Investment management - Knowledge (XXG)

794:, information ratio) or differential returns compared to benchmarks (alphas). The Sharpe ratio is the simplest and best-known performance measure. It measures the return of a portfolio over above the risk-free rate, compared to the total risk of the portfolio. This measure is said to be absolute, as it does not refer to any benchmark, avoiding drawbacks related to a poor choice of benchmark. Meanwhile, it does not allow the separation of the performance of the market in which the portfolio is invested from that of the manager. The information ratio is a more general form of the Sharpe ratio in which the risk-free asset is replaced by a benchmark portfolio. This measure is relative, as it evaluates portfolio performance about a benchmark, making the result strongly dependent on this benchmark choice. 658:. The exercise of allocating funds among these assets (and among individual securities within each asset class) is what investment management firms are paid for. Asset classes exhibit different market dynamics, and different interaction effects; thus, the allocation of money among asset classes will have a significant effect on the performance of the fund. Some research suggests that allocation among asset classes has more predictive power than the choice of individual holdings in determining portfolio return. Arguably, the skill of a successful investment manager resides in constructing the asset allocation, and separating individual holdings, to outperform certain benchmarks (e.g., the peer group of competing funds, bonds, and stock indices). 432:, and the preparation of reports for clients. The largest financial fund managers are firms that exhibit all the complexity their size demands. Apart from the people who bring in the money (marketers) and the people who direct investment (the fund managers), there are compliance staff (to ensure accord with legislative and regulatory constraints), internal auditors of various kinds (to examine internal systems and controls), financial controllers (to account for the institutions' own money and costs), computer experts, and "back office" employees (to track and record transactions and fund valuations for up to thousands of clients per institution). 757:), the calculation would be made (as far as the client is concerned) every quarter and would show a percentage change compared with the prior quarter (e.g., +4.6% total return in US dollars). This figure would be compared with other similar funds managed within the institution (for purposes of monitoring internal controls), with performance data for peer group funds, and with relevant indices (where available) or tailor-made performance benchmarks where appropriate. The specialist performance measurement firms calculate quartile and 720:, small capitalisation, indexed, etc. Each of these approaches has its distinctive features, adherents, and in any particular financial environment, distinctive risk characteristics. For example, there is evidence that growth styles (buying rapidly growing earnings) are especially effective when the companies able to generate such growth are scarce; conversely, when such growth is plentiful, then there is evidence that value styles tend to outperform the indices particularly successfully. 806:, or good fortune. The first component is related to allocation and style investment choices, which may not be under the sole control of the manager, and depends on the economic context, while the second component is an evaluation of the success of the manager's decisions. Only the latter, measured by alpha, allows the evaluation of the manager's true performance (but then, only if you assume that any outperformance is due to the skill and not luck). 818:, allowing a better description of portfolio risks and a more accurate evaluation of a portfolio's performance. For example, Fama and French (1993) have highlighted two important factors that characterize a company's risk in addition to market risk. These factors are the book-to-market ratio and the company's size as measured by its market capitalization. Fama and French-, therefore proposed a three-factor model to describe portfolio normal returns ( 578:

the team been working together? This last question is vital because whatever performance record was presented at the outset of the relationship with the client may or may not relate to (have been produced by) a team that is still in place. If the team has changed greatly (high staff turnover or changes to the team), then arguably the performance record is completely unrelated to the existing team (of fund managers).

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succeeded in reaching their objective, i.e. if their return was sufficiently high to reward the risks taken; how they compare to their peers; and finally, whether the portfolio management results were due to luck or the manager's skill. The need to answer all these questions has led to the development of more sophisticated performance measures, many of which originate in

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serious preoccupation with short-term numbers and the effect on the relationship with clients (and resultant business risks for the institutions). One effective solution to this problem is to include a minimum evaluation period in the investment management agreement, whereby the minimum evaluation period equals the investment manager's investment horizon.

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model, in which factors are style indices. This model allows a custom benchmark for each portfolio to be developed, using the linear combination of style indices that best replicate portfolio style allocation, and leads to an accurate evaluation of portfolio alpha. However, certain research indicates

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Portfolio alpha is obtained by measuring the difference between the return of the portfolio and that of a benchmark portfolio. This measure appears to be the only reliable performance measure to evaluate active management. we have to distinguish between normal returns, provided by the fair reward for

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that makes sense for a given client (given its risk preferences) and construct a list of planned holdings accordingly. The list will indicate what percentage of the fund should be invested in each particular stock or bond. The theory of portfolio diversification was originated by Markowitz (and many

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It is important to look at the evidence on the long-term returns to different assets, and to holding period returns (the returns that accrue on average over different lengths of investment). For example, over very long holding periods (e.g. 10+ years) in most countries, equities have generated higher

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However, there is the problem of how the institution should exercise this power. One way is for the institution to decide, the other is for the institution to poll its beneficiaries. Assuming that the institution polls, should it then: (i) Vote the entire holding as directed by the majority of votes

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In practice, the ultimate owners of shares often do not exercise the power they collectively hold (because the owners are many, each with small holdings); financial institutions (as agents) sometimes do. Institutional shareholders should exercise more active influence over the companies in which they

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assets accounted for $ 29.9 trillion of the total, with $ 24.7 trillion invested in mutual funds and $ 24.6 trillion in insurance funds. Together with alternative assets (sovereign wealth funds, hedge funds, private equity funds, and exchange-traded funds) and funds of wealthy individuals, assets of

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So for example even if a trading system has 60% losing probability and only 40% winning of all trades, using money management a trader can set his average win substantially higher compared to his average loss in order to produce a profitable trading system. If he set his average win at around $ 400

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the highest interest-output value for any amount spent. Spending money to satisfy cravings (regardless of whether they can justifiably be included in a budget) is a natural human phenomenon. The idea of money management techniques has been developed to reduce the amount that individuals, firms, and

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refer to the staff, especially the fund managers. The questions are, Who are they? How are they selected? How old are they? Who reports to whom? How deep is the team (and do all the members understand the philosophy and process they are supposed to be using)? And most important of all, How long has

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refers to how the overall philosophy is implemented. For example: (i) Which universe of assets is explored before particular assets are chosen as suitable investments? (ii) How does the manager decide what to buy and when? (iii) How does the manager decide what to sell and when? (iv) Who takes the

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is often thought to be the acid test of fund management, and in the institutional context, accurate measurement is a necessity. For that purpose, institutions measure the performance of each fund (and usually for internal purposes components of each fund) under their management, and performance is

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to implement significant changes in the business. In some cases, institutions with minority holdings work together to force management change. Perhaps more frequent is the sustained pressure that large institutions bring to bear on management teams through persuasive discourse and PR. On the other

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Performance measurement should not be reduced to the evaluation of fund returns alone, but must also integrate other fund elements that would be of interest to investors, such as the measure of risk taken. Several other aspects are also part of performance measurement: evaluating if managers have

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or after-tax performance. After-tax measurement represents the benefit to the investor, but investors' tax positions may vary. Before-tax measurement can be misleading, especially in regimens that tax realised capital gains (and not unrealised). It is thus possible that successful active managers

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as a lever to pressure management teams. In Japan, it is traditional for shareholders to be below in the 'pecking order', which often allows management and labor to ignore the rights of the ultimate owners. Whereas US firms generally cater to shareholders, Japanese businesses generally exhibit a

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It is probably appropriate for an investment firm to persuade its clients to assess performance over longer periods (e.g., 3 to 5 years) to smooth out very short-term fluctuations in performance and the influence of the business cycle. This can be difficult however and, industry-wide, there is a

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The price signals generated by large active managers holding or not holding the stock may contribute to management change. For example, this is the case when a large active manager sells his position in a company, leading to (possibly) a decline in the stock price, but more importantly a loss of

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There is much discussion as to the various factors that can affect the performance of an investment manager, including the manager's qualifications. Some conclude that there is no evidence that any particular qualification enhances the manager's ability to select investments that result in

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Institutions often control huge shareholdings. In most cases, they are acting as fiduciary agents rather than principals (direct owners). The owners of shares theoretically have great power to alter the companies via the voting rights the shares carry and the consequent ability to pressure

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Venture the board includes expertly overseeing speculation portfolios for the benefit of clients to accomplish their monetary objectives. This incorporates key resource designation, developing broadened portfolios, and effectively observing execution while relieving gambles. Speculation

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Above-average fund performance appears to be dependent on the unique skills of the fund manager; however, clients are loath to stake their investments on the ability of a few individuals- they would rather see firm-wide success, attributable to a single philosophy and internal

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and explains portfolio returns with the market index as the only factor. It quickly becomes clear, however, that one factor is not enough to explain the returns very well and that other factors have to be considered. Multi-factor models were developed as an alternative to the

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Expectancy = (Trading system Winning probability * Average Win) – (Trading system losing probability * Average Loss) Expectancy = (0.4 x 400) - (0.6 x 100)=$ 160 - $ 60 = $ 100 net average profit per trade (of course commissions are not included in the computations).

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or value shares, or a combination of the two (and why)? (ii) Do they believe in market timing (and on what evidence)? (iii) Do they rely on external research or do they employ a team of researchers? It is helpful if all of such fundamental beliefs are supported by

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These techniques are investment-boosting and portfolio-multiplying. There are certain companies as well that offer services, provide counseling and different models for managing money. These are designed to manage grace assets and make them grow.

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Large asset managers are increasingly profiling their equity portfolio managers to trade their orders more effectively. While this strategy is less effective with small-cap trades, it has been effective for portfolios with large-cap companies.

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Some institutions have been more vocal and active in pursuing such matters; for instance, some firms believe that there are investment advantages to accumulating substantial minority shareholdings (i.e. 10% or more) and putting pressure on

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Money management can mean gaining greater control over outgoings and incomings, both in a personal and business perspective. Greater money management can be achieved by establishing budgets and analyzing costs and income etc.

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the global fund management industry totalled around $ 117 trillion. Growth in 2010 followed a 14% increase in the previous year and was due both to the recovery in equity markets during the year and an inflow of new funds.

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Therefore, the key to successful money management is maximizing every winning trades and minimizing losses (regardless whether you have a winning or losing trading system, such as %Loss probability > %Win probability).

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administrators use exploration and examination to recognize valuable open doors and pursue informed choices, guaranteeing portfolios line up with client targets and hazard resilience. In addition, successful

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returns than bonds, and bonds have generated higher returns than cash. According to financial theory, this is because equities are riskier (more volatile) than bonds which are themselves riskier than cash.

1643: 822:). Carhart (1997) proposed adding momentum as a fourth factor to allow the short-term persistence of returns to be taken into account. Also of interest for performance measurement is Sharpe's (1992) 680:

others). Effective diversification requires management of the correlation between the asset returns and the liability returns, issues internal to the portfolio (individual holdings volatility), and

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portfolio exposure to different risks, and obtained through passive management, from abnormal performance (or outperformance) due to the manager's skill (or luck), whether through

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for clients, has traditionally served as an intermediary to investment managers in the United States and less so in Europe. However, as of 2019, the lines were becoming blurred.

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decisions and are they taken by committee? (v) What controls are in place to ensure that a rogue fund (one very different from others and from what is intended) cannot arise?

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A certified company investment advisor should conduct an assessment of each client's individual needs and risk profile. The advisor then recommends appropriate investments.

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cast? (ii) Split the vote (where this is allowed) according to the proportions of the vote? (iii) Or respect the abstainers and only vote the respondents' holdings?

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The national context in which shareholder representation considerations are set is variable and important. The USA is a litigious society and shareholders use the

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Increasingly, those with aspirations to work as an investment manager, require further education beyond a bachelor's degree in business, finance, or economics.

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Analysts who generate above-average returns often become sufficiently wealthy that they avoid corporate employment in favor of managing their personal portfolios.

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in the United States, refers to both a firm that provides investment management services and to the individual who directs fund management decisions.

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and universities internationally offer "Investments" as a subject within their degree; further, some universities, in fact, confer a specialist

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The five largest asset managers are holding 22.7 percent of the externally held assets. Nevertheless, the market concentration, measured via the

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is the process of expense tracking, investing, budgeting, banking and evaluating taxes of one's money, which includes investment management and

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Revenue is directly linked to market valuations, so a major fall in asset prices can cause a precipitous decline in revenues relative to costs.

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per trade (this can be done using proper exit strategy) and managing/limiting the losses to around $ 100 per trade; the expectancy is around:

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or some $ 36 trillion. The UK was the second-largest centre in the world and by far the largest in Europe with around 8% of the global total.

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C. D. Ellis, "A New Paradigm: The Evolution of Investment Management." Financial Analysts Journal, vol. 48, no. 2 (March/April 1992):16–18.

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4. establish the expected benefits of every desired expenditure using the canon of plus/minus/nil to the standard of living value system.

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The 3-P's (Philosophy, Process, and People) are often used to describe the reasons why the manager can produce above-average results.

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Ethical or religious principles may be used to determine or guide the way in which money is invested. Christians tend to follow the

245: 227: 160: 141: 63: 1056:, money management plays an important role in every success of a trading system. This is closely related with trading expectancy: 113: 424:

The business of investment has several facets, the employment of professional fund managers, research (of individual assets and

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also measured by external firms that specialize in performance measurement. The leading performance measurement firms (e.g.

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in the US or BI-SAM in Europe) compile aggregate industry data, e.g., showing how funds in general performed against given

3011: 2249: 1978:, Annual Yearbooks dealing with Stocks, Bonds, Bills and Inflation (relevant to long-term returns to US financial assets). 1486:"Thinking Beyond the Hiring and Firing of Asset Managers: a New Framework Truly Aligning Asset Owners with Asset Managers" 402:

by financial advisors takes a more holistic view of a client, with allocations to particular asset management strategies.

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Above-average fund performance is difficult to sustain, and clients may not be patient during times of poor performance.

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institutions spend on items that add no significant value to their living standards, long-term portfolios, and assets.

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definitions are widely debated, but four common divisions are cash and fixed income (such as certificates of deposit),

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Expectancy = (Trading system Winning probability * Average Win) – (Trading system losing probability * Average Loss)

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Portfolio returns may be evaluated using factor models. The first model, proposed by Jensen (1968), relies on the

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hold shares (e.g., to hold managers to account, to ensure Board's effective functioning). Such action would add a

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requires adherence to ethical standards, compliance with regulations, and effective communication with clients.

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V. Le Sourd, 2007, "Performance Measurement for Traditional Investment – Literature Survey", EDHEC Publication.

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confidence by the markets in the management of the company, thus precipitating changes in the management team.

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At the heart of the investment management industry are the managers who invest and divest client investments.

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2. always go for the most cost-effective alternative (establishing small quality-variance benchmarks, if any)

3678: 3399: 3384: 3326: 3065: 2512: 2497: 2471: 2466: 2316: 2244: 2186: 1915:; Pearlman, Philip; Ivanhoff, Ivaylo. The StockTwits Edge: 40 Actionable Trade Set-Ups from Real Market Pros 1810: 1733: 1169: 783: 541: 529: 1744: 1059:“Expectancy” which is the average amount you can expect to win or lose per dollar at risk. Mathematically: 3374: 2891: 2593: 2492: 2406: 1696: 1184: 637: 1707: 1268: 3591: 3576: 3344: 3199: 3120: 2871: 2808: 2768: 2758: 2698: 2658: 2565: 2306: 1685: 1673: 1629: 1541:"New tool for stock investment risk management: Trend forecasting based on individual investor behavior" 1512: 1428: 1246: 1231: 1199: 559:

refers to the overarching beliefs of the investment organization. For example: (i) Does the manager buy

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mentality, in which they seek consensus amongst all interested parties (against a background of strong

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The US remained by far the biggest source of funds, accounting for around a half of conventional

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Money management is used in investment management and deals with the question of how much

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may refer to management of assets not necessarily primarily held for investment purposes.

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S.N. Levine, The Investment Managers Handbook, Irwin Professional Publishing (May 1980),

950:- may also be required for advancement to senior roles; and lately for entry-level roles. 3586: 3442: 3438: 3429: 3297: 3276: 3224: 3214: 3204: 3194: 3163: 3145: 3088: 3021: 3006: 2971: 2956: 2936: 2798: 2783: 2623: 2598: 2455: 2366: 2356: 1912: 1375:"Concentration In The Asset Management Industry: Implications For Corporate Engagement" 1226: 1179: 1014: 982: 717: 651: 472: 429: 390:

on behalf of (normally wealthy) private investors may often refer to their services as

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Against the background of the asset allocation, fund managers consider the degree of

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of the global fund management industry increased by 10% in 2010, to $ 79.3 trillion.

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that internet data may not necessarily enhance the precision of predictive models.

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in "Investment Management" or in "Asset Management" or in "Financial Markets".

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data and close attention would be paid to the (percentile) ranking of any fund.

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Successful fund managers are expensive and may be headhunted by competitors.

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managements, and if necessary out-vote them at annual and other meetings.

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Professional asset management of securities for the benefit of investors

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of fund management that the institution can implement. For example,

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Professional certification in financial services § Investments

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external links, and converting useful links where appropriate into

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D. Broby, "A Guide to Fund Management", Risk Books, (Aug 2010),

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or what part of the decision maker's wealth should be put into

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3. favor expenditures on interest-bearing items over all others

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to those (the regulators and the Board) overseeing management.

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Most investment management clients can be classified as either

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Money management is a strategic technique to make money yield

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Chartered Financial Analyst § Efficacy of the CFA program

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of the Investment Management Association – UK industry body

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Sun, Yi; Jin, Quan; Cheng, Qing; Guo, Kun (2019-11-01).

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1. avoid any expense that appeals to vanity or snobbery

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may not follow Knowledge (XXG)'s policies or guidelines

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of the Investment Company Institute – US industry body

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Financial risk management § Investment management

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hand, some of the largest investment managers—such as

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Billings, Mark; Cowdell, Jane; Cowdell, Paul (2001).

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Canterbury, U.K.: Financial World Publishing. 2265:Qualifying investor alternative investment fund 2084:Money Management Strategies for Futures Traders 1868:"Facing the facts of risk and money management" 394:or portfolio management within the context of " 716:, value, growth at a reasonable price (GARP), 3073: 2566: 2151: 8: 2225:Labour-sponsored venture capital corporation 615:Investment managers and portfolio structures 340:is often used to refer to the management of 1358:: CS1 maint: numeric names: authors list ( 524:Size of the global fund management industry 64:Learn how and when to remove these messages 3103: 3080: 3066: 3058: 2573: 2559: 2551: 2537: 2158: 2144: 2136: 1242:Outline of finance § Portfolio theory 1041:in order to maximize the decision maker's 929:Certified International Investment Analyst 923:(CFA), internationally, or the more local 870:Certified International Investment Analyst 768:An enduring problem is whether to measure 2048:Elton, Edwin J; Gruber, Martin J (2010). 261:(sometimes referred to more generally as 246:Learn how and when to remove this message 228:Learn how and when to remove this message 161:Learn how and when to remove this message 1545:Industrial Management & Data Systems 846:Chartered Alternative Investment Analyst 379:. Investment managers who specialize in 1259: 436:Key problems of running such businesses 1521: 1510: 1437: 1426: 1351: 1278: 882:Financial analyst § Qualification 750:and peer groups over various periods. 360:, and/or bonds. The more generic term 3042:Valuation using discounted cash flows 2051:Investments and Portfolio Performance 1831: 1829: 838:Investment management certifications 777:Risk-adjusted performance measurement 7: 1761:"Should You Get A CFA, MBA Or Both?" 955:above-average returns. But see also 99:adding citations to reliable sources 1730:Honours Degree in Financial Markets 892:Outline of finance § Education 428:), dealing, settlement, marketing, 1836:Altbach, Gabriel (21 March 2019). 1484:Wierckx, Patrick J. (2021-04-01). 25: 2054:. World Scientific. p. 416. 1911:Change is the only Constant. IN: 1771:from the original on 27 June 2015 753:In a typical case (let us say an 595:which proscribed the charging of 462:Representing the owners of shares 45:This article has multiple issues. 3355:Conditional Value-at-Risk (CVaR) 2536: 2529: 2528: 1033:is present. More precisely what 948:Masters in Investment Management 177: 75: 34: 2942:Quantitative behavioral finance 2019:Harry Markowitz: Selected Works 1848:from the original on 2020-03-29 1745:BCom Hons Investment Management 1500:from the original on 2021-10-23 1466:from the original on 2021-10-11 1385:from the original on 2020-11-28 1341:from the original on 2021-01-16 1311:from the original on 2020-04-12 1002:Comparison to wealth management 548:Philosophy, process, and people 86:needs additional citations for 53:or discuss these issues on the 3674:Strategic financial management 3477:Asset and liability management 2982:Strategic financial management 2629:Bull (stock market speculator) 2362:Socially responsible investing 2292:Split capital investment trust 1409:. . 2011-10-05. Archived from 1145:List of asset management firms 820:Fama–French three-factor model 708:There is a range of different 607:and so started the concept of 1: 3012:Sustainable Development Goals 2250:Open-ended investment company 591:. Several religions follow 344:, most often specializing in 315:Real estate investment trusts 303:collective investment schemes 2508:Returns-based style analysis 2271:Real estate investment trust 1881:. p. 33. Archived from 1866:Harris, Michael (May 2002). 1626:Advanced Investment Analysis 1220:Returns-based style analysis 925:Chartered Investment Manager 858:Chartered Investment Manager 836: 3252:Operational risk management 2443:Efficient-market hypothesis 2080:Balsara, Nauzer J. (1992). 1791:Active Portfolio Management 921:Chartered Financial Analyst 852:Chartered Financial Analyst 788:capital asset pricing model 603:forbade involvement in the 414:Herfindahl-Hirschmann Index 273:, including shareholdings, 3759: 3424:Proportional hazards model 3375:Interest rate immunization 2694:Enterprise risk management 2282:Short-term investment fund 1811:Asset and Money Management 1749:University of Johannesburg 1686:BCom Investment Management 1652:University of South Africa 1285:: CS1 maint: url-status ( 1195:Separately managed account 946:, or the more specialized 885: 879: 831:Education or certification 697: 691: 635: 629: 405:The term fund manager, or 3707: 3093:financial risk management 2679:Diversification (finance) 2589: 2526: 2230:Listed investment company 2199:Fonds commun de placement 1909:; Lindloff, Andy (2011). 1557:10.1108/IMDS-03-2019-0125 927:(CIM) in Canada, and the 919:Designations such as the 842: 837: 289:goals for the benefit of 3370:First-hitting-time model 3335:Arbitrage pricing theory 2438:Arbitrage pricing theory 2016:Markowitz, H.M. (2009). 1708:BS Investment Management 1676:, London (formerly Cass) 1329:KennedyJune 2018, Liam. 1150:Low-volatility investing 1095:Asset management company 864:Chartered Wealth Manager 741:Russell Investment Group 3679:Stress test (financial) 3385:Modern portfolio theory 2513:Traditional investments 2498:Commodity pool operator 2472:Noisy market hypothesis 2467:Modern portfolio theory 2317:Unitised insurance fund 2245:Open-ended fund company 2187:Common contractual fund 1734:University of Fort Hare 1170:Performance attribution 784:modern portfolio theory 728:Performance measurement 542:assets under management 530:assets under management 110:"Investment management" 2892:Investment performance 2594:Alternative investment 2493:Alternative investment 2407:Institutional investor 1974:Rex A. Sinquefeld and 1697:University of Pretoria 1520:Cite journal requires 1436:Cite journal requires 1185:Quantitative investing 1021:Trading and investment 638:Portfolio optimization 440:Key problems include: 265:) is the professional 3743:Investment management 3717:Investment management 3619:Investment management 3345:Replicating portfolio 3121:Sovereign credit risk 2887:Investment management 2872:International finance 2699:Environmental finance 2659:Computational finance 2307:Unit investment trust 2167:Investment management 1944:Investment Management 1820:Retrieved 5-08-2015. 1793:by Grinold and Kahn ( 1674:Bayes Business School 1630:University of Wyoming 1622:Investment Management 1578:Investment management 1247:Outline of management 1232:Transition management 1200:Sovereign Wealth Fund 959:re related research. 880:Further information: 684:between the returns. 338:investment management 331:investment management 311:exchange-traded funds 259:Investment management 3722:Mathematical finance 3654:Risk-return spectrum 3644:Mathematical finance 3599:Fundamental analysis 3532:Exchange traded fund 3116:Consumer credit risk 2952:Risk-return spectrum 2907:Mathematical finance 2827:Fundamental analysis 2821:Financial technology 2719:Experimental finance 2714:Exchange traded fund 2297:Tax transparent fund 2193:Exchange-traded fund 1589:University of London 1460:Research Systems Inc 1301:"Advisor Definition" 1120:Financial management 1110:Exchange-traded fund 1100:Corporate governance 1090:Alpha capture system 285:, to meet specified 198:improve this article 95:improve this article 3712:Financial economics 3669:Statistical finance 3435:Value-at-Risk (VaR) 3340:Black–Scholes model 3180:Holding period risk 3017:Sustainable finance 2987:Statistical finance 2967:Statistical finance 2877:Investment advisory 2837:Greater fool theory 2352:Manager of managers 2260:Private-equity fund 1611:American University 1600:Investment Analysis 293:. Investors may be 210:footnote references 3689:Structured product 3684:Structured finance 3664:Speculative attack 3350:Cash flow matching 3313:Non-financial risk 3210:Interest rate risk 3136:Concentration risk 3002:Structured product 2997:Structured finance 2882:Investment banking 2857:History of banking 2644:Capital management 2462:Martingale pricing 2372:Thematic investing 2337:passive management 1875:Trading Strategies 1816:2015-07-11 at the 1713:2021-07-19 at the 1691:2021-07-20 at the 1668:2021-10-21 at the 1646:2021-07-26 at the 1605:2021-07-26 at the 1583:2021-09-17 at the 1373:Eccles, Robert G. 1190:Securities lending 1160:Passive management 1155:Momentum investing 1015:financial planning 1011:financial advisors 682:cross-correlations 609:ethical investment 589:Biblical scripture 583:Ethical principles 407:investment adviser 358:alternative assets 299:contracts/mandates 3730: 3729: 3502:Corporate finance 3497:Capital structure 3451:Cash flow at risk 3447:Liquidity at risk 3420:Survival analysis 3321: 3320: 3267:Reputational risk 3141:Credit derivative 3055: 3054: 2932:Position of trust 2664:Corporate finance 2649:Capital structure 2609:Asset (economics) 2581:General areas of 2548: 2547: 2326:Investment styles 2088:. Wiley Finance. 2061:978-981-4335-39-3 2029:978-981-283-364-8 1976:Roger G. Ibbotson 1917:. Wiley Trading. 1488:. Rochester, NY. 1404:"Fund Management" 1085:Active management 1007:Wealth management 972:wealth management 906:bachelor's degree 878: 877: 688:Investment styles 662:Long-term returns 564:proof-statements. 430:internal auditing 400:Wealth management 256: 255: 248: 238: 237: 230: 171: 170: 163: 145: 68: 16:(Redirected from 3750: 3604:Growth investing 3522:Enterprise value 3472:Asset allocation 3455:Earnings at risk 3437:and extensions ( 3380:Market portfolio 3244:Operational risk 3229:Refinancing risk 3104: 3082: 3075: 3068: 3059: 2927:Personal finance 2917:Over-the-counter 2897:Investor profile 2867:Impact investing 2862:History of money 2842:Growth investing 2704:Equity (finance) 2614:Asset allocation 2575: 2568: 2561: 2552: 2540: 2539: 2532: 2531: 2381:growth investing 2347:Impact investing 2215:Investment trust 2160: 2153: 2146: 2137: 2131: 2130: 2128:Official website 2121: 2120: 2118:Official website 2105: 2103: 2102: 2087: 2076: 2074: 2073: 2064:. 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Archived from 1965: 1929: 1928: 1903: 1897: 1896: 1894: 1893: 1887: 1872: 1863: 1857: 1856: 1854: 1853: 1833: 1824: 1823: 1808: 1802: 1787: 1781: 1780: 1778: 1776: 1757: 1751: 1742: 1736: 1727: 1721: 1705: 1699: 1683: 1677: 1660: 1654: 1638: 1632: 1619: 1613: 1597: 1591: 1575: 1569: 1568: 1536: 1530: 1529: 1523: 1518: 1516: 1508: 1506: 1505: 1481: 1475: 1474: 1472: 1471: 1452: 1446: 1445: 1439: 1434: 1432: 1424: 1422: 1421: 1415: 1408: 1400: 1394: 1393: 1391: 1390: 1370: 1364: 1363: 1357: 1349: 1347: 1346: 1326: 1320: 1319: 1317: 1316: 1297: 1291: 1290: 1284: 1276: 1264: 1140:Investment style 1115:Factor investing 1043:utility function 968:Money management 963:Money management 938:- typically the 902:business schools 835: 694:Investment style 632:Asset allocation 626:Asset allocation 392:money management 362:asset management 342:investment funds 267:asset management 263:asset management 251: 244: 233: 226: 222: 219: 213: 181: 180: 173: 166: 159: 155: 152: 146: 144: 103: 79: 71: 60: 38: 37: 30: 21: 18:Funds management 3758: 3757: 3753: 3752: 3751: 3749: 3748: 3747: 3733: 3732: 3731: 3726: 3703: 3639:Systematic risk 3537:Expected return 3517:Economic bubble 3512:Diversification 3507:Cost of capital 3460: 3317: 3286: 3238: 3220:Volatility risk 3184:Price area risk 3150: 3126:Settlement risk 3095: 3086: 3056: 3051: 3032:Too big to fail 3027:Systematic risk 2947:Quantum finance 2852:Hedge (finance) 2832:Government bond 2669:Cost of capital 2654:Climate finance 2585: 2579: 2549: 2544: 2522: 2481: 2426: 2422:Performance fee 2412:Net asset value 2402:Fund governance 2397:Closed-end fund 2385: 2321: 2178: 2176: 2169: 2164: 2126: 2125: 2116: 2115: 2112: 2100: 2098: 2096: 2079: 2071: 2069: 2062: 2047: 2039: 2037: 2030: 2015: 1982:Harry Markowitz 1954: 1941: 1938: 1936:Further reading 1933: 1932: 1925: 1913:Lindzon, Howard 1905: 1904: 1900: 1891: 1889: 1885: 1870: 1865: 1864: 1860: 1851: 1849: 1842:Financial Times 1835: 1834: 1827: 1821: 1818:Wayback Machine 1809: 1805: 1788: 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3205:Margining risk 3202: 3197: 3195:Valuation risk 3192: 3187: 3164:Commodity risk 3160: 3158: 3152: 3151: 3149: 3148: 3146:Securitization 3143: 3138: 3133: 3128: 3123: 3118: 3112: 3110: 3101: 3097: 3096: 3089:Financial risk 3087: 3085: 3084: 3077: 3070: 3062: 3053: 3052: 3050: 3049: 3044: 3039: 3034: 3029: 3024: 3022:Swap (finance) 3019: 3014: 3009: 3007:Sustainability 3004: 2999: 2994: 2989: 2984: 2979: 2974: 2972:Stock exchange 2969: 2964: 2959: 2957:Social finance 2954: 2949: 2944: 2939: 2937:Public finance 2934: 2929: 2924: 2919: 2914: 2909: 2904: 2899: 2894: 2889: 2884: 2879: 2874: 2869: 2864: 2859: 2854: 2849: 2844: 2839: 2834: 2829: 2824: 2818: 2817: 2816: 2811: 2806: 2801: 2796: 2791: 2786: 2781: 2776: 2771: 2766: 2761: 2756: 2751: 2746: 2741: 2736: 2731: 2721: 2716: 2711: 2706: 2701: 2696: 2691: 2686: 2681: 2676: 2671: 2666: 2661: 2656: 2651: 2646: 2641: 2636: 2631: 2626: 2624:Bond (finance) 2621: 2616: 2611: 2606: 2601: 2599:Angel investor 2596: 2590: 2587: 2586: 2580: 2578: 2577: 2570: 2563: 2555: 2546: 2545: 2527: 2524: 2523: 2521: 2520: 2515: 2510: 2505: 2500: 2495: 2489: 2487: 2486:Related topics 2483: 2482: 2480: 2479: 2474: 2469: 2464: 2459: 2445: 2440: 2434: 2432: 2428: 2427: 2425: 2424: 2419: 2414: 2409: 2404: 2399: 2393: 2391: 2387: 2386: 2384: 2383: 2374: 2369: 2367:Social trading 2364: 2359: 2357:Social finance 2354: 2349: 2344: 2339: 2329: 2327: 2323: 2322: 2320: 2319: 2314: 2309: 2304: 2299: 2294: 2289: 2284: 2279: 2274: 2268: 2262: 2257: 2252: 2247: 2242: 2237: 2232: 2227: 2222: 2217: 2212: 2207: 2202: 2196: 2190: 2183: 2181: 2171: 2170: 2165: 2163: 2162: 2155: 2148: 2140: 2134: 2133: 2123: 2111: 2110:External links 2108: 2107: 2106: 2094: 2077: 2060: 2045: 2028: 2013: 2010: 1999: 1996: 1985: 1979: 1972: 1966: 1952: 1937: 1934: 1931: 1930: 1924:978-1118029053 1923: 1898: 1858: 1825: 1803: 1799:978-0070248823 1782: 1752: 1737: 1722: 1700: 1678: 1655: 1633: 1614: 1592: 1570: 1551:(2): 388–405. 1531: 1522:|journal= 1476: 1447: 1438:|journal= 1395: 1365: 1321: 1292: 1258: 1257: 1255: 1252: 1250: 1249: 1244: 1239: 1234: 1229: 1227:Tracking error 1224: 1223: 1222: 1217: 1207: 1202: 1197: 1192: 1187: 1182: 1180:Private equity 1177: 1172: 1167: 1162: 1157: 1152: 1147: 1142: 1137: 1132: 1127: 1122: 1117: 1112: 1107: 1102: 1097: 1092: 1087: 1081: 1079: 1076: 1022: 1019: 1003: 1000: 983:Warren Buffett 964: 961: 952: 951: 932: 876: 875: 874: 873: 867: 861: 855: 849: 840: 839: 832: 829: 824:style analysis 778: 775: 729: 726: 718:market neutral 692:Main article: 689: 686: 672: 669: 663: 660: 642:The different 630:Main article: 627: 624: 616: 613: 584: 581: 580: 579: 572: 565: 549: 546: 525: 522: 473:pressure group 463: 460: 459: 458: 455: 451: 448: 445: 437: 434: 421: 420:Industry scope 418: 322: 319: 254: 253: 236: 235: 190:external links 185: 183: 176: 169: 168: 83: 81: 74: 69: 43: 42: 40: 33: 26: 24: 14: 13: 10: 9: 6: 4: 3: 2: 3755: 3744: 3741: 3740: 3738: 3723: 3720: 3718: 3715: 3713: 3710: 3709: 3706: 3700: 3697: 3695: 3694:Systemic risk 3692: 3690: 3687: 3685: 3682: 3680: 3677: 3675: 3672: 3670: 3667: 3665: 3662: 3660: 3657: 3655: 3652: 3650: 3647: 3645: 3642: 3640: 3637: 3635: 3632: 3630: 3627: 3625: 3622: 3620: 3617: 3615: 3612: 3610: 3607: 3605: 3602: 3600: 3597: 3593: 3590: 3588: 3585: 3583: 3580: 3578: 3575: 3573: 3570: 3568: 3565: 3563: 3560: 3558: 3555: 3553: 3550: 3548: 3545: 3544: 3543: 3540: 3538: 3535: 3533: 3530: 3528: 3525: 3523: 3520: 3518: 3515: 3513: 3510: 3508: 3505: 3503: 3500: 3498: 3495: 3493: 3492:Capital asset 3490: 3488: 3485: 3483: 3482:Asset pricing 3480: 3478: 3475: 3473: 3470: 3469: 3467: 3463: 3456: 3452: 3448: 3444: 3440: 3436: 3433: 3431: 3428: 3425: 3421: 3418: 3416: 3415:Sortino ratio 3413: 3411: 3408: 3406: 3403: 3401: 3398: 3396: 3393: 3391: 3388: 3386: 3383: 3381: 3378: 3376: 3373: 3371: 3368: 3366: 3363: 3361: 3358: 3356: 3353: 3351: 3348: 3346: 3343: 3341: 3338: 3336: 3333: 3332: 3330: 3328: 3324: 3314: 3311: 3309: 3308:Systemic risk 3306: 3304: 3301: 3299: 3296: 3295: 3293: 3289: 3283: 3280: 3278: 3275: 3273: 3270: 3268: 3265: 3263: 3260: 3258: 3257:Business risk 3255: 3253: 3250: 3249: 3247: 3245: 3241: 3234: 3230: 3226: 3223: 3221: 3218: 3216: 3213: 3211: 3208: 3206: 3203: 3201: 3198: 3196: 3193: 3191: 3188: 3185: 3181: 3177: 3173: 3169: 3165: 3162: 3161: 3159: 3157: 3153: 3147: 3144: 3142: 3139: 3137: 3134: 3132: 3129: 3127: 3124: 3122: 3119: 3117: 3114: 3113: 3111: 3109: 3105: 3102: 3098: 3094: 3090: 3083: 3078: 3076: 3071: 3069: 3064: 3063: 3060: 3048: 3047:Watered stock 3045: 3043: 3040: 3038: 3035: 3033: 3030: 3028: 3025: 3023: 3020: 3018: 3015: 3013: 3010: 3008: 3005: 3003: 3000: 2998: 2995: 2993: 2990: 2988: 2985: 2983: 2980: 2978: 2975: 2973: 2970: 2968: 2965: 2963: 2960: 2958: 2955: 2953: 2950: 2948: 2945: 2943: 2940: 2938: 2935: 2933: 2930: 2928: 2925: 2923: 2920: 2918: 2915: 2913: 2910: 2908: 2905: 2903: 2900: 2898: 2895: 2893: 2890: 2888: 2885: 2883: 2880: 2878: 2875: 2873: 2870: 2868: 2865: 2863: 2860: 2858: 2855: 2853: 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fund 2415: 2413: 2410: 2408: 2405: 2403: 2400: 2398: 2395: 2394: 2392: 2388: 2382: 2378: 2375: 2373: 2370: 2368: 2365: 2363: 2360: 2358: 2355: 2353: 2350: 2348: 2345: 2343: 2340: 2338: 2334: 2331: 2330: 2328: 2324: 2318: 2315: 2313: 2310: 2308: 2305: 2303: 2302:Umbrella fund 2300: 2298: 2295: 2293: 2290: 2288: 2285: 2283: 2280: 2278: 2277:Royalty trust 2275: 2272: 2269: 2266: 2263: 2261: 2258: 2256: 2253: 2251: 2248: 2246: 2243: 2241: 2240:Offshore fund 2238: 2236: 2233: 2231: 2228: 2226: 2223: 2221: 2218: 2216: 2213: 2211: 2208: 2206: 2205:Fund of funds 2203: 2200: 2197: 2194: 2191: 2188: 2185: 2184: 2182: 2180: 2172: 2168: 2161: 2156: 2154: 2149: 2147: 2142: 2141: 2138: 2129: 2124: 2119: 2114: 2113: 2109: 2097: 2095:0-471-52215-5 2091: 2086: 2085: 2078: 2068:on 2010-12-08 2067: 2063: 2057: 2053: 2052: 2046: 2036:on 2011-02-23 2035: 2031: 2025: 2021: 2020: 2014: 2011: 2008: 2007:1-906348-18-9 2004: 2000: 1997: 1994: 1993:0-87094-207-7 1990: 1986: 1983: 1980: 1977: 1973: 1970: 1969:David Swensen 1967: 1963: 1959: 1955: 1953:9780852976135 1949: 1945: 1940: 1939: 1935: 1926: 1920: 1916: 1914: 1908: 1902: 1899: 1888:on 2006-10-17 1884: 1880: 1879:Active trader 1876: 1869: 1862: 1859: 1847: 1843: 1839: 1832: 1830: 1826: 1819: 1815: 1812: 1807: 1804: 1800: 1796: 1792: 1786: 1783: 1770: 1766: 1762: 1756: 1753: 1750: 1746: 1741: 1738: 1735: 1731: 1726: 1723: 1720: 1716: 1712: 1709: 1704: 1701: 1698: 1694: 1690: 1687: 1682: 1679: 1675: 1671: 1667: 1664: 1659: 1656: 1653: 1649: 1645: 1642: 1637: 1634: 1631: 1627: 1623: 1618: 1615: 1612: 1608: 1604: 1601: 1596: 1593: 1590: 1586: 1582: 1579: 1574: 1571: 1566: 1562: 1558: 1554: 1550: 1546: 1542: 1535: 1532: 1527: 1514: 1499: 1495: 1491: 1487: 1480: 1477: 1465: 1461: 1457: 1451: 1448: 1443: 1430: 1416:on 2012-03-29 1412: 1405: 1399: 1396: 1384: 1380: 1376: 1369: 1366: 1361: 1355: 1340: 1336: 1332: 1325: 1322: 1310: 1306: 1302: 1296: 1293: 1288: 1282: 1274: 1270: 1263: 1260: 1253: 1248: 1245: 1243: 1240: 1238: 1235: 1233: 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