Alternative Investments, 3rd Edition

The official CAIA Level 1 curriculum book

Alternative Investments: CAIA Level I, 3rd Edition is the curriculum book for the Chartered Alternative Investment Analyst (CAIA) Level I professional examination. Covering the fundamentals of the alternative investment space, this book helps you build a foundation in  alternative investment markets. You'll look closely at the different types of hedge fund strategies and the range of statistics used to define investment performance as you gain a deep familiarity with alternative investment terms and develop the computational ability to solve investment problems. From strategy characteristics to portfolio management strategies, this book contains the core material you will need to succeed on the CAIA Level I exam. This updated third edition tracks to the latest version of the exam, and is accompanied by the following ancillaries: a workbook, study guide, learning objectives, and an ethics handbook.

Most investment analyst education programs focus primarily on the traditional asset classes, pushing alternative investments to the sidelines. The CAIA designation was developed in response to the tremendous growth of alternative investing, and is the industry's premier educational standard. This book is your official study companion, bringing you fully up to speed on everything you need to know (with the exception of the ethics material covered in a separate handbook).

• Understand the complexities of each alternative asset class
• Learn the quantitative techniques professionals use every day
• Dig into the unique aspects of alternative investments
• Master the core material covered by the CAIA Level I exam

More than 300 financial institutions and hedge funds have committed key executives to the CAIA exam, and this rapidly growing trend speaks to the designation's rising status as a must-have credential for anyone in the alternative investment sphere. Increase your chances of success by getting your information straight from the source in CAIA Level I.

MARK J. P. ANSON, PhD, is the Chief Investment Officer at Calpers. Prior to joining Calpers, he was portfolio manager at OppenheimerFunds, a registered options principal in equity derivatives for Salomon Brothers Inc., and a practicing attorney specializing in futures and derivatives markets. Dr. Anson earned his law degree from the Northwestern University School of Law and his PhD and master's in finance from the Columbia Graduate School of Business. He has also earned the Chartered Financial Analyst, Certified Public Accountant, Certified Internal Auditor, and Certified Management Accountant

Praise for Alternative Investments CAIA Level 1 THIRD EDITION "By reading CAIA's Alternative Investments: CAIA Level I , an aspiring investment analyst can quickly get up to speed on all foundational concepts of alternative investments. As a result, CAIA's book is a wonderful foundation of knowledge for anyone coming into the alternative investments industry." --Hilary Till, Principal, Premia Capital Management, LLC; Co-Editor, Intelligent Commodity Investing "Alternatives--such as hedge funds, private equity, and real estate--are an increasingly critical part of the investment portfolios of family offices, pensions, and other institutions. Yet many features of these asset classes remain shrouded in mystery. This book provides a broad yet thoughtful introduction to the spectrum of alternative investments." --Josh Lerner, Jacob H. Schiff Professor of Investment Banking, Harvard Business School "The CAIA Association has set a new bar for excellence in alternative investments. Alternative Investments: CAIA Level 1 is an absolutely invaluable asset no matter what level of experience you have with alternative investments. The second edition currently sits on my desk, with dozens of sticky notes peeking out." --Daniel Kerbach, CAIA, Head Global Portfolio Management, Julius Baer Group "CAIA is the leader in alternatives education and Deutsche Asset & Wealth Management is proud to endorse its third edition of the Level I textbook. Alternative investments can be a critical component of client portfolios. In a time of market uncertainty, demographic changes, and enhanced regulatory requirements, we believe that a greater understanding of alternative investments is essential before they can be integrated into institutional and private portfolios. This book fills that important need." --Theresa Gusman, Managing Director/Chief Knowledge Officer, Deutsche Asset & Wealth Management

Praise for Alternative Investments CAIA Level 1 THIRD EDITION "By reading CAIAs Alternative Investments: CAIA Level I , an aspiring investment analyst can quickly get up to speed on all foundational concepts of alternative investments. As a result, CAIAs book is a wonderful foundation of knowledge for anyone coming into the alternative investments industry." --Hilary Till, Principal, Premia Capital Management, LLC; Co-Editor, Intelligent Commodity Investing "Alternatives--such as hedge funds, private equity, and real estate--are an increasingly critical part of the investment portfolios of family offices, pensions, and other institutions. Yet many features of these asset classes remain shrouded in mystery. This book provides a broad yet thoughtful introduction to the spectrum of alternative investments." --Josh Lerner, Jacob H. Schiff Professor of Investment Banking, Harvard Business School "The CAIA Association has set a new bar for excellence in alternative investments. Alternative Investments: CAIA Level 1 is an absolutely invaluable asset no matter what level of experience you have with alternative investments. The second edition currently sits on my desk, with dozens of sticky notes peeking out." --Daniel Kerbach, CAIA, Head Global Portfolio Management, Julius Baer Group "CAIA is the leader in alternatives education and Deutsche Asset & Wealth Management is proud to endorse its third edition of the Level I textbook. Alternative investments can be a critical component of client portfolios. In a time of market uncertainty, demographic changes, and enhanced regulatory requirements, we believe that a greater understanding of alternative investments is essential before they can be integrated into institutional and private portfolios. This book fills that important need." --Theresa Gusman, Managing Director/Chief Knowledge Officer, Deutsche Asset & Wealth Management

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