The word
means rebirth, and the most obvious example of this phenomenon was the regeneration of Europe's classical Roman roots. The Renaissance began in northern Italy in the late 14th century and culminated in England in the early 17th century. Emphasis on the dignity of man
(though not of woman) and on human potential distinguished the Renaissance from the previous Middle Ages. In poetry and literature, individual thought and action were prevalent, while depictions of the human form became a touchstone of Renaissance art. In science and medicine the macrocosm and
microcosm of the human condition inspired remarkable strides in research and discovery, and the Earth itself was explored, situating Europeans within a wider realm of possibilities. Organized thematically, the
covers all aspects of life in Renaissance Europe:
History; religion; art and visual culture; architecture; literature and language; music; warfare; commerce; exploration and travel; science and medicine; education; daily life.

"Five Market Wizard Lessons" by Jack Schwager, author of Hedge Fund Market Wizards
Hedge Fund Market Wizards is ultimately a search for insights to be drawn from the most successful market practitioners. The last chapter distills the wisdom of the 15 skilled traders interviewed into 40 key market lessons. A sampling is provided below:
1. There Is No Holy Grail in Trading
Many traders mistakenly believe that there is some single solution to defining market behavior. Not only is there no single solution to the markets, but those solutions that do exist are continually changing. The range of the methods used by the traders interviewed in Hedge Fund Market Wizards, some of which are even polar opposites, is a testament to the diversity of possible approaches. There are a multitude of ways to be successful in the markets, albeit they are all hard to find and achieve.
2. Don't Confuse the Concepts of Winning and Losing Trades with Good and Bad Trades
A good trade can lose money, and a bad trade can make money. Even the best trading processes will lose a certain percentage of the time. There is no way of knowing a priori which individual trade will make money. As long as a trade adhered to a process with a positive edge, it is a good trade, regardless of whether it wins or loses because if similar trades are repeated multiple times, they will come out ahead. Conversely, a trade that is taken as a gamble is a bad trade regardless of whether it wins or loses because over time such trades will lose money.
3. The Road to Success Is Paved with Mistakes
Ray Dalio, the founder of Bridgewater, the world's largest hedge fund, strongly believes that learning from mistakes is essential to improvement and ultimate success. Each mistake, if recognized and acted upon, provides an opportunity for improving a trading approach. Most traders would benefit by writing down each mistake, the implied lesson, and the intended change in the trading process. Such a trading log can be periodically reviewed for reinforcement. Trading mistakes cannot be avoided, but repeating the same mistakes can be, and doing so is often the difference between success and failure.
4. The Importance of Doing Nothing
For some traders, the discipline and patience to do nothing when the environment is unfavorable or opportunities are lacking is a crucial element in their success. For example, despite making minimal use of short positions, Kevin Daly, the manager of the Five Corners fund, achieved cumulative gross returns in excess of 800% during a 12-year period when the broad equity markets were essentially flat. In part, he accomplished this feat by having the discipline to remain largely in cash during negative environments, which allowed him to sidestep large drawdowns during two major bear markets. The lesson is that if conditions are not right, or the return/risk is not sufficiently favorable, don't do anything. Beware of taking dubious trades out of impatience.
5. Volatility and Risk Are Not Synonymous
Low volatility does not imply low risk and high volatility does not imply high risk. Investments subject to sporadic large risks may exhibit low volatility if a risk event is not present in the existing track record. For example, the strategy of selling out-of-the-money options can exhibit low volatility if there are no large, abrupt price moves, but is at risk of asymptotically increasing losses in the event of a sudden, steep selloff. On the other hand, traders such as Jamie Mai, the portfolio manager for Cornwall Capital, will exhibit high volatility because of occasional very large gains-not a factor that most investors would associate with risk or even consider undesirable-but will have strictly curtailed risk because of the asymmetric structure of their trades. So some strategies, such as option selling, can have both low volatility and large, open-ended risk, and some strategies, such as Mai's, can have both high volatility and constrained risk.
As a related point, investors often make the mistake of equating manager performance in a given year with manager skill. Sometimes, more skilled managers will underperform because they refuse to participate in market bubbles. The best performers during such periods are often the most imprudent rather than the most skilled managers. Martin Taylor, the portfolio manager of the Nevsky Fund, underperformed in 1999 because he thought it was ridiculous to buy tech stocks at their inflated price levels. This same investment decision, however, was instrumental to his large outperformance in subsequent years when these stocks witnessed a prolonged, massive decline. In this sense, past performance can sometimes even be an inverse indicator.

In keeping with their successful introductory econometrics text, Stock and Watson motivate each methodological topic with a real-world policy application that uses data, so that readers apply the theory immediately. Introduction to Econometrics, Brief, is a streamlined version of their text, including the fundamental topics, an early review of statistics and probability, the core material of regression with cross-sectional data, and a capstone chapter on conducting empirical analysis. Introduction and Review: Economic Questions and Data; Review of Probability; Review of Statistics. Fundamentals of Regression Analysis: Linear Regression with One Regressor; Regression with a Single Regressor: Hypothesis Tests and Confidence Intervals in the Single-Regressor Model; Linear Regression with Multiple Regressors; Hypothesis Tests and Confidence Intervals in the Multiple Regressor Model; Nonlinear Regression Functions; Assessing Studies Based on Multiple Regression; Conducting a Regression Study Using Economic Data. MARKET : For all readers interested in econometrics.

The Inside Story of the Venture Capital World as Told by the Industry＇s Elite PlayersArguably today＇s hottest industry, venture capital is a dynamic engine of wealth creation that has contributed both

《股权战争》内容简介：民企融资上市，会遭遇陌生的资本方，遭遇创业伙伴的想法分歧，甚至会遇到家事变故的侵扰。面对不熟悉的规则世界，创始人江湖老大的心态、把董事会开成家长会的习惯思维，和投资人往往不在一个平台思考，也不在一个平台说话，诸多残酷的股权战争由此而生。这也是中国民企发展至今的必经过程。创投之间的争端跃上报端已非罕见。激烈冲突的结果，有的是创始人黯然离场——新浪王志东另起炉灶，太子奶李途纯净身出户，土豆网王微出局；创始人重获企业控制权也不乏其事——娃哈哈宗庆后驱逐了达能，阿里巴巴马云重获控股权，雷士照明吴长江再次回归……在此期间，企业本身也受到了深浅不一的伤害。
作者苏龙飞是资深财经记者，常年致力于商业与资本的报道和研究，拥有大量一手资料，并联合了宁向东、黄嵩等著名投资人、管理学者、律师等为这些案例把脉分析。对于股权争议的博弈过程，每个阶段谁出拳错误，谁得分，后来者应记取何种教训，《股权战争》一书中尽量做到全面兼顾。创投博弈的背后，既考验着企业家的人性格局、契约精神、规则意识，又拷问着中国的市场环境、资本制度、法治土壤。这是一次深入的复盘，必能为中国企业家和投资人提供有价值的纷争解决之道，让规则执行透明完善，让企业从容健康发展。

Entrepreneurs who dream of building the next Amazon, Facebook, or Google have the opportunity to take advantage of one of the most powerful economic engines the world has ever known: venture capital. To do that, you need to woo, impress, and persuade venture capitalists to back your endeavor. That task alone is a challenge. But finding and choosing the right investor can be harder still. Even if you manage to get backing, you want your VC to be a partner, not some dictator who will undermine your vision and take control of your life's work.
Jeffrey Bussgang is one of a very few people who have played on both sides of this high-stakes game. By his early thirties, he had helped build two successful start-ups-one went public, the other was acquired. Now he uses his experience and unique perspective on "the other side" as a venture capitalist helping entrepreneurs bring their dreams to fruition.
In the book, Bussgang offers high-level insights, colorful stories, and practical advice gathered from his own experience as well as from interviews with dozens of the most successful players on both sides of the game, including Twitter's Jack Dorsey and LinkedIn's Reid Hoffman. He reveals how to get noticed, perfect a pitch, and negotiate a partnership that works for everyone.
An insider's guide to the secrets of the world venture capital, Mastering the VC Game will prove invaluable for entrepreneurs seeking capital and successful partnerships. To learn more, visit JeffBussgang.com. (edited by author)

Praise for Quantitative Equity Portfolio Management "A must-have reference for any equity portfolio manager or MBA student, this book is a comprehensive guide to all aspects of equity portfolio management, from factor models to tax management." ERIC ROSENFELD, Principal & Co-founder of JWM Partners "This is an ambitious book that both develops the broad range of artillery employed in quantitative equity investment management and provides the reader with a host of relevant practical examples. The book excels in melding theory with practice." STEPHEN A. ROSS, Franco Modigliani Professor of Financial Economics, Massachusetts Institute of Technology "The book is very comprehensive in its coverage, detailed in its discussions and written from a practical perspective without sacrificing needed rigor." DAVID BLITZER, Managing Director and Chairman, Standard & Poor's Index Committee "Making the transition from the walls of academia to Wall Street has traditionally been a difficult task!This book provides this link in a successful and engaging fashion, giving students of finance a road map for the application of financial theories in a real-world setting." MARK HOLOWESKO, CEO and Founder, Templeton Capital Advisors "This text provides an excellent synthesis of a broad range of quantitative portfolio management methods!In addition, there are a number of insightful innovations that extend and improve current techniques." DAN DIBARTOLOMEO, President and Founder, Northfield Information Services, Inc. Capitalize on Today's Most Powerful Quantitative Methods to Construct and Manage a High-Performance Equity Portfolio Quantitative Equity Portfolio Management is a comprehensive guide to the entire process of constructing and managing a high-yield quantitative equity portfolio. This detailed handbook begins with the basic principles of quantitative active management and then clearly outlines how to build an equity portfolio using those powerful concepts. Financial experts Ludwig Chincarini and Daehwan Kim provide clear explanations of topics ranging from basic models, factors and factor choice, and stock screening and ranking!to fundamental factor models, economic factor models, and forecasting factor premiums and exposures. Readers will also find step-by-step coverage of portfolio weights! rebalancing and transaction costs!tax management!leverage! market neutral!Bayesian _!performance measurement and attribution!the back testing process!and portfolio performance. Filled with proven investment strategies and tools for developing new ones, Quantitative Equity Portfolio Management features: A complete, easy-to-apply methodology for creating an equity portfolio that maximizes returns and minimizes risks The latest techniques for building optimization into a professionally managed portfolio An accompanying CD with a wide range of practical exercises and solutions using actual historical stock data An excellent melding of financial theory with real-world practice A wealth of down-to-earth financial examples and case studies Each chapter of this all-in-one portfolio management resource contains an appendix with valuable figures, tables, equations, mathematical solutions, and formulas. In addition, the book as a whole has appendices covering a brief history of financial theory, fundamental models of stock returns, a basic review of mathematical and statistical concepts, an entertaining explanation and quantitative approach to the casino game of craps, and other on-target supplemental materials. An essential reference for professional money managers and students taking advanced investment courses, Quantitative Equity Portfolio Management offers a full array of methods for effectively developing high-performance equity portfolios that deliver lucrative returns for clients. About the Authors Ludwig B. Chincarini, Ph.D., CFA, is a professor of finance at Georgetown University as well as a financial consultant to institutional investors. Previously, he was director of research at Rydex Global Advisors, the index mutual fund company. Prior to that, Dr. Chincarini was director of research at FOLIOfn, a brokerage firm that pioneered basket trading. He also worked at the Bank for International Settlements and holds a Ph.D. in economics from the Massachusetts Institute of Technology. Daehwan Kim, Ph.D., is a professor of economics at the American University in Bulgaria. Previously, he was employed as a financial economist for FOLIOfn. Dr. Kim also worked as a financial journalist, writing regular columns on financial markets for business media in Asia. He also holds a Ph.D. in economics from Harvard University.