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STRATEGIC RISK MANAGEMENT Having just experienced a global pandemic that sent equity markets into a tailspin in March 2020, risk management is a more relevant topic than ever. It remains, however, an often poorly understood afterthought. Many portfolios are designed without any thought given to risk management before they are handed off to a dedicated—but separate—risk management team.In Strategic Risk Management: Designing Portfolios and Managing Risk, Campbell R. Harvey, Sandy Rattray, and Otto Van Hemert deliver a reimagining of the risk management process. The book envisions a marriage between the investment and risk processes, an approach that has proven successful at the world’s largest publicly listed hedge fund, Man Group.The authors provide readers with a new framework for portfolio design that includes defensive strategies, drawdown risk controls, volatility targeting, and actively timing rebalancing trades. You will learn about how the book’s new approach to risk management fared during the recent market drawdown at the height of the COVID-19 pandemic. You will also discover why the traditional risk weighting approach only works on certain classes of assets.The book shows you how to accurately evaluate the costs of defensive strategies and which ones offer the best and most cost-effective protection against market downturns. Finally, you will learn how to obtain a more balanced return stream by targeting volatility rather than a constant notional exposure and gain a deeper understanding of concepts like portfolio rebalancing.Perfect for people working in the asset management industry and financial policy makers, Strategic Risk Management: Designing Portfolios and Managing Risk will also earn a place in the libraries of economics and finance scholars, as well as casual readers who take an active approach to investing in their savings or pension assets.PRAISE FOR STRATEGIC RISK MANAGEMENT“Strategic Risk Management shows how to fully embed risk management into the portfolio management process as an equal partner to alpha. This should clearly be best practice for all asset managers.”—Jase Auby, Chief Investment Officer, the Teacher Retirement System of Texas“This book shows the power of integrating risk and investment management, rather than applying risk management as an afterthought to satisfy set limits. I was pleased to shepherd some of the key ideas in this book through the publication process at The Journal of Portfolio Management.”—Frank J. Fabozzi, Editor, The Journal of Portfolio Management“Financial markets today are quite different from those of the last century. Understanding leverage, correlations, tails, and other risk parameters of a portfolio is at least as important as work on signals and alpha. In that sense, bringing risk management from ‘control’ to ‘front office’ should be a priority for asset managers. This book explains how to do it.”—Marko Kolanovic, Chief Global Market Strategist, J.P. MorganA powerful new approach to risk management in volatile and uncertain marketsWhile the COVID-19 pandemic threw the importance of effective risk management into sharp relief, many investment firms hang on to a traditional and outdated model of risk management. Using siloed and independent portfolio management and risk monitoring teams, these firms miss out on the opportunities presented by integrated risk management.Strategic Risk Management: Designing Portfolios and Managing Risk delivers a fresh approach to risk management in difficult market conditions. The accomplished author team advocates for the amalgamation of portfolio design and risk monitoring teams, incorporating risk management into every aspect of portfolio design.The book provides a roadmap for the crucial aspects of portfolio design, including defensive strategies, drawdown risk controls, volatility targeting, and actively timing rebalancing trades. You will discover how these techniques helped the authors achieve remarkable results during the market drawdown in the midst of the COVID-19 pandemic and how they can help you protect your assets against unpredictable—but inevitable—future bear markets.Ideal for professionals in the asset management industry, Strategic Risk Management: Designing Portfolios and Managing Risk is a valuable resource for financial policy makers, economics and finance scholars, and anyone with even a passing interest in taking an active role in investing for their future.
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The Royal Festival Hall (RFH) - an important example of modernism in architecture and one of London's best-loved buildings - was built as a beacon of hope and renewal after the Second World War, and quickly became popular. In this new book, a selection of contributors - architects, technicians, musicians, historians and cultural programmers - tell the varied stories of the building and the people who use it. The book is illustrated with photography specially commissioned from renowned architectural photographer Edmund Sumner, and contains 21 written contributions on different aspects of the RFH, from its history as a piece of architecture to the story of the famous organ, from the approach to literature and spoken word to the life of the production team. The building's emergence as a destination for all, whether to enjoy a performance by a world-famous symphony orchestra, a dance class, a poetry reading or just a cup of coffee, is considered in the context of the intentions of its original planners and those who have led, maintained and refurbished it since. This book offers an invaluable record of the history of this celebrated building in the first 75 years of its life, and looks to the future as a centre of cultural programming - both weathering and shaping change - for many more decades to come. Published to coincide with the 75th anniversary celebrations of the Royal Festival HallWritten by architects musicians, historians and cultural programmers who have been closely involved with the building and its renovationA fascinating and thought-provoking book for anyone interested in the development of London's cultural life