,
,The Investment Advisor Body
of Knowledge
Readings for the CIMA® Certification
IMCA® INVESTMENT MANAGEMENT
CONSULTANTS ASSOCIATION
, Cover image: © iStock.com / TarapongS
Cover design: Wiley
Copyright © 2015 by Investment Management Consultants Association. All rights reserved.
Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
Published simultaneously in Canada.
Excerpts from the following were reprinted with permission:
ActiveBeta Indexes: Capturing Systematic Sources of Active Equity Returns by Khalid Ghayur, Ronan G.
Heaney, Stephen A. Komon, Stephen C. Platt, and Andrew W. Lo. Copyright © 2010 by Khalid Ghayur,
Ronan G. Heaney, Stephen A. Komon, and Stephen C. Platt. Reproduced with permission of John
Wiley & Sons, Inc.
Behavioral Finance and Wealth Management: How to Build Optimal Portfolios That Account for Investor
Biases, Second Edition by Michael Pompian. Copyright © 2012 by Michael M. Pompian. Reproduced
with permission of John Wiley & Sons, Inc.
“Dynamic Risk-Based Asset Allocation” by Kris Boudt, Joakim Darras, and Benedict Peeters.
Copyright © 2013 by Wilmott Magazine Ltd. Reproduced with permission.
Financial Advice and Investment Decisions: A Manifesto for Change by Jarrod W. Wilcox and Frank J.
Fabozzi. Copyright © 2013 by John Wiley & Sons, Inc. Reproduced with permission of John Wiley &
Sons, Inc.
(Credits continued on page 1135)
No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form
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written permission of the Publisher, or authorization through payment of the appropriate per-copy fee
to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax
(978) 646-8600, or on the Web at www.copyright.com. Requests to the Publisher for permission should
be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ
07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions.
Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in
preparing this book, they make no representations or warranties with respect to the accuracy or
completeness of the contents of this book and specifically disclaim any implied warranties of
merchantability or fitness for a particular purpose. No warranty may be created or extended by sales
representatives or written sales materials. The advice and strategies contained herein may not be
suitable for your situation. You should consult with a professional where appropriate. Neither the
publisher nor author shall be liable for any loss of profit or any other commercial damages, including
but not limited to special, incidental, consequential, or other damages.
For general information on our other products and services or for technical support, please contact our
Customer Care Department within the United States at (800) 762-2974, outside the United States at (317)
572-3993 or fax (317) 572-4002.
Wiley publishes in a variety of print and electronic formats and by print-on-demand. Some material
included with standard print versions of this book may not be included in e-books or in
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you purchased, you may download this material at http://booksupport.wiley.com. For more information
about Wiley products, visit www.wiley.com.
ISBN 978-1-118-91232-4 (Paperback)
ISBN 978-1-118-91241-6 (ePDF)
ISBN 978-1-118-91234-8 (ePub)
Printed in the United States of America
10 9 8 7 6 5 4 3 2 1
,The Investment Advisor Body
of Knowledge
Readings for the CIMA® Certification
IMCA® INVESTMENT MANAGEMENT
CONSULTANTS ASSOCIATION
, Cover image: © iStock.com / TarapongS
Cover design: Wiley
Copyright © 2015 by Investment Management Consultants Association. All rights reserved.
Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
Published simultaneously in Canada.
Excerpts from the following were reprinted with permission:
ActiveBeta Indexes: Capturing Systematic Sources of Active Equity Returns by Khalid Ghayur, Ronan G.
Heaney, Stephen A. Komon, Stephen C. Platt, and Andrew W. Lo. Copyright © 2010 by Khalid Ghayur,
Ronan G. Heaney, Stephen A. Komon, and Stephen C. Platt. Reproduced with permission of John
Wiley & Sons, Inc.
Behavioral Finance and Wealth Management: How to Build Optimal Portfolios That Account for Investor
Biases, Second Edition by Michael Pompian. Copyright © 2012 by Michael M. Pompian. Reproduced
with permission of John Wiley & Sons, Inc.
“Dynamic Risk-Based Asset Allocation” by Kris Boudt, Joakim Darras, and Benedict Peeters.
Copyright © 2013 by Wilmott Magazine Ltd. Reproduced with permission.
Financial Advice and Investment Decisions: A Manifesto for Change by Jarrod W. Wilcox and Frank J.
Fabozzi. Copyright © 2013 by John Wiley & Sons, Inc. Reproduced with permission of John Wiley &
Sons, Inc.
(Credits continued on page 1135)
No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form
or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as
permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior
written permission of the Publisher, or authorization through payment of the appropriate per-copy fee
to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax
(978) 646-8600, or on the Web at www.copyright.com. Requests to the Publisher for permission should
be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ
07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions.
Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in
preparing this book, they make no representations or warranties with respect to the accuracy or
completeness of the contents of this book and specifically disclaim any implied warranties of
merchantability or fitness for a particular purpose. No warranty may be created or extended by sales
representatives or written sales materials. The advice and strategies contained herein may not be
suitable for your situation. You should consult with a professional where appropriate. Neither the
publisher nor author shall be liable for any loss of profit or any other commercial damages, including
but not limited to special, incidental, consequential, or other damages.
For general information on our other products and services or for technical support, please contact our
Customer Care Department within the United States at (800) 762-2974, outside the United States at (317)
572-3993 or fax (317) 572-4002.
Wiley publishes in a variety of print and electronic formats and by print-on-demand. Some material
included with standard print versions of this book may not be included in e-books or in
print-on-demand. If this book refers to media such as a CD or DVD that is not included in the version
you purchased, you may download this material at http://booksupport.wiley.com. For more information
about Wiley products, visit www.wiley.com.
ISBN 978-1-118-91232-4 (Paperback)
ISBN 978-1-118-91241-6 (ePDF)
ISBN 978-1-118-91234-8 (ePub)
Printed in the United States of America
10 9 8 7 6 5 4 3 2 1
