Understanding asset allocation PDF
Preview Understanding asset allocation
UNDERSTANDING ASSET ALLOCATION In an increasingly competitive world, it is quality of thinking that gives an edge—an idea that opens new doors, a technique that solves a problem, or an insight that simply helps make sense of it all. We work with leading authors in the various arenas of business and finance to bring cutting-edge thinking and best-learning practices to a global market. It is our goal to create world-class print publications and electronic products that give readers knowledge and understanding that can then be applied, whether studying or at work. To find out more about our business products, you can visit us at www.ft-ph.com. UNDERSTANDING ASSET ALLOCATION AN INTUITIVE APPROACH TO MAXIMIZING YOUR PORTFOLIO Victor Canto Publisher:Tim Moore Executive Editor:Jim Boyd Editorial Assistant:Susie Abraham Development Editor:Russ Hall Associate Editor-in-Chiefand Director ofMarketing:Amy Neidlinger Cover Designer:Alan Clements Managing Editor:Gina Kanouse Project and Copy Editor:Christy Hackerd Senior Indexer:Cheryl Lenser Senior Compositor:Gloria Schurick Manufacturing Buyer:Dan Uhrig 2006 by Pearson Education,Inc. Publishing as Financial Times Prentice Hall Upper Saddle River,New Jersey 07458 Financial Times Prentice Hall offers excellent discounts on this book when ordered in quantity for bulk purchases or special sales.For more information, please contact U.S.Corporate and Government Sales,1-800-382-3419, [email protected] sales outside the U.S.,please contact International Sales at [email protected]. Company and product names mentioned herein are the trademarks or registered trade- marks oftheir respective owners. All rights reserved.No part ofthis book may be reproduced,in any form or by any means,without permission in writing from the publisher. Pearson Education LTD. Pearson Education Australia PTY,Limited. Pearson Education Singapore,Pte.Ltd. Pearson Education North Asia,Ltd. Pearson Education Canada,Ltd. Pearson Educatión de Mexico,S.A.de C.V. Pearson Education—Japan Pearson Education Malaysia,Pte.Ltd. Printed in the United States ofAmerica First Printing,March 2006 Library ofCongress Cataloging-in-Publication Data Canto,Victor A. Understanding asset allocation :an intuitive approach to maximizing your portfolio / Victor A.Canto. p.cm. ISBN 0-13-187676-7 (hardback :alk.paper) 1. Asset allocation.2. Portfolio manage- ment. I.Title. HG4529.5.C36 2005 332.6—dc22 2005028621 ISBN 0-13-187676-7 To Alito,a great mentor,teacher,and economist. I am proud to be one of his “boys.” This page intentionally left blank CONTENTS Foreword x Preface xiv About the Author xvii Introduction: You Can Do Better xix 1 IN SEARCH OF THE UPSIDE 1 2 THE CASE FOR CYCLICAL ASSET ALLOCATION 15 3 THINKING IN CYCLES 45 4 TAX TIPS 67 5 LINKING UP 87 vii 6 TO START,A BENCHMARK 103 7 TAKING IT TO THE TILT 117 8 THE CYCLICAL ASSET ALLOCATION STRATEGY’S VERSATILITY 143 9 ACTIVE VERSUS PASSIVE MANAGEMENT 163 10 LOCATION, LOCATION, LOCATION? 183 11 EYE ON ELASTICITY 207 12 KEEPING THE WHEELS ON THE HEDGE-FUND ATV 225 13 MARKET TIMING OR VALUE TIMING? 241 14 EVERY STRATEGY HAS ITS DAY 251 viii UNDERSTANDING ASSET ALLOCATION 15 PUTTING IT ALL TOGETHER: VALUE TIMING 265 Endnotes 283 Bibliography 291 Glossary 301 Index 309 ix Contents
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