Around the different hedge fund investment strategies, the author shows us another investment perspective in addition to fundamental investment, and this book is a must-read masterpiece in the field of quantitative investment as a classic masterpiece of partners in the American quantitative fund AQR company.
Expert recommendation
This is a valuable and interesting book that offers a wide range of contemporary surveys of asset classes and strategic investments, combining a brilliant narrative with rigorous analysis to effectively meet the needs of students, investors, and professionals. This is an important contribution to the investment literature.
—Gary Brinson (father of global asset allocation)
As an investment book, this book sets a completely different and higher standard. Combining the best and latest research with insights from the world's leading hedge fund managers, this book is a rare and good book.
—Darrell Duffy (Distinguished Chair Professor in Finance, Stanford Graduate School of Business)
This book is an excellent professional introduction to financial research and practice in the 21st century.
—Andrew Schlevor (Professor of Economics, Harvard University)
Pedersen, a gifted financial market theorist, understands that theory is most satisfying when combined with a deep practical understanding of institutional details and market frictions. This great book shows his strengths in these areas.
—Jeremy Stein (Professor, Harvard University)
Click on the cover to buy the book
9.27-9.29 JD.com Free Shipping 50% Off Promotion
Efficient invalidation
How connoisseurs invest and how the market prices
[Beauty] Lasseur Haye Pederson
ISBN：978-7-300-24942-1
Pricing: 108.00
Publication date: June 2021
Chinese University Press
Synopsis
This book describes the key trading strategies of hedge funds and demystifies active investing. Combining the latest research with real-world classic cases and interviews with top hedge fund managers, the authors show how certain trading strategies are profitable and why they sometimes lose money.
The authors argue that the market is neither fully efficient nor completely ineffective, but rather ineffective enough for fund managers to compensate for their costs by making a profit through trading strategies, and that the profits brought about by the efficient market do not encourage additional positive investment. Understanding how to trade in inefficient markets provides a new and fascinating way to learn finance.
The book delves into several different areas: the basic tools of investment management, equity investment strategies, macro investment strategies, and arbitrage strategies, and examines different topics such as portfolio selection, risk management, stock valuation, and yield curve logic. The book further explains the various investment methods through interviews with well-known hedge fund managers, including Lee Ainsley III, James Chanos, Cliff Asnes, David Harding, Ken Griffin, David Harding, John A. Paulson, Myron Scholes and George Soros.
About the Author
Lasse Heje Pedersen Ph.D. from Stanford University School of Business, Professor of Finance at Copenhagen Business School and New York University Stern School of Business, Partner of AQR, the largest quantitative fund in the United States, member of the Monetary Policy Committee of the Federal Reserve Bank of New York, the Nasdaq Economic Advisory Committee, the FTSE Economic Advisory Committee, a director of the Financial Association of America, and an editorial board member of several prestigious journals such as The Journal of Finance Finance) and The Quarterly Journal of Economics. He is both a distinguished scholar and a successful fund manager. Research interests: Liquidity risk, asset pricing and trading strategies. His research has been widely cited, including former chairman of the U.S. Federal Reserve System, Bernanke, and the governors of other countries' central banks. He has received several awards, including the Bernarcel Prize (awarded to the outstanding economists under the age of 40 in Europe), the Banque de France-TSE Award, the Fama-DFA Award and the Michael Brennan Prize.
Translator Profile
Lu Yang
With nearly 20 years of global quantitative strategy research and investment management experience, he has served as the director of quantitative investment at Blue Mountain Capital Management, the director of global equity strategy research, and the director of global equity strategy research and senior fund manager of AQR, the largest quantitative fund in the United States, and has managed more than 10 billion US dollars of global assets. He is also a visiting professor at China Europe International Business School.
The rest
Ph.D. in Finance, University of Chicago, Professor of Finance, China Europe International Business School. He has taught at the University of Minnesota College of Business and has also been a fellow at Barclays Global Investment Management. His research interests include empirical corporate finance and behavioral finance. He has won the Best Paper Award of the 2020 Annual Meeting of the International Financial Management Association (FMA) and the Best Paper Award of the 2013 Annual Conference of China Finance International.
Selected book reviews
Yao Bin: Profit in an inefficient market that operates efficiently
If "The Conqueror" reveals the secret of James Simmons's victory over the market with quantitative investment, then "Efficient Ineffectiveness" reveals the model of how the entire hedge fund industry operates, and introduces the main trading strategies of hedge funds in a disaggregated manner. Hedge funds have long been shrouded in mystery so that most people can't know about it. Russer Pederson is both a successful hedge fund manager and a distinguished scholar and also runs a course on "Hedge Fund Investment Strategies" at Copenhagen Business School. For many years, he had focused on research in this area, hence the book Efficient Ineffectiveness. "Efficient invalidity" refers to "efficiently functioning invalid market". It is clear that Professor Pederson does not subscribe to the theory of the efficient market hypothesis. The theory of the efficient market hypothesis tells us that market prices fluctuate randomly, and all the information is already reflected in it, so no one can beat the market. Professor Pederson believes that the market is in an ineffective state of relatively efficient operation. Competition among professional investors makes the market nearly effective, but the market remains ineffective at all times, so the costs and risks borne by professional investors are compensated. Active investing often easily beats the market when the investor's immature behavior leads to market price fluctuations and little fundamental relationship. Of course, the market is extremely competitive, and most professional investors can't beat the market.
Read more: Selected Book Reviews | Demystifying Hedge Funds: Profiting in Efficiently Functioning Ineffective Markets
Zhu Ang: Hedge Fund Strategies
The author of "Efficient Ineffectiveness" is not a top investor like Howard Marx or Dario, nor is it about how to do value investing or Buffett's investment system, but look at the diversity of investment from another perspective. Having worked at hedge fund AQR and also teaches at my alma mater, New York University, the author shows us another investment perspective beyond fundamental investing by surrounding different hedge fund investment strategies.
The book is divided into four sections: active investing; equity investment strategies; asset allocation and macro investment strategies; and arbitrage strategies.
In different strategies, the authors interviewed the relevant bigwigs. This book is suitable for anyone interested in entering the market and can be read by readers of different levels. Practitioners in the financial industry can consult information as jobs, professional investors can find relevant content that is helpful to them, and students can also use it as financial textbooks.