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对冲基金优势：利润最大化和风险最小化的全球交易策略，THE HEDGE FUND EDGE： MAXIMUM PROFIT/MINIMUM RISK， GLOBAL TREND TRADING STRATEGIES，Mark Boucher，1999，John Wiley & Sons, Inc.193页，全英文。
Contents
Introduction
The Importance of Risk
How It All Started
How to Recognize a Market Master
Understanding Is Key to Success
Overview of the Approach in This Book
1 The Risk of Traditional Investment Approaches
The Effects of a Long-Term Bull Market
Long-Term Returns in Equities
Protection against Bear Markets
Blue Chip Stocks
Investment Criteria
High Returns and High Consistency—The Tradeoff
Summary
2 Liquidity—The Pump That Artificially Primes
Investment Flows
Understanding the Austrian Interpretation of
the Liquidity Cycle
The Liquidity Cycle Illustrated with an
Island Economy
The Liquidity Cycle in Modern Economies 51
Timing the Liquidity Cycle 62
Understanding Economic Gauges 89
Implications for U.S. Markets 100
Summary 106
3 Index Valuation Gauges—Do Not Ignore the
Price You Pay 111
Using Index Valuation Gauges 111
Limitations of Index Valuation Analysis 115
Using Gauges for Mutual Funds 116
Valuation Gauges for International Markets 117
Summary 122
4 Macro Technical Tools—Making Sure the Tide
Is Moving in the Right Direction 124
The Argument for Technical Analysis 125
Taking a Wider View 128
Using Technical Analysis to Confirm Trends 130
Reading the Message of the Markets 132
Overview of Technical Analysis 134
Answering Criticism of Technical Tools 146
Summary 150
5 Containing Risk—Sound Strategy and Money
Management Methods and the Principles of
Character Necessary to Achieve Them 151
Money Management Rules 152
Principles of Character 161
6 The Essence of Consistent Profits—Understanding 166
Austrian Alchemy 168
Alchemy versus Economics 174
The Long-Run Growth Paradigm 180
Negative Tax Policies 190
Disastrous Social Programs 198
Minimum Wage Policies 202
Economic Freedom Index 204
When Investing, Look for Countries with
Low Impediments to Growth 206
Profiting from Understanding Distortions 207
Some U.S. Distortions 209
Evaluating Government/Media Hype 220
Secular Themes and Trends 227
Examples of Secular Themes and Trends 230
Summary 239
7 Equity Selection Criteria Long and Short—
How Profits Are Magnified 240
Mutual Funds . 241
Individual Stock Selection 245
Identifying Meteors and Fixed Stars 248
Equity Fuel 261
Measuring Price against Growth 265
Modern Portfolio Theory Methods 270
Stock Trading Method . 273
Summary 285
8 Other Asset Classes and Models to Exploit Them 287
Outperformance and Asset Allocation 287
Building a Portfolio 293
Exploring Asset Classes 294
Summary 327
9 Asset Allocation Models and Global Relative Strength
Analysis—Constructing a Portfolio 329
Using Asset Allocation Models 329
Global Relative Strength: Radar Screen for
Flexible Asset Allocation 336
Summary 343
Appendix A: Strategies for Short-Term Traders
Trading Runaway Moves
Appendix B: Recommended Books, Services,
Data Sources, and Letters
Letters and Services
Data Services and Software
Books
Free Report
Appendix C: Master Spreadsheet of
Systems Performance