Schwager on Futures: Managed Trading - The Myths and Truths by Jack D. Schwager

An in-depth investigation into the risky business of managed futures, written by one of today's most widely respected financial authorities. Due to their meteoric investment returns and role as diversification and inflation hedging instruments, managed futures, professionally managed investments in commodity and financial futures markets have grown enormously popular. Yet with apparent success comes disaster, including a two-year string of financial calamities capped by the bankruptcy of California's Orange County. Now Jack Schwager, the man most traders think is futures, investigates the financial practices of a $25 billion business many experts feel is dangerously out of control. Sure to stir controversy in corporate boardrooms and on busy trading floors, this timely, detailed book takes readers to the frenzied center of the managed futures market, exploding many commonly held myths about its theoretical underpinnings and performance.

This book covers hot topics such as investor behavior, the benefits of diversification, and the effect of adding managed futures to conventional portfolios Newest edition in the widely admired Schwager on Futures Series (including Fundamental Analysis and Technical Analysis).

CONTENTS

PART I- PERFORMANCE ISSUES

Why "Actual" Trading Results Are Sometimes a Misnomer.
Performance Reporting: Sources of Distortion and Special Cases.
Measuring Trading Performance.
The Apples and Oranges Pitfall.
Why All Conventional CTA Indexes Are Misleading.

PART II- IS PAST PERFORMANCE PREDICTIVE OF FUTURE PERFORMANCE?

Are Prospectus Returns Indicative of Future Performance?
Is Past Performance Predictive of Future
Performance?: A Brief Review of Academic Studies.
Is Past Performance Predictive of Future Performance?: A CTA-Based Analysis.

PART III- INVESTMENT AND PORTFOLIO ISSUES

We Have Met the Enemy.
Robin Hood Investing: Taking from the Winners and Giving to the Losers.
Is Diversification Beneficial?
Should Managed Futures Included in Investment Portfolios?

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