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This textbook sets the standard for textbooks on investments, with a balanced blend of theory and practice, appropriate rigor and a clear writing style. The unifying theme throughout the text is that investors' opportunities are constrained in highly competitive markets. Higher returns generally will come at the price of greater risk and the strongest investment performance requires differential insight.Book Features:Coverage on Modern Portfolio Theory, which focuses on the techniques and implications of efficient diversificationThe text provides complete coverage of futures, options and other derivative security marketsStrong treatment of Excel. Selected chapters contain problems, denoted by an icon, specifically linked to Excel templates that are available on the book websiteTable of Contents:About the AuthorsPrefaceSupplementsAcknowledgmentsPart I: IntroductionThe Investment EnvironmentAsset Classes and Financial InstrumentsHow Securities are TradedMutual Funds and Other Investment CompaniesPart II: Portfolio Theory and PracticeRisk, Return and the Historical RecordCapital Allocation to Risky AssetsOptimal Risky PortfoliosIndex ModelsPart III: Equilibrium in Capital MarketsThe Capital Asset Pricing ModelArbitrage Pricing Theory and Multifactor Models of Risk and ReturnThe Efficient Market HypothesisBehavioral Finance and Technical AnalysisEmpirical Evidence on Security ReturnsPart IV: Fixed-Income SecuritiesBond Prices and YieldsThe Term Structure of Interest RatesManaging Bond PortfoliosPart V: Security AnalysisMacroeconomic and Industry AnalysisEquity Valuation ModelsFinancial Statement AnalysisPart VI: Options, Futures and Other DerivativesOptions Markets: IntroductionOption ValuationFutures MarketsFutures, Swaps and Risk ManagementPart VII: Applied Portfolio ManagementPortfolio Performance EvaluationInternational DiversificationHedge FundsThe Theory of Active Portfolio ManagementInvestment Policy and the Framework of the CFA InstituteAppendix: References to CFA ProblemsGlossaryName IndexSubject Index