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All About Asset Allocation, Second Edition |  |
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All About Asset Allocation, Second Edition | |
THE EASY WAY TO GET STARTED
Everything You Need to Know About How To: Implement a smart asset allocation strategy Diversify your investments with stocks, bonds, real estate, and other classes Change your allocation and lock in gains
Trying to outwit the market is a bad gamble. If you're serious about investing for the long run, you have to take a no-nonsense, businesslike approach to your portfolio. In addition to covering all the basics, this new edition of All About Asset Allocation includes timely advice on: Learning which investments work well together and why Selecting the right mutual funds and ETFs Creating an asset allocation that’s right for your needs Knowing how and when to change an allocation Understanding target-date mutual funds
"All About Asset Allocation offers advice that is both prudent and practical--keep it simple, diversify, and, above all, keep your expenses low--from an author who both knows how vital asset allocation is to investment success and, most important, works with real people." -- John C. Bogle, founder and former CEO, The Vanguard Group
"With All About Asset Allocation at your side, you'll be executing a sound investment plan, using the best materials and wearing the best safety rope that money can buy." -- William Bernstein, founder, Effi cientFrontier.com, and author, The Intelligent Asset Allocator
作者简介Richard A. Ferri, CFA, is president and senior portfolio manager of Portfolio Solutions, LLC, and an adjunct professor of finance at Walsh College in Michigan. He is the author of Protecting Your Wealth in Good Times and Bad, All About Index Funds, and Serious Money: Straight Talk About Investing for Retirement. Ferri is regularly quoted in the media including the Wall Street Journal, Barrons, Businessweek, and Forbes. He has appeared on many financial radio shows and television programs and is a frequent speaker at advisor industry events.
目录Forward by William Bernstein; Preface and Acknowledgements; PART I – Asset Allocation Basics; Chapter 1. Planning for Investment Success; Chapter 2. Understanding Investment Risk; Chapter 3. Asset Allocation Explained; Chapter 4. Multi-asset Class Investing; PART II –Asset Class Selection; Chapter 5. A Framework for Investment Selection; Chapter 6. US Equity Investments; Chapter 7. International Equity Investments; Chapter 8. Fixed Income Investments; Chapter 9. Real Estate Investments; Chapter 10. Alternative Investments; PART III – Managing Your Portfolio; Chapter 11. Realistic Market Expectations; Chapter 12. Selecting Your Asset Allocation; Chapter 13. When to Change Your Asset Allocation (NEW CHAPTER); Chapter 14. How Behavior Affects Asset Allocation Decisions; Chapter 15. Portfolio Management Guidelines; Appendix; Glossary of Terms; Index
网友对All About Asset Allocation, Second Edition的评论
My biggest complaint is that he needed to have a chapter on how to move a large portfolio into allocation over time and still implement annual rebalancing. For example, in 2017 inflation and interest rates are likely to start skyrocketing, This will cause significant losses in intermediate bond funds. Also, because interest rates have been so low for so long, stocks are WAY OVER VALUED. I am 80% stocks and 20% Fixed income and would like to get to 70% stocks. Selling 10% of my assets and dumping them into bonds just in time for bond collapse not an option. So I need to do over several years. I don't know how to do that and still have rebalancing. Especially since I want to add REIT and foreign stocks slowly over time. How do you rebalance that?
Another issue I had with his book is that he said that we should only invest in asset classes that have positive real returns. But if you look at the 10 year returns of some of the funds he suggested they had negative real returns before tax and worse after tax: Pacific Index (1.56%), European Index (0.63%), International Value (0.75%), International Explorer (2.6%), Emerging Markets (1.87%). 3 Year returns are even worse. Looking at lifetime returns the Pacific Index has returned 2.12% average since 1990. Not exactly something to retire on.
I think it sad that not only does Richard not know how to spell "BUY", but doesn't have any friends willing to proof his book, and too cheap to pay someone to spend a day reading it. Also, at least with the Kindle versions I think they can push out updates.
This is a great foundation book if you are interested in a diversified portfolio that will maximize an Asset Allocation approach with regular re-balancing.
This is the first investment book I've ever read. I purchased it on the recommendation of an investment podcaster I respect. It has helped me develop a plan for myself and my long-term investment strategy. I wouldn't say it's a beginner's book though. To me, it seemed the author assumed the reader knew some basics about investing and could follow his analysis.
The premise of the book is based upon several studies the author leans upon to demonstrate that at some level, sometimes a small level, a diversification benefit is gained by putting money in asset classes that are not directly affected by the stock market. The author does a nice job giving the reader low-cost, no load index mutual funds or ETF's at the end of most chapters as starter points to look at investing in those particular asset classes.
I agree with some of the other reviewers, the editor needs looked at typographical errors abound. They don't take away from the book, but make it appear less than professional...hence the 4 stars instead of 5.
The mistake I made was buying it on the Kindle. It was a complete accident. Because he refers to charts that can be a page or two back from your current Kindle page, it made it a pain to flip back and forth when I suspect the book would be easier to deal with. But, I put that mistake on me for being in a rush.
I don't agree with everything 100% in this book (stock and investing is my hobby), but that said page 243, Chapter 12, Building Your Portfolio is excellent and can be followed by even the beginner. I have read them all; Cramer's Books, Suzi Ormans, many My Dummies Series, Peter Finch, Eric Edelman, Robert Kiyosaki, Warren Buffett's book and the many who have written about his philosophy, Warren Buffet's mentor and recognized father of finance Benjamin Graham's The Intelligent Investor (and the revised versions) and I must say this is the one book I bought for friends who wanted to have the basics to invest themselves using Indexing ETF's for Portfolio Management. Previous to this more recently written update, I suggested Exchange Traded Funds for Dummies by Russell Wild, but that book has not been updated since 2011. Still a good read and ahead of it's time and do suggest it as a second book for basics as a companion to this book. But if you had to buy one book; this is it! Enjoy!
Ferri breaks down the definition of an asset class, how to build a simple or more complex asset allocation with low cost index funds. As somebody already familiar with the boglehead approach, this was a more advanced course that gives me increased confidence in building a sound plan. Rick explains the effect of multi-asset-class investing that reduces volatility while maintaining or increasing returns. A worthwhile read!
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