A timely account of the Euro crisis that challenges our assumptions about debt and economic recovery Originally conceived as part of a unifying vision for Europe, the euro is now viewed as a millstone around the neck of a continent crippled by vast debts, sluggish economies, and growing populist dissent. In Europe's Orphan, leading economic commentator Martin Sandbu presents a compelling defense of the euro. He argues that rather than blaming the euro for the political and economic failures in Europe since the global financial crisis, the responsibility lies firmly on the authorities of the eurozone and its member countries. The eurozone's self-inflicted financial calamities and economic decline resulted from a toxic cocktail of unforced policy errors by bankers, politicians, and bureaucrats; the unhealthy coziness between finance and governments; and, above all, an extreme unwillingness to restructure debt. Sandbu traces the origins of monetary union back to the desire for greater European unity after the Second World War. But the euro’s creation coincided with a credit bubble that governments chose not to rein in. Once the crisis hit, a battle of both ideas and interests led to the failure to aggressively restructure sovereign and bank debt. Ideologically informed choices set in motion dynamics that encouraged more economic mistakes and heightened political tensions within the eurozone. Sandbu concludes that the prevailing view that monetary union can only work with fiscal and political union is wrong and dangerous—and risks sending the continent into further political paralysis and economic stagnation. Contending that the euro has been wrongfully scapegoated for the eurozone’s troubles, Europe’s Orphan charts what actually must be done for the continent to achieve an economic and political recovery. This revised edition contains a new preface addressing the economic and political implications of Brexit, as well as updated text throughout. Europe’s Orphan charts what actually must be done for the continent to achieve a full recovery.

Today’s investors need to understand geopolitical trends as a main driving force of markets. This book provides just that: an understanding of the interplay between geopolitics and economics, and of the impact of that dynamic on financial markets. To me, geo-economics is the study of how geopolitics and economics interact in international relations. Plenty of books on geopolitics have been written by eminent experts in politics and international affairs. This book is not one of them. First, I am neither a political scientist nor an expert in international affairs. I am an economist and an investment strategist who has been fascinated by geopolitics for many years. And this fascination has led me to the realization that almost all books and articles written on geopolitics are useless for investors. Political scientists are not trained to think like investors, and they are not typically trained in quantitative methods. Instead, they engage in developing narratives for geopolitical events and processes that pose risks and opportunities for investors. My main problem with these narratives is that they usually do not pass the “so what?” test. Geopolitical risks are important, but how am I to assess which risks are important for my portfolio and which ones are simply noise? Because geopolitics experts focus on politics, they do not provide an answer to this crucial question for investors. What could be important for a geopolitics expert and for global politics could be totally irrelevant for investors. For example, the US wars in Iraq and Afghanistan have been going on for almost two decades now and have been an important influence on the political discussion in the United States. But for investors, the war in Afghanistan was a total nonevent, and the war in Iraq had only a fleeting influence, when it started in 2003. Geopolitics experts cannot answer the question of which geopolitical events matter for investors and which do not. Unfortunately, some experts thus claim that all geopolitical risks matter and that these risks cannot be quantified but only assessed qualitatively. Nothing could be further from the truth. In the chapters that follow, I discuss geopolitical and geo-economic events from the viewpoint of an investor and show that they can be quantified and introduced as part of a traditional risk management process. I do this in two parts. The first part of this book focuses on geopolitics that matters to investors. It reviews the literature on a range of geopolitical events and shows which events have a material economic effect and which do not. The second part of this book puts the insights from those first chapters into practice by applying them to current geopolitical trends. In this second part, I stick my head out and examine the impact the geopolitical trends have on the economy and financial markets today and their likely development in the coming years. —Joachim Klement, CFA

Mainstay reference guide for wealth management, newly updated for today's investment landscape For over a decade, The New Wealth Management: The Financial Advisor's Guide to Managing and Investing Client Assets has provided financial planners with detailed, step-by-step guidance on developing an optimal asset allocation policy for their clients. And, it did so without resorting to simplistic model portfolios, such as lifecycle models or black box solutions. Today, while The New Wealth Management still provides a thorough background on investment theories, and includes many ready to use client presentations and questionnaires, the guide is newly updated to meet twenty-first century investment challenges. The book Includes expert updates from Chartered Financial Analyst (CFA) Institute, in addition to the core text of 1997's first edition endorsed by investment luminaries Charles Schwab and John Bogle Presents an approach that places achieving client objectives ahead of investment vehicles Applicable for self-study or classroom use Now, as in 1997, The New Wealth Management effectively blends investment theory and real world applications. And in today's new investment landscaped, this update to the classic reference is more important than ever.

Prepare for success on the 2022 CFA Level I exam with the latest official CFA® Program Curriculum. The 2022 CFA Program Curriculum Level I Box Set contains all the material you need to succeed on the Level I CFA exam in 2022. This set includes the full official curriculum for Level I and is part of the larger CFA Candidate Body of Knowledge (CBOK). Highly visual and intuitively organized, this box set allows you to: Learn from financial thought leaders. Access market-relevant instruction. Gain critical knowledge and skills. The set also includes practice questions to assist with your recall of key terms, concepts, and formulas. Perfect for anyone preparing for the 2022 Level I CFA exam, the 2022 CFA Program Curriculum Level I Box Set is a must-have resource for those seeking the foundational skills required to become a Chartered Financial Analyst®.

The most up-to-date and all encompassing guide to investing in today's markets From Forbes and the CFA Institute-two of the most highly respected and recognized names in the investment industry-The Forbes/CFA Institute Investment Course is an interactive roadmap to investing in today's challenging stock markets. From building capital and asset allocation and diversification to choosing a broker and reading a financial statement, The Forbes/CFA Institute Investment Course has offered investors step-by-step guidance since 1948. The course Includes advice for novices, but also accommodates those who are more familiar with markets Provides important information on fundamental analysis versus technical analysis Details different asset classes: fixed income securities, derivatives, mutual funds, and equities With Q&A, links to videos, expert advice, interviews with top money managers, and much more, The Forbes/CFAInstitute Investment Course is the perfect resource for anyone looking to learn about investing in today's markets.

Adapted from Charlotte Beyer’s 2017 book, Wealth Management Unwrapped, Revised and Expanded, comes a new term—relationship alpha (α), a competitive advantage for firms serving private clients and more predictive and longer lasting than traditional measures like alpha or beta. While Beyer’s book is addressed to investors, the Appendix (reprinted here) is addressed to advisors. Each of the “10 Principles of Principal” Beyer presents for investors has a corollary that a firm can apply to its management processes, culture, marketing methods, and client service protocols. Expanding on these 10 best practices, the author explains how relationship a can be securely and successfully embedded into a firm’s everyday activities, earning the trust and loyalty of private clients.