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Skating Where the Puck Was: The Correlation Game in a Flat World (Investing for Adults Book 2)

Skating Where the Puck Was: The Correlation Game in a Flat World (Investing for Adults Book 2) [Kindle Edition]

William J Bernstein

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Product Description

Product Description

Skating Where the Puck Was: The Correlation Game in a Flat World is the second installment in the Investing for Adults series. This series is not for novices.

This booklet explores the notion that, as a general rule, no magic policy rich in highreturn/low-correlation alternative asset classes exists that will simultaneously preserve upside reward and protect against downside losses. And as long as I’m lowering your expectations, this booklet is most certainly not a blueprint for the “perfect portfolio.” You’re an adult, after all, so you know that the future efficient frontier lies well beyond
our ken; presumably you already know all about the mechanics, long-term benefits, as well as the uncertainties, of wide diversification and factor tilt using low-cost, efficient vehicles and the risk/reward spectrum between all-fixed-income and all-equity portfolios.

Rather, this booklet provides a way of navigating a global investment landscape that grows ever more linked by the month, and a way of thinking about diversification.

Product details

  • Format: Kindle Edition
  • File Size: 444 KB
  • Print Length: 32 pages
  • Sold by: Amazon Media EU S.à r.l.
  • Language: English
  • Text-to-Speech: Enabled
  • X-Ray:
  • Amazon Bestsellers Rank: #216,183 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Most Helpful Customer Reviews on (beta) 4.3 out of 5 stars  32 reviews
28 of 28 people found the following review helpful
5.0 out of 5 stars Be early, far-sighted, and patient 19 Dec 2012
By Allan S. Roth - Published on
Format:Kindle Edition
The title derives from hockey great Wayne Gretzky's quote, "A great hockey player skates to where the puck is going to be."

Bernstein uses the hedge fund industry to illustrate the herd skating to where the puck was. Bernstein observes that the early hedge-fund adapters, such as Yale University's endowment, could exploit alpha and earn excess returns. Yet once the strategy became popular and a couple of trillion dollars was chasing it, the puck "moved." The institutional money that chased hedge funds ended up with costs much higher than the little bit of alpha that remained. To make matters worse, correlations increased, and most hedge funds zigged at the same time stocks did the same.

This is the second installment in Bernstein's brilliant series in investing for adults. It's not for novices or those that want to believe there is some magic way to earn high returns without risk. To be a successful adult investor, Bernstein makes a compelling case to be early, be far-sighted, and be patient.

I can't get enough of William Bernstein's insights!
10 of 10 people found the following review helpful
5.0 out of 5 stars Brief but powerful 10 Feb 2013
By Amazon Customer - Published on
Format:Kindle Edition
This essay is very short (about like an in-depth magazine article) but I found it very insightful and occasionally brilliant. The key insight is that once an investment is both known and widely available without great inconvenience and transaction costs, it won't provide the returns that made it famous in the first place. I thought I already understood this, but not at the level that Bernstein explains it here. It's a great read for serious investors.
7 of 7 people found the following review helpful
4.0 out of 5 stars An adult discussion of asset allocation 24 Jan 2013
By E. Schmitz - Published on
Format:Kindle Edition|Verified Purchase
Bernstein is one of the best writers on personal finance, a Bill James/ Nate Silver of finance. He can find the key principles and provide a proper perspective on investing-- not to maximize your net worth, but to avoid ending up eating dog food. Here he tackles asset allocation, which has been long identified as the key decision for optimizing return and minimizing risk. Here he reveals how many asset categories have become highly correlated, decreasing the benefits of most traditional diversification strategies. Some of the discussion gets technical, but you come away with a better understanding of what you can do about asset allocation today.
2 of 2 people found the following review helpful
3.0 out of 5 stars Not my favorite Bernstein 18 Jan 2013
By Bob - Published on
Format:Kindle Edition|Verified Purchase
I don't disagree with either of the 2 other intervals but the failure of commodity futures as diversification and the fall of the Yale type alternative investment approach n are well known t many of us. Bernstein explains that asset classes are more correlated than in the past. I read all of Bernstein's book and this one offered fewer insight than some of the others.
1 of 1 people found the following review helpful
4.0 out of 5 stars Errors to avoid 14 Aug 2013
By H. Kuntz - Published on
Format:Kindle Edition|Verified Purchase
This is a short discussion of the problems of correlation aspects in investing. It reviews the problems with viewing different sectors of the investing universe as uncorrelated. Bernstein shows that this is a temporary situation, because as soon as an uncorrelated asset is discovered money shift into the asset to such a large extent that the asset soon becomes correlated with the majority of the market. As with several of his other books, he looks, briefly, into the history of correlation, in this case hedge funds & commodity funds. Well worth reading.
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