By Donald R. Chambers, Mark J. P. Anson, Visit Amazon's Keith H. Black Page, search results, Learn about Author Central, Keith H. Black, , Hossein Kazemi, CAIA Association

The professional CAIA point 1 curriculum book

Alternative Investments: CAIA point I, third version is the curriculum booklet for the Chartered replacement funding Analyst (CAIA) point I expert exam. masking the basics of the choice funding area, this ebook is helping you construct a origin in  alternative funding markets. you are going to glance heavily on the forms of hedge fund recommendations and the diversity of facts used to outline funding functionality as you achieve a deep familiarity with substitute funding phrases and increase the computational skill to resolve funding difficulties. From technique features to portfolio administration concepts, this ebook comprises the center fabric it is very important be successful at the CAIA point I examination. This up-to-date 3rd version tracks to the most recent model of the examination, and is observed via the next ancillaries: a workbook, examine advisor, studying pursuits, and an ethics handbook.

Most funding analyst teaching programs concentration totally on the normal asset periods, pushing replacement investments to the sidelines. The CAIA designation used to be built in line with the super development of other making an investment, and is the industry's prime academic general. This booklet is your reputable examine spouse, bringing you totally on top of things on every little thing you must recognize (with the exception of the ethics fabric lined in a separate handbook).

  • Understand the complexities of every substitute asset class
  • Learn the quantitative suggestions pros use each day
  • Dig into the original facets of different investments
  • Master the middle fabric lined via the CAIA point I exam

More than three hundred monetary associations and hedge money have dedicated key executives to the CAIA examination, and this speedily growing to be development speaks to the designation's emerging prestige as a must have credential for an individual within the replacement funding sphere. raise your probabilities of luck via getting your details directly from the resource in CAIA point I.

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Additional resources for Alternative Investments: CAIA Level I

Example text

Sovereign wealth funds: Sovereign wealth funds are state-owned investment funds held by that state’s central bank for the purpose of future generations and/or to stabilize the state currency. These funds may emanate from budgetary and trade surpluses, perhaps through exportation of natural resources and raw materials such as oil, copper, or diamonds. Because of the high volatility of resource prices, unpredictability of extraction, and exhaustibility of resources, sovereign wealth funds are accumulated to help provide financial stability and future opportunities for citizens and governments.

Generally, illiquid assets 14 INTRODUCTION TO ALTERNATIVE INVESTMENTS tend to fall under the alternative investment classification, whereas traditional assets tend to be liquid assets. The risk of illiquid assets may be compensated for by higher returns. An illiquid asset can be difficult or expensive to sell, as thin volume or lockup provisions prevent the immediate sale of the asset at a price close to its potential sales value. The urgent sale of an illiquid asset can therefore be at a price that is considerably lower than the value that could be obtained from a long-term comprehensive search for a buyer.

In traditional investments, most securities are regulated and are required to disclose substantial information to the public. Many alternative investments are private placements, and therefore the potential for large information asymmetries is greater. These information asymmetries raise substantial issues for financial analysis and portfolio management. Incomplete markets refer to markets with insufficient distinct investment opportunities. The lack of distinct investment opportunities prevents market participants from implementing an investment strategy that satisfies their exact preferences, such as their preferences regarding risk exposures.

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