Table of Contents
Preface ix
Acknowledgments xiii
Part I Theory 1
1 Welcome, Harry Markowitz 3
2 A Sharpe Line 17
3 The Counsel of Critics 27
4 Toward a New Capital Asset Pricing Model 35
5 The Local Capital Asset Pricing Model 41
6 Creating Competitive Advantage 53
7 Building a Portfolio on Competitive Advantage 65
Part II Practice 73
8 Investing for Total Return: Mutual Funds 75
9 Investing for Total Return: Hedge Funds 99
10 Investing for Banks, Thrifts, and Credit Unions 121
11 Investing for Property/Casualty and Life Insurers 159
12 Investing for Broker/Dealers 187
13 Investing for Real Estate Investment Trusts 203
14 Investing for Sovereign Wealth Funds 213
15 Investing for Individuals 229
Part III Markets 243
16 Turning the Tables: Investor Impact on Asset Values 245
References 255
About the Author 265
Index 267