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Quantitative Investing: Strategies to exploit stock market anomalies for all investors, by Fred Piard
Download PDF Quantitative Investing: Strategies to exploit stock market anomalies for all investors, by Fred Piard
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This book provides straightforward quantitative strategies that any investor can implement with little work using simple, free or low-cost tools and services.
But what exactly is quantitative investing?
There are various possible definitions of quantitative investing, but the author defines it as:
"Identifying reasonable and measurable hypotheses about behaviours of the financial market so as to make investment decisions with an acceptable confidence in expected returns and risks."
The main advantages in using quantitative models are that they:
- make the investment process independent of opinions and emotions (the most important factor for an individual investor), and
- make it reproducible by anyone at any time (the most important factor for a fund)
With a set of good strategies, quantitative investing allows one to act in the market at specific pre-planned times. It is possible to work on this just once a week or month, and ignore charts and the news. It removes most of the doubts and emotions with the discipline of keeping a long-term vision and sensible money management. This book will show you how.
- Sales Rank: #616088 in Books
- Published on: 2013-08-26
- Original language: English
- Number of items: 1
- Dimensions: 9.50" h x 6.75" w x .50" l, .47 pounds
- Binding: Paperback
- 129 pages
About the Author
FRED PIARD gained extensive experience in the software industry, information systems consulting and marketing before discovering an interest in the financial markets. Self-taught in this field, he puts into practice what he learnt from his previous activities to build his own methodology. From his years in research he has the ability to combine a systemic point of view and an analytic approach. As a software architect he knows that the things that work the best in the long term are the simplest. As a consultant he experienced the real economy through various sectors: energy, banking, healthcare, manufacturing and public administration. And he learned from marketing that human group behavior can sometimes be modeled, but never predicted. He has a PhD in computer science, an MSc in software engineering and an MSc in civil engineering.
Most helpful customer reviews
26 of 26 people found the following review helpful.
Perfect Reference Material
By Alexander Popov
I expected yet another bloated book on investing, but was pleasantly surprised.
Mr. Piard starts with a simple explanation of each of the technical parameters used later to measure the performance of the discussed strategies.
Then he explains the basics behind the generic strategies (market timing, momentum, pair-switching).
The rest of the book is a pure treasure for a novice investors like me:
- The author is explaining how the simple strategies work and how to exploit them in plain English, with specific examples and performance measurements of the simulations based on historic data.
- He is then showing a step-by-step examples on optimizing each of them and explains alternatives for different types of investing stiles, each backed by hard data on changes in performance.
- In the later chapters he explores combining those strategies and is drawing conclusion on what works best and why.
The work he presents shows impressive performance in terms of both return and drawdown reduction.
The thing I liked most though is that the book's style. It's very clean, with great explanations, simple math and lots of hard data/examples. I'm a slow reader, but finished it in a day.
Unlike many other equity investment books, it is perfect for using as a reference material.
Definite 5 from me.
11 of 12 people found the following review helpful.
Just what I was looking for
By David Detlefs
I've recently been looking for a methodology to replace subjectivity in my stock and ETF selection process with a more rigorous approach. I've used backtesting techniques based solely on technical analysis in the past, with mixed results. My current goal is to incorporate both fundamental and technical analysis rules to create a program that beats the market over the intermidiate to long run, with less risk than typical asset allocation approaches. I found Mr. Piard's Quantitative Investing book to be extremely helpful in this regard.
A tremendous body of research is available on the merits of various fundamental and TA approaches. This book tries to keep it relatively simple, and stresses the many pitfalls of backtesting, i.e. what worked in the backtest may not work in the current market. An added bonus for me is that the Portfolio123 system was used by the author to develop his thesis, which is the tool I've chosen to use in my own research. Although this book provides a wealth of specific examples, it's best use is as a guide for those who want to develop their own models, or perhaps just gain a better understanding of what really works in the market.
6 of 6 people found the following review helpful.
The best quantitative investment book period.
By Michael L. Sherrard
I you are interested in quantitative investing this is the best book that I have found. Dr Piard walks through simple and thought-provoking examples of investing concepts, then thoroughly back-tests each one. He shows all the data, and I have duplicated many of his models and backtests. He demonstrates that momentum does not work well for individual stocks, but that it does work well on ETFs and sectors. He demonstrates that market timing using simple moving averages on the S&P 500 can significantly reduce drawdowns in many strategies and he integrates timing models with stock and ETF picking screens to prove his point. There are many eye-opening ideas here. He seamlessly crosses the boundaries between value, growth, and technical investing and shows how they can be combined. If you create your own investment models, read this. It should read by anyone who uses any screener, and should be required reading for anyone who uses Portfolio123.
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