Join Amazon Prime and get unlimited Free One-Day Delivery. Already a member? Sign in.

 

or
Sign in to turn on 1-Click ordering.
 
   
More Buying Choices
31 used & new from £14.00
Have one to sell? Sell yours here
 
   
Multi-Asset Class Investment Strategy
 
 
Share your own customer images
Search inside this book

Multi-Asset Class Investment Strategy (Hardcover)

by Guy Fraser-Sampson (Author) "It will come as no surprise, having read the title of this book, that it is going to deal with investment strategy, and a particular..." (more)
4.2 out of 5 stars See all reviews (12 customer reviews)
RRP: £37.50
Price: £26.25 & this item Delivered FREE in the UK with Super Saver Delivery. See details and conditions
You Save: £11.25 (30%)
o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o
In stock.
Dispatched from and sold by Amazon.co.uk. Gift-wrap available.

Only 1 left in stock--order soon (more on the way).

Want guaranteed delivery by Saturday, July 18? Choose Express delivery at checkout. See Details
22 new from £21.49 9 used from £14.00

Frequently Bought Together

Multi-Asset Class Investment Strategy + Private Equity as an Asset Class (The Wiley Finance Series) + Barbarians at the Gate
Price For All Three: £58.83

Show availability and shipping details

Customers Who Bought This Item Also Bought

Private Equity as an Asset Class (The Wiley Finance Series)

Private Equity as an Asset Class (The Wiley Finance Series)

by Guy Fraser-Sampson
4.2 out of 5 stars (5)  £25.89
Unconventional Success: A Fundamental Approach to Personal Investment

Unconventional Success: A Fundamental Approach to Personal Investment

by David Swensen
3.0 out of 5 stars (3)  £14.00
Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment

Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment

by David Swensen
4.0 out of 5 stars (1)  £17.50
When Markets Collide: Investment Strategies for the Age of Global Economic Change

When Markets Collide: Investment Strategies for the Age of Global Economic Change

by Mohamed El-Erian
2.3 out of 5 stars (9)  £8.79
Beyond the J Curve: Managing a Portfolio of Venture Capital and Private Equity Funds (The Wiley Finance Series)

Beyond the J Curve: Managing a Portfolio of Venture Capital and Private Equity Funds (The Wiley Finance Series)

by Thomas Meyer
5.0 out of 5 stars (1)  £38.50
› Explore similar items

Product details

  • Hardcover: 320 pages
  • Publisher: John Wiley & Sons (16 Jun 2006)
  • Language English
  • ISBN-10: 0470027991
  • ISBN-13: 978-0470027998
  • Product Dimensions: 22.8 x 15.8 x 2.8 cm
  • Average Customer Review: 4.2 out of 5 stars See all reviews (12 customer reviews)
  • Amazon.co.uk Sales Rank: 113,347 in Books (See Bestsellers in Books)

    Popular in this category:

    #34 in  Books > Business, Finance & Law > Accounting > Financial

    •  Would you like to update product info or give feedback on images?

  • See Complete Table of Contents

Customers Viewing This Page May Be Interested in These Sponsored Links

  (What is this?)
Multi-asset Investment
   www.InvestecAssetManagement.com    High Yield Investment Solutions Supported by expertise & experience 
Investment Strategy
   optionsXpress.com    Find investment opportunites with Strategy Scan®. 
Multi Asset Fund
   www.fidelity.co.uk    New From Fidelity, Gives You Access To Five Asset Classes In One Fund. 
  
 

Product Description

Review
"...pension fund trustees right around the globe should read the book...the book is certain to stir up some much needed debate..." (Global Pensions, July 2006)

"...an indispensable roadmap for anyone looking to create a successful investment programme..." (The Securities Investment Review, July 2006)  

"…a popular choice…drawing on over 20 years of experience…" (Pensions Management, July 2006)

"clear and punchy…argues convincingly…this book cannot but help to clarify your thinking." (Benefits and Compensation International, August 2006)

"On the other side of the fence...Guy Fraser–Sampson...the lack of interest in the Yale model." (Financial Times, November 2006)

Review
"...pension fund trustees right around the globe should read the book... is certain to stir up some much needed debate..." (Global Pensions, July 2006)

"...an indispensable roadmap for anyone looking to create a successful investment programme..." (The Securities Investment Review, July 2006)

"…a popular choice…drawing on over 20 years of experience…" (Pensions Management, July 2006)

"clear and punchy…argues convincingly…this book cannot but help to clarify your thinking." (Benefits and Compensation International, August 2006)

"On the other side of the fence...Guy Fraser–Sampson...the lack of interest in the Yale model." (Financial Times, November 2006)

See all Product Description

Inside This Book (Learn More)
First Sentence
It will come as no surprise, having read the title of this book, that it is going to deal with investment strategy, and a particular approach to investment strategy at that. Read the first page
Explore More
Concordance
Browse Sample Pages
Front Cover | Copyright | Table of Contents | Excerpt | Index
Search inside this book:

Tags Customers Associate with This Product

 (What's this?)
Click on a tag to find related items, discussions, and people.
Check the boxes next to the tags you consider relevant or enter your own tags in the field below
(1)
(1)
(1)
(1)
(1)
(1)
(1)
See all 15 tags...

Your tags: Add your first tag
 
See most popular tags

What Do Customers Ultimately Buy After Viewing This Item?

Multi-Asset Class Investment Strategy
68% buy the item featured on this page:
Multi-Asset Class Investment Strategy 4.2 out of 5 stars (12)
£26.25
Private Equity as an Asset Class (The Wiley Finance Series)
22% buy
Private Equity as an Asset Class (The Wiley Finance Series) 4.2 out of 5 stars (5)
£25.89
The Art of Asset Allocation: Principles and Investment Strategies for Any Market, Second Edition
10% buy
The Art of Asset Allocation: Principles and Investment Strategies for Any Market, Second Edition
£19.54
Explore similar items
 

Customer Reviews

12 Reviews
5 star:
 (8)
4 star:
 (1)
3 star:
 (1)
2 star:
 (1)
1 star:
 (1)
 
 
 
 
 
Average Customer Review
4.2 out of 5 stars (12 customer reviews)
 
 
 
 
Share your thoughts with other customers:
Most Helpful Customer Reviews

 
4 of 5 people found the following review helpful:
3.0 out of 5 stars Not as good as it thinks it is, 12 Mar 2007
By Mr. M. C. Graham (Horsham, UK) - See all my reviews
(REAL NAME)   
I was disappointed with this book, having read the uniformly positive reviews here. The back cover blurb hints at some startling insights into the Yale investment model; in practice, the author is unable to offer any more insight than could be gleaned by anyone from reading a few of Yale's annual reports.

The lack of a sound statistical base undermines much of the contents of the book. The author seems to have no knowledge of skew distributions, tail dependencies and multi-year Monte Carlo modelling, all of which must surely be central to the real Yale model. Further, he has a poor grasp of the issues regarding the validity of some of the indices he is using (notably that for hedge funds) and gives far too much credibility to his very limited historical data.

The book is also weak on reconciling the theory presented by the author with the practical issues of pension fund investment. Subjects such as accounting for pensions under IFRS and the employer's covenant are either skimmed over or ignored altogether.

Its redeeming features include a decent rebuttal of the liability driven investment mantra and strong sections on property and (particularly) private equity. Also, any book that challenges pension fund trustees to think outside the box has to be commended.
Comment Comment | Permalink | Was this review helpful to you? Yes No (Report this)



 
1 of 1 people found the following review helpful:
2.0 out of 5 stars good data in the appendix, 28 Dec 2008
By Michael Rees - See all my reviews
(REAL NAME)   
I bought this book because it contains some data on one page of the appendix about the annual total returns of various asset classes. Such data are not normally presented in the same source (some equities, property, hedge funds, private equity etc). This was the cheapest/quickest way for me of getting this data that I happened to need. In that sense the book was a very useful purchase, and I have not regrets. But the actual content of the rest of the book was pretty worthless to me.
Comment Comment | Permalink | Was this review helpful to you? Yes No (Report this)



 
1 of 1 people found the following review helpful:
1.0 out of 5 stars Why did I bother?, 19 Aug 2008
By Roger Dennis (Colchester, UK) - See all my reviews
(REAL NAME)   
I bought this book after reading a favourable review in a pension journal, but there is so much that is wrong in it that I wish I hadn't bothered.
The author starts by criticising the technique of discounting liabilities to calculate their present value. His objection boils down to the fact that this is often done at the gilt yield, which he wrongly says is what the accountancy standard requires for recording pension costs in sponsors' accounts. His conclusion is that trustees need to know the internal rate of return that will equate the present fund and future liability cash flows, increased by 10 to 25 per cent to allow for uncertainty.
Then he throws out the IRR and substitutes his own formulation of "total fund return". This is last year's excess of expenditure over contributions, increased by allowances for the change in the ratio of the number of pensioners to the number of contributors, the reduction in the average term to retirement, improved longevity, pension accrual, and inflation. He does not say how these allowances are calculated or what you do if income exceeds expenditure. This whole idea is flawed, and shows that the author has scant experience of pension funding.
Having worked out what return the fund "needs", he chooses the asset allocation with an expected return that equals this. He overlooks the fact that the expected return is not what will actually happen, but just the mid point of a range of possible outcomes, and that the chosen asset allocation is more than likely not to achieve the return that you need.
In five places he likens pension fund investment to travelling by train, saying that it doesn't matter how fast or slowly the train goes as long as it gets to your destination on time. In the real world, how you get on in the long term is the sum of how you get on in short-term intervals, and it does matter if your train comes to a long stop in the middle of nowhere. The comparison is not helpful because trains can be late but are never very early, whereas investment returns can be much worse or much better than you were expecting. It is this probabilistic nature of investment that the author does not understand.
He castigates the Yale Endowment fund managers for using their subjective judgements of the distributions of future returns, instead of assuming that they will be the same as they have been in the past. He criticises the use of the word "risk" when what is meant is "volatility", but continues to use it. He vilifies the Capital Asset Pricing Model, because it uses the covariance of an asset class return with the return of whole market of which it is a constituent. And he gets normalised variables mixed up with probabilities. It's no wonder the publisher's blurb says that his approach is "unique"!
The whole book is peppered with annoying, irrelevant asides. I don't believe for one second that Albanian has 27 words for moustache, but if it were true I wouldn't want to be told this in an investment book.
The general idea that trustees should invest entirely in high-return assets with low correlations is a good one. But if you want to read about it then David Swensen's "Pioneering Portfolio Management" is an infinitely better book than this one.
Comment Comment | Permalink | Was this review helpful to you? Yes No (Report this)


Share your thoughts with other customers: Create your own review
 
 
 
Most Recent Customer Reviews

4.0 out of 5 stars Back to basics for pension fund investors
Guy Fraser-Sampson's book has caused a stir on the institutional investment circuit because it dares to ask simple questions: What do pension fund trustees need to do, and what is... Read more
Published 21 months ago by Martin Steward

5.0 out of 5 stars Excellent Review of MAC Investing From a Practical Perspective
MAC investing essentially states that investment portfolios should be built of several distinct asset classes each defined by their own uncorrelated return characteristics. Read more
Published on 2 Mar 2007 by Mr. Mark Bainbridge

5.0 out of 5 stars MAC investment strategy explained with clarity and wit
Guy Fraser-Sampson covers a complex subject with clarity and wit. It is an informative, thought-provoking and enjoyable read and should be particularly interesting to investment... Read more
Published on 14 Feb 2007 by Angus Colquhoun

5.0 out of 5 stars An excellent and entertaining treatment of the subject
Guy Fraser-Samson builds on the Yale Model to institutional investing, so I somehow expected another version of Swensen's "Pioneering Portfolio Management". Read more
Published on 16 Aug 2006 by Thomas Meyer

5.0 out of 5 stars A must read!!!
There are just a few books that you read during your lifetime that change the way you think. This is one of them for me, and I urge others to try it. Read more
Published on 13 Jul 2006 by Cameron Spence

5.0 out of 5 stars A real eye-opener
I am involved with the pension process, though I would prefer not to say in what capacity, and managed to get my hands on an early copy of this book. Read more
Published on 8 Jul 2006 by Analyst

5.0 out of 5 stars For old hands and young minds
Fraser-Sampson presents the complicated subject of investment strategy in a highly readable form. It is a book that should be picked up by the old hands in the pension fund... Read more
Published on 7 Jul 2006 by Angus Colquhoun

5.0 out of 5 stars Great read !
I was one of the early reviewers of this book, and my endorsement from the back cover is already quoted on the Amazon website. Read more
Published on 30 Jun 2006 by Rebecca Meijlink

5.0 out of 5 stars Book a top class asset itself.
I bought this book after reading about it in the Daily Telegraph. The article said it would be time and money well spent and indeed it was. Read more
Published on 26 Jun 2006 by R. Vessey

Only search this product's reviews


Customer Discussions

 Beta (What's this?)
This product's forum (0 discussions)
  Discussion Replies Latest Post
  No discussions yet

Ask questions, Share opinions, Gain insight
Start a new discussion
Topic:
First post:
Prompts for sign-in
  [Cancel]

   

Look for similar items by category

Feedback

Absolute Returns: The Risk and...

Absolute Returns: The...

“…offers a solid, comprehensive guide to speculators, explaining the... Read more
£50.00 £42.50

›Find similar items

 

More From Guy Fraser-Sampson

Private Equity as...

Private Equity as an Asset Class

"...a comprehensive attempt to get to the bottom of private equity... Read more
£36.99 £25.89

 

Up to 50% off Dental Care

Braun Oral-B Professional Care 6000 Rechargeable Toothbrush - Pack of 2
Put a sparkle in your smile with up to 50% off selected Oral-B and Philips rechargeable toothbrushes.

›Up to 50% off power toothbrushes

  

Treat Someone

Amazon.co.uk Gift Certificates--available in any amount from £5 to £500 With an Amazon.co.uk Gift Certificate, you can get them what they want (even if you don't know what that is).

›Learn more about Gift Certificates

  
Ad

Where's My Stuff?

Delivery and Returns

Need Help?

Your Recent History

  (What's this?)
You have no recently viewed items or searches.

After viewing product detail pages or search results, look here to find an easy way to navigate back to pages you are interested in.

Look to the right column to find helpful suggestions for your shopping session.
Continue Shopping: Top Sellers

amazon.co.uk Amazon Home
International Sites:  United States  |  Germany  |  France  |  Japan  |  Canada  |  China
Business Programs: Sell on Amazon  |  Fulfilment by Amazon  |  Join Associates  |  Join Advantage
Customer Service  |  Help  |  View Basket  |  Your Account
About Amazon.co.uk  |  Careers at Amazon
Conditions of Use & Sale |  Privacy Notice  © 1996-2009, Amazon.com, Inc. and its affiliates