Download Portfolio Design: A Modern Approach to Asset Allocation by Richard C. Marston PDF

By Richard C. Marston

Preface. Acknowledgements. concerning the writer. concerning the e-book. Disclaimers. bankruptcy 1 Asset Allocation. bankruptcy 2 Long-Run Returns on shares and Bonds. bankruptcy three Small-Cap shares. bankruptcy four worth and progress making an investment. bankruptcy five overseas shares. bankruptcy 6 rising Markets. bankruptcy 7 Bonds. bankruptcy eight Strategic Asset Allocation. bankruptcy nine Hedge cash. bankruptcy 10 enterprise Capital and personal fairness. bankruptcy eleven genuine Assets-Real property. bankruptcy 12 actual Assets-Commodities. bankruptcy thirteen Asset Allocation with replacement Investments. bankruptcy 14 making an investment and Spending by means of Foundations. bankruptcy 15 making an investment and Spending in Retirement. bankruptcy sixteen The self-discipline of Asset Allocation-Rebalancing. References. Index

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S. stocks, 15 percent in foreign (industrial country) stocks, 5 percent in emerging markets, and 10 percent in REITS. Most observers would consider this portfolio to be pretty well diversified. Each asset in the portfolio is represented by a well-known index. S. S. bonds. S. S. stocks. Foreign stocks are represented by the MSCI EAFE index of foreign developedcountry stocks and the MSCI Emerging Market stock index. Real estate is represented by the National Association of Real Estate Investment Trust’s FTSE-NAREIT Reit index.

Prior to 1979 when the Russell series began, the Russell 3000 is replaced by a 35 percent allocation to the S&P 500 and 5 percent allocation to the Ibbotson Small-cap index. Data Sources: Barclays Capital, Russell R , MSCI, © FTSE, and © Morningstar. P1: OTA/XYZ P2: ABC c01 JWBT412-Marston December 20, 2010 16:58 10 Printer: Courier Westford PORTFOLIO DESIGN Does diversification of the stock investments help to mitigate the downturns? The answer is that it often does a poor job when the economy suffers a downturn.

Investors in this market benefited whether they bought and held high coupon-paying bonds or sold out their bond positions after registering large capital gains. Some investors are waiting patiently for high bond returns to resume. But the driving force for these record real returns was the reversal of the same inflation that had undermined the bond market in the late 1960s and 1970s. 8 percent! This was at a time when the stock market was at least breaking even in real terms. With bond yields in the 4 percent to 5 percent range (and recently even lower), we are clearly in a very different market setting than in the early 1980s.

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