The future of active asset allocation is changing. Whereas historically alpha was considered the cornerstone of successful wealth management, factors such as the growing globalisation of capital flows; the emergence of new markets and investment products; the change in the platforms on which trading/investment takes place; the proliferation of structured instruments and derivatives; and the recent financial crisis and ongoing turbulence in the Eurozone have meant that much of the traditional doctrines of portfolio construction and asset allocation have become obsolete and have lead some analysts to suggest that alpha is dead. Instead of placing emphasis on seeking alpha, success in todays financial environment requires more attention to global macro correlations, beta correlations and the avoidance of the consequences of tail risk. In Tail Risk and Asset Allocation respected advisor and trainer, Clive Corcoran, shows investors and traders how to manage a stable and profitable portfolio by taking in to account tail risk and focusing on global macro and beta correlations. It begins with a general introduction to traditional portfolio theory, covering the notions of alpha and beta, before moving on to an overview of the global macro style of asset allocation covering the major macro market influences such as geo-political events, the activities of supra-national bodies, monetary policy. It defines tail risk and provides quantitative methods for determining the level of macro or systematic risk in the financial environment, presenting techniques that address the dichotomy of risk on/risk off. Instead of looking at assets in isolation it illustrates the manner in which most asset classes, to a much greater extent than previously, are correlated, presenting both challenges, such as enhanced liquidity risk and flash crashes, and opportunities, such as increased returns, to investors and traders. Clive provides a robust framework for revealing underlying correlations between major asset classes including FX, fixed income instruments, commodities and global equity indices, and covers all aspects of risk - liquidity risk, volatility risk, sovereign risk, correlation risk, currency exposure and macro liquidity. Asset Managers and Traders will be better able to identify possible tail risk events, and with valuable clues as to whether the financial economy either supports taking on more risk and higher beta assets, or points to risk avoidance, defensive positioning and possibly shorting beta as a more suitable strategy, will be better equipped to build robust and profitable portfolios. The book includes many real world trading charts and examples, as well as a detailed case study of the May 2010 flash crash.

• 关于产品：
• ● 正版保障：本网站隶属于中国国际图书贸易集团公司，确保所有图书都是100%正版。
• ● 环保纸张：进口图书大多使用的都是环保轻型张，颜色偏黄，重量比较轻。
• ● 毛边版：即书翻页的地方，故意做成了参差不齐的样子，一般为精装版，更具收藏价值。
• 
  关于退换货：
• 由于预订产品的特殊性，采购订单正式发订后，买方不得无故取消全部或部分产品的订购。
• 由于进口图书的特殊性，发生以下情况的，请直接拒收货物，由快递返回：
• ● 外包装破损/发错货/少发货/图书外观破损/图书配件不全（例如：光盘等）
  并请在工作日通过电话400-008-1110联系我们。
• 签收后，如发生以下情况，请在签收后的5个工作日内联系客服办理退换货：
• ● 缺页/错页/错印/脱线
• 
  关于发货时间：
• 一般情况下：
• ●【现货】 下单后48小时内由北京（库房）发出快递。
• ●【预订】【预售】下单后国外发货，到货时间预计5-8周左右，店铺默认中通快递，如需顺丰快递邮费到付。
• ● 需要开具发票的客户，发货时间可能在上述基础上再延后1-2个工作日（紧急发票需求，请联系010-68433105/3213）；
• ● 如遇其他特殊原因，对发货时间有影响的，我们会第一时间在网站公告，敬请留意。
• 
  关于到货时间：
• 由于进口图书入境入库后，都是委托第三方快递发货，所以我们只能保证在规定时间内发出，但无法为您保证确切的到货时间。
• ● 主要城市一般2-4天
• ● 偏远地区一般4-7天
• 
  关于接听咨询电话的时间：
• 010-68433105/3213正常接听咨询电话的时间为：周一至周五上午8：30～下午5：00，周六、日及法定节假日休息，将无法接听来电，敬请谅解。
• 其它时间您也可以通过邮件联系我们：customer@readgo.cn,工作日会优先处理。
• 
  关于快递：
• ● 已付款订单：主要由中通、宅急送负责派送，订单进度查询请拨打010-68433105/3213。