Intelligent Asset Allocator
From Bogleheads
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| Title: | The Intelligent Asset Allocator |
| Author: | William Bernstein |
| Publisher: | McGraw-Hill |
| Publication date: | Hardcover: September 2000 |
| Pages: | 206 pp (Hardcover) |
| ISBN: | 978-0071362368(Hardcover) |
Contents |
The Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risk
Overview
About the Authors
William Bernstein is the author of The Four Pillars, and publishes articles on portfolio theory on his website Efficient Frontier.
Table of Contents
Chapter 1: General Considerations
Chapter 2: Risk and Return
Chapter 3: The Behavior of Multiple-Asset Portfolios
Chapter 4: The Behavior of Real-World Portfolios
Chapter 5: Optimal Asset Allocation
Chapter 6: Market Efficiency
Chapter 7: Odds and Ends
Chapter 8: Implementing Your Asset Allocation Strategy
Chapter 9: Investment Resources
| "Market timing and security selection are obviously important. The problem is that nobody achieves long-term success in the former, and almost nobody in the latter. Asset allocation is the only factor affecting your investments you can actually influence." | |
| -- The Intelligent Asset Allocator, preface | |
Appendix A: Becoming Your Own Portfolio Analyst
Appendix B: Correlation Coefficients Among Asset Classes
Book Summary
The first two chapters provide an overview of risk, standard deviation, and return, and discusses historical risk/return of T-bills, treasuries, stocks, REITS, small and value stocks, international, emerging markets stocks, and precious metals.
The next two chapters discuss correlation, and how mixing assets can improve risk-adjusted returns. It also talks about the efficient frontier.
Chapter 5 talks about constructing a portfolio, taking into account the investors risk-tolerance and desire for simplicity. It mentions the diminishing returns as additional asset classes are added. Several sample portfolios are outlined.
Chapter 6 talks about efficient markets, active management, taxes and concludes that indexing is the most rational way to invest.
Chapter 7 discusses value investing and the three factor Fama and French model, and also talks about currency risk and hedging.
Chapter 8 goes into more detail of model portfolios, using DFA and Vanguard funds. Tax implications are discussed, and both simple and more complex portfolio models are offered.
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