,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)
, Dedicated to My Family:
Sandi, Tyler, Erika, Dylan, and Drew
Mom and Dad: Sue and Curt
Brothers: Mike and Ken
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)
, Dedicated to My Family:
Sandi, Tyler, Erika, Dylan, and Drew
Mom and Dad: Sue and Curt
Brothers: Mike and Ken
