You can think of this book as a practical guide to the art and science of risk management. I hope that once we’re through, you’ll agree with me that this is a unique perspective on this topic, primarily because of its direct focus on how to actually devise and execute a risk management strategy for your portfolio. It’s not that we will ignore entirely the concept of risk which, near as I can tell, is the all-encompassing obsession of the risk management literature published thus far. No, we won’t forsake these mysteries; rather, we will reduce them to the simplest mathematical forms possible, such that they are both understandable and applicable to the practical situations you will face as a portfolio manager.Perhaps more important, we will use risk estimation merely as the starting point for our risk management program, rather than as an end in itself. We will focus most of our time on discussing how to use these and tools to deal effectively with such real-life portfolio management problems as：
- Determining the levels of exposure most consistent with our objectives, in light of our constraints.
- Identifying alternatives for risk adjustment whenever exposures fall outside of these ranges.
- Anticipating and correcting for internal and external factors that create incentives for portfolio managers to take action that works against their interest from a risk management and capital preservation perspective.
非常实用的一本关于risk management的书，是我在哥伦比亚大学的教授写的，mostly based on his hands-on experience。书整个叙述了risk management的一整套toolkit，也包含作者很多个人理解和管理哲学。
Trading+Risk_kkk (1).pdf
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