This textbook is designed as a core text for finance courses that cover
market investments, portfolio formation, and the management of
investment portfolios. As such, the text seeks to convey insight and
actual wisdom as to the nature of these activities. When combined with a
commitment to thinking independently, the text offers the student a
rigorous preparation for entry to the funds management industry.
The text is presented in three parts. In Part A, the text introduces the
fundamental techniques of investment analysis: a "bottom-up" and
"top-down" analysis of the firm aimed at an evaluation of the underlying
share as a "buy", "hold", or a "sell" recommendation. Part B offers the
reader an intuitive grasp of the nature of investment growth, both
across time and across assets. Part C introduces the reader to the
technicalities of portfolio construction and portfolio management. The
text concludes with an assessment of the funds management industry.
The text builds in step-by-step stages with Illustrative Examples that
consolidate the student's progress and understanding through each
chapter. Each of parts A, B, and C (above) has sufficient material to
justify a separate course. If the student has exposure to a more
foundational course in finance, Parts A and B can be covered as a single
course. If from other courses, the student is familiar with the essence
of Parts A and B and with statistical concepts, the text can be covered
as a single course. The text can therefore be presented readily at
either an undergraduate or postgraduate level at a pace appropriate to
the student's prior exposure to the concepts.
