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An accessible guide to portfolio-enhancing asset management in bull or bear markets
Asset allocation is a crucial and continually popular topic among investors of all types. The Art of Asset Allocation is a practical, hands-on guide that shows finance professionals and individual investors how to achieve an asset balance designed to thrive in a wide range of financial market environments. David Darst, author of the highly acclaimed The Complete Bond Book, provides a comprehensive framework for using asset allocation principles in bull, bear, or non-trending markets. This complete asset allocation guide contains:
- Differences between tactical and strategic asset allocation--and the advantages of each
- Effective tools for determining asset allocation strategies
- Asset class descriptions and historical risk and return statistics for all major asset classes
- Rebalancing guidelines
- Investor behavior analysis
- Practical financial worksheets, charts, and other illustrative tools
- An annotated guide to traditional and Internet-based information sources
- Sales Rank: #1979394 in Books
- Published on: 2003-04-25
- Original language: English
- Number of items: 1
- Dimensions: 8.90" h x 1.40" w x 6.10" l, .0 pounds
- Binding: Hardcover
- 400 pages
- Autographed
- Inscribed "With every good wish"
- Dust Jacket
- Clean and Unused
From the Back Cover
The All-in One Guidebook for Understanding--and Profiting From--Today's Most Up-to-Date, Market-Proven Asset Allocation Strategies
All investing constitutes a trade-off between the returns you seek and the risks you are willing to take. Asset allocation involves the spreading of those risks in order to minimize their potential impact. Too often, however, even minor misuse of asset allocation principles can adversely affect portfolio performance--and lead advisors and investors to disregard the very tools they need to get their portfolios back on track.
The Art of Asset Allocation is today's most comprehensive and hands-on guidebook for using asset allocation principles to dramatically improve the performance of virtually any portfolio. Written by one of today's top asset allocation practitioners and experts, it provides you with:
- A comprehensive explanation of the asset allocation process
- Clear, readily graspable diagrams and illustrations
- Step-by-step guidelines for choosing the best asset allocation strategies
- Descriptions of the risks and rewards of all the major asset classes
- Insights into behavioral influences on investors' decision-making
- Analysis of important asset allocation rebalancing techniques
- Detailed matrices and worksheets for determining optimal asset allocations
Asset allocation can be used by anyone, regardless of background, to aim for successful returns and protect those returns in today's changing marketplace. Let The Art of Asset Allocation provide you with everything you need to make allocation a key part of your overall investment strategy, and reduce or eliminate costly shortfalls in both your short- and long-term portfolio performance.
"Unique in its coverage and innovativeness, The Art of Asset Allocation furnishes a comprehensive array of tools, charts, illustrations, matrices, worksheets, and practical guidance designed to illuminate: (i) the basic principles of asset allocation; (ii) the mechanics of asset allocation, (iii) the behavioral underpinnings of asset allocation; (iv) the essential characteristics of each of the 16 major asset classes; (v) a series of approaches to financial markets analysis; and (vi) matrices and worksheets designed to successfully carry out asset allocation on an ongoing basis..."--From the Foreword
Asset allocation has long been a popular tool among financial professionals for improving risk-adjusted return in all market environments. But new tools, asset classes, and approaches have profoundly transformed the allocation process, with critical implications for everyone from investors with relatively modest portfolios to high-asset individuals and professional advisors responsible for tens or hundreds of millions of dollars.
The Art of Asset Allocation details how you can use modern asset allocation concepts and tools to augment returns and control risks in every market climate--bull, bear, or non-trending. This all-encompassing book will provide you with the knowledge you need to most effectively employ modern asset allocation techniques, whether you are a newcomer to asset allocation and read the book from cover to cover or an experienced asset allocator seeking primarily to update your body of knowledge on the topic. In-depth treatment is given to all aspects of effective asset allocation, including:
- Basic meanings, principles, and pathways of asset allocation
- Dozens of clear and insightful charts and illustrations
- Mechanics and frameworks of asset allocation
- Analyzing assets' rates of return and the behavioral underpinnings of asset allocation
- Essential risk and reward characteristics of each of the 16 major asset classes
- A series of approaches to financial markets analysis and rebalancing
- Worksheets to profile the investor, the investment outlook, and potential investments
Successful long-term investment performance is rarely a matter of luck or timing. Rather, it is a function of thoughtfully and prudently choosing a portfolio of investments to minimize risk while maximizing return, and strategically and tactically rebalancing assets to reflect changing markets, the creation of new asset classes, and the global investment outlook. In a logical and straightforward way, The Art of Asset Allocation can show you how to use asset allocation to improve your portfolio performance, regardless of your investment time frame or portfolio size, in every market environment.
About the Author
David Darst is a CFA Charterholder, a member of the New York Society of Security Analysts, a Managing Director and Chief Investment Officer for Morgan Stanley Private Wealth Management, with responsibility for asset allocation and investment strategy, and was the founding President of the Morgan Stanley Investment Group. A highly sought speaker, Darst also wrote The Complete Bond Book and The Handbook of the Bond and Money Markets. A graduate of Yale University and Harvard Business School, where he has served as a visiting faculty member, Darst has authored numerous articles which have appeared in financial publications including Barron's, Euromoney, and The Money Manager.
Most helpful customer reviews
3 of 4 people found the following review helpful.
Eminently readable and extremely useful and user friendly.
By Patricia H. Nadosy
This is the premier primer on asset allocation. David Darst takes a truly complex issue facing every investor and breaks the whole into easily digestible parts. One finishes the book feeling confident and competent. The worksheets are illuminating, the charts are clear, the text is articulate, interesting and comforting. Anyone who is afraid of the daunting task of investing in this complex world of derivatives and ETFs and hedge funds will find this book a clear map of how to proceed in small steps to create a portfolio which is geared towards one's own risk parameters and return requirements.
14 of 19 people found the following review helpful.
genius
By iheartWallStreet
I think some of the other reviewers are missing the point of this book. Does he suggest an advisor?, yes. Do you absolutely need an advisor?, no. But if you were sued tomorrow for all that you had, would you crack open the law books and get ready for court or would you hire someone who is a professional. Now I will admit the area of financial advice is laden with salespeople...there are bad doctors, lawyers(that goes without saying...haha), even teachers, and priests....but there are also people who know what they are doing and talking about. I think it would be useful to you to read this book, not trying to become an expert, but rather to serve as your guide to find an expert. This book will teach you the jargon and philosophy of a prudent investor...ask a few questions from the book and quickly you will see who is an advisor and who is a salesperson.
and For those of you on the real estate kick let me remind of three things...1) history is a good teacher, while not perfect history does show more reward for equities than real estate but buy at least one house, 2)things always revert to the mean (if you don't know what this means please buy this book now), 3) this time is NOT different. And yes my house has doubled in the last two years too. Find great investors and learn from them.
34 of 40 people found the following review helpful.
Too many generalities and not enough useful information
By Robert Happek
This is a well written book which is easy to read. However, if you wish to learn how to allocate your capital among the many different asset classes, this book is a great disappointment. After reading all the 396 pages, I still do not know how to allocate my savings. The author lists and explains well what the principal asset classes are, but when it comes to the question how to actually allocate the given capital, the ultimate advice seems to boil down to the empty statement "according to your own personal preferences". Asset allocation is indeed an art and not a science. It depends on a very large number of factors which the author explains well. Evaluating these factors is ultimately left to intuition. The whole process is described using a lofty language like "Self-Awareness, management of feelings, motivation, empathy, confidence, intentionality, self-control" (page 199).
The greatest deficiency of the book is however the emphasis on diversification among financial assets (stocks, bonds, commodities). Farmland, precious metals and other alternative assets are mentioned but not treated fully. Furthermore, no attention is given to the fact that maintaining and rebalancing a portfolio of various assets is expensive (in terms of transaction costs and life-time involved). To sum up: I regret having bought this book.
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