Deep Risk: How History Informs Portfolio Design
- ISBN-10
- 0988780313
- ISBN-13
- 9780988780316
- Category
- Asset allocation
- Pages
- 56
- Language
- English
- Published
- 2013-08
- Author
- William J. Bernstein
Description
This booklet takes portfolio design beyond the familiar "black box" mean-variance framework. Most importantly, the short-term volatility of financial assets, commonly measured as standard deviation, is a highly imperfect measure of the actual long-horizon perils faced by real-world investors subject to the vagaries of financial and military history. These risks have names--inflation, deflation, confiscation, and devastation--and any useful discussion of portfolio design of necessity incorporates their probabilities, consequences, and costs of mitigation ... This booklet contains ... with luck, a framework within income and all-equity portfolios. This booklet contains ... with luck, a framework within which to think more clearly about risk. Note: the entire Investing for Adults series is not for beginners.
Get the book
Similar books
-
Guide to Asset Allocation
By Virginia B. MorrisGuide to Asset Allocation
-
投资的四大支柱: 建立长赢投资组合的关键
By William J. Bernstein, 汪涛, 郭宁投资的四大支柱: 建立长赢投资组合的关键
-
投資金律: 建立獲利投資組合的4大關鍵和14個關卡
By 伯恩斯坦, William J. Bernstein, 黃逸華投資金律: 建立獲利投資組合的4大關鍵和14個關卡
-
The Ages of the Investor: A Critical Look at Life-Cycle Investing
By William J. Bernstein'The Ages of the Investor: A Critical Look at Life-cycle Investing'[is] a look beyond the "Age equals bonds" rule towards an asset allocation framework that changes qualitatively, as well as quantitatively, as the investor navigates his or ...
-
Skating Where the Puck Was: The Correlation Game in a Flat World
By William J. BernsteinCovers navigating the global investment landscape and provides a way of thinking about diversification.
-
Rational Expectations: Asset Allocation for Investing Adults
By William J. BernsteinRational Expectations is a clean sheet of paper in the wonky world of quantitatively based asset allocation aimed at small investors.
-
Investment Alchemy: An Investors Guide to Asset Allocation
By Guy E. Baker, Rick JensenInvestment Alchemy: An Investors Guide to Asset Allocation
-
Asset Management: Adding Value to Asset Dependent Businesses
By Chris Lloyd, Michael CorcoranThis collection will challenge asset management professionals to engage more effectively with business leaders and academia.
-
Multi-asset Strategies: The Future of Investment Management
By Larry CaoMulti-asset Strategies: The Future of Investment Management
-
Understanding Asset Allocation: An Intuitive Approach to Maximizing Your Portfolio (paperback)
By Victor A. CantoThis book is about effective asset allocation.