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CAIA Level I
By: Association CAIA , Mark J. P. AnsoneBook Publisher: John Wiley & Sons
Imprint: Wiley
Format: ePub Encrypted (DRM)
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Not to be used after March, 2012 Exams – CAIA Level I, 2nd Edition should be used to prepare for September 2012 Exam.
The official study text for the Level I Chartered Alternative Investment Analyst (CAIA) exam
The Chartered Alternative Investment Analyst (CAIA) designation is the financial industry's first and only globally recognized program that prepares professionals to deal with the ever-growing field of alternative investments. The CAIA Level I: An Introduction to Core Topics in Alternative Investments contains all material on alternative investments that a potential Level I candidate would need to know as they prepare for the exam.
The information found here will help you build a solid foundation in both traditional and alternative investment markets-for example, the range of statistics that are used to define investment performance as well as the many types of hedge fund strategies. It will also inform CAIA candidates on how to identify and describe aspects of financial markets, develop reasoning skills, and in some cases, make computations necessary to solve business problems. Contains "need to know" material for Level I candidates and for alternative investment specialists Addresses all of the unique attributes associated with the alternative investments space Organized with a study guide outline and learning objectives with key terms, available for free at www.caia.org/program/studyguides Focuses on alternative investments and quantitative techniques used by investment professionals
This book is a must-have resource for anyone contemplating taking the CAIA Level I exam.
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| Title of Business & Economics eBook: CAIA Level I | |
| Release Date: 10-02-2009 | |
| Publisher: Wiley |
This eBook download is available in the following formats:
| Parent title | CAIA Level I |
|---|---|
| Encrypted (DRM) | Yes |
| SKU | 9780470557228 |
| File size | 8746 |
| Security | n/a |
| Printing | Not allowed |
| Copying | Not allowed |
| Read aloud | No Sys requirements Download reader |
| Devices | Samsung Tablet, Apple Ipad & Iphone, Barnes & Noble Nook, Kobo eReader, Aluratek Libre, Iliad, Nokia, Blackberry, Hanlin |
| Note | Excellent navigation features are available via Adobe such as bookmarks and a quick access table of contents. Text search is easily accessible. An Adobe DRM-protected file is different than a pdf file in that it uses Adobe DRM (Digital Rights Management) technology, which authors and publishers use to protect their content from illegal online distribution and to set certain privileges such as restrictions on copying and printing. |
CAIA Level I
Chapter One
What Is an Alternative Asset Class?
Part of the difficulty of working with alternative asset classes is defining them. Are they a separate asset class or a subset of an existing asset class? Do they hedge the investment opportunity set or expand it? Are they listed on an exchange or do they trade in the over-the-counter market?
In most cases, alternative assets are a subset of an existing asset class. This may run contrary to the popular view that alternative assets are separate asset classes. However, we take the view that what many consider separate classes are really just different investment strategies within an existing asset class.
Additionally, in most cases, they expand the investment opportunity set, rather than hedge it. Last, alternative assets are generally purchased in the private markets, outside of any exchange. While hedge funds, private equity, and credit derivatives meet these criteria, we will see that commodity futures prove to be the exception to these general rules.
Alternative assets, then, are just alternative investments within an existing asset class. Specifically, most alternative assets derive their value from either the debt or the equity markets. For instance, most hedge fund strategies involve the purchase and sale of either equity or debt securities. In addition, hedge fund managers may invest in derivative instruments whose value is derived from the equity or debt markets.
In this book, we classify five types of alternative assets: real estate, hedge funds, commodity and managed futures, private equity, and credit derivatives. Investments in real
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