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The Aspirational Investor: Taming the Markets to Achieve Your Life's Goals |  |
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The Aspirational Investor: Taming the Markets to Achieve Your Life's Goals | |
The Chief Investment Officer of Merrill Lynch Wealth Management explains why goals, not markets, should be the primary focus of your investment strategy—and offers a practical, innovative framework for making smarter choices about aligning your goals to your investment strategy.
Today all of us bear the burden of investing wisely, but too many of us are preoccupied with the wrong priorities—increasing returns at all costs, finding the next star fund manager, or beating “the market.” Unfortunately conventional portfolio theory and the grand debates in finance have offered investors only incomplete solutions. What is needed, argues Ashvin B. Chhabra, is a framework that shifts the focus of investment strategy from portfolios and markets to individuals and the objectives that really matter: things like protecting against unexpected financial crises, paying for education or retirement, and financing philanthropy and entrepreneurship.
The Aspirational Investor is a practical, innovative approach to managing wealth based on key goals and the careful allocation of risks rather than responding to the whims of the financial markets. Chhabra introduces his “Wealth Allocation Framework,” which accommodates the three seemingly incompatible objectives that must underpin every sound wealth management plan: the need for financial security in the face of known and unknowable risks; the need to maintain current living standards over time despite inflation; and the need to pursue aspirational goals for wealth creation.
Chhabra reveals some surprising facts about wealth creation, reinterprets the success formulas of investing greats like Warren Buffett, and closes the gap between theory and practice by simplifying our understanding of key asset classes and laying out a concise roadmap for identifying, prioritizing, and quantifying financial goals. Raising the bar for what we should expect from our investment portfolios—and our financial advisors—The Aspirational Investor sets us on a path to more confident and fulfilling financial lives.
媒体推荐“In this astute business manual, Chhabra, chief investment officer of Merrill Lynch Wealth Management, urges readers to focus not on beating the market, but on evaluating personal goals and dreams, and formulating ways to reach them.” (Publishers Weekly)
“In this engaging, accessible, and hugely insightful book, Chhabra shows individual investors how to structure investments to match three separate goals: to protect, sustain, and enhance their way of life in unique circumstances.” (Charles D. Ellis, Founder, Greenwich Associates & author of Winning the Loser's Game)
“The Aspirational Investor is a most-readable popular presentation of investment theory and practice in general, as well as an account of Dr. Chhabra’s own influential contributions.” (Harry M. Markowitz, Nobel Laureate 1990, Economics)
“In this valuable guide, Ashvin Chhabra teaches individuals how to focus on their key financial goals and shows them how to be better investors.” (Burton G. Malkiel, author of A Random Walk Down Wall Street)
“Ashvin Chhabra is one of the smartest and wisest investment experts I know. This book explains how to break down a seemingly very complex problem-how we should invest our money-into manageable steps. I recommend it highly.” (Eric Maskin, Adams University Professor, Harvard University; Nobel Laureate in Economics (2007))
Ashvin B. Chhabra is the chief investment officer of Merrill Lynch Wealth Management, Bank of America. Merrill Lynch is one of the world's largest brokerage and wealth management firms, with over $2 trillion in client balances. Prior to his current position, he was chief investment officer at the Institute of Advanced Study in Princeton, New Jersey. He is widely recognized as one of the founders of goals-based wealth management and for his seminal work "Beyond Markowitz," which integrates modern portfolio theory with behavioral finance. Ashvin grew up in New Delhi and received his PhD in applied physics, in the field of chaos theory, from Yale University, where he also met his Italian-born wife, Daniela Bonafede-Chhabra. He resides in Princeton with his wife, their daughter, Maya, and son, Sasha.
网友对The Aspirational Investor: Taming the Markets to Achieve Your Life's Goals的评论
At first glance, market efficiency and behavioral investing appear to be incompatible, and the arguments for and against can become polarizing. It does not need to be so: Chhabra's book demonstrates why. In pleasant, easily readable, and jargon-free prose, he demonstrates how his so-called Wealth Allocation Framework (WAF) can help humans achieve multiple goals classified in three broad categories (safety, keeping up, and aspiring) by investing in the markets and in themselves. This book could not have come out at a better time. Since the Global Financial Crisis of 2007-2009, there is a distinct shift in investors' priorities away from "beating the market" and toward seeking the returns required to meet their unique goals. Investing according to WAF can help most investors secure their standard of living now (by holding low-risk assets), and in the future (by investing in the broad market and thus keeping up with, or even outpacing inflation). Truly mastering WAF enables some investors to become very wealthy by understanding their relationship with risk, tame it, and ride it on to unimaginable riches. A section toward the end of the book frames Warren Buffett and Yale's endowment investing model within the WAF. Investors can go through a similar exercise on themselves. After all, investing is less about market outperformance and more about people; not an end unto itself but a means to our human ends - needs, goals, and aspirations.
A quick read that allows you to create a reasonable framework for matching your life goals to an investment plan.
As an average /non finance industry professional person nearing retirement, I found this book very interesting and very readable (well ,maybe a few places I didn't quite follow in detail). It enlightened me to considerations and a view of the big picture I did not have before, but felt intuitively deep down (why should I risk more than I have too?). But, as someone who missed the market run up since 2008 (got out very early), and now feels very uncomfortable with what appears to be historically near zero (and even negative interest rate) environment, and huge global debt issues, instability etc. I am at a loss on how to move forward and execute this strategy. My husband and I were big savers (poor investors) and 5 years from retirement. We are risk adverse given the current state of the globe/ zero percent interest rates. After personally experiencing the banks backing away from their own securities they created (Auction Rate Securities) in 2008 and seeing fraud/crime with other boutique type firms that affected friends, I am at a loss on how to find a investment advisor who is as talented and trust worthy as someone like Ashvin Chhabra to implement the market portfolio piece of the strategy. (It appears those only exist for the VERY wealthy).Aren't we historically at a new place in history with interest rates at zero/negative across the globe and with the current global debt levels? I wish Ashvin had had a chapter on how to implement this strategy effectively for someone that is close to retirement/risk adverse given the current environment and out look (which is not looking too good). I am at a loss-for the market portion of the portfolio-do I go with passive/index or active investment strategy (boutique firm). If only the very top talent is successful with active management and those are reserved only for the very wealthy, then perhaps the average middle class or upper middle class should always go with indexing? Is indexing with near zero interest rates wise for the bond portion of the portfolio? For the bond porftolio given zero interest rates, should one own a bond ladder versus an index fund? Ashvin says that risk is increased if the safety portion is too large and the market portfolio is too small even as one in in or approaches retirement. I wish he had expanded more on this. I guess in short, I am still stuck on how to safely go forward with a strategy/portfolio invested for near term retirement, how much should be in safety and what percent in market (and how should it be invested given what appears to be a high risk environment/new era historical point in investing),
I terrific book and should be read by anyone taking the long term approach to wealth accumulation. Instead of focusing on "The Number" the author explains his Wealth Allocation Framework in a concise and straight forward manner.
Patrick Ford CFP(R)
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