Bruce Jacobs

How investment strategies designed to reduce risk can increase risk for everyone—and can crash markets and economies Financial crises are often blamed on unforeseeable events, the unforgiving nature of capital markets, or just plain bad luck. Too Smart for Our Own Good argues that these crises are caused by certain alluring investment strategies that promise both high returns and safety of capital. In other words, the severe and widespread crises we have suffered in recent decades were not perfect storms. Instead, they were made by us. By understanding how and why this is so, we may be able to avoid or ameliorate future crises—and maybe even anticipate them. One of today’s leading financial thinkers, Bruce I. Jacobs, examines recent financial crises—including the 1987 stock market crash, the 1998 collapse of the hedge fund Long-Term Capital Management, the 2007–2008 credit crisis, and the European debt crisis—and reveals the common threads that explain these market disruptions. In each case, investors in search of safety were drawn to novel strategies that were intended to reduce risk but actually magnified it—and blew up markets. Too Smart for Our Own Good takes a behind-the-curtain look at: • The inseparable nature of investment risk and reward and the often counterproductive effects of some popular approaches for reducing risk• A trading strategy known as portfolio insurance and the key role it played in the 1987 stock market crash• How option-related trading disrupted markets in the decade following the 1987 crash• Why the demise of Long-Term Capital Management in 1998 wreaked havoc on US stock and bond markets • How mortgage-backed financial products, by shifting risk from one party to another, created the credit crisis of 2007–2008 and contributed to the subsequent European debt crisisThis broad, detailed investigation of financial crises is the most penetrating and objective look at the subject to date. In addition, Jacobs, an industry insider, offers invaluable insights into the nature of investment risk and reward, and how to manage risk. Risk is unavoidable—especially in investing—and financial markets connect us all. Until we accept these facts and manage risk in responsible ways, major crises will always be just around the bend. Too Smart for Our Own Good is a big step toward smarter investing—and a better financial future for everyone.

The classic guide to quantitative investing—expanded and updated for today’s increasingly complex marketsFrom Bruce Jacobs and Ken Levy—two pioneers of quantitative equity management— the go-to guide to stock selection has been substantially updated to help you build portfolios in today’s transformed investing landscape. A powerful combination of in-depth research and expert insights gained from decades of experience, Equity Management, Second Edition includes 24 new peer-reviewed articles that help leveraged long-short investors and leverage-averse investors navigate today’s complex and unpredictable markets. Retaining all the content that made an instant classic of the first edition—including the authors’ innovative approach to disentangling the many factors that influence stock returns, unifying the investment process, and integrating long and short portfolio positions—this new edition addresses critical issues. Among them--• What’s the best leverage level for long-short and leveraged long-only portfolios?• Which behavioral characteristics explain the recent financial meltdown and previous crises?• What is smart beta—and why should you think twice about using it? • How do option-pricing theory and arbitrage strategies lead to market instability?• Why are factor-based strategies on the rise? Equity Management provides the most comprehensive treatment of the subject to date. More than a mere compilation of articles, this collection provides a carefully structured view of modern quantitative investing. You’ll come away with levels of insight and understanding that will give you an edge in increasingly complex and unpredictable markets. Well-established as two of today’s most innovative thinkers, Jacobs and Levy take you to the next level of investing. Read Equity Management and design the perfect portfolio for your investing goals.

""Korea's Heroes: The Medal of Honor Story"" by Bruce Jacobs is a comprehensive account of the brave soldiers who received the Medal of Honor for their heroic actions during the Korean War. The book explores the stories of these soldiers, their backgrounds, and the circumstances that led to their heroic acts. The author delves into the history of the Korean War and provides context for the events that took place. The book also includes photographs and maps to help readers better understand the geography and terrain of the Korean War. Overall, ""Korea's Heroes"" is a tribute to the courage and sacrifice of the soldiers who fought in the Korean War, and a reminder of the importance of honoring those who have served our country. This scarce antiquarian book is a facsimile reprint of the old original and may contain some imperfections such as library marks and notations. Because we believe this work is culturally important, we have made it available as part of our commitment for protecting, preserving, and promoting the world's literature in affordable, high quality, modern editions, that are true to their original work.