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"Fraser-Sampson, Guy"
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The pillars of finance : the misalignment of finance theory and investment practice
\"In The Pillars of Finance, author and finance expert Guy Fraser-Sampson challenges the fundamental conventions of modern finance. He asserts that, at its core, finance is not the highly scientific, modern discipline that most would claim, but has in fact stood still for the past 50 years. Central to the book are the main pillars of the financial markets - risk, return, and value - pillars of financial practice that are not properly understood by the industry, as began to become clear in 2007. Instead, the industry is blinded by a quantitative maze, obsessed with mathematical solutions, stochastic models, and normal distributions, which, although they have a place, should not provide the bedrock of the global marketplace. The author also looks at the industry's overreliance on past performance. Historical data is the foundation of financial forecasting and derivatives pricing, and while much can be gleaned from the past, it cannot and should not be seen as a mirror of the future. Finally, the author provides solutions to these issues, which include the need for the industry to undergo a transformation similar to that which occurred in the Modernist movement in other fields. He argues for a return to more qualitative and informed approaches to finance, bringing back intuition, skill, responsibility, and competency. Drawing from many fields of knowledge, including philosophy, psychology, and history, he encourages readers to question everything, rather than tamely accepting conventional wisdom. The Pillars of Finance is a lively and provocative read, challenging some of the core beliefs of modern finance. It will spark fierce debate and prove a popular read for anyone interested in modern finance. \"-- Provided by publisher.
Book
Private Equity as an Asset Class
Unfairly reviled, and much misunderstood, private equity differs from all other asset classes in various important respects, not least the way in which its fund mechanisms operate, and the way in which its returns are recorded and analysed. Sadly, high level asset allocation decisions are frequently made on the basis of prejudice and misinformation, rather than a proper appreciation of the facts.Guy Fraser-Sampson draws upon more than twenty years of experience of the private equity industry to provide a practical guide to mastering the intricacies of this highly specialist asset class. Aimed equally at investors, professionals and business school students, it starts with such fundamental questions as ’what is private equity?’ and progresses to detailed consideration of different types of private equity activity such as venture capital and buyout.Rapid and significant changes in the environment during the recent financial crisis have prompted the need for a new edition. Separate chapters have been added on growth and development capital, as well as secondary investing. Newly emergent issues are considered, such as lengthening holding periods and the possible threat of declining returns. Particular problems, such as the need to distinguish between private equity and hedge funds, are addressed. The glossary has also been expanded. In short, readers will find that this new edition takes their understanding of the asset class to new heights.Key points include:A glossary of private equity termsVenture capitalBuyoutGrowth capitalDevelopment capitalSecondary investingUnderstanding private equity returnsAnalysing funds and returnsHow to plan a fund investment programmeDetailed discussion of industry performance figures
eBook
Alternative Assets
The investment landscape has changed dramatically over the last few years, destroying many of the old certainties by which investors lived their lives. In particular, it has shaken belief in the ability of traditional asset types such as bonds and equities to protect them from abnormal market conditions, and it has brought home how closely correlation between different markets can be squeezed together by extreme pressure. Future investors will have to regard so-called \"alternative\" assets as essential elements within their portfolios, and be prepared to deal with the complexities that this will entail. This will in turn force a re-appraisal of core concepts such as \"risk\" and \"return\", not least because some alternative asset classes do not lend themselves well to traditional return measures. Exciting times lie ahead, but a thorough working knowledge of the various alternative asset classes will be an essential pre-requisite to success, and perhaps even to survival. Alternative Assets meets investor's need for a guide on where to allocate in this new climate. It provides investors with a primer on each alternative asset class, as well as practical tips on the pros and cons, implementation, returns analysis, fees and costs. It also offers introductory guidance on how to set investment targets, and how alternative assets can be accommodated within the allocation process. Each chapter gives useful background knowledge on a particular asset type, including a discussion of whether a satisfactory beta return level exists and, if so, the different ways in which it might be accessed. Written by best-selling author Guy Fraser-Sampson, this book guides investors through the new look alternative investment arena, providing post-financial crisis perspective and investment advice on the alternatives landscape.
eBook
No fear finance : an introduction to finance and investment for the non-finance professional
No Fear Finance is an accessible guide to the essentials of the finance and investment sectors for individuals who may be approaching the subject for the first time, or who are coming to it from a non-finance background. Covering the fundamentals of finance--including an overview of business finance, the basics of accountancy, financial risk and investment vehicles--the book removes much of the fear experienced by many people when confronted with complex financial issues, and enables them to gain a clear understanding of the basic principles of finance, to which more complicated financial models can then be applied.
eBook
Boots and IAS19
This paper looks at IAS19 in the light of the Boots pension scheme in the UK. The paper was originally written during the takeover of Boots by KKR, when the outcome of the situation in which the pension fund found itself was not known. The writer examines IAS19 and concludes that its scope and purpose is widely misunderstood and misused. In particular, it is inappropriate for use as a basis for investment strategy, or for regulatory purposes. [PUBLICATION ABSTRACT]
Journal Article
Eppur si muove - Risk and alternative asset classes for pension funds
The author draws attention to different investment practices between pension funds in North America and those in Europe. In particular, he points out the very different ways in which so-called 'alternative' asset classes are viewed; for example, in the UK, private equity and hedge funds combined make up only about 1 per cent of pension plan assets, whereas in North America some pension plans have allocations just to private equity of anything up to about 25 per cent. The paper examines the example of the Yale Model in North America and suggests that it could and should be adopted by pension funds in Europe, as it is being progressively by their counterparts across the Atlantic. The author deals in turn with risk, correlation and liquidity, suggesting that the traditional risk model is no longer appropriate for modern investment approaches, and perhaps was never really valid at all. He also contends that the existing view of liquidity and solvency is mistaken, and that pension funds actually require far less liquidity than they imagine. [PUBLICATION ABSTRACT]
Journal Article