Prelims

Half Title Page

THE H. KENT BAKER INVESTMENTS SERIES

THE SAVVY INVESTOR’S GUIDE TO BUILDING WEALTH THROUGH ALTERNATIVE INVESTMENTS

Title Page

THE H. KENT BAKER INVESTMENTS SERIES

THE SAVVY INVESTOR’S GUIDE TO BUILDING WEALTH THROUGH ALTERNATIVE INVESTMENTS

BY

H. KENT BAKER

American University, USA

GREG FILBECK

Penn State Behrend, USA

AND

ANDREW C. SPIELER

Hofstra University, USA

United Kingdom – North America – Japan – India – Malaysia – China

Copyright Page

Emerald Publishing Limited

Howard House, Wagon Lane, Bingley BD16 1WA, UK

First edition 2021

Copyright © 2021 H. Kent Baker, Greg Filbeck, and Andrew C. Spieler. Published under an exclusive license by Emerald Publishing Limited.

Reprints and permissions service

Contact: permissions@emeraldinsight.com

No part of this book may be reproduced, stored in a retrieval system, transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise without either the prior written permission of the publisher or a licence permitting restricted copying issued in the UK by The Copyright Licensing Agency and in the USA by The Copyright Clearance Center. No responsibility is accepted for the accuracy of information contained in the text, illustrations or advertisements. The opinions expressed in these chapters are not necessarily those of the Author or the publisher.

British Library Cataloguing in Publication Data

A catalogue record for this book is available from the British Library

ISBN: 978-1-80117-138-0 (Print)

ISBN: 978-1-80117-135-9 (Online)

ISBN: 978-1-80117-137-3 (Epub)

Contents

List of Figures

List of Tables

About the Authors

H. Kent Baker, DBA, PhD, CFA, CMA, is a University Professor of Finance in the Kogod School of Business at American University. He is an award-winning author/editor who has published 38 books and more than 300 articles and other publications. He is among the top 1% of the most prolific authors in finance. He serves on numerous editorial boards and is the editor of two investment book series. He is internationally known for his work in investor behavior, financial markets and investments, and survey research. He has consulting and training experience with more than 100 organizations in the United States, Canada, and Europe. He was the President of the Southern Finance Association and has received numerous research, teaching, and service awards, including the Southern Finance Association’s 2019 Distinguished Scholar and American University’s Scholar/Teacher of the Year.

Greg Filbeck, DBA, CFA, FRM, CAIA, CIPM, FDP, PRM, holds the Samuel P. Black III Professor of Finance and Risk Management at Penn State Behrend and serves as Director of the Black School of Business. Before joining the faculty at Penn State Behrend in 2006, he served as Senior Vice President of Kaplan Schweser from 1999 to 2006. He also held academic appointments at Miami University (Ohio) and the University of Toledo, where he also served as the Associate Director of the Center for Family Business. He has authored or edited 14 books and published more than 105 refereed academic journal articles. He served as President of the CFA Society Pittsburgh from 2014 to 2018 and was President of the Southern Finance Association from 2015 to 2016.

Andrew C. Spieler, PhD, CFA, FRM, CAIA, is the Robert F. Dall Distinguished Professor of Business and Professor of Finance in the Frank G. Zarb School of Business at Hofstra University. He is the founder of Advanced Quantitative Consulting. He has published over 60 articles, book chapters, and books on real estate, fixed income, hedge funds, and behavioral finance. He received three “Best Paper” awards from the American Real Estate Society. He was also the recipient of two “Distinguished Teacher of the Year” and two “Researcher of the Year” awards at Hofstra University. He is the co-director for the annual conference sponsored by the Breslin Real Estate Center. The Wall Street Journal, New York Times, MSNBC, ABC News, Fox News, and others often quote him.

Acknowledgments and Dedication

“Writing is easy. All you have to do is cross out the wrong words.”

Mark Twain

In writing The Savvy Investor’s Guide to Building Wealth Through Alternative Investments, we kept Mark Twain’s comment in mind. Hopefully, we crossed out the wrong words and kept the right ones. However, the publication of this book was a team effort. Everyone at Emerald Publishing involved with this book provided exceptional guidance, especially Charlotte Maiorana (Vice President), Hayley Coulson (Content Development Editor), and Lidiya Prince (Copy Editor). We also owe our respective institutions – the Kogod School of Business at American University, the Black School of Business at Penn State Behrend, and the Frank G. Zarb School of Business at Hofstra University – a debt of gratitude. Finally, we thank our families for their support and understanding: Linda and Rory Baker; Mickey, Judy, Janis, Aaron, Andrea, Kyle, and Grant Filbeck; Terry, Harrison, Teresa, Robin, Kate, and Hudson Spieler.