Managing Investment Portfolios A Dynamic Process

ISBN-10: 0470080140

ISBN-13: 9780470080146

Edition: 3rd 2007 (Revised)

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Description: This edition is organised to follow the flow of the portfolio management process from formulating an investment policy statement to portfolio construction, trade execution, and monitoring and rebalancing the portfolio.

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Book details

List price: $100.00
Edition: 3rd
Copyright year: 2007
Publisher: John Wiley & Sons, Incorporated
Publication date: 3/9/2007
Binding: Hardcover
Pages: 960
Size: 7.25" wide x 10.25" long x 2.25" tall
Weight: 3.740
Language: English

Peter L. Bernstein graduated magna cum laude from Harvard College with a degree in economics. After serving as a member of the research staff at the Federal Reserve Bank of New York and at the Office of Strategic Services in Washington, Bernstein joined the the Air Force, attaining the rank of captain serving in World War II, and assigned to the Office of Strategic Services. After the war, Bernstein taught economics for many years as an adjunct professor on the Graduate Faculty of the New School for Social Research in New York. In 1951, after teaching economics at Williams College and spending five years in commercial banking, Bernstein became Chief Executive of a nationally known investment counsel firm He retired in 1973 to launch Peter L. Bernstein, Inc. Bernstein was the first Editor of The Journal of Portfolio Management in 1974,and is now Consulting Editor of the Journal. He served on the Visiting Committee to the Economics Department at Harvard University, as a Trustee and member of the Finance Committee of the College Retirement Equities Fund, and as a Trustee of the Investment Management Workshop sponsored by the Association for Investment Management & Research. Bernstein is the author of nine books in economics and finance and he has also written articles in professional journals such as The Harvard Business Review and the Financial Analysts Journal, and in the press, including The New York Times, The Wall Street Journal, Worth Magazine, and Bloomberg publications. He has contributed to collections of articles published by Perseus and FT Mastering. He is also a lecturer on risk management, asset allocation, portfolio strategy, and market history. Bernstein has received three major awards from the Association for Investment Management & Research, which include; The Award for Professional Excellence, The Graham & Dodd Award, given annually for the outstanding article in the Financial Analysts Journal for the previous year, and The James R. Vertin Award, recognizing individuals who have produced a body of research notable for its relevance and enduring value to investment professionals.

Foreword
Preface
Acknowledgments
Introduction
The Portfolio Management Process and the Investment Policy Statement
Introduction
Investment Management
The Portfolio Perspective
Portfolio Management as a Process
The Portfolio Management Process Logic
The Planning Step
The Execution Step
The Feedback Step
A Definition of Portfolio Management
Investment Objectives and Constraints
Objectives
Constraints
The Dynamics of the Process
The Future of Portfolio Management
The Ethical Responsibilities of Portfolio Managers
Managing Individual Investor Portfolios
Introduction
CaseStudy
The Inger Family
Inger Family Data
Jourdan's Findings and Personal Observations
Investor Characteristics
Situational Profiling
Psychological Profiling
Investment Policy Statement
Setting Return and Risk Objectives
Constraints
An Introduction to Asset Allocation
Asset Allocation Concepts
Monte Carlo Simulation in Personal Retirement Planning
Managing Institutional Investor Portfolios
Overview
PensionFunds
Defined-Benefit Plans: Background and Investment Setting
Defined-Contribution Plans: Background and Investment Setting
Hybrid and Other Plans
Foundations and Endowments
Foundations: Background and Investment Setting
Endowments: Background and Investment Setting
The Insurance Industry
Life Insurance Companies: Background and Investment Setting
Non-Life Insurance Companies: Background and Investment Setting
Banks and Other Institutional Investors
Banks: Background and Investment Setting
Other Institutional Investors: Investment Intermediaries
Capital Market Expectations
Introduction
Organizing the Task: Framework and Challenges
A Framework for Developing Capital Market Expectations
Challenges in Forecasting
Tools for Formulating Capital Market Expectations
Formal Tools
Survey and Panel Methods
Judgment
Economic Analysis
Business Cycle Analysis
Economic Growth Trends
Exogenous Shocks
International Interactions
Economic Forecasting
Using Economic Information in Forecasting Asset Class Returns
Information Sources for Economic Data and Forecasts
Asset Allocation
Introduction
What is Asset Allocation?
The Role of Strategic Asset Allocation in Relation to Systematic Risk
Strategic versus Tactical Asset Allocation
The Empirical Debate on the Importance of Asset Allocation
Asset Allocation and the Investor's Risk and Return Objectives
Asset-Only and Asset/LiabilityManagement Approaches to Strategic Asset Allocation
Return Objectives and Strategic Asset Allocation
Risk Objectives and Strategic Asset Allocation
Behavioral Influences on Asset Allocation
The Selection of Asset Classes
Criteria for Specifying Asset Classes
The Inclusion of International Assets (Developed and Emerging Markets)
Alternative Investments
The Steps in Asset Allocation
Optimization
The Mean-Variance Approach
The Resampled Efficient Frontier
The Black-Litterman Approach
Monte Carlo Simulation
Asset/Liability Management
Experience-Based Approaches
Implementing the Strategic Asset Allocation
Implementation Choices
Currency Risk Management Decisions
Rebalancing to the Strategic Asset Allocation
Strategic Asset Allocation for Individual Investors
Human Capital
Other Considerations in Asset Allo
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