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"Picerno′s look at modern portfolio theory′s evolution offers a timely reminder that the design and management of asset allocation is still the critical element for successful investing."— Harold Evensky, CFPPresident, Evensky & Katz Wealth Management "What Peter Bernstein did for the history of portfolio theory in Capital Ideas, Picerno does for its real–world application. He captures the nuanced soup of theory, markets, and investor behavior better than any other writer on investing."— Patrick GeddesCofounder and Chief Investment Officer, Aperio GroupFormer CFO and Director of Quantitative Research, Morningstar Inc. "Picerno puts the tires to the pavement on Peter Bernstein′s 2003 proclamation that the policy portfolio is dead. Picerno masterfully articulates the implications that follow from the notion that although the market portfolio may be efficient, markets may not be."— Rodney N. Sullivan, CFAEditor, Financial Analysts Journal at CFA Institute "Dynamic Asset Allocation is cogently written in a very readable style. James Picerno presents readers with a wonderful history of the developments in asset allocation and then profides an excellent frameword for investors to utitilize the discipline of asset allocation in their own portfolio–composition process. Any serious investor will want to have this book in their library."— Gary P. BrinsonPresident, GP Brinson Investments
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today's modern portfoilio theory (mpt) is light years away from the mpt of even a few years ago. it has undergone major changes in the past few decades; indeed, a new understanding of mpt has emerged, one that has a significant impact on managing asset allocation. in today's turbulent markets, mpt is even more relevant in maximising portfolio values.
dynamic asset allocation interprets and integrates the developments in mpt - from the efficient-market hypothesis and indexing of past decades, to today's strageies for building and maintaining profitable portfolios. the book is fileld with practical, hands-on advice for investors, including guidance on approaching investment as a risk-management task.
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9 of 10 people found the following review helpful
Another Book Review from the Aleph Blog
12 Feb 2011
Format:Hardcover
James Picerno writes the popular blog The Capital Spectator. One of his main topics is asset allocation. He has a book coming out in February called Dynamic Asset Allocation: Modern Portfolio Theory Updated for the Smart Investor.
Asset allocation is important. It determines much of the returns investors will receive.
This book goes into a long discussion of modern portfolio theory, and the author finds MPT to be valuable, but needs to be supplemented by other factors other than the market portfolio. Market capitalization, individual stock valuation, and overall market cheapness/dearness plays a role in asset allocation. This rectifies the main complaint of value investors regarding asset allocation, in that relatively lower prices should lead investors to allocate more to an asset class.
There are elements of my own view here, which says that asset allocation should look at sustainable yield levels adjusted for the likelihood of those yields occurring, and the potential for downside risk.
Also, the author spends time on the special situations of asset allocation for the individual or institution -- how old you are, or, what industry you are in. I experienced that at one firm I was at where I managed the profit sharing assets. We underweighted financials because our firm did well when financials did well. We did not want employees worrying about their assets if the firm was having a bad year.
I recommend the book, but it is not a popular book. Average people will not get a lot out of it. The book requires a moderate knowledge of finance to make it valuable to the reader.
Who would benefit from this book: those who have a strong interest in asset allocation, and like or are willing to tolerate a decent amount of academic discussion of modern portfolio theory. As academic views go, this is a better one. That said, many people will find this book a tough slog because they don't want to deal with the academic arguments.
Asset allocation is important. It determines much of the returns investors will receive.
This book goes into a long discussion of modern portfolio theory, and the author finds MPT to be valuable, but needs to be supplemented by other factors other than the market portfolio. Market capitalization, individual stock valuation, and overall market cheapness/dearness plays a role in asset allocation. This rectifies the main complaint of value investors regarding asset allocation, in that relatively lower prices should lead investors to allocate more to an asset class.
There are elements of my own view here, which says that asset allocation should look at sustainable yield levels adjusted for the likelihood of those yields occurring, and the potential for downside risk.
Also, the author spends time on the special situations of asset allocation for the individual or institution -- how old you are, or, what industry you are in. I experienced that at one firm I was at where I managed the profit sharing assets. We underweighted financials because our firm did well when financials did well. We did not want employees worrying about their assets if the firm was having a bad year.
I recommend the book, but it is not a popular book. Average people will not get a lot out of it. The book requires a moderate knowledge of finance to make it valuable to the reader.
Who would benefit from this book: those who have a strong interest in asset allocation, and like or are willing to tolerate a decent amount of academic discussion of modern portfolio theory. As academic views go, this is a better one. That said, many people will find this book a tough slog because they don't want to deal with the academic arguments.
8 of 12 people found the following review helpful
Buy Graham instead
22 Mar 2010
Format:Hardcover|Amazon Verified Purchase
This book does have some good information and points in it. Overall though the author is just quoting from studies and offers very little original analysis. Also, the author repeats himself constantly. This book could have been about 100 pages shorter and more effective. I recommend that you stay with Graham and just realize that most people have to work hard to get good returns.
9 of 15 people found the following review helpful
Better suited for advanced readers
6 Mar 2010
Format:Hardcover|Amazon Verified Purchase
The history of portfolio theory's evolution is extensive and somewhat technical. Begginners will probably find that their eyes are glazing over while more advanced readers with a good attention span could possibly glean a few tips to tweak their portfolio.
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