Praise for Finding Alpha

"Eric Falkenstein is more than one of the smartest and funniest people in finance. He's been a banker, a key model builder at a major rating agency, and a hedge fund trader. In this tour de force, he outlines the successes and failures of financial theory applications in the real world from the perspective of an aggressive early adopter of the best ideas in finance. To this day, I think Eric's private firm default model is one of the best papers ever published in applied finance, and this wonderful book falls into the same category."
—Donald R. van Deventer, PhD, founder and Chief Executive Officer, Kamakura Corporation

"People dismissed Columbus when he said the world was round. Thank goodness he persisted. Like Columbus, Falkenstein challenges standard thinking, only this time about risk and reward. As the meltdown of the capital markets has shown, the financial industry clearly missed something with regard to risk management. As an industry, we need to consider alternative theories on risk, and clearly Falkenstein is on to something here. Agree with him or not, Finding Alpha is worth a read."
—Kevin M. Blakely, President and CEO,The Risk Management Association

"Writing through the lens of an experienced practitioner, Falkenstein digests decades of research in capital markets, financial economics, and investment psychology that have shaped modern investment theory. This text is an excellent companion for portfolio managers, investment students, or anyone seeking to better understand the relationship between risk, returns, and financial reward."
—Todd Houge, PhD, CFA, The University of Iowa

How do we find alpha whenrisk does not correlate with return?

Finding Alpha is a practical guide to achieving alpha when conventional measures of risk rarely correlate with higher returns. Author Eric Falkenstein-a PhD who has also been a risk manager and portfolio manager—tells the story of alpha from its beginnings to its current reversal, where risk is now evidenced by return as opposed to vice versa.

Falkenstein begins by walking readers through the Capital Asset Pricing Model (CAPM), as well as other well-documented theories about risk and return, and explores how these theories measure up to current empirical evidence being documented by researchers and academics. He also outlines a novel approach to the issues of how benchmark risk and investor overconfidence affects expected asset returns, how to understand the nature of alpha and risk, and how to use practical applications of alpha-seeking strategies that he developed as a successful hedge fund manager.

Finding Alpha concludes by outlining some real-life applications of alpha in finance and explains how the search for alpha affects the day-to-day life of all financial professionals.

The award-winning illustrator Grady Klein has paired up with the world’s only stand-up economist, Yoram Bauman, PhD, to take the dismal out of the dismal science. From the optimizing individual to game theory to price theory, The Cartoon Introduction to Economics is the most digestible, explicable, and humorous 200-page introduction to microeconomics you’ll ever read.   Bauman has put the “comedy” into “economy” at comedy clubs and universities around the country and around the world (his “Principles of Economics, Translated” is a YouTube cult classic). As an educator at both the university and high school levels, he has learned how to make economics relevant to today’s world and today’s students. As Google’s chief economist, Hal Varian, wrote, “You don’t need a brand-new economics. You just need to see the really cool stuff, the material they didn’t get to when you studied economics.” The Cartoon Introduction to Economics is all about integrating the really cool stuff into an overview of the entire discipline of microeconomics, from decision trees to game trees to taxes and thinking at the margin.   Rendering the cool stuff fun is the artistry of the illustrator and lauded graphic novelist Klein. Panel by panel, page by page, he puts comics into economics. So if the vertiginous economy or a dour professor’s 600-page econ textbook has you desperate for a fun, factual guide to economics, reach for The Cartoon Introduction to Economics and let the collaborative genius of the Klein-Bauman team walk you through an entire introductory microeconomics course.

For any couple with an ADD partner, this book will help create a more passionate and dynamic relationship.

Winner of four national book awards, including Foreword Magazine's Psychology Book of the Year!
The science has been clear since 1994, when Adult AD/HD was declared a medical diagnosis. Still, the public harbors misconceptions, and that means millions suffer needlessly. And that includes millions of couples who can't understand why their lives together are so hard — sometimes despite many attempts at couples therapy.

Everyone knows someone with adult AD/HD. Yet we misattribute the symptoms to anxiety, depression, or even laziness, selfishness, or moodiness. Moreover, we assume AD/HD means "little boys with ants in their pants." In fact, childhood hyperactivity goes "underground" as the person matures, resulting in a mentally restless state. (By the way, the former, and still better-known, official term is ADD, plus or minus Hyperactivity. The new term, AD/HD, uses a slash mark to indicate that hyperactivity is not central to the diagnosis.)

Meticulously researched by award-winning journalist Gina Pera, Is It You, Me, or Adult A.D.D.? is a comprehensive guide to recognizing the behaviors where you least expect them (on the road and in the bedroom, for example) and developing compassion for couples wrestling with unrecognized ADHD symptoms. It also offers the latest information from top experts, plenty of real-life details, and easy-to-understand guidelines for finding the best treatment options and practical solutions. The revolutionary message is one of hope for millions of people—and a joyous opportunity for a better life.

Insightful, helpful, witty, and very practical. This book can change your life.
—Daniel G. Amen, M.D., author of Change Your Brain, Change Your Life

... contains information that is just not available anywhere else. This book is sure to become the authoritative guide for couples dealing with ADD.
—Patricia O. Quinn, M.D., Director, The National Center for Girls and Women with ADHD

...We expect this book will be the bible for all of us dealing with adult ADD.
— Elizabeth Weathers and Diane Hartson, moderators, ADD Spouse support group

... I can safely predict it will become as much an 'industry standard' as Driven to Distraction.
—David Edelberg, M.D., Medical Director, WholeHealth Chicago

... The book is well researched, reader friendly, and includes insights and perspectives from a Who's Who of professionals. For couples struggling with ADHD, it's the season's new must-have book and bound to become a classic.
—Michele Novotni, Ph.D. Psychologist, Coach

Confirmatory brain neuroscience answers this speculation about Adult ADHD: It s a real problem with real and painful challenges, not a belief system.
— Charles Parker, DO, Medical Director, CorePsych, author of Deep Recovery

... Gina Pera has combined a real feel for the disorder with sound reporting skills and the spice of those who tell the story best: the couples themselves.
— Margaret D. Weiss, M.D., Ph.D., Head, Provincial ADHD Program, British Columbia, Canada

... Gina Pera has been there and has authored a guide that offers understanding for the confused, practical strategies for the frustrated, and hope for the despondent. This book will be a lifesaver for both partners.
— Ari Tuckman, Psy.D., M.B.A., author of Integrative Treatment for Adult ADHD

In Not Even Wrong, Paul Collins melds a memoir of his son’s autism with a journey into this realm of permanent outsiders. Examining forgotten geniuses and obscure medical archives, and beginning to see why he himself has spent a lifetime researching talented eccentrics, Collins shows how these stories are relevant and even necessary to shed light on autism.

One Man Must Stand Against the Dragon Menace!

It all began with Dragon Weather: a wave of incredible heat, oppressive humidity, dark angry clouds . . . and dragons. Dragons with no remorse, no sympathy, no use for humans; dragons who destroyed an entire village and everyone in it. Everyone, that is, except the young boy, Arlian.

Orphaned and alone, Arlian was captured by looters and sold as a mining slave. Years later he escaped, fueled by years of hatred for the dragons, bandits, and slavers that took away his youth—and a personal vow to exact retribution from those who have wronged him.
Arlian seeks out The Dragon Society, whose sworn purpose is to stand against the dragon menace. What he learns there is shocking: that he may well be the best hope humanity will ever have for defeating the dragons . . . permanently.

Although Chris Shaffer and John Muir have lived most of their lives in different centuries they both render similar characteristics in their travels.

Shaffer, like Muir, is an explorer, and while many believe California is so populated that there is no land left to explore in the 21st Century,Shaffer has proven them wrong.

Over the last decade, Shaffer has visited and documented more than 1,200 lakes, rivers, streams and waterfalls throughout the Golden State. His findings were miraculous. All documented in "The Definitive Guide to the Waterfalls of Southern and Central California."

Shaffer reveals dozens of waterfalls you couldn't find on a map with a microscope. Many of the extravagant waterfalls Shaffer named himself.

"There's no doubt in my mind people have been to all these waterfalls before. However, I've searched everywhere for documentation on many of these waterfalls and it doesn't exist," says Shaffer, President of Shafdog Publications. Shaffer is releasing his third book in two years. "The

Definitive Guide to Fishing in Southern California and The Definitive Guide to Fishing in Central California," are well known California guidebooks Shaffer also wrote. "Rand McNally has their work cut out for them. People aren't going to be able to find these waterfalls without the book. Many of them aren't shown on maps."

Including the 110 waterfalls Shaffer named himself, the full color, glossy, 416-page guide details more than 265 waterfalls, 65 of which you can drive to and others you need a boat to reach. All are located in Southern and

Central California.

"I told all my secrets. I wanted to write a book that inspired people to explore. There is no reason to sit at home on a Saturday and watch TV when no matter where you live in California there's a waterfall less than one hour from your front door," Shaffer said. "This book has something for everyone. Some you can drive-to, others require a short walk and I've included some where you need to set out on a three day backpacking trip to reach."

"The Definitive Guide to the Waterfalls of Southern and Central California," aims at revolutionizing the realm of fishing, hiking, camping and searching for waterfalls in California by making the trips fun and exciting for all. Shaffer not only tells you how to reach the waterfalls by car and foot, he describes his journey in locating them and includes color photos and real life stories to make the trip enjoyable for all.

"It blows me away, people from all over the world pay thousands of dollars to fly to California to see our waterfalls and the people who live here have no idea they exist," says Shaffer. "It's ironic. People think there is no flowing water in Southern California. You just have to know where to go."

Illustrating both seasonal, intermittent and year-round waterfalls this book, stuffed with more than 500 color photographs includes more than 100 waterfalls where people can catch fish in the pool below the actual waterfall.

"You don't need to go to Alaska to catch a trout while being sprayed with mist in a pool below a waterfall. You can do it in your backyard," Shaffer added.

Broken up into 16 regions spanning from the Pacific Ocean east along Highway 108 over Sonora Pass to Nevada and the Bay Area down south to Mexico, this book makes even the most avid hikers and outdoor lovers salivate. For the novice hiker or hard core adventurer more than 775 miles of hiking trails to waterfalls are described.

"I've personally visited and rated all of them over the last 10 years," Shaffer said. "Some of them you can jump off, others have great swimming holes. With the threats of terrorism and the war going on people need a place to relax and enjoy life and stay free from stress. This book will do it."

This guide features the world renowned waterfalls of Yosemite National Park and the lesser known waterfalls of Sequoia and Kings Canyon National Park, not to mention the pristine wilderness areas

Although Chris Shaffer and John Muir have lived most of their lives in different centuries they both render similar characteristics in their travels.

Shaffer, like Muir, is an explorer, and while many believe California is so populated that there is no land left to explore in the 21st Century,Shaffer has proven them wrong.

Over the last decade, Shaffer has visited and documented more than 1,200 lakes, rivers, streams and waterfalls throughout the Golden State. His findings were miraculous. All documented in "The Definitive Guide to the Waterfalls of Southern and Central California."

Shaffer reveals dozens of waterfalls you couldn't find on a map with a microscope. Many of the extravagant waterfalls Shaffer named himself.

"There's no doubt in my mind people have been to all these waterfalls before. However, I've searched everywhere for documentation on many of these waterfalls and it doesn't exist," says Shaffer, President of Shafdog Publications. Shaffer is releasing his third book in two years. "The

Definitive Guide to Fishing in Southern California and The Definitive Guide to Fishing in Central California," are well known California guidebooks Shaffer also wrote. "Rand McNally has their work cut out for them. People aren't going to be able to find these waterfalls without the book. Many of them aren't shown on maps."

Including the 110 waterfalls Shaffer named himself, the full color, glossy, 416-page guide details more than 265 waterfalls, 65 of which you can drive to and others you need a boat to reach. All are located in Southern and

Central California.

"I told all my secrets. I wanted to write a book that inspired people to explore. There is no reason to sit at home on a Saturday and watch TV when no matter where you live in California there's a waterfall less than one hour from your front door," Shaffer said. "This book has something for everyone. Some you can drive-to, others require a short walk and I've included some where you need to set out on a three day backpacking trip to reach."

"The Definitive Guide to the Waterfalls of Southern and Central California," aims at revolutionizing the realm of fishing, hiking, camping and searching for waterfalls in California by making the trips fun and exciting for all. Shaffer not only tells you how to reach the waterfalls by car and foot, he describes his journey in locating them and includes color photos and real life stories to make the trip enjoyable for all.

"It blows me away, people from all over the world pay thousands of dollars to fly to California to see our waterfalls and the people who live here have no idea they exist," says Shaffer. "It's ironic. People think there is no flowing water in Southern California. You just have to know where to go."

Illustrating both seasonal, intermittent and year-round waterfalls this book, stuffed with more than 500 color photographs includes more than 100 waterfalls where people can catch fish in the pool below the actual waterfall.

"You don't need to go to Alaska to catch a trout while being sprayed with mist in a pool below a waterfall. You can do it in your backyard," Shaffer added.

Broken up into 16 regions spanning from the Pacific Ocean east along Highway 108 over Sonora Pass to Nevada and the Bay Area down south to Mexico, this book makes even the most avid hikers and outdoor lovers salivate. For the novice hiker or hard core adventurer more than 775 miles of hiking trails to waterfalls are described.

"I've personally visited and rated all of them over the last 10 years," Shaffer said. "Some of them you can jump off, others have great swimming holes. With the threats of terrorism and the war going on people need a place to relax and enjoy life and stay free from stress. This book will do it."

This guide features the world renowned waterfalls of Yosemite National Park and the lesser known waterfalls of Sequoia and Kings Canyon National Park, not to mention the pristine wilderness areas

Although Chris Shaffer and John Muir have lived most of their lives in different centuries they both render similar characteristics in their travels.

Shaffer, like Muir, is an explorer, and while many believe California is so populated that there is no land left to explore in the 21st Century,Shaffer has proven them wrong.

Over the last decade, Shaffer has visited and documented more than 1,200 lakes, rivers, streams and waterfalls throughout the Golden State. His findings were miraculous. All documented in "The Definitive Guide to the Waterfalls of Southern and Central California."

Shaffer reveals dozens of waterfalls you couldn't find on a map with a microscope. Many of the extravagant waterfalls Shaffer named himself.

"There's no doubt in my mind people have been to all these waterfalls before. However, I've searched everywhere for documentation on many of these waterfalls and it doesn't exist," says Shaffer, President of Shafdog Publications. Shaffer is releasing his third book in two years. "The

Definitive Guide to Fishing in Southern California and The Definitive Guide to Fishing in Central California," are well known California guidebooks Shaffer also wrote. "Rand McNally has their work cut out for them. People aren't going to be able to find these waterfalls without the book. Many of them aren't shown on maps."

Including the 110 waterfalls Shaffer named himself, the full color, glossy, 416-page guide details more than 265 waterfalls, 65 of which you can drive to and others you need a boat to reach. All are located in Southern and

Central California.

"I told all my secrets. I wanted to write a book that inspired people to explore. There is no reason to sit at home on a Saturday and watch TV when no matter where you live in California there's a waterfall less than one hour from your front door," Shaffer said. "This book has something for everyone. Some you can drive-to, others require a short walk and I've included some where you need to set out on a three day backpacking trip to reach."

"The Definitive Guide to the Waterfalls of Southern and Central California," aims at revolutionizing the realm of fishing, hiking, camping and searching for waterfalls in California by making the trips fun and exciting for all. Shaffer not only tells you how to reach the waterfalls by car and foot, he describes his journey in locating them and includes color photos and real life stories to make the trip enjoyable for all.

"It blows me away, people from all over the world pay thousands of dollars to fly to California to see our waterfalls and the people who live here have no idea they exist," says Shaffer. "It's ironic. People think there is no flowing water in Southern California. You just have to know where to go."

Illustrating both seasonal, intermittent and year-round waterfalls this book, stuffed with more than 500 color photographs includes more than 100 waterfalls where people can catch fish in the pool below the actual waterfall.

"You don't need to go to Alaska to catch a trout while being sprayed with mist in a pool below a waterfall. You can do it in your backyard," Shaffer added.

Broken up into 16 regions spanning from the Pacific Ocean east along Highway 108 over Sonora Pass to Nevada and the Bay Area down south to Mexico, this book makes even the most avid hikers and outdoor lovers salivate. For the novice hiker or hard core adventurer more than 775 miles of hiking trails to waterfalls are described.

"I've personally visited and rated all of them over the last 10 years," Shaffer said. "Some of them you can jump off, others have great swimming holes. With the threats of terrorism and the war going on people need a place to relax and enjoy life and stay free from stress. This book will do it."

This guide features the world renowned waterfalls of Yosemite National Park and the lesser known waterfalls of Sequoia and Kings Canyon National Park, not to mention the pristine wilderness areas

The recent economic rise of China and India has attracted a great deal of attention—and justifiably so. Together, the two countries account for one-fifth of the global economy and are projected to represent a full third of the world's income by 2025. Yet, many of the views regarding China and India's market reforms and high growth have been tendentious, exaggerated, or oversimplified. Awakening Giants, Feet of Clay scrutinizes the phenomenal rise of both nations, and demolishes the myths that have accumulated around the economic achievements of these two giants in the last quarter century. Exploring the challenges that both countries must overcome to become true leaders in the international economy, Pranab Bardhan looks beyond short-run macroeconomic issues to examine and compare China and India's major policy changes, political and economic structures, and current general performance.

Bardhan investigates the two countries' economic reforms, each nation's pattern and composition of growth, and the problems afflicting their agricultural, industrial, infrastructural, and financial sectors. He considers how these factors affect China and India's poverty, inequality, and environment, how political factors shape each country's pattern of burgeoning capitalism, and how significant poverty reduction in both countries is mainly due to domestic factors—not global integration, as most would believe. He shows how authoritarianism has distorted Chinese development while democratic governance in India has been marred by severe accountability failures.

Full of valuable insights, Awakening Giants, Feet of Clay provides a nuanced picture of China and India's complex political economy at a time of startling global reconfiguration and change.

Hierarchy in the Forest The Evolution of Egalitarian Behavior Christopher Boehm Are humans by nature hierarchical or egalitarian? Hierarchy in the Forest addresses this question by examining the evolutionary origins of social and political behavior. Christopher Boehm, an anthropologist whose fieldwork has focused on the political arrangements of human and nonhuman primate groups, postulates that egalitarianism is in effect a hierarchy in which the weak combine forces to dominate the strong. The political flexibility of our species is formidable: we can be quite egalitarian, we can be quite despotic. Hierarchy in the Forest traces the roots of these contradictory traits in chimpanzee, bonobo, gorilla, and early human societies. Boehm looks at the loose group structures of hunter-gatherers, then at tribal segmentation, and finally at present-day governments to see how these conflicting tendencies are reflected. Hierarchy in the Forest claims new territory for biological anthropology and evolutionary biology by extending the domain of these sciences into a crucial aspect of human political and social behavior. This book will be a key document in the study of the evolutionary basis of genuine altruism. Christopher Boehm is Professor of Anthropology and Director of the Jane Goodall Research Center at the University of Southern California. December 61/8 x 91/4 320 pp.

Ainslie argues that our responses to the threat of our own inconsistency determine the basic fabric of human culture. He suggests that individuals are more like populations of bargaining agents than like the hierarchical command structures envisaged by cognitive psychologists. This perspective helps us understand so much that is puzzling in human action and interaction: from self-defeating behaviors to willfulness, from pathological over-control and self-deception to subtler forms of behavior such as altruism, sadism, gambling, and the "social construction" of belief.

After many years of peace in the Lands of Men, there came Dragon Weather: a wave of incredible heat, oppressive humidity, dark angry clouds . . . and dragons. Dragons with no remorse, no sympathy, no use for humans; dragons who destroyed an entire village and everyone in it. Everyone, that is, except the young boy Arlian. Orphaned and alone, Arlian was captured by looters and sold as a mining slave. He finally escaped, fueled by years of hatred and a personal vow to bring justice to all who had wronged him.

After killing those who enslaved him, Arlian sought out The Dragon Society, whose sworn purpose was to stand against the dragon menace. It was there, among his peers, that Arlian discovered he is humanity's best hope for defeating the dragons . . . permanently.

Now, Arlian seeks his final vengeance: death to all of dragonkind. But as he begins to destroy the evil beasts, wild magic seeps into the Lands of Men, sowing chaos and destruction in its wake. Will Arlian's all-consuming quest for justice consume humanity as well? The answer may lie within his ancient foe's most lethal weapon: Dragon Venom