Treynor论机构投资Treynor On Institutional Investing 在线下载 pdf mobi 2025 epub 电子版

"Jack Treynor has a mind of his own. I mean that as the highest compliment. Jack Treynor sees what no one else sees, thinks what no one else thinks, explains what no one else explains. You will learn more in fifteen minutes with Jack Treynor than in a full hour with most pundits. You will work hard but you will see things, think things, and understand things as never before. This book is a most valuable treasure, gleaming with Jack Treynor's brilliance."

-Peter L. Bernstein, author, Capital Ideas Evolving

"Vintage Treynor. This is a must-own reference for anyone involved in institutional asset management. It assembles - in one place - many of the important insights of one of the most provocative and creative players in the finance world over the past half-century."

-Robert D. Arnott, Chairman, Research Affiliates, and Former Editor, Financial Analysts Journal

"As a practicing investment manager, Treynor always preferred brilliance to soundness. Identifying the flaws in conventional thinking, he shows both the theorist and the practitioner where to invest time in their search for excess return."

-Perry Mehrling, Professor of Economics, Barnard College, Columbia University, author, Fischer Black and the Revolutionary Idea of Finance

"Jack Treynor's new book brings together a lifetime of exploring the important questions surrounding the sophisticated investor's task. Readers of Treynor on Institutional Investing will be richly rewarded by the insights the author has developed about both the practical and the conceptual keys to successful investing."

-Samuel L. Hayes, III, Jacob Schiff Professor of Investment Banking Emeritus, Harvard Business School.

Foreword.

Preface.

Acknowledgments.

Introduction.

Part One: Risk.

　Chapter 1. Using Portfolio Composition to Estimate Risk.

　Chapter 2. Business vs. Statistical Price Risk.

　Chapter 3. Specific Risk.

　Chapter 4. On the Quality of Municipal Bonds.

　Chapter 5. Time Diversification.

CAPM.

　Chapter 6. Towards a Theory of Market Value of Risky Assets.

　Chapter 7. Portfolio Theory is Inconsistent with the Efficient Market Hypothesis.

　Chapter 8. In Defense of CAPM.

Part Two: Performance Measurement.

　Chapter 9. Editorial Viewpoint.

　Chapter 10. How to Rate Management of Investment Funds.

　Chapter 11. Can Mutual Fund Outguess the Market?

　Chapter 12. The Future of Performance Measurement.

Part Three: Economics.

　Chapter 13. Unemployment and Inflation.

　Chapter 14. What Professor Galbraith Neglected to Tell His Television Audience.

　Chapter 15. The Financial Objective in the Widely Held Corporation.

　Chapter 16. The Real Cost of Inflation.

　Chapter 17. The Fiscal Burden.

　Chapter 18. A Modest Proposal.

　Chapter 19. A More Modest Proposal.

　Chapter 20. Real Growth, Government Spending and Private Investment.

　Chapter 21. Securities Law and Public Policy.

　Chapter 22. Shirtsleeves to Shirtsleeves in Three Generations.

　Chapter 23. Is Training a Good Investment?

　Chapter 24. The Fifth Horseman.

　Chapter 25. A Theory of Inflation.

　Chapter 26. How to Regulate a Monopoly.

　Chapter 27. Man's Most Important Invention.

　Chapter 28. Will the Phillips Curve Cause World War III?

Part Four: Trading.

　Chapter 29. Editor's Comment.

　Chapter 30. The Only Game in Town.

　Chapter 31. What the Courts Ought to Know About Prudence.

　Chapter 32. De Facto Market Makers.

　Chapter 33. Editor's Comment.

　Chapter 34. Four Rules for Successful Trading.

　Chapter 35. Index Funds and Active Portfolio Management.

　Chapter 36. Opportunities and Hazards in Investigative Research.

　Chapter 37. What Does It Take to Win the Trading Game?

　Chapter 38. In Defense of Technical Analysis.

　Chapter 39. The Economics of the Dealer Function

　Chapter 40. Market Manipulation.

　Chapter 41. Types and Motivations of Market Participants.

　Chapter 42. The Invisible Costs of Trading.

　Chapter 43. Zero Sum.

　Chapter 44. Insider Trading: Two Comments.

Part Five: Accounting.

　Chapter 45. Financial Reporting—For Whom?

　Chapter 46. The Revenue-Expense View of Accrual Accounting.

　Chapter 47. The Trouble with Earnings.

　Chapter 48. The Trueblood Report.

　Chapter 49. A Hard Look at Traditional Disclosure.

　Chapter 50. The Trouble with Corporate Disclosure.

Part Six: Investment Value.

　Chapter 51. Top-Down Economic Forecasts and Securities Selection.

　Chapter 52. The Value of Control.

　Chapter 53. Economic Life vs. Physical Life.

　Chapter 54. The Investment Value of Plant.

　Chapter 55. Growth Companies.

　Chapter 56. Bulls, Bears and Market Bubbles.

　Chapter 57. The Canonical Market Bubble.

　Chapter 58. The Investment Value of Brand Franchise.

　Chapter 59. The Investment Value of an Idea.

Part Seven: Active Management.

　Chapter 60. How to Use Security Analysis to Improve Portfolio Selection.

　Chapter 61. Why Clients Fail.

　Chapter 62. Long Term Investing.

　Chapter 63. The Institutional Shortfall.

　Chapter 64. Persuasion and Long Term Investing.

　Chapter 65. Is "Reasonable Knowledge" Enough?

　Chapter 66. How Technical Should Investment Management Be?

　Chapter 67. If You Can Forecast the Market, You Don't Need Anything Else.

　Chapter 68. Market Efficiency and the Bean Jar Experiment.

　Chapter 69. From the Board. Information-Based Investing.

　Chapter 70. The 10 Most Important Questions to Ask in Selecting a Money Manager.

Part Eight: Pensions.

　Chapter 71. Risk and Reward in Corporate Pension Funds.

　Chapter 72. An Investor’s Guide to the Index Fund Controversy.

　Chapter 73. The Principles of Corporate Pension Finance.

　Chapter 74. Pension Claims and Corporate Assets.

Part Nine: Cases.

　Chapter 75. Feathered Feast: A Case.

　Chapter 76. An Extraordinarily Cheap Trade.

　Chapter 77. The Gauntlet.

　Chapter 78. A Prudent Man.

　Chapter 79. Default—Shawnee Manufacturing.

　Chapter 80. Public Voting.

　Chapter 81. Fiduciary Funds.

　Chapter 82. Poosha-Carta Food Stores.

　Chapter 83. The Fed Watchers.

　Chapter 84. Betting on Management.

　Chapter 85. Financial Literacy.

　Chapter 86. Cereal Mergers.

　Chapter 87. Quiz for Fed Candidates.

　Chapter 88. When Plant Wears Out.

　Chapter 89. Answers to Quiz for Fed Candidates.

　Chapter 90. Gas Caps and the Sherman Act.

　Chapter 91. The Worldwide Financier.

　Chapter 92. Reifen AG.

Part Ten: Miscellaneous.

　Chapter 93. Wha' Happen?

　Chapter 94. Portfolio Insurance and Market Volatility.

　Chapter 95. Betting on Good Management.

　Chapter 96. Remembering Fischer Black.

　Chapter 97. Fairness in Tax Policy.

　Chapter 98. Why Market-Valuation Indifferent Indexing Works.

Index.

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书籍介绍

Praise for TREYNOR ON INSTITUTIONAL INVESTING "Jack Treynor has a mind of his own. I mean that as the highest compliment. Jack Treynor sees what no one else sees, thinks what no one else thinks, explains what no one else explains. You will learn more in fifteen minutes with Jack Treynor than in a full hour with most pundits. You will work hard but you will see things, think things, and understand things as never before. This book is a most valuable treasure, gleaming with Jack Treynor's brilliance." -Peter L. Bernstein, author, Capital Ideas Evolving "Vintage Treynor. This is a must-own reference for anyone involved in institutional asset management. It assembles - in one place - many of the important insights of one of the most provocative and creative players in the finance world over the past half-century." -Robert D. Arnott, Chairman, Research Affiliates, and Former Editor, Financial Analysts Journal "As a practicing investment manager, Treynor always preferred brilliance to soundness. Identifying the flaws in conventional thinking, he shows both the theorist and the practitioner where to invest time in their search for excess return." -Perry Mehrling, Professor of Economics, Barnard College, Columbia University, author, Fischer Black and the Revolutionary Idea of Finance "Jack Treynor's new book brings together a lifetime of exploring the important questions surrounding the sophisticated investor's task. Readers of Treynor on Institutional Investing will be richly rewarded by the insights the author has developed about both the practical and the conceptual keys to successful investing." -Samuel L. Hayes, III, Jacob Schiff Professor of Investment Banking Emeritus, Harvard Business School

From the Inside Flap

Over the course of his successful career, Jack Treynor has made many important contributions to the world of investment management. Now, the innovative ideas and controversial concepts of this prolific investment professional can finally be found in one volume. Comprised of more than ninety provocative articles--many of which were originally published in well-respected industry resources such as the CFA Institute Financial Analysts Journal and the Harvard Business Review--Treynor on Institutional Investing clearly captures the many ways in which this man has influenced the professional investment community over a period of decades. From his seminal presentation of the Capital Asset Pricing Model in 1962 and papers introducing modern performance measurement to his revolutionary ideas on inflation, Treynor on Institutional Investing distills the hard-won investment insights of one of the most independent minds ever to tackle the investment problem. Along the way, this comprehensive anthology also introduces you to some of Treynor's more controversial proposals, such as issues regarding stock valuation and trading strategy, and presents challenging case studies that address critical events in today's investment environment. Treynor's work goes far beyond his well-known contributions to capital asset pricing and the performance measurement extension. Some of the other thought-provoking topics discussed within these pages include: * His challenge to conventional thinking about inflation in his new "Theory of Inflation" ?and "Will the Phillips Curve Cause World War III"? * His groundbreaking work on market micro structure * Implications of the Bean Jar Experiment for market efficiency * The trouble with earnings as an appropriate focus for investment analysis * The unintended effects of ERISA The articles found inside draw on Treynor's extensive experience as a management consultant, fund director, and money manager. So whether you're looking to gain a better understanding of the investment management business or prepare yourself for responsibilities on the boards of pension, endowment, or mutual funds, this book has what you need to help you succeed. One measure of how influential the ideas in Treynor on Institutional? Investing?have been is that they ended up shaping an ever-evolving investment profession.

• 作者：windrider 发布时间：2009-06-07 12:04:56

  犹记得初读南唐二主词的惊艳

• 作者：逆转王 发布时间：2022-11-19 10:49:51

  收录名篇Dagon，爱手艺、爱伦坡、伊藤润二此刻灵魂附体！

• 作者：ms_oicq 发布时间：2016-04-12 19:57:08

  可惜没有中文版

• 作者：喵999 发布时间：2017-07-10 17:05:13

  有趣，厚厚的一本，很喜欢这样轻松的笔调，每一个时期都有不一样的你

• 作者：麦十七 发布时间：2020-01-21 16:44:02

  只想给一星，国外的那种模式，用到中国的情况，不太接地气，感觉就是找了一堆人采访，说了点内心的想法，没什么实际干货，简直是通篇碎碎念。

• 作者：Levin Lee 发布时间：2012-03-10 14:18:45

  文丘里 场地文脉 气象 各种...

• 圆梦篇

  作者：酱瓜 发布时间：2006-10-24 19:59:25

  很少出现的偏喜剧结尾。

  一如既往地梁凤仪风格。

  残酷，现实，真切。

  有些人值得信，有些人，一辈子都不要信。

  如果自己带着爱生活，也一定会收到同样的回报。

• 《东西方文化的碰撞》 笔记整理

  作者：局外人 发布时间：2012-12-25 22:04:22

  CCTC期末考这书啦，整理笔记加深理解

  中国人的问题主要是对西方文化的认识。我们习惯于用我们传统的、已经形成的那一套固定的思维模式，来解读或者甚至于来歪曲西方的文化、西方的文明、西方的思想。

  中国人的思维模式是：天人未分

  西方人的思维模式是：天人分离但追求天人合一，靠上帝来合一

  中国人和西方人的思维模式的主要区别是：中国人是建立在群体意识之上的，但也可表现为个体意识；西方人是建立在个体意识之上的，但也可表现为群体意识

  西方个体意识的起源：古希腊商品经济——商业发展起来他有一个最重要的前提就是，你卖的这个东西必须是你自己的东西。你不能卖别个的东西，你是自己的东西别人.才敢来买，否则有人会来找麻烦。所以这个商业社会树立了一个基本观念就是私有财产。

  中国人思维模式的起源：自给自足的自然经济，靠天吃饭，所以没有独立的自我意识。

  思维方式的不同表现到政治制度上

  西方人：冲破了传统的氏族血缘关系的原则，用契约原则约束人的行为，从而保护私有财产。法律以个人作为单元，建立在逻辑的基础上，从而能是众人信服。每个人从自己的个人出发，去达成与他人的公平，一种平等的契约，自愿地受这个契约的约束，来实现集体的目标，最后包括自己在内的个人得利。

  中国人：把从原始时代沿袭下来的氏族血缘关系固定化，扩大化，使它变成了“礼”的原则，国家的原则。所以自古以来的这个国家原则就是“家天下”的原则。国家的事就是皇帝老子的家务事。

  思维方式的不同表现到自我认识上

  西方人：强调认识自己——当人意识到他是“个人”，而且他要不断地确认自己这个个人，那他就要有自我意识。什么叫自我意识?自我意识就是要把自己当对象看。

  认识自己必定要把自己分成两个人，一个是作为对象的我，另外一个是作为主体的我。用这个主体来考察我这个对象，这就叫自我意识。

  这样的认识自我的方法造成了认识时的矛盾：所以这个自我意识他就有个矛盾。你又想把自己当做对象来考察，来认识自己。但是当你考察的时候呢这个对象又不是你真正的自己。真正的自己是这个考察者。他躲在背后，他在这里考察这个“我”。所以西方人认为，真正的自我不是被考察的我，而是那个考察的我。

  在考察自我的过程中不断遇到遇到矛盾。就要不断地后退：你后退了一步，你又把这种东西当做对象看。但是他又不是你了。你又要后退。退到哪里去呢?最后退到上帝那里去。

  西方人为什么信上帝?是因为他无穷地后退，他没有一个归属。他必须对自己要有一个确认。到底我这个人在哪里能够得到归属，能够得到确认。只有在上帝那里咧。

  中国人：往往就是自我感觉良好，容易把自己看成是已经被我自己彻底把握了的。一旦我觉得我自己把握了自己，那我就是圣人了，那我就跟天道合一了。

  一个人一但成了圣人，那他就可以为所欲为，他想到的都是对的。因为他代表的是天道啦。所以任何人要反对圣人的话，’那就是反对天道。你不是反对他个人，你是反对天道。所以圣人是很可怕的咧，圣人是不能反对的。为什么可怕呢，因为他不能反对。

  中国人的自我认识方式犯了骄傲的毛病。

  思维方式的不同表现到对待自然的态度上

  西方人：希望掌握自然规律，用科学的认识和自然打交道。

  海上风暴瞬息万变，他要掌握规律。他到了一个陌生的地方要去殖民，他要认识那个地方的风土。不是靠世世代代传下来的经验就可以解决问题。

  中国人：认为自己和自然是一体的，用情感来与自然界打交道。

  自然经济中人们与自然界打交道是按照传统传下来的，世世代代的老经验，用这些经验就够了，不会遇到多少新的问题、新的情况要去解决。

  思维方式的不同表现到追求的品质上

  西方人：公平

  中国人：忠厚（即：诚）

  西方人认为人的天性是理性。人是理性的动物。人有了理性之后，他就很狡猾了啦。所以西方人讲人的本性是恶劣的。只要你是个人你就有理性，你有理性你就很狡猾，所以你就很坏。动物的本性并没有作伪。只有人才可以去作伪。

  中国人把忠诚当作最高价值，强调要回到动物式的自然状态去。“诚者，天之道也，诚之者，人之道也”。诚代表你跟天道合一，“天道无欺”，天道是最忠诚的。所以人要像天道那样，做到自然而然，把自己的忠心都要敞露出来，我是个什么人就是个什么人，不要任何伪饰，不要装饰。

  追求社会和谐，中国人提出要恢复本性，西方人强调用法律制度去规范人。

  东西方人格模式的两面镜子

  西方人的人之镜是把客观世界当做人心的镜子。

  就是说我是个什么人，我要到客观世界里面去找。把自然界把对象当做一面镜子，在镜子里面反映出自我。我要认识自我，必须到客观世界里面去追求。在追求过程中间，我追求到什么东西，我就可以认识自我了。但是这里有个麻烦，就是你追求的这个自我，毕竟是你自己眼睛里面看到的。还是你自己的眼睛看到的。它不是客观世界本身的样子。所以你要认识自我，你必须要认识客观世界;但是这个客观世界始终不可知。（马克思主义小斗士可以高举实践论的旗帜来批判这个观点，但为毛客观世界不可知就不展开讨论了。）

  康德把这个秘密揭穿了:“自在之物不可知。”“物自体不可知”就是说这个事情本身是什么样子我们不晓得。我们所看到的只是它的现象，这个现象显现在我们眼睛里面我们就可以认识到。但是要透过现象看本质，我就没有办法了，我看到的还是我自己造成的现象。这就是西方哲学很致命的一个东西。就是他始终不能够把握世界本身。

  中国人也有一面镜子。中国人的这面镜子不是要照出自我，而是要照出天道。

  就是讲要把自己的内心当一面镜子，我要认识世界是什么样子，我到我的内心里面去找。这种认识它不是那种科学认识，是一种宇宙观，世界观。中国天道是什么样子，我到我自己内心里面去找。天道，天理，天命，这些都是客观世界。

  中国的这面人之镜，他也有种毛病，就是他始终不能够真正地把握自己，缺乏自我意识。他觉得我可以把握世界，因为世界就在我心中。世界的本质就在我心里面。只要我的心里打扫干净了，我就可以反映天道和天理，这就是世界的本质，后面再没有东西了，再没有自在之物了。但是这个“我”里面其实是宇宙，并不是我。我没有了，我的心里都是世界，我心里反映出来的都是世界。那我在哪里呢?我就是这面镜子。但是镜子是看不见的。

  总而言之就是说，我要认识自然界我就要靠内心的体会。所以中国发展不出科学来。

  中西方对自由的不同观点

  西方：理性的自由，意志的自由

  民主是一种制度。有合理意义的制度。要合理就必须要有一个目标，就是要实现每个人的自由。民主是一种理性的自由，一种合理的自由，合乎逻辑的自由。自由人人平等，按照这个逻辑来分配自由。西方的自由是自由意志。什么叫自由意志呢，就是说你这个自由要坚持下来。

  中国：任性的自由，情感的自由。有两种自由观，都不是真正的自由，即意志的自由。

  道家的自由。道家讲“逍遥游”。不受天管，不受地管，不受人管，逍遥于天地之间，游到哪里算哪里。没有任何目的，就是为自己好过，为自己快活，不受拘束，就是自由了。但是这种自由没’有理性，是“无意志的自由”

  儒家的自由呢，实际上已经把个人的自由取消了，再来讲坚持某种原则的自由。这些原则并不是自己选择的，所以是“无自由的意志”

  西方文化民主与科学的表面下面是更本质的东西，即自由和理性。。所谓民主就是“理性的自由”，民主就是要搞一套合理的制度，合理的制度就是为了使每个人能够获得自己的自由。这是民主的目的。所以民主实际上是一种理性的自由。科学是什么呢?科学是“自由的理性”。科学不是科学技术，科学是自由的理性。你能够自由地运用自己的理性，这叫科学精神。

  我们现实需要我们更多地吸收西方文化的长处。中国文化也有长处。但中国文化的长处呢，主要让西方人去吸收。西方人在吸收我们中国文化的长处，我们需要吸收西方文化的长处。这就是最平等的啦。这是最好的，互相吸收对方的长处。

  一个民族只要它能够放开心态，吸收其他民族的长处。他会形成一种杂交优势。