Should asset allocation be adjusted in response to newly formed macroeconomic expectations, or should investors continue to use models based solely on past data and wait until a set time horizon expires?
Increasingly, it is recognized that defined benefit plans are not sustainable, and traditional defined contribution schemes are not properly designed to meet core retirement goals of most individuals. Nobel Laureate Robert C. Merton conducted… READ MORE ›
Jan Straatman, global CIO of Lombard Odier, believes that risk management at the portfolio level has been negligent, and a different approach with a new sense of urgency is needed to build more effective solutions.
If the global financial crisis has left us with any enduring lessons, it's that asset return distributions can be significantly skewed and asymmetrical with fat-tails. So how can investment practitioners manage this new reality? That question animated a recent presentation by Dr. Peng Chen, CEO Asia (ex-Japan) of Dimensional Fund Advisors, at the CFA Institute Thailand Investment Conference, which was co-sponsored with CFA Society Thailand and the country's Securities Exchange Commission.
At a recent conference, investment professionals from Fidelity Investments, Goldman Sachs, and the State of Wisconsin Investment Board shared their frameworks for decision making and presented competing visions for how the next 12 months are likely to unfold. They also hinted at how they would position portfolios for optimal advantage.
Economist David Hale told delegates at the 65th CFA Institute Annual Conference that steady increases in exports and capital spending, combined with favorable demographics, will allow emerging market… READ MORE ›
Frontier markets are often thought of as inhospitable investing outposts where corruption abounds and investors face outsized risks. Notwithstanding, the safety and integrity of frontier markets has greatly improved over the past decade, and their growing popularity with professional investors is testament to the fact that the risk-adjusted returns offered by frontier markets are indeed attractive.
Evidence shows that the groundbreaking research on the importance of asset allocation has been poorly understood and widely misquoted. Practitioners of all stripes might benefit from a visit to the archives to better understand the evolution of asset allocation theory.
This book provides a highly accessible and pragmatic approach to the subject of investment vehicles. For the relative newcomer to active investing, it offers several nuggets of useful information. For veteran system developers interested in further honing their trading acumen, it serves as a refresher of key concepts.
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