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The Second Leg Down: Strategies for Profiting after a Market Sell-Off by Hari P.
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ApproximatelyRM 169.47
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Condition:
Very Good
A book that has been read but is in excellent condition. No obvious damage to the cover, with the dust jacket included for hard covers. No missing or damaged pages, no creases or tears, and no underlining/highlighting of text or writing in the margins. May be very minimal identifying marks on the inside cover. Very minimal wear and tear.
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Located in: Searcy, Arkansas, United States
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eBay item number:127232244310
Item specifics
- Condition
- Personalize
- No
- Type
- Hardcover
- ISBN-13
- 9781119219088
- Signed
- No
- Ex Libris
- No
- Personalized
- No
- Country/Region of Manufacture
- United Kingdom
- Inscribed
- No
- Intended Audience
- Adults
- Vintage
- No
- ISBN
- 9781119219088
About this product
Product Identifiers
Publisher
Wiley & Sons, Incorporated, John
ISBN-10
1119219086
ISBN-13
9781119219088
eBay Product ID (ePID)
221408592
Product Key Features
Book Title
Second Leg Down : Strategies for Profiting after a Market Sell-Off
Number of Pages
208 Pages
Language
English
Publication Year
2017
Topic
Banks & Banking, Marketing / General
Genre
Business & Economics
Book Series
The Wiley Finance Ser.
Format
Hardcover
Dimensions
Item Height
0.8 in
Item Weight
14.4 Oz
Item Length
9.7 in
Item Width
6.7 in
Additional Product Features
Intended Audience
Trade
LCCN
2016-053369
TitleLeading
The
Dewey Edition
23
Dewey Decimal
332.6
Table Of Content
Preface xi Acknowledgements xiii About the Author xv Chapter 1 Introduction 1 The Airplane Ticket Trade 1 The Bull Cycle 2 The Renegades 3 Claws of the Bear 3 Zugzwang 4 The Sceptics 5 A Sad Truth 5 Common Mistakes 6 Imprecise but Effective 7 Hedging Against Implausible Scenarios 8 A Black Swan in Correlation 8 Taking Profits 8 The Good, the Bad and the Ugly 9 The Great Escape 9 Having a Plan 10 Trend Following as a Defensive Strategy 11 Taking the Offensive 12 The Pre-Conditions for Market Crises 12 Banks: The Great Multiplier 13 A Change in Risk Regime 13 Chapter 2 "Safe" Havens and the Second Leg Down 14 The Matterhorn 15 Mrs. Watanabe''s No. 1 Investment Club 18 The Risk of What Others are Holding 19 The Risk of What Others are Likely to Do 22 Here We Go Again 24 Summary 28 Chapter 3 An Overview of Options Strategies 29 The Building Blocks: Calls and Puts 29 Why Buy a Call or Put? 34 The Black-Scholes Equation and Implied Volatility 36 The Implied Volatility Skew 38 Hedging Small Moves 38 Delta Hedging: The Idealised Case 39 Practical Limits of Delta Hedging 41 Hedging Options with Other Options 43 Put and Call Spreads 43 Straddles and Strangles 44 The Deformable Sheet 46 Skew Dynamics for Risky Assets 48 The 1×2 Ratio Spread and Its Relatives 50 The Batman Trade 53 Implied Correlation and the Equity Index Skew 56 From Ratios to Butterflies 59 Calendar Spreads 65 Summary 67 Chapter 4 Hedging the Wings 68 Taking the Other Side of the 1×2 68 Comparing the 25 and 10 Delta Puts 69 Hedging Sovereign Bond Risk 78 Selling Put Ratio Spreads on the S&P 500 83 The Hypothetical Implied Distribution 83 Our Findings So Far 84 Back-Tests: A Cautionary Note 84 A Short Digression: Delta-Neutral or Comfortably Balanced? 87 The 665 Put 87 Implications of the Square Root Strategy 88 Futures vs Spot 89 A Dramatic Example 89 A Cross-Sectional Study 91 The "New" VIX: Model-Independent, Though Not Particularly Intuitive 94 The Spot VIX: Oasis or Mirage? 94 Migrating to VIX Options 98 Reflections on Figure 4.36 101 Migrating to Different Markets: The V2X 103 Risk-Regime Analysis 104 Conditional Performance of Hedging Strategies 106 Summary 109 Chapter 5 The Long and the Short of It 110 Short-Dated Options 110 The Physicists Weigh In 112 Buying Time 117 Long-Dated Options 119 Far from the Madding Crowd 121 R Minus D 122 The Lumberjack Plot 125 Selective Application of the Weekly Options Strategy 126 Summary 127 Chapter 6 Trend Following as a Portfolio Protection Strategy 128 What is Trend Following? 128 Trend Following Dogma 130 The Crisis Alpha Debate 131 An Aside: Diversifying Across Time 134 Taking Advantage of a Correction 135 The Niederhoffer Argument 135 Chasing 1-Day Moves 138 Pushing the Analogy Too Far 139 Analysing the Data Directly 141 LEGO Trend Following 142 Summary 143 Chapter 7 Strategies for Taking Advantage of a Market Drop 144 The Elastic Band 144 Trading Reversals 147 More Texas-Style Hedging 149 Selling Index Put Spreads 151 Breathing Some Life into the Equity Risk Premium 152 Buying VIX Puts 153 Selling VIX Upside 154 The Remarkable Second Moment 155 Summary 158 Chapter 8 "Flash Crashes", Crises and the Limits of Prediction 159 Lord of the Fireflies 159 Cascading Sales 160 A Concrete Example 162 An Aside 162 Paths, Prints 163 The Role of the Central Bank 164 Credit Cycles at the Zero Bound 164 The Monetary Policy Palette 165 Reading the Tea Leaves 168 Summary and Conclusion 169 Glossary 171 References 173 Index 177
Synopsis
Cut risk and generate profit even after the market drops The Second Leg Down offers practical approaches to profiting after a market event. Written by a specialist in global macro, volatility and hedging overlay strategies, this book provides in-depth insight into surviving in a volatile environment. Historical back tests and scenario diagrams illustrate a variety of strategies for offsetting portfolio risks with after-the-fact options hedging, and the discussion explores how a mixture of trend following and contrarian futures strategies can be beneficial. Without a rational analysis-based approach, investors often find themselves having to cut risk and buy protection just as options are at their most over-priced. This book provides practical strategies, expert analysis and the knowledge base to assist you in recovering your portfolio. Hedging strategies are often presented as expensive and unnecessary, especially during a bull market. When equity indices and other unstable assets drop, they find themselves stuck - hedging is now at its most expensive, but it is imperative to hedge or face liquidation. This book shows you how to salvage the situation, with strategies backed by expert analysis. Identify the right hedges during high volatility Generate attractive risk-adjusted returns Learn new strategies for offsetting risk Know your options for when losses have already occurred Imagine this scenario: you've incurred significant losses, you're approaching risk limits, you must cut risk immediately, yet slashing positions would damage the portfolio - what do you do? The Second Leg Down is your emergency hotline, with practical strategies for dire conditions., Cut risk and generate profit even after the market drops The Second Leg Down offers practical approaches to profiting after a market event. Written by a specialist in global macro, volatility and hedging overlay strategies, this book provides in-depth insight into surviving in a volatile environment., Praise for The Second Leg Down "The most difficult portfolio management decisions come after an unexpectedly large loss in an unsettled market. This book tackles that situation with a comprehensive, accurate and clear account of clever strategies to navigate the troubled waters with little or no sacrifice of upside. It's well-written and entertaining. Most of the time you're better off with the unclever idea of cutting positions to where you're comfortable for the risk, but if you refuse to do that, this book gives you the best chance of profiting from your aggressiveness." Aaron Brown, Chief Risk Officer, AQR Capital Management "Investors can be fickle, only allocating to a given strategy after a stretch of strong performance. Trend following is a classic example: it is an all-weather strategy that deserves a permanent place in a well-diversified portfolio. Reality suggests that investors only want to add defensive strategies when their core (read long beta) investments are failing them. Hari P. Krishnan has written a book that accounts for investor behavior, while providing the best possible solutions when your back is against the wall. This book is essential reading as a survival kit against disaster in your portfolio." Niels Kaastrup Larsen, Managing Director, DUNN Capital; Founder, Top Traders Unplugged Podcast "Hari Krishnan is one of the most practical thinkers in this business. He has forgotten what I am still trying to learn! His combination of practical real-world trading experience with theoretical know-how should lead the reader down secret pathways of knowledge few have the privilege to glimpse at, nevermind have illuminated and marked out." Jerry Haworth, CEO, 36 South Capital Advisors "How do you survive market crises and moves as sharp as those created by the Brexit and the US election? Predicting outcomes can be an exercise in futility, as these very recent examples have shown us. By tapping into his wealth of knowledge and experience as a fund manager during the 2008 crisis, flash crashes, crises in Europe, and many other market storms, Hari shows us how to weather these events so our portfolios can come out of the other side, intact, and maybe even having made some money in the process! Not only is the book very informative, but a great read as well!" Marc Malek, Managing Partner, Conquest Capital Group
LC Classification Number
HG4529.5
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- i***a (16)- Feedback left by buyer.Past monthVerified purchaseVery smooth transaction, super fast shipping
- k***g (320)- Feedback left by buyer.Past monthVerified purchaseAAA+++ Top Seller! Thank You 🙏🏻
- k***g (320)- Feedback left by buyer.Past monthVerified purchaseAAA+++ Top Seller! Thank You 🙏🏻