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1.     Setting the scene: What is risk for a personal investor?                                                                              

Think about risk before it hits you                                                                     

Fraud and betrayal                                                   

How much risk can you tolerate?

Know your niche                                                                                                                                          

2.     Understand your behaviour: "Hope for riches and protect yourself from poverty"                                                          

Insights from behavioural finance                                               

Investor biases                                                                            

Investor preferences                                                      

Investment strategy and behavioural finance                                                  

Traditional finance, behavioural finance and evolution  


3. The personal pension challenge


Retirement date uncertainty                                                                                 

Life expectancy                                                                                               

It is normally dumb to self-insure                                                                   

Income uncertainty                                                                                                    

How much income can I draw?


4. Investment returns 


Sources of investment performance                                                                           

Are government bonds risk-free?                                                                              

Safe havens that provide different kinds of shelter                                               

What premium return should bond investors expect?                                               

The place of safe-harbour government bonds in strategy                                                            The equity risk premium                                                                                  

Equity risk: don’t bank on time diversifying risk                                               

Manager performance 


5.   Advice and investment strategy  


Choosing an adviser                                                                                       

Investment beliefs                                                                                          

Conflicts of interest                                                                                         

How should investor strategies evolve?                                                                    

Model investment strategies                                                                    

Asset allocation models: an essential discipline                                                         

Risk-taking and portfolio rebalancing                                       

Short-term investment strategies                                                                   

How safe is cash?                                                                                           

How do investors invest?                                                                                


6.   Are you in it for the long term?  


The time horizon for private and institutional wealth                                      

Long-term investors                                                                                       

Financial planning and the time horizon                                                         

The danger of keeping things too simple

Declines in prices are sometimes good for you                                      

Laddered government bonds: a useful safety-first portfolio                           

What’s the catch in following a long-term strategy?                                        

Market timing: an unavoidable risk                                                                  

Some “keep-it-simple” concluding messages                                                  

The chance of a

bad outcome may be higher than you think         


7.    Setting the scene


A health warning: liquidity risk                                                                        

“Liquidity budgets”                                                                              

Illiquidity in normally liquid markets    

Behavioural finance, market efficiency and arbitrage opportunities  

Barriers to arbitrage

Implementation costs, market evolution and arbitrage               


8.       Equities


The restless shape of the equity market 

Stockmarket anomalies and the fundamental insight

  of the capital asset pricing model                                                                  

“Small cap” and “large cap"                                                                           

Will it cost me to invest ethically or sustainably?                                            

Don’t get carried away by your "style"                                                     

Should cautious investors overweight value stocks?                                        

Equity dividends and cautious investors                                                          F

Fashionable investment ideas: momentum strategies     

Home bias: how much international?                                                               

Who should hedge international equities?                                                       

How much in emerging markets?                                                                

Fashionable investment ideas: frontier markets


9      Credit

Credit quality and the role of credit-rating  agencies                                       

Corporate bonds and stockmarket volatility                                                   

Portfolio diversification and credit risk                                                            

Local currency emerging-market debt                              

Securitisation, modern ways to invest in bond markets,

and the credit crunch                                                                                       

Mortgage-backed securities                                                                             

The role of mortgage-backed securities in meeting investment objectives     

Quantitative investment                                                                  

International bonds and currency hedging


10    Alternative investments                                                                    

10 a) Private equity: information-based investment returns


What is private equity                                                                                 

Private equity market risk                                                                              

Listed private equity                                                           

Private equity portfolios                                                                                  

Private equity returns


10b Hedge funds


What are hedge funds?                                                                                    

Alternative sources of systematic return and risk                                             

“Do hedge funds hedge?"                                                                            

The quality of hedge fund performance data                                                  

Are hedge fund fees too high?                                                                        

The importance of skill in hedge fund returns              

The shape of the hedge fund market 

Hedge fund replication and “alternative betas”                    

Hedge fund risk                                                                                              

Madoff, hedge fund due diligence and regulation                                          

Illiquid hedge fund investments and long notice periods                          

Lies, damn lies and some hedge fund risk statistics                                        

“Perfect storms” and hedge fund risk                                                             

Managing investor risk: the role of funds of hedge funds                  

How much should you allocate to hedge funds?


10c   Real estate


What is real estate investing?                                                            

Home ownership                                                                                           

Commercial real estate                                                           

What are the attractions of investing in real estate?                                         


Income yield                                                                                                  

  Inflation hedge                                                                                        

Styles of real estate investing and opportunities for active management  management                  

What is a property worth and how much return should you expect?            

Private and public markets for real estate                                         

International diversification of real estate investment


11    Art and investments of passion

How monetary easing probably inflated the prices of fine art and collectibles

Psychic returns from art and collectibles                                                     

Wealth, inequality and the price of art                                                          

Art market indices                                                                                          

Price indices for other investments of passion or collectibles                           

Investing in art and  collectibles                                                                      

Shared characteristics of fine art and other investments of passion       

Use of expert opinion for forecasting, valuation and risk modelling

Collectibles as collateral     

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