J Outline Of The Text

The text has six parts, which are fairly independent and may be studied in a variety of sequences. Part One is an introduction to financial markets, instruments, and trading of securities. This part also describes the mutual fund industry.

Part Two is a fairly detailed presentation of "modern portfolio theory." This part of the text treats the effect of diversification on portfolio risk, the efficient diversification of investor portfolios, the choice of portfolios that strike an attractive balance between risk and return, and the trade-off between risk and expected return.

Parts Three through Five cover security analysis and valuation. Part Three is devoted to debt markets and Part Four to equity markets. Part Five covers derivative assets, such as options and futures contracts.

Part Six is an introduction to active investment management. It shows how different investors' objectives and constraints can lead to a variety of investment policies. This part discusses the role of active management in nearly efficient markets and considers how one should evaluate the performance of managers who pursue active strategies. It also shows how the principles of portfolio construction can be extended to the international setting.

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