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Foundations for Scientific Investing, by Timothy Falcon Crack
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This revised fourth edition lays a firm foundation for thinking about and conducting investment. It does this by helping to build capital markets intuition and critical thinking skills. The material in this book is the product of 25 years of investment experience and 20 painstaking years of destructive testing in university classrooms. Although the topic is applied investments, the integration of finance, economics, accounting, pure mathematics, statistics, numerical techniques, and spreadsheets (or programming) make this an ideal capstone course at the advanced undergraduate or masters/MBA level.
The book has a heavily scientific/quantitative focus, but the material should be accessible to a motivated practitioner or talented individual investor with (for the most part) only high school level mathematics. Although aimed at the advanced undergraduate or masters/MBA level, the careful explanations of a wide range of advanced capital markets topics makes this an excellent book for a U.S. PhD student in need of an easily accessible foundation course in capital markets theory and practice. There are literature reviews of multiple advanced areas, and many research questions are identified that need to be answered to fill gaps in the literature; these research questions would be ideal for a master's thesis or a chapter of a PhD.
The applied nature of the book also makes it ideal for capital markets practitioners. For example, in one exercise, the reader is taken by the hand and walked through construction of a worked spreadsheet example of an active alpha optimization using actual stock market data. The reader gets to build ex-ante alphas, and feed them into an optimization that weighs returns, risk, and transaction costs. A portfolio is rebalanced based on the optimization, and ultimately a backtest is conducted to measure ex post alpha.
Other practitioner material includes advanced time value of money exercises, a review of retirement topics, an extensive discussion of dividends, P/E ratios, transaction costs, the CAPM, and value versus growth versus glamour, and a review of more than 100 years of stock market performance, and more than 200 years of interest rates. Special attention is paid to difficult topics like the Roll critique, smart beta, factor-based investing, and Grinold-Kahn versus Black-Litterman models.
Every investor needs capital markets intuition and critical thinking skills to conduct confident, deliberate, and skeptical investment. The overarching goal of this book is to help investors build these skills.
- Sales Rank: #2615908 in Books
- Published on: 2015-08-24
- Original language: English
- Number of items: 1
- Dimensions: 11.02" h x 1.16" w x 8.27" l, 2.80 pounds
- Binding: Paperback
- 572 pages
About the Author
Dr. Crack did PhD coursework at MIT and Harvard, and graduated with a PhD in Financial Economics from MIT. He has degrees in Mathematics (with a lot of Statistics), Finance, and Financial Economics and a diploma in Accounting/Finance. He also holds the Investment Management Certificate from the UK Society of Investment Professionals. He has won six university teaching awards and been nominated for five others.
Dr. Crack has published in the top academic journal in Finance (The Journal of Finance), the top practitioner-oriented journals in Finance (The Financial Analysts Journal and The Journal of Futures Markets), and the top pedagogical journal in Finance (The Journal of Financial Education). He has also published in what was the top interdisciplinary Business journal (The Journal of Business). He has written six sole-authored finance books: "Heard on The Street: Quantitative Questions from Wall Street Job Interviews," "Basic Black-Scholes: Option Pricing and Trading," "Foundations for Scientific Investing," a "Test Questions" book to accompany that book, and two "Pocket Heard on The Street" books (one with quant questions from finance job interviews, and one with brain teasers, thinking questions, and non-quant questions from finance job interviews).
Dr. Crack taught at the university level from 1985 to 2000, and again from 2004 onwards, including four years as a front line teaching assistant for MBA students at MIT, and five years teaching undergraduate, MBA and PhD courses at Indiana University's Kelley School of Business. He is now a chaired full professor of Finance in New Zealand.
Dr. Crack has worked as an independent consultant to the New York Stock Exchange and to a foreign government body investigating wrong doing in the financial markets. His most recent practitioner job was as the head of quantitative active equity research for the UK and Continental Europe in the London office of what was the world's largest institutional asset manager.
Most helpful customer reviews
5 of 5 people found the following review helpful.
A gem
By Simon Z. Benninga
Fabulous book! Timothy Crack covers a host of finance topics with a series of sophisticated discussions that combine technical foundations with a lot of wisdom. Many of the chapters are stand-alone, so that a reader can pick and choose among the topics. Crack writes very well and with a wry touch of humor. It's really a wonderful book, and I recommend it very highly
4 of 5 people found the following review helpful.
Written with great clarity with seemlessly integrated topics
By Tom Arnold
This is a very impressive text that provides readable foundational material (algebra, calculus, matrix algebra, and statistics) to explore security returns (and related topics) from academic and "pragmatic" investor perspectives. No matter the level of your interest in investments, there is a portion of the book that will benefit you. Further, because the advanced topics are written in an accessible manner, the reader may find that they can understand a lot more about the given topic than they thought was possible prior to reading the book.
I have a number of books (math, finance, econometrics, and economics) that sit on my shelf because each one covers a particular topic well. Unfortunately, integrating each text's contribution becomes a challenge as each text was not written for the same audience. This text will replace a number of these books because the material is presented with great clarity and is then integrated seamlessly. This is what makes Crack's book so impressive.
2 of 2 people found the following review helpful.
Very Nice Treatment of Advanced Investment Topics
By Amazon Customer
This book makes difficult concepts easy to understand. Some of the concepts are advanced, but it's like having a genius as a tutor. Tim Crack does a great job of explaining current investment methodology and research. Any student considering an advanced degree in finance should consider this a must read. Investment managers wanting to stay sharp would also benefit.
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