The Essential Financial Toolkit: Everything You Always by J. Estrada

By J. Estrada

Math and jargon make crucial monetary recommendations look intimidating, yet that's just because so much books shouldn't have the objective of being available to readers – this publication does. In ten easy-to-read chapters, it explains all of the crucial monetary instruments and ideas, absolutely illustrated with real-world examples and Excel implementations.

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Extra resources for The Essential Financial Toolkit: Everything You Always Wanted to Know About Finance But Were Afraid to Ask (IESE Business Collection)

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IS: And what’s wrong with that? WP: Nothing at all. But not all investors follow such a passive strategy. Some buy and sell over time. What if after buying, say, 100 shares of Sun at the end of 1997, you would have then bought another 100 shares at the end of 2000, and finally sold the 200 shares at the end of 2007? What would have been your return then? 26 The Essential Financial Toolkit IS: Oh, you got me there. 13. WP: Your intuition is correct. 3 shows the same prices of Sun stock we’ve been discussing.

And now that you seem to have grasped the difference between these two ways of calculating mean returns, let’s introduce a third one. IS: A third definition of mean returns?! Why do we need so many? 1 Source: Adapted from Elroy Dimson, Paul Marsh, and Mike Staunton, Triumph of the Optimists: 101 Years of Global Investment Returns, Princeton, NJ: Princeton University Press, 2002. Mean Returns 25 WP: If you ask different questions, you’re likely to get different answers, remember? IS: Maybe we should stop asking questions then!

1 if you wish. IS: Maybe I’ll try. But right now I’m more curious about the uses of beta. I understand it is a measure of systematic risk, a measure of an asset’s risk when the asset is part of a widely diversified portfolio, and a measure of an asset’s return fluctuations relative to those of the market. But if investors do hold diversified portfolios, and if in that case beta is the proper measure of risk, how can I use it to determine the returns I should expect from an asset? WP: Very good question ...

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