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At the highest level, this refers to a split between stocks and bonds. Many more finely defined sub-asset allocations are also common. Ian Ayres and Barry J.
This outstanding article covers the same ground as the "Diversification Across Time" paper above, but at a level which is more readable for the layperson.
Randolph Hood, and Gilbert P. This was the paper which revolutionized portfolio construction by emphasizing the importance of asset allocation. It found that, on average, Further, it found that active management resulted in an annual reduction of 1.
Singer, and Gilbert P. Bogle, " The Riddle of Performance Attribution: Much of the advice presented to investors during periods of unusual market activity should be ignored.
It is more important to rebalance the retirement portfolio on the basis of a change in risk aversion, rather than on the conditions in the financial markets.
Pragmatic advice on asset allocation. For a smaller file version, see here kb. This paper studies the relative efficacy of various asset classes as inflation hedges.
It finds that treasury bonds are a complete hedge against expected inflation. It also finds that private residential real estate is a complete hedge against both expected and unexpected inflation.
Gibson, " A Timely Reminder: The recent market tumult offers a perfect opportunity to remember the advantages of a diversified, balanced portfolio ," Financial Planning, October An excerpt from Mr. Another outstanding version of his timeless message, reprinted from its original appearance in this Journal in March This study builds on Reichenstein and Sibley papers below.
Steven Horan, " An alternative approach to after-tax valuations ," Financial Services Review, 16pp. Junkans, and Carmen M. This study reviews and revises the Brinson studies above.
This study concludes that strategic asset allocation only explains about In general, we do not agree that most retirees should use such a high stock allocation unless they have a very high willingness and ability to tolerate risk.
Ibbotson and Paul D. An analysis of criticisms of the two "Determinants of Portfolio Performance" papers. Lummer and Mark W.
This paper also appeared in Global Asset Allocation: This excellent article puts Monte Carlo simulations into perspective. Consumers are increasingly being led to believe that use of a Monte Carlo simulator accurately projects the probability of meeting their financial goals.
The article correctly exposes this fraud. The principal problem with them is that the entire analysis depends solely on the validity of the data inputs as predictors of the future.
Unfortunately, there is only one thing we know for certain about those inputs, whatever they might be: Good bibliography at the end and good sidebar by John Kingston. Perold and William F. This paper studies three dynamic asset allocation strategies: Buy-and-hold, portfolio insurance both constant proportion and options-basedand constant-mix.
The paper concludes that each might be most appropriate in certain market conditions or for certain clients. We believe that the constant-mix strategy is most appropriate for most individual investors in that it controls the amount of risk in the portfolio.
Controlling risk not only controls expected return, but it tends to preclude investors from allowing well-documented psychological phenomena to influence them to do things which are adverse to their financial well-being.
This paper builds on the Reichenstein and Sibley papers below. Another similar paper, " Implications of principal, risk, and returns sharing across savings vehicles ," appeared in the Financial Services Review, Volume 16pp.Did you want to be the one who captured Alias Smith and Jones, or the BeastMaster?Have you always wanted to be tied up like The Dukes of Hazzard, or Supernatural's Winchester brothers?
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About Jim Horan Jim Horan is the President and CEO of The One Page Business Plan Company and author of "The One Page Business Plan" the best selling business planning book on schwenkreis.com Asset Allocation.
Asset allocation refers to the division of one's investment portfolio across the various asset classes. At the highest level, this refers to a split between stocks and bonds.