- Series: Caia Knowledge
- Hardcover: 1104 pages
- Publisher: Wiley; 3rd edition (October 10, 2016)
- Language: English
- ISBN-10: 1119016398
- ISBN-13: 978-1119016397
- Product Dimensions: 7.1 x 2.6 x 10.1 inches
- Shipping Weight: 4.5 pounds (View shipping rates and policies)
- Average Customer Review: 4 customer reviews
- Amazon Best Sellers Rank: #214,542 in Books (See Top 100 in Books)
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Alternative Investments: CAIA Level II (Caia Knowledge) 3rd Edition
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From the Inside Flap
Success in the rapidly evolving area of alternative investments (AI) depends on a deep understanding of the concepts, tools, and practices associated with it, as well as an unwavering dedication to professionalism. The CAIA program addresses these essential needs.
Sponsored by the Chartered Alternative Investment Analyst (CAIA) Association®, the CAIA Charter is the only educational standard uniquely designed for individuals specializing in institutional-quality alternative investments. Covering hedge funds, managed futures, real assets, private equity, commodities, structured products, risk management and portfolio management, and professional standards and ethics, the CAIA Charter demonstrates one's commitment to professionalism and command of AI's unique fundamentals, setting you and your firm apart from the competition.
The CAIA program is comprised of a two-tier exam process (Level I and Level II) through which you may earn the CAIA Charter. The Level I exam assesses your understanding of various alternative classes and your knowledge of the tools and techniques used to evaluate the risk-return attributes of each one. The Level II exam assesses how you would apply the knowledge and analytics learned in Level I within a portfolio management context. Both levels incorporate segments on ethics and professional conduct, which are essential components of the CAIA program.
Written under the direction of the CAIA Association, with insights from many practicing and eminent professionals in this field, Alternative Investments: CAIA Level II, Third Edition contains the core material on alternative investments a potential Level II candidate would need to know as they prepare for the exama multifaceted assembly of questions and problem-solving tasks. Since the tools and terms introduced in Level I provide the basis for the second level of this program, the information found here will continue to focus on the issues associated with the alternative investment arena, but in greater depth and in the context of risk management and asset allocation.
This comprehensive resource:
- Discusses advanced topics in alternative investments from risk-parity and factor investing to real assets, structured products and operational due diligence.
- Focuses on the analysis and application of essential strategies involved in each alternative asset class.
- Addresses asset allocation and risk management techniques suitable for the construction and management of multi-asset portfolios.
- Is supplemented by a study guide outlining learning objectives and key words as well as a workbook, both available at www.caia.org.
Since its inception in 2002, the CAIA program's diverse curriculum has benefited a wide array of individuals, from institutional investors, investment advisors, AI fund managers, and administrators to accountants, lawyers, and academics.
Those with a serious interest in earning the CAIA Charter should take the time to understand the insights offered in this book and in Alternative Investments: CAIA Level I, Third Edition.
The CAIA Association is an independent, not-for-profit, global organization committed to education and professionalism in the field of alternative investments. It offers two exams (Level I and Level II) to financial professionals in this growing field. Upon successful completion of both exams and joining the Association as a Member, individuals are designated Chartered Alternative Investment Analyst (CAIA) Charterholders. The CAIA Association has members from almost 90 countries on six continents.
From the Back Cover
Praise for Alternative Investments: CAIA Level II The official reading for the CAIA Level II exam
"As investors increasingly turn to alternative assets to meet their long-term liabilities, the need for training and information on these often opaque asset classes is vital. The CAIA Association is the leader in providing education to all participants in the hedge fund and private equity sector and its CAIA Charterholder program is a broad and easily accessible introduction to these complex sets of alternative assets. CAIA is a tremendous knowledge partner for Preqin, and is our go-to qualification for knowledge development and training."
Mark O'Hare, CEO, Preqin
"Professionalism, education, and sound ethics are the benchmark for practitioners in our industry; the CAIA curriculum exemplifies these standards."
Jane Buchan, CAIA, CEO, PAAMCO
"The revised edition of Alternative Investments: CAIA Level II is a must-have reference for anyone interested in asset allocation and alternative assets. In addition to providing in-depth coverage of both conceptual and practical challenges associated with investing in commodities, real estate, private equity, hedge funds, and other alternative assets, it also provides extremely useful insights into how to fit these assets into a modern risk allocation and factor investing framework."
Lionel Martellini, PhD, Professor of Finance, EDHEC Business School
Alternative Investments: CAIA Level II, Third Edition contains the core material on alternative investments that potential Level II candidates would need to know as they prepare for the exama multifaceted assembly of questions and problem-solving tasks. The tools and terms introduced in Level I provide a base for the second level of this program. The information found here continues the focus on alternative investmentshedge funds, private equity, commodities and managed futures, real assets, and structured productsbut in greater depth and in the context of risk management and asset allocation.
Whether you are a seasoned professional looking to explore new areas within the alternative investment arena or a new industry participant seeking to establish a solid understanding of alternative investments, Alternative Investments: CAIA Level II, Third Edition is the best way to achieve these goals, and the smartest way to prepare for the exam.
Take your first steps toward attaining the CAIA Charter with Alternative Investments: CAIA Level I, Third Edition.
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The approach of the CAIA authors begins, as it should, with a healthy skepticism toward any claim that an investment can beat the broad market, or that it can even act as a reliable diversifying investment. The skepticism is re-doubled if the the claim is that there is a long-term, persistent way to beat the market (as opposed to, say, a short-term, one-off opportunity to do so). So the first step in "how to approach an investment" is answered by one word: "skeptically."
A key piece of the skeptical approach, illustrated in chapter after chapter, is ferreting out the premises that underlie any claim made about an investment. To give just one example: What assumptions about markets and investments underlie claims that a particular investment can reduce portfolio risk through diversification? What assumptions are being made about our ability to forecast volatility? What assumptions are being made about our pricing models? What assumptions are being made about correlations between assets or asset classes? CAIA is, I think, unique in hammering home the need for the analyst to deeply consider the premises of any investment-related claim.
CAIA provides a great service to the investment community by educating analysts to approach investments skeptically, and with an eye to uncovering the assumptions buried in claims about investments. By creating analysts who use the CAIA approach to reveal these premises, CAIA helps protect investors.