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In Asymmetric Returns, financial expert Alexander Ineichen elevates the critical discussion about alpha versus beta and absolute returns versus relative returns. He argues that controlling downside volatility is a key element in asset management if sustainable positive compounding of capital and financial survival are major objectives. Achieving sustainable positive absolute returns are the result of taking and managing risk wisely, that is, an active risk management process where risk is defined in absolute terms and changes in the market place are accounted for. The result of an active risk management process-when successful-is an asymmetric return profile, that is, more and higher returns on the upside and fewer and lower returns on the downside. Ineichen claims that achieving Asymmetric Returns is the future of active asset management.

Alexander M. Ineichen, CFA, CAIA, is Managing Director and Senior Investment Officer for the Alternative Investment Solutions team, a key provider within Alternative and Quantitative Investments, itself a business within UBS Global Asset Management. He is also on the Board of Directors of the Chartered Alternative Investment Analyst Association (CAIAA). Ineichen is the author of the two UBS research publications In Search of Alpha—Investing in Hedge Funds (October 2000) and The Search for Alpha Continues—Do Fund of Hedge Funds Add Value? (September 2001). As of 2006 these two reports were the most often printed research papers in the documented history of UBS. He is also author of the widely popular Absolute Returns—The Risk and Opportunities of Hedge Fund Investing, also published by John Wiley & Sons.

Preface

Acknowledgments

Chapter 1: Survival of the Richest—Volatility Matters

　The Future of the Asset Management Industry

　Change in Risk Perception

　Living Legends on the Future of Investment Management

　Defining Asymmetric Returns

　Introduction

　Background

　Volatility Matters

　The Thing about Compounding Capital

　Evolution Is Jumpy, Not Smooth

　Chapter Summary and Conclusions

　Appendix: On Compounding, Survival, and Dull Swiss

Chapter 2: Risk and Transparency

　Risk Is "Exposure to Change"

　The Boiling Frog Syndrome

　Risk versus Knightian Uncertainty

　Prevention versus Cure

　Risk Measurement versus Risk Management

　The Musical Chairs Effect

　Tracking Risk versus Total Risk

　Controlled versus Uncontrolled Risk

　Investor Protection versus Capital Protection

　Investor Protection

　Systematic versus Nonsystematic Risk

　Systematic Risk

　Nonsystematic Risk

　Chapter Summary and Conclusions

Chapter 3: The Price of Asymmetric Returns

　Fees—An Evergreen Issue Revisited

　Introduction

　Paying for the Balancing Act

　Paying the Milkman Thrice

　To Pay or Not to Pay—That Is the Question

　Asymmetric Returns through Derivatives

　Introduction

　Capital-Guaranteed Structures

　Chapter Summary and Conclusions

　Appendix: Aggregate Fees

Chapter 4: Fireflies before the Storm

　Risk, Returns, and Market Efficiency

　Active versus Passive Asset Management

　Introducing a Flexible Approach to Managing Money

　Time Diversification, Risk, and Uncertainty

　Does Time Increase or Reduce Risk?

　Tyranny of the Status Quo

　Chapter Summary and Conclusions

　Appendix: On Volatility and Fat Tails

Chapter 5: Alpha Is an Option

　Inefficiency of Financial Markets

　There Is No Free Lunch Plan

　Unorthodox Economics and Voodoo Science

　Introduction

　Praxeology

　Reflexivity

　Behavioral Finance

　Chapter Summary and Conclusions

　Appendix: On Alpha, Beta, and Randomness

Chapter 6: Active Risk Management

Chapter 7: Asymmetry of Single-Manager Risk

Chapter 8: Asymmetric Returns as a Business

Chapter 9: The Past, the Present, and the Unpredictable

Notes

References

About the Author

Index

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作者简介：

　　Alexander M. Ineichen, CFA, CAIA, is Managing Director and Senior Investment Officer for the Alternative Investment Solutions team, itself a business within UBS Global Asset Management. In October 2000, Ineichen authored In Search of Alpha: Investing in Hedge Funds, which has become the most often printed research publication in the documented history of UBS Investment Bank. He has published several papers in peer-refereed financial journals, contributed numerous articles and chapters to financial newspapers, magazines, and books, and regularly speaks at industry conferences. Ineichen is also on the Board of Directors of CAIAA (Chartered Alternative Investment Analyst Association) and is the author of the widely popular Absolute Returns: The Risk and Opportunities of Hedge Fund Investing (Wiley).

书籍介绍

In Asymmetric Returns, financial expert Alexander Ineichen elevates the critical discussion about alpha versus beta and absolute returns versus relative returns. He argues that controlling downside volatility is a key element in asset management if sustainable positive compounding of capital and financial survival are major objectives. Achieving sustainable positive absolute returns are the result of taking and managing risk wisely, that is, an active risk management process where risk is defined in absolute terms and changes in the market place are accounted for. The result of an active risk management process-when successful-is an asymmetric return profile, that is, more and higher returns on the upside and fewer and lower returns on the downside. Ineichen claims that achieving Asymmetric Returns is the future of active asset management. Alexander M. Ineichen, CFA, CAIA, is Managing Director and Senior Investment Officer for the Alternative Investment Solutions team, a key provider within Alternative and Quantitative Investments, itself a business within UBS Global Asset Management. He is also on the Board of Directors of the Chartered Alternative Investment Analyst Association (CAIAA). Ineichen is the author of the two UBS research publications In Search of Alpha—Investing in Hedge Funds (October 2000) and The Search for Alpha Continues—Do Fund of Hedge Funds Add Value? (September 2001). As of 2006 these two reports were the most often printed research papers in the documented history of UBS. He is also author of the widely popular Absolute Returns—The Risk and Opportunities of Hedge Fund Investing, also published by John Wiley & Sons.