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Beyond Diversification: What Every Investor Needs to Know About Asset Allocation Hardcover – Nov. 4 2020
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Asset allocation is the key to investing performance. Unfortunately, no single approach works perfectly―developing the right balance requires a clear-eyed look at the many models available to you, various investing methodologies, and your or your client’s level of risk tolerance. And that’s where this important guide comes in.
Written by a leading allocation expert from T. Rowe Price, Beyond Diversification provides the knowledge, insights, and approaches you need to make the best allocation decisions for your goals. This deep dive into the how’s and why’s of asset allocation is organized by the three decisive components of a successfully allocated portfolio:
- Return Forecasting discusses the desired return investors seek.
- Risk Forecasting covers the level of risk investors are prepared to assume to achieve that return.
- Portfolio Construction calibrates the stock-bond mix that balances the risks and returns.
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--Mark Kritzman, President and CEO, Windham Capital Management, Senior Lecturer in Finance, MIT Sloan School of Management, and Author of A Practitioner's Guide to Asset Allocation
"This is a wonderful book. It represents an authoritative survey of a broad range of recent research on related topics of asset allocation, risk measurement and return forecasting with an emphasis on its practical application in asset management. It is thoughtful, well written and surprisingly entertaining. The author is a thought leader in this area and his book is a very important contribution."
--Stephen Brown, Emeritus Professor of Finance, NYU Stern School of Business, and Executive Editor, Financial Analysts Journal
"Sébastien Page presents a rigorous but easy to digest guide to the basics of asset allocation. Whether you invest for fun or profit, his framework for forecasting risk and return to build portfolios will resonate. Clearly written and understandable concepts make Beyond Diversification a one-stop choice for any student of investing."
-- Bill Stromberg, CEO, T. Rowe Price
"In this tour-de-force, seasoned investor and researcher Sébastien Page provides sophisticated answers to many questions arising in the practice of asset allocation, risk management, forecasting, and portfolio construction. Page has a tremendous sense of what is important in investment management, and this book reflects that wisdom."
-- Laurence B. Siegel, Gary P. Brinson Director of Research, CFA Institute Research Foundation, and Author of Fewer, Richer, Greener
"Oftentimes, the, powerful ideas of modern finance are obscured by esoteric mathematics and jargon. Not so in this lively and highly readable book by a master of the practice. Sébastien Page brings the ideas of asset allocation to life, especially the debates that continue to animate our profession."
-- Robin Greenwood. George Gund Professor of Finance and Banking, Harvard Business School
"Sébastien Page has masterfully woven threads from academia and practice, combining insights from rigorous research and high-bandwidth anecdotes, to provide an amazingly entertaining and informative tapestry of state of the art asset-allocation techniques. This book is a must-have for anyone who has ever been curious on how the very best construct investment portfolios."
--Vineer Bhansali, CIO LongTail Alpha, LLC and Ex-Partner, Head of Quantitative Portfolios, PIMCO; Author of Tail Risk Hedging
- Publisher : McGraw Hill; 1st edition (Nov. 4 2020)
- Language : English
- Hardcover : 336 pages
- ISBN-10 : 1260474879
- ISBN-13 : 978-1260474879
- Item weight : 537 g
- Dimensions : 17.78 x 1.27 x 22.86 cm
- Best Sellers Rank: #123,646 in Books (See Top 100 in Books)
- Customer Reviews:
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Top reviews from Canada
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The scope of the book is diversification and the text is fresh, enlightning and very accessible.
Sébastien summarizes years of knowledge and extensive researches in a fascinating and easy to ready style. He revisits and synthesizes in a complete fashion different concepts that require a “vue d’ensemble” kind of approach.
Without forgetting the hommage to his father that I had the privilege to have as a finance professor.
Top reviews from other countries
I found the book to be very technical, and often incomprehensible were it not for the useful chapter summaries which condensed the key concepts and takeaways into ‘English’.
My key takeaway from reading this is that like many aspects of investing and despite the immense quantitative firepower and academic effort dedicated to this space over many decades, subjective judgement and a good dose of luck remain a key factor to success.
Readers with strong quantitative finance background or CFA will benefit most from this book.
Reviewed in the United Kingdom on August 13, 2021