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Important subject as the asset allocator today have more tools then ever to construct a diversified portfolio. Efficiency and understanding of how instruments as well as markets function is crucial. Beyond Diversification takes us on the right path.
An extraordinary masterclass on the main pillars of asset allocation and portfolio construction. Quality content, rigorous research, very illustrative explanations and a witty style makes Beyond Diversification an immensely enjoyable and accretive book to read. Outstanding work!
I was looking for a book that would help me decide how to allocate my retirement portfolio. I have read several financial books over the years. I thought this current book would be just the ticket. Unfortunately, I found it WAY too technical and at the end of the day, there was virtually nothing in here to provide practical guidance on asset allocation. For what it's worth, I have a technical MBA and spent several years in finance at a leading corporation. I will have to say this book appears well researched, but it is beyond the reach of most laypersons and provides little help in determining one's asset allocation.
I ordered "Beyond Diversification" with great anticipation. Having been an investor all my life I was looking for some exceptional insite on diversifying portfolios. Big Mistake. After three different attempts to read the book I gave up. It is much too obtuse, complicated for anyone but that most academic professionals. I had made the Big Mistake of buying it..Page also made a Big Mistake at the begninning of the book. He immediately talks about CAPM (capital asset pricing model) but he never tells you what it is. Nowhere in the book could I find an explanantion/definition of CAPM. I thought "this is not a good sign for the rest of the book", and I was right. It appears the book was written by an academic for academics. I tried to wade through the rest of the book but eventually gave up. I may try it again at some point but for now it's neatly tucked away on the back shelf.
This book is of use to only a few people involved with full time portfolio design. Good info for only a few. The typical investor or stock broker will find very little applicable info that he or she does not already know.
This book presents a coherent, unified approach to asset allocation, and should be on every asset allocator's shelf.
The bibliography provides a detailed list of references to the seminal academic papers in the field, while the main text is enjoyable to read and high-level enough for non-technical readers, yet specific enough for someone who wants to implement the models and frameworks the author presents.
The book is divided into three parts:
* Return Forecasting * Risk Forecasting * Portfolio Construction
In each part, the author presents a range of commonly used models, discusses their strengths and weaknesses, and offers advice on how investors can combine the models with their experience and judgement to build portfolios that achieve investors' objectives.
This might be a good book if you attended the Harvard Business School. To a normal investor this is way to technical of information. I never understood anything this gentleman was writing about. Worst financial book I have ever read and I go back to the Peter Lynch days.
Admittedly, you may have to be interested in investment theory to begin with. But unlike other investment books, this one doesn’t kill that interest! It’s a fun book to read and covers the key topics every serious asset allocator is wrestling with now. Highly recommend!