Smarter Investing
by Tim Hale · 2 Sep 2014 · 332pp · 81,289 words
do-it-yourself option 10.4 Don’t forget about tax Part 5: Smarter insight 11 Smarter insight – on-menu assets 11.1 Return Engine asset classes 11.2 Core return – developed equity markets 11.3 Return enhancer – emerging market equities 11.4 Return enhancer – value equities 11.5 Return enhancer –
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smaller companies 11.6 Commercial property – a diversifier 11.7 Defensive asset classes 11.8 Inflation-linked bonds 11.9 Shorter-dated (conventional) bonds 12 Smarter insight – off-menu assets 12.1 Hedge funds 12.2 Private equity
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buying and then holding it), by making investment decisions during your investment lifetime that move your portfolio away from this long-term mix of investments, asset classes and securities. Ultimately you face a choice: either try to identify an active manager who, through either personal skill or a robust investment process,
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their careers as active managers.’ Opportunities abound for the active manager Active managers have a wide range of opportunities to deliver above-market returns: many asset classes to switch between; the choice of domestic and non-domestic markets and currencies; and a very wide number of securities to pick from. On
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for including building blocks The criteria for inclusion fall into two main categories: those relating to the investment characteristics of the asset class and those that concern the ability of the asset class (i.e. the risks you want to take) to be replicated effectively. Let us look at the first category. Criterion
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1: Market-based returns The returns of the asset class should rely on market-based returns and not manager skill. This comes back to the active versus passive debate that we hopefully settled in Chapter
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broad market; or it should do a good job of reducing equity market risk. Remember that the risk of owning an asset class needs to be adequately compensated. Additionally, some asset classes do a better job at protecting wealth in different situations, such as unanticipated inflation, deflation or simply when the world is
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Return capture Products that cleanly replicate these characteristics should be available given the level of your assets and circumstances. There is little point pursuing an asset class or investment strategy that you cannot access effectively either because the minimum economic investment is too high or access to the assets is based upon
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this point in more depth later. Filtering out the good from the bad In Table 6.4, you will see a summary of how different asset classes stack up against these criteria. Many investment professionals, advisers and individual investors, perhaps including you, may disagree. You need to have strong and defensible
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for doing so and evidence to back up your case. The evidence used is explored in the individual asset class summaries and discussion later in the book. Table 6.4 Defining the asset class menu Asset class assumptions Tables 6.5 and 6.6 provide a reasonable set of forward looking assumptions for the building
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may exhibit. These are simply reasonable guesses and you should probably model in some more disappointing outcomes into your plans. Table 6.5 On-menu asset class assumptions – return and risk Building block Expected real return Premium Risk Growth-oriented, risky assets Developed equity markets 5% p.a. 20% Emerging equity
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-dated bonds (AA min) 1% 5% Shorter-dated inflation linked bonds (AA min) 0.5% 8% Table 6.6 Correlations between asset classes References Bernstein, W. J. (2000) ‘The 15-Stock Diversification Myth’ (www.efficientfrontier.com). Breakwell, G. and Barnett, J. (2007) The Psychology of Risk: An Introduction. Cambridge University Press, p.
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smarter investing approach is to keep things robust, transparent and simple, resulting in effective and survivable portfolios. We have already selected a sensible menu of asset classes to use, in the previous chapter. 7.1 The past is eventful, the future is uncertain You only need to look back at the
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and its time. In summary, the goal when constructing portfolios is to create a basket of risks that is: Broadly diversified across securities, markets and asset classes (e.g. equities, bonds). Offers a robust and attractive (‘efficient’ to use the industry jargon) relationship between risk and reward. Exhibits a range and
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of combining asset classes whose return patterns are not exactly similar (i.e. they are imperfectly correlated) is to increase the return of a portfolio without increasing its bumpiness of returns, or alternatively to keep the same level of return and decrease the bumpiness of returns. This phenomena of diversification was first
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flavour from a number of single malts that is robust and will remain consistent over time. That is our risky mix of growth/return oriented asset classes that meet our selection criteria. Whilst some will drink their Scotch neat, others, depending on their palate and desire to avoid ill effects, will
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4: Will you include other asset classes to diversify equity market risk, such as commercial property? (Note that this is distinct from adding defensive assets to this risk basket.) Issue 5: Should you take on non-GBP (or other base currency) currency exposure? Issue 1: Global diversification For many investors, when they
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equity exposure with defensive assets. Read up about each in Chapter 12 and make your own mind up. The degree to which each asset class helps to smooth the portfolio returns, i.e. how effective their diversification benefit is, depends on how highly correlated their returns are. If you could find four uncorrelated
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asset classes with equity-like returns, you could halve the risk of the portfolio without giving up any return. The problem lies in finding them!
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enough to make a difference, but not too large as you will be forgoing the higher expected returns from equities which you are having to shed to accommodate the diversifying asset class. An allocation in the region
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provide some potential diversification benefit in an equity-oriented portfolio. They also tend to have low correlations between each other. Finally, currency movements have volatility more akin to equities than bonds. How do you handle currency risk? The easy starting point is to avoid currency exposure in your defensive asset classes by owning
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same, when measured by volatility, it appears that the downside impact of the worst-case periods has been reduced by the diversification into other asset classes. Returns have stood up well. Diversification is a tool worth using. Smarter investing requires that you simply stack the odds of success in your favour by making sensible
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decisions along the way. Level 3: Given our expected return and risk assumptions Finally, we can estimate, based on the long-term asset class
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assumptions that we make about each asset class
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certainty, to act as havens of safety and liquidity, with commensurate positive consequences for yields (down) and prices (up) as investors flood into this asset class. David Swensen of the Yale University endowment fund makes this point clearly. ‘Only high quality, long-term bonds perform well in times of severe stress
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(113 year) outcomes using UK cash and UK equities from the Barclays Equity Gilt Study; outcomes since 1980, a reasonable starting date for the asset classes we have selected (note that bond returns have been far higher than history and expectation); and expected returns based on the return assumptions made in
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3. The portfolio returns have been shown after the effects of inflation, but before other costs. They have also been rebalanced (i.e. their asset class weightings have been returned to their original allocation) once a year. Again no transaction costs have been deducted. 8.3 Smarter Portfolio insights On the
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not too hard with a bit of guidance. At this point you will have selected your Smarter Portfolio and chosen the level of home bias, asset class diversification and return tilts that you feel most comfortable with. Now you need to decide how you can best replicate the risk factors that you want
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the medium-sized and smaller companies. The same applies to exchange-traded funds; make sure you know what they are replicating. Table 9.1 Asset class benchmarks RETURN ENGINE ASSETS MARKET PROXY BENCHMARK Broad market exposure UK equity market FTSE All Share Index (not the FTSE 100) World ex-UK equities
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Value Index MSCI World Index Value Global smaller companies equity FTSE Global Equity Index Series Small Cap Index MSCI World Small Cap Index Non-equity asset classes Global commercial real estate FTSE EPRA/NAREIT Global Real Estate Series Developed Index FTSE EPRA/NAREIT Global Dividend Plus Index RETURN ENGINE ASSETS MARKET
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fundamental purpose of rebalancing lies in controlling risk, not enhancing return. Rebalancing trades keeps portfolios at long-term policy targets by reversing deviations resulting from asset class performance differentials. Disciplined rebalancing activity requires a strong stomach and serious staying power.’ He makes the point that in a severe bear market such
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allocate new contributions into the building block that is underweight. By doing so you can avoid having to crystallise any capital gains in the outperforming asset classes you own. Even if you are not contributing regularly, your portfolio will be throwing off cash in the form of dividends from your shares
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Smarter insight – off-menu assets Here you find a balanced view of the challenges and issues that you face in investing in these more esoteric asset classes and strategies. The guile of marketing departments tend to illuminate the upside possibilities, but reality is a tougher master. Hopefully you will be able to
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: Data from Morningstar EnCorr. All rights reserved. Dimensional Fund Advisers Table 11.1 summarises the return and risk of each of these Return Engine asset classes. The one thing that you will notice is that all of them have delivered reasonable inflation plus returns as might be expected, but each is
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hedge fund world is a sophisticated arena. A number of attributes make hedge funds superficially appealing: the promise of returns that are uncorrelated to traditional asset classes; a focus on making and protecting client money; the freedom and flexibility to be long or short of the market, i.e., they can
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these figures in order to make an apples-to-apples comparison to public equity market returns. While leverage can act both ways, in a risk asset class, over time it can be expected to increase returns. It is interesting to note that private equity investment trusts performed significantly worse (–1.3%)
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excess return evidenced. The rebalancing bonus alone and the uncorrelated nature of the basket’s returns to equities and bonds make this a potentially attractive diversification asset class in the context of a portfolio. The conclusions that can be drawn from the research are as follows: commodities do not offer investors a consistent
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want to see what a leading investment team is doing and to understand the role and drawbacks of a wide range of traditional and alternative asset classes. This is the most technical of the four books, but still easily understandable. Appendix 1: Your risk profile As you have already discovered, emotions
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-linked USA treasuries British Venture Capital Association (BVCA) broad equity market Buffett, Warren, 2nd, 3rd, 4th, 5th, 6th, 7th on gold building blocks see asset classes/building blocks bull markets buy high, sell low buy-and-hold strategy, 2nd, 3rd, 4th and taxes BVCA (British Venture Capital Association) California Public Employees
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) risk, 2nd, 3rd currency non-GBP currency exposure, 2nd defensive asset classes portfolio construction risk and return derivatives and structured products and tracking error developed global equity markets future returns past returns developed markets diversification within DFA (Dimensional Fund Advisors), 2nd, 3rd distribution shares diversification, 2nd, 3rd, 4th, 5th global, 2nd, 3rd, 4th,
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gold hedge funds, 2nd, 3rd private equity, 2nd structured products, 2nd on-menu assets, 2nd, 3rd bonds commercial property defensive asset classes developed global equity markets emerging markets Return Engine asset classes smaller companies value equities online brokerage accounts, 2nd, 3rd, 4th, 5th administration optimisation software passive investors, 2nd fund costs index lifestyle
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), 2nd, 3rd, 4th, 5th return and risk characteristics, 2nd residual risk retirement, investing for, 2nd estimating how much to save return capture Return Engine asset classes developed global equity markets performance portfolio construction, 2nd returns and the average investor bonds conventional inflation-linked commodity futures developed global equity markets emerging markets
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time-weighted value equities see also risk and return risk, 2nd, 3rd, 4th bonds, 2nd choices of asset classes currency risk defensive assets equity risk, 2nd, 3rd five key investment risk factors and global diversification handling and hazards limited choices market risk, 2nd and portfolio choices REITs, 2nd residual risk-free assets smaller
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conventional inflation-linked commodity futures defensive assets developed global equity markets emerging markets gold hedge funds and portfolio construction private equity REITs, 2nd Return Engine asset classes, 2nd smaller companies, 2nd structured products value equities, 2nd, 3rd risk tolerance and portfolio choices, 2nd risk-managed OEICs ROF (rip off factor) Samsung
Beyond Diversification: What Every Investor Needs to Know About Asset Allocation
by Sebastien Page · 4 Nov 2020 · 367pp · 97,136 words
Multi-Asset Market Portfolio, 1959–2012,” make a valiant effort to scrub the best available data, untangle the Russian nesting dolls of asset class exposures, and create a history of asset class weights within the market portfolio. Their analysis reveals that these weights have changed over time. In 2000, the market portfolio was
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EQY_DVD_YLD_12M, RETURN_COM_EQY, DVD_PAYOUT_RATIO, PX_TO_BOOK_RATIO, INDX_ADJ_POSITIVE_PE, PX_TO_CASH_FLOW. Asset classes used were the same equity asset classes as in the previous tables. 19. Bloomberg Finance L.P. As of March 31, 2018. 20. Quarterly data from Bloomberg Finance L.
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also expanded the analysis to various time horizons and compared the effectiveness of valuation ratios as predictors of absolute and relative performance between asset class pairs. I used the equity asset classes, shown in Table 3.1, that we’ve used so far in this book when we discussed the CAPM and other
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to extract the unanticipated component of industrial production do not offer any advantage over the unadjusted series.2 Last, we’ve selected investable asset class pairs. This list represents asset classes that asset allocators commonly use in practice. But in theory, it would be more elegant to isolate market factors and scale positions
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of momentum back to 1800 in country equity indexes, bonds, currencies, commodities, and sectors and stocks. We find that the effect [works] in each asset class, across asset classes, and across momentum portfolios themselves. They add that “momentum alphas are significant.” The exception seems to be that commodities exhibit mean reversion, i.e.,
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on valuation—an interesting signal diversification effect. In our tactical asset allocation, perhaps because we focus mostly on valuation, we’ve struggled with this emerging markets versus developed markets decision at times. On a few occasions, we’ve overweighted emerging markets based on valuation—because the asset class looked so cheap—only
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sources as for the other similar analyses I’ve mentioned so far in this book. The dataset covers 33 data series: 20 asset classes (10 equity and 10 fixed income asset classes) and 12 relative bets (6 equity bets and 6 fixed income bets), as well as the stocks versus bonds relative bet.
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focus on downside risk, consider dynamic strategies, and, depending on aversion to losses, evaluate the value of downside protection as an alternative to asset class diversification. The Myth of Diversification Back in 2008, Charlie Henneman, Head of Educational Events and Programs at the CFA Institute, asked me to present at the Institute’s Annual
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asset classes. The events of the fall of 2008 reinforced our results. We added another angle (as usual, Mark’s idea): we showed that not only did correlations increase on the downside, but they also significantly decreased on the upside. This asymmetry is the opposite of what investors want. Indeed, who wants diversification
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US stocks rose to +87%. This asymmetry revealed that international diversification works only on the upside.6 We found similar results across risk assets. In Table 9.1, I show a comparison of left-tail and right-tail correlations for key asset classes, based on available data histories as of June 2017.7
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asymmetry for the stock-MBS (mortgage-backed securities) correlation is notable. In “The Myth of Diversification” paper (2009), we had used precrisis data, and at the time of the study, MBS was one of the few asset classes that seemed to decouple from stocks in down markets. During the fourth quarter of 2008
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MBS clearly joined the ranks of risk-on assets. Alternative assets are not immune to the failure of diversification. Beyond traditional asset classes, investors have increasingly looked to alternatives for new or specialized sources of diversification. In Table 9.1, Rob and I used a broad hedge fund index, but one could argue that
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hedge fund styles are so different from each other that they should be treated as separate asset classes. We decided to compare left-tail and
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and private equity diversification has been persistent. The advisory firm Willis Towers Watson reports that as of the end of 2016, pension funds, wealth managers, and sovereign wealth funds held more than $2 trillion in direct real estate and private equity investments.11 Money has flowed into these asset classes partly because
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Excellence in Research), we show that private assets’ diversification advantage is almost entirely illusory. We argue that reported quarterly returns for private assets represent a moving average of the true (unobserved) marked-to-market returns. On a marked-to-market basis, these asset classes are exposed to many of the same factors
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across risk assets jump. What about risk factors? The failure of diversification across public and private return-seeking asset classes has led, in part, to the popularity of risk factors. Many authors have argued that risk factor diversification is more effective than asset class diversification.15 Our results indeed revealed that several risk factors (equity value,
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cross-asset value, equity momentum, currency value, and currency momentum) appear to be more immune to the failure of diversification than are asset classes. Others have pointed out, however, that
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than traditional asset classes simply because they allow short positions and often encompass a broader universe of assets
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. For example, the size and value factors in equities are often defined as long-short, security-level portfolios. But if factor definitions are restricted to linear combinations of asset classes, and short positions are allowed across asset classes
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as well as risk factors, then risk factors do not deliver any efficiency gains over asset classes. In a sense, the argument in favor of risk factor diversification is more about the removal of the long-only
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suffered negative returns over the entire calendar year, which is rare. In fact, all the 17 major asset classes that Morgan Stanley tracks were down in 2018, an unprecedented outcome.19 So much for asset class diversification. Investors should remember that starting valuations can compound the effect. The higher the valuations in both stocks and
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not diversify broad equity risk as much as average correlations suggest. To be clear, I’m not arguing against diversification across traditional asset classes, but investors should be aware that traditional measures of diversification may belie exposure to loss in times of stress. Investors should calibrate their risk tolerance accordingly against return opportunities.
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directly for left-tail risks. 5. Beware of “diversification free lunches” in privately held asset classes. 6. Evaluate interest rate risk and its impact on stock-bond diversification. 7. Seek asset classes that provide upside “unification”/antidiversification. We’re not arguing against diversification. We’re arguing for better diversification. Active Management Strategies 1. Hedges with put options and
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and forward-looking shocks on our 200+ portfolios. In its simplest form, historical scenario analysis is straightforward. We multiply current asset class weights by asset class returns from a historical episode: Current asset class weights × asset class returns during a past crisis Suppose your portfolio is invested 80% in stocks and 20% in bonds, and you would
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market beta; and so on. For factor-based scenario analysis, we can replace asset class weights with risk factor exposures, and we can replace asset class returns with risk factor returns. We used this model for asset class returns: Current asset class weights × asset class returns during a past crisis With the risk factor framework, we use: Current risk
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that for scenario analysis at T. Rowe Price, our risk systems produce security- level factor mappings. These mappings are then aggregated at the asset class and portfolio levels. Unlike asset class–based scenarios, factor-based scenarios rely on current exposures. For example, the Barclays Aggregate is modeled based on its current duration; emerging
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WEEKS AFTER I JOINED PIMCO, MARK Taborsky—who was a multi-asset portfolio manager at the time—suggested that we compare the diversification properties of risk factors with traditional asset classes. We eventually published an editorial in 2011 in the Journal of Portfolio Management on the topic. To my surprise, our two-
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over time, but it is also sensitive to tail events. The Diversification Argument, Once Again Part of the appeal (and the hype) behind risk premiums as building blocks for portfolio construction is their low correlation with each other and with traditional asset classes. The main reason for this low correlation, of course, is
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Utility theory is meant to represent someone’s tolerance for risk. —JPP WE’VE JUST DISCUSSED WHY WE SHOULD NOT GIVE UP ON asset classes. Though the debate on asset classes versus risk factors is relatively recent, the perennial, most fundamental debate in asset allocation is on stocks versus bonds. How much should
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, as discussed in Parts One and Two of this book: 1. Don’t use factors as substitutes for asset classes—no need to overhaul portfolio construction. 2. Use risk factor models to assess portfolio diversification, forecast risk, and enhance scenarios. 3. Consider risk premiums as possible small stand-alone investments, but beware
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a thoughtful approach to asset allocation. They have delivered strong risk-adjusted returns and have done well in markets when diversification has failed. I rely on broad market indexes to represent asset classes, again, for illustrative purposes. In the Global Multi-Asset Division at T. Rowe Price, we manage more than 200
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in general (87.5%). The dedicated US Treasury Long position helps diversify equity risk. We use this asset class both strategically and tactically in most of our portfolios. From a strategic perspective, it provides significant diversification to equity risk per dollar invested, due to its high-interest-rate sensitivity/long duration—a “risk
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in these asset classes seek to avoid systematic biases that often build up in index exposures, such as large oil risk factor exposures. Dynamic global bonds, which are also in the Target Date Fund samples, are employed as a type of conservative strategy that is designed to do well when diversification fails
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to Combine Long and Short Return Histories Efficiently,” Financial Analysts Journal, vol. 69, no. 1, pp. 45–52. Page, Sébastien. September 2013. “Risk Management Beyond Asset Class Diversification,” CFA Institute Conference Proceedings Quarterly, vol. 30, no. 3, pp. 52–59. Page, Sébastien. 2016. “Risk Parity Fundamentals,” Quantitative Finance, vol. 16, no. 12,
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Systemic Liquidity as a Risk Factor,” Trading, vol. 2011, no. 1, pp. 19–23. Page, Sébastien, and Mark Taborsky. Summer 2011. “The Myth of Diversification: Risk Factors Vs. Asset Classes,” Journal of Portfolio Management, vol. 37, no. 4, pp. 1–2. Page, Sébastien, and James A. Tzitzouris. December 2016. “Stocks Versus Bonds: Which
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Allocation Implications of the Global Volatility Premium” (Fallon, Park, and Yu), 103 Asset classes, 173–184 asset weights in market portfolio, 17–19 betas for, 19–22 changes over time in, 158–162 correlation forecasting for, 140–143 failure of diversification across, 125–132 influence of macro factors on, 64–66 left- and
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Conditioning bias, 124 Constant conditional correlation (CCC), 140 Corporate bonds, 127 Correlations, 121–136 across risk factors vs. asset classes, 177 assumptions for, 213 in beta, 10 during crises, 121–123 failure of diversification across risk assets, 125–132 between fixed income and equity factors, 176 forecasting, 139–143 impact of regime shifts
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utility maximization, 198–203 (See also Full-scale optimization) Diversification: across risk assets, failure of, 125–132 across risk premiums, 182 and correlations, 121 (See also Correlations) during crises, 121–123 global, 249 myth of, 122–125 with risk factors vs. asset classes, 175–184 sources of, and stock-bond correlation, 132
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, Ser-Huang, 90–91 Portfolio construction, 173–174, 268, 273 active vs. passive investments in, 231–243 with alternative assets, 229–230 asset class allocation in, 185–195 asset classes in, 173–184 full-sample correlations in, 134 private assets in, 217–229 rules of thumb for, 243–244 simplifying problem of, 203
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(Lynch et al.), 233 Rich, Don, 168–169 Richardson, Matthew, 115 Ringgenberg, Matthew C., 236 Risk aversion, 189, 204 Risk factor diversification, 130–131, 135, 176–177 Risk factors: asset classes vs., 173–184 crowding of, 184 in portfolio construction, 174 in scenario analysis, 162–165 Risk factors models, 178–179 Risk forecasting
The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life
by J L Collins · 17 Jun 2016 · 194pp · 59,336 words
world his “adaptive markets hypothesis” implies? Seems odd, since he contends “buy and hold” no longer works, to suggest investors buy and hold nearly every asset class imaginable. Huh? Let’s accept the professor’s premise that markets have gotten more volatile and will likely stay that way. I’m not sure
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a couple of those puppies pull through. To do this properly would require a ton of work. You would need to understand all the various asset classes, decide what percentage to hold of each and choose how to own them. Once you did that you’d need to track them, rebalancing as
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here to build wealth. You’re out to build your pot of F-You Money ASAP. You’re going to focus on the best performing asset class in history: Stocks. You’re going to “get your mind right,” toughen up and learn to ride out the storms. You’ve heard the expression
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our minds right,” what shall we choose for riding out the storm? Clearly we want the best performing asset class we can find. Just as clearly that’s stocks. If you look at all asset classes from bonds to real estate to gold to farmland to art to racehorses to whatever, stocks provide the
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get scared and bail when the storms are raging, you are going to drown. But that’s a psychological failure, not a downside of this asset class. As an aside, there are studies that indicate holding a 10-25% position in bonds with 75-90% stocks will actually very slightly outperform a
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might also want to rebalance any time the market makes a major move (20%+) up or down. This means you will sell shares in whichever asset class has performed better and buy shares in the one that has lagged. Ideally you will do this in a tax-advantaged account like an IRA
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? We’ll look at that next. Chapter 15 International funds As we’ve discussed earlier in the book, most advisors recommend far more funds and asset classes than the two I’ve suggested. Indeed as we’ve seen—scared witless after the 2008-9 market implosion— many would now have us invest
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in everything in the hope a couple pull through. To do this properly would require a ton of work understanding the asset classes, deciding on percentages for each, choosing how to own them, rebalancing and tracking. All for what will likely be subpar performance. Still, even for some
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the advantages of simplicity, my two fund Wealth Preservation Portfolio seems incomplete. The readers of www.jlcollinsnh.com are an astute bunch and the missing asset class they ask about most frequently is international stocks. Since almost every other allocation you come across will include an international component, why doesn’t our
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cited for holding international funds are to avoid being dependent on the U.S. economy and to have exposure to the growth potential of world asset classes not correlated with the U.S. market. But we’ve got those covered. Looking at the first, the 500 largest stocks in the U.S
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you can get the same wisdom, distilled in book form. Jim tells you how to avoid common investing fears, misperceptions and mistakes. He teaches about diversification, asset classes, asset allocation and the best way to use retirement plans. This is a simple, proven path to investment success from a guy who actually did
The Simple Path to Wealth (Revised & Expanded 2025 Edition): Your Road Map to Financial Independence and a Rich, Free Life
by JL Collins · 191pp · 66,998 words
you can get the same wisdom, distilled in book form. JL tells you how to avoid common investing fears, misperceptions, and mistakes. He teaches about diversification, asset classes, asset allocation, and the best way to use retirement plans. This is a simple, proven path to investment success from a guy who actually did
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world his “adaptive markets hypothesis” implies? Seems odd, since he contends “buy and hold” no longer works, to suggest investors buy and hold nearly every asset class imaginable. Huh? Let’s accept the professor’s premise that markets have gotten more volatile and will likely stay that way. I’m not sure
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a couple of those puppies pull through. To do this properly would require a ton of work. You would need to understand all the various asset classes, decide what percentage to hold of each, and choose how to own them. Once you did that, you’d need to track them, rebalancing as
…
here to build wealth. You’re out to build your pot of F-You Money ASAP. You’re going to focus on the best-performing asset class in history: stocks. You’re going to “get your mind right,” toughen up, and learn to ride out the storms. You’ve heard the expression
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our minds right,” what shall we choose for riding out the storm? Clearly we want the best-performing asset class we can find. Just as clearly, that’s stocks. If you look at all asset classes from bonds to real estate to gold to farmland to art to racehorses to whatever, stocks provide the
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get scared and bail when the storms are raging, you are going to drown. But that’s a psychological failure, not a downside of this asset class. As an aside, there are studies that indicate holding a 10%–25% position in bonds with 75%–90% stocks will actually very slightly outperform a
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might also want to rebalance any time the market makes a major move (20%+) up or down. This means you will sell shares in whichever asset class has performed better and buy shares in the one that has lagged. Ideally you will do this in a tax-advantaged account like an IRA
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other writer on investing? We’ll look at that next. Chapter 15 International Funds As we’ve discussed, most advisors recommend far more funds and asset classes than the two I’ve suggested. Indeed, as we’ve seen—scared witless after the 2008–9 market implosion—many would now have us invest
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in everything in the hope a couple pull through. Doing this properly would require a ton of work understanding the asset classes, deciding on percentages for each, choosing how to own them, rebalancing, and tracking. All for what will likely be subpar performance. Still, even for some
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accept the advantages of simplicity, my two-fund Wealth Preservation Portfolio seems incomplete. The readers of my blog are an astute bunch, and the missing asset class they ask about most frequently is international stocks. Since almost every other allocation you come across will include an international component, why doesn’t our
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reasons cited for holding international funds are to avoid being dependent on the US economy and to have exposure to the growth potential of world asset classes not correlated with the US market. But we’ve got those covered. Looking at the first, the five hundred largest stocks in the US make
Fixed: Why Personal Finance is Broken and How to Make it Work for Everyone
by John Y. Campbell and Tarun Ramadorai · 25 Jul 2025
WAS 2020, EU HFCS 2021, China HFS 2017, S. Africa NIDS 2017, Indian HFS 2019, Thailand HFS 2017. FIGURE 5.3. The shares of different asset classes in household assets, for US households sorted by their total assets. People are sorted on the horizontal axis, from those with the fewest assets at
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people and surprisingly low even for people who possess substantial assets. FIGURE 6.1. Participation rates (fraction of households that hold the given asset) by asset class (represented by the different lines) at each level of total assets (along the horizontal axis, the wealthiest households are at the extreme right, and the
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better to diversify broadly—and not just in your own country’s stock market but in stock markets around the globe. In fact, diversification can be taken even further, to include other risky asset classes. University endowments and sovereign wealth funds have done extremely well over the past few decades by diversifying across
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asset classes (investing in real estate and private equity in addition to public equity) as well as within them (investing in small and large public firms across
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opposite is true if stocks have recently done badly but older investors remember earlier bull markets.18 There is even evidence, though from a different asset class, that people’s expectations are affected not only by their own experiences but also by their friends’. A study using Facebook data showed that people
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fees should be capped at a reasonable level, say twenty-five basis points for US equity index funds and somewhat higher caps for less liquid asset classes, to protect the least sophisticated investors against the market power of mutual fund providers. Structured products, popular in Europe and Asia but less so in
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diversification strategies in defined contribution saving plans,” American Economic Review 91 (2001): 79–98; and Gur Huberman and Wei Jiang, “Offering versus choice in 401(k) plans: Equity exposure and number of funds,” Journal of Finance 61 (2006): 763–801, show that when more funds are offered in a given asset class or
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fund category, people tend to invest more in that asset class or category. Claire Célérier and Boris Vallée, “Catering to investors through security design: Headline rate and complexity,” Quarterly Journal of
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, 126–131, 138–139; cost of, 129–130; diversification and, 131–134; iron law of active investing, 136–137; low rate of, 127, 128–129; management fees, 137–138; past returns and future results, 134–136; psychological barriers to, 129–130; rates by asset class, 127, 127–128 ESG (environmental, social, and governance
Safe Haven: Investing for Financial Storms
by Mark Spitznagel · 9 Aug 2021 · 231pp · 64,734 words
it needs to mitigate the risks that matter, not the risks that don't. It was the birth of tail risk hedging as an investable asset class. Tail risk hedging removed the effect of the nasty Black Swan on portfolios; cost‐effective tail risk hedging obliterated all the other forms of risk
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for overstatement is clear, if not excusable (Keeble 2023). It’s not simply about consumer preference, however. Carbon offsets are rapidly emerging as an investable asset class because of the view that regulated instruments (such as carbon taxes and caps on emissions) alone will not be sufficient to meet net zero targets
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should be updated immediately to take into account the new technology. His focus was on three key characteristics that he saw as driving the new asset class: transparency, universal access and the ability to reduce ‘frictional costs’. Access is important, of course. Reducing frictional costs, and thereby reducing the overall cost of
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beautifully lit distillate from his cask, on an HD TV in his lounge room. The fact that, in April 2023, whisky continued ‘to outperform other asset classes such as gold’ (according to the Scottish press at least) is not unhelpful (Wright 2023). Metacask is interesting for another more practical reason too: it
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greed’ (Turrin 2023) and Lisa Wade’s view that ‘once it becomes regulated, it will be essential portfolio management knowledge to bring in these new asset classes into the portfolio’ (see Djurdjevic 2022) set the scene for us. Turrin and Wade are surely right to say that DeFi will change financial services
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by Jeremy J. Siegel · 18 Dec 2007
” affected the choice between stocks and bonds.26 They conducted a “learning experiment” in which they allowed individuals to see the returns on two unidentified asset classes. One group was shown the yearly returns on stocks and bonds, and other groups were shown the same returns, but instead of annually, the returns
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stocks than the groups that saw returns aggregated into longer intervals. This was because the short-term volatility of stocks dissuaded people from choosing that asset class, even though over longer periods it was clearly a better choice. This tendency to base decisions on the short-term fluctuations in the market has
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. UBS’s success with subprime-linked CDOs such as North Street was a sign that cautious investors around the world would buy into this obscure asset class, so long as it could be packaged with a good credit rating and had a prestigious fund manager involved. The problem was that the very
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are using proprietary tools which we developed, as well as the common things like RiskMetrics, Intex, Wall Street Analytics. We use these special tools across asset classes to analyze them,” he told me in measured, slightly accented English. “I would say that it has proven a worthwhile investment, because we have not
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by Leo Gough · 22 Aug 2010 · 117pp · 31,221 words
of pounds which they can spread across a very large number of different companies and, indeed, asset classes. DEFINING IDEA… Wide diversification is only required when investors do not understand what they are doing. ~ WARREN BUFFETT To understand diversification, let’s suppose there is an island with only two businesses, umbrellas and swimwear. When
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FOR YOU… The danger to the world’s financial system posed by derivatives is a good reminder that we should spread our money across different asset classes. It’s a good idea hold a few valuable things, like gold sovereigns, that can be used to buy things in times of really serious
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Seven Crashes: The Economic Crises That Shaped Globalization
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Debunking Economics - Revised, Expanded and Integrated Edition: The Naked Emperor Dethroned?
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