Even a cursory glance at The Wall Street Journal reveals a bewildering collection of securities, markets, and financial institutions.  Although it may appear so, the current financial environment is not chaotic: There is a rhyme and reason behind the vast array of financial instruments and the markets in which they trade.

Active Investment Managers take in on faith that markets are not always efficient and that, at least occassionally, bargains are to be found in security markets.  This course examines the activities of these innovative Investment Managers and attempts to answer the following questions:

1. How valuable is the ability to time markets.
2. How might we test whether we actually have the ability to time markets.
3. How can we evaluate our performance if we engage in both market timing and security selection?