Why you should choose this course

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Del curso dictado por University of Geneva

Portfolio and Risk Management

747 calificaciones

University of Geneva

Portfolio and Risk Management

747 calificaciones

Curso 3 de 5 en SpecializationInvestment Management

In this course, you will gain an understanding of the theory underlying optimal portfolio construction, the different ways portfolios are actually built in practice and how to measure and manage the risk of such portfolios. You will start by studying how imperfect correlation between assets leads to diversified and optimal portfolios as well as the consequences in terms of asset pricing. Then, you will learn how to shape an investor's profile and build an adequate portfolio by combining strategic and tactical asset allocations. Finally, you will have a more in-depth look at risk: its different facets and the appropriate tools and techniques to measure it, manage it and hedge it. Key speakers from UBS, our corporate partner, will regularly add a practical perspective on these different topics as you progress through the course.

De la lección

General Introduction and Key Concepts

In this introductory week, you will first be presented with a few mistakes you will no longer make after following this course. In order to avoid making these mistakes, you will start by gaining a foundation and understanding of the three main types of information we need in order to build optimal portfolios: expected returns, risk and dependence.

Why you should choose this course3:06

Some common mistakes you will no longer make after this course – Portfolio risk6:27

Some common mistakes you will no longer make after this course – Free lunch9:35

Conoce a los instructores

University of Geneva- Tony Berrada
SFI Associate Professor of Finance
Geneva Finance Research Institute
University of Geneva- Ines Chaieb
SFI Associate Professor of Finance
Geneva Finance Research Institute
University of Geneva- Jonas Demaurex
Teaching Assistant
Geneva Finance Research Institute
University of Geneva- Rajna Gibson Brandon
SFI Senior Chaired Professor of Finance and Managing Director of the GFRI
Geneva Finance Research Institute
University of Geneva- Michel Girardin
Lecturer in Macro-Finance - Project Leader for the "Investment Management" specialization
Geneva Finance Research Institute
University of Geneva- Philipp Krueger
SFI Assistant Professor of Finance
Geneva Finance Research Institute
University of Geneva- Kerstin Preuschoff
Associate Professor of Neurofinance and Neuroeconomics
Geneva Finance Research Institute
University of Geneva- Olivier Scaillet
SFI Senior Chaired Professor of Finance and Vice-dean (research) at GSEM
Geneva Finance Research Institute

[MUSIC]

Hi there and welcome to this portfolio and risk management course.

In this course, we'll have different modules.

The idea is that if you're rich, you become richer, and

if you're not rich well, you'll become richer as well.

And well, to see how we get to that point, Tony how are we going to proceed?

>> So first we're going to address the problematic of portfolio construction from

a rather quantitative perspective.

We're going to look at how to use the effect of diversification in optimal way.

And trying to attain a target expected return for

a portfolio while maintaining a low level of risk.

And we're going to do this by analyzing the impact of correlation between assets,

between asset class, between stocks and bonds, between different stocks.

How does correlation affect the risk of a portfolio?

Okay, so with that we'll have a good theoretical view

of the optimal portfolio construction.

We're going to cover what is called the modern portfolio theory.

And we're going to move from this theoretical.

>> Before we move, sorry.

Before we go from modern portfolio theory to next, I'd like to ask you one question.

>> Sure.

>> Do you believe that there is a free lunch in finance?

>> Well there are no free lunch in finance as we know.

This is the basis of most of the pricing parading for derivative.

We know that there is a risk return trade off that you cannot

reach a higher return without taking on more risks.

But maybe there is something that is very very close to a free lunch and

this is the effect of diversification.

>> Okay, so.

>> We'll see. >> So we'll find out.

There might just be one free lunch and

we'll find that out with you when we look at the model portfolio theory.

And the step, the next after this were,

as you mentioned, is to move to a strategic and tactical asset allocation.

Many times, investors, they just talk about asset allocation and

will tell you that, in fact that's not an asset allocation but

two asset allocations you should be focusing on.

A strategic one and a tactical one.

>> We're also going to have a deeper look at the issues related to risk management.

In particular we're going to see that we an go

beyond the notion of standard deviation.

We can focus on what we call downside risk, the risk of extreme losses.

And we're going to discuss the financial tools that are used to manage

this type of risk.

And in particular, we are going to have an introduction to derivative securities and

their use in risk management.

[MUSIC]

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