; and portfolio managers.

From a leading pioneer in portfolio theory, a revolutionary new approach to maximizing ongoing account equity

In his most original and accessible book yet, computer trading systems expert Ralph Vince introduces investment professionals to a revolutionary portfolio management model designed to optimize account performance, not just in the long run, but at virtually any given point in time.

"Ralph Vince has done it again. His work is original and level-headed, and contributes more than anyone else to our understanding of risk. Vince's work is required reading for any portfolio manager." —Barbara Rockefeller, President Rockefeller Asset Management, Inc.

"Ralph Vince's optimal concept is the single best strategy for determining how many contracts or number of shares to buy when first entering a trade. This latest book breaks new ground in the field of money management." —Howard A. Bernstein, President HB Capital Management, Inc.

"I would encourage all progressive portfolio managers to understand Ralph Vince's methodology. His works continue to be a rigorously well-researched and documented method of risk 　　control and asset allocation. His focus is unique in our industry." —Michael J. McCarthy, Portfolio Manager Signalert Corporation

"A great book, if you want to get rich quickly without going broke first, to help you formulate your risk and trading strategy." —Harry Ploss Private Managed Futures Investor and Actuary

The publisher, John Wiley & Sons

This groundbreaking practical guide introduces a revolutionary portfolio management model for optimizing account performance at virtually any given point in time. Explains highly complex concepts in straightforward terms using a bare minimum of math. Provides traders and investors with easy-to-understand, easy-to-use formulas and investment strategies that they can put into practice immediately.

Introduction

　Get Out and Stay Out

　Ignorance Is the Problem

　Structure and Format

Chapter 1 A New Framework

　Why This New Framework Is Better

　Conceptual Overview of the New Framework

　Multiple Simultaneous Plays

　A Comparison to the Old Frameworks

　Towards a New Type of Analysis

　Statistical Independence

　The History off

　The Estimated Geometric Mean (or How the Dispersion of Outcomes Affects Geometric Growth)

　The Fundamental Equation of Trading

　Why Is f Optimal?

　They Don't Like It

　Introduction to Portfolios with Optimalf

　Fallacious Notions Regarding Both Drawdowns and Diversification

　The Next Step

　Scenario Planning

　Scenario Spectrums

　Addendum One: Deficit Reduction Through Increased Gross Domestic Product Variance

　Addendum Two: The Misleading Nature of Accrual of Management Fees and Time-Weightings

　References

Chapter 2 Laws of Growth, Utility, and Finite Streams

　Human Population Growth

　Maximizing Expected Average Compound Growth

　Utility Theory

　The Expected Utility Theorem

　Characteristics of Utility Preference Functions

　Alternate Arguments to Classical Utility Theory

　Finding Your Utility Preference Curve

　Utility and the New Framework

　Reference

Chapter 3 Conditional Probabilities Involving Correlation

　Number of Occurrences (Frequencies) and Probabilities

　A Theory of Conditional Probability

　Joint Probabilities Between Two Continuous Distributions

　Estimating Joint Probabilities

　References

Chapter 4 A New Model

　Mathematical Optimization

　The Objective Function

　Mathematical Optimization vs. Root Finding

　Optimization Techniques

　Survival of the Fittest

　The Genetic Algorithm

　Important Notes

　Reference

Chapter 5 Money Management for Money Managers

Bibliography and Sources

Index

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书籍介绍

THE NEW MONEY MANAGEMENT In his bestselling Portfolio Management Formulas and The Mathematics of Money Management, Ralph Vince brought the complex mathematics of probability and modern portfolio management theory down to earth for traders and investors. He introduced innovative new ways they could be used to maximize account management decisions. Now, in this groundbreaking new book, Vince takes a quantum leap forward to provide investment professionals with a proven new approach to portfolio management that overturns nearly a half-century of accepted wisdom about asset allocation and money management. The culmination of Ralph Vince's years spent probing the limits of the mathematics of portfolio management, The New Money Management elaborates on his celebrated Optimal f notion--a concept which will be familiar to readers of either of Vince's previous books--to provide a revolutionary portfolio management model designed to optimize account performance, not just in the long run, but at virtually any given point in time. Unlike traditional models which focus on risk and reward as competing entities, the approach to portfolio construction described in this book concentrates on obtaining optimal synergy among all of the various components of a given portfolio. Unlike previous portfolio models which assumed an a priori distribution to returns, usually with returns being normally distributed, this new model is applicable to any distributional form of return. In The New Money Management, Ralph Vince once again demonstrates his critically acclaimed talent for talking about highly complex concepts in practical, real-world terms. Writing in a lively, anecdotal style, and relying on a bare minimum of math, he gently guides readers through the maze of complex theoretical issues while arming them with a set of easy-to-understand, easy-to-use formulas and investment strategies that they can put into practice immediately. The New Money Management is an indispensable resource for all investment professionals, especially traders in stocks, options, and futures; institutional investors; and portfolio managers. From a leading pioneer in portfolio theory, a revolutionary new approach to maximizing ongoing account equity ...In his most original and accessible book yet, computer trading systems expert Ralph Vince introduces investment professionals to a revolutionary portfolio management model designed to optimize account performance, not just in the long run, but at virtually any given point in time. "Ralph Vince has done it again. His work is original and level-headed, and contributes more than anyone else to our understanding of risk. Vince's work is required reading for any portfolio manager." --Barbara Rockefeller, President Rockefeller Asset Management, Inc. "Ralph Vince's optimal concept is the single best strategy for determining how many contracts or number of shares to buy when first entering a trade. This latest book breaks new ground in the field of money management." --Howard A. Bernstein, President HB Capital Management, Inc. "I would encourage all progressive portfolio managers to understand Ralph Vince's methodology. His works continue to be a rigorously well-researched and documented method of risk control and asset allocation. His focus is unique in our industry." --Michael J. McCarthy, Portfolio Manager Signalert Corporation "A great book, if you want to get rich quickly without going broke first, to help you formulate your risk and trading strategy." --Harry Ploss Private Managed Futures Investor and Actuary