Art of Asset Allocation Principles and Investment Strategies for Any Market

ISBN-10: 0071592946

ISBN-13: 9780071592949

Edition: 2nd 2008

Authors: David H. Darst
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Description: The fully revised classic on employing asset allocation techniques to grow real wealth A global leader and preeminent expert in asset allocation, David Darst delivers his masterwork on the topic. In a fully updated and expanded second edition of "The Art of Asset Allocation," Morgan Stanley's Chief Investment Strategist covers the historic market events, instruments, asset classes, and economic forces that investors need to be aware of as they create asset-building portfolios. He then explains how to use modern asset allocation concepts and tools to augment returns and control risks in a wide range of financial market environments. This completely revised edition shows how to achieve asset balance with the author's proven methods, decades of expertise, relevant charts, practical tools, and astute analyses. Known as the king of asset allocation, Darst brings his expertise to bear to provide complete asset class descriptions, identifying historical risk, return, and correlation characteristics for all major asset classes. Using actual data, he explains the differences between tactical and strategic asset allocation, outlines clear rebalancing guidelines, and includes an annotated guide to both traditional and Internet-based information sources. Praise for the first edition: "You want to be a better investor, a better client, or a better advisor? DEVOUR THIS BOOK NOW!"-James J. Cramer "David Darst is the expert on Asset Allocation. He has chosen to share his decades of practical experience in The Art of Asset Allocation, to the benefit of professional and individual investors alike."-Seth A. Klarman

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Book details

List price: $45.00
Edition: 2nd
Copyright year: 2008
Publisher: McGraw-Hill Companies, The
Publication date: 5/28/2008
Binding: Hardcover
Pages: 400
Size: 6.20" wide x 9.10" long x 1.26" tall
Weight: 1.628

Foreword
Preface
Understanding Asset Allocation
Essentials of Asset Allocation
Overview
Meanings of Asset Allocation
Foundations of Asset Allocation
The Risks and Rewards of Asset Allocation
Principal-Protection Assets and Principal-Growth Assets
The Effects of Inflation on Purchasing Power
The Asset-Allocation Process
Overview
Matching Asset Classes with Wealth Levels and Income Needs
Types of Asset Allocation
Intersections of Asset Allocation with Other Disciplines
The Mechanics of Asset Allocation
Asset-Allocation Tools and Concepts
Overview
Modern Portfolio Theory/Efficient Market Theory
Asset and Portfolio Returns
Asset and Portfolio Risk
Risk and Return
Assets' Returns and Correlations Caveats
Asset-Allocation Optimization Models
Asset-Allocation Optimization Software
Asset-Allocation Rebalancing
Overview
Rebalancing Principles
Advantages and Disadvantages of Rebalancing
Origins and Implications of Asset-Allocation Overweighting
Scope of Rebalancing
Special Considerations Involving Concentrated Positions
Rebalancing Methods
Asset-Allocation Drift-No Rebalancing
Rebalancing Sensitivity Analysis
Critical Success Factors in Rebalancing
Underpinnings of Asset Allocation
Individual Investor Behavior
Overview
Factors Affecting Individual Investors' Asset-Allocation Decisions
The Evolution of Individual Investors' Asset-Allocation Activity
Primary Determinants of Individual Investors' Asset Allocation
Strategic and Tactical Principles
Individual Investor Behavioral Characteristics
Financial Lessons from Market History
Insights from Behavioral Finance
Asset Class Characteristics
Distinguishing Qualities of Asset Classes
Overview
Asset Supercategories
Evaluating Asset Classes
Participants within Asset Classes
Asset Classes and Subasset Classes
Asset Class Descriptions
Asset Class Weightings and Uses
Analyzing Assets' Rates of Return
Overview
Organization of Returns Data
Assets' Annual Rates of Return by Groups of Years
Assets' Annual Rates of Return by Individual Years
Assets' Annual Rates of Return by Economic Environment
Rotating Returns Leadership Among Asset Classes
Equities Industry Sectors by Individual Years
Leading Companies by Equity Market Capitalization
Leading U.S. Companies' Rates of Return by Individual Years
Financial Markets Analysis and Investment Insights
Constructing an Analytical Framework
Overview
Societal Analysis
Market-Cycle Analysis
Scenario Analysis
Investor Satisfaction Analysis
Strategy Implementation Analysis
Comparative Financial Analysis
Financial Market Climate Analysis
Phases and Cycles in Asset Allocation
Tactics and Strategies
Asset-Allocation Matrices and Worksheets
Overview
Worksheets in the Asset-Allocation Process
Asset-Allocation Worksheets in Context
Drawbacks of Asset-Allocation Worksheets
Asset-Allocation Guidelines
Investors' Asset-Allocation Cycles
Sequencing of Market Outcomes
Asset-Allocation Matrices
Investor Profile Worksheet
Investment Outlook Worksheet
Investment Universe Worksheet
Risk Mitigation Matrices
Index
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