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Title: Strategic Asset Allocation by John Y. Campbell, Luis M. Viceira ISBN: 0-19-829694-0 Publisher: Oxford Press Pub. Date: 15 March, 2002 Format: Hardcover Volumes: 1 List Price(USD): $45.00 |
Average Customer Rating: 3.5 (4 reviews)
Rating: 1
Summary: Too theoretical
Comment: This 200-page volume is better described as an academic monograph that extends the classic mean-variance asset allocation model in a multiple-period setting, hence the marketing claim "portfolio choice for long-term investors." The book will be interesting to those studying finance Ph.D. looking for a good survey -- the latter chapters resember papers in academic journals -- but is entirely impractical to the average investor or even, IMHO, most money managers. Much of the stuff cannot even be implemented on your Excel spreadsheet! So what you have is a very boring and inaccessible book that won't teach you a thing about how to practice strategic asset allocation.
Rating: 3
Summary: Not for the average investor
Comment: I bought this book based on a brief review in the Economist. It was way over my head. I'm a serious individual investor with training in math but found the tone of the book to be fairly esoteric and of little practical use.
Rating: 5
Summary: Just very good
Comment: This book sums up recent research on the "strategic" (as opposed to "tactical", see eg Wai Lee's recent good book) asset allocation decisions - those of people wanting to design a portfolio for the very long term.
I am a practitioner, but this is not a practicioners' book on many counts: some of the formalism is hard (eg chap 5 on continuous-time models), it does not include rules of thumb, its basic framework requires a lot of effort to translate into numeric advice (10% cash, 40% bonds, 50% equity or suchlike). A PFP system based on this is some way off (also because real estate is left out).
Yet: (a) the book saves you a lot of time catching up with the literature; (b) it does dispel some bad criticisms of modern portfolio theory, especially in the first two chapters which are extremely useful as a reminder of basic dynamic theory; (c) it does throw in real-world considerations such as why do we advise older people to hold more conservative portfolios, what does labor income do to the basic model, why are bonds advised at all, the "asset allocation puzzle" etc.
You end up your quest for knowledge much the wiser having read this - and my quest was not effortless. I read this book (actually the Web version) while on a summer vacation. Got up every morning at 7 and worked about one hour at a time, first reading, the following day taking notes. In two weeks I sweated it out. It was worth it, and I bought the book too (the physical book is much leaner than the printout).
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Title: Theory and Methodology of Tactical Asset Allocation by Wai Lee ISBN: 1883249724 Publisher: John Wiley & Sons Pub. Date: August, 2000 List Price(USD): $59.95 |
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Title: Modern Investment Management: An Equilibrium Approach by Bob Litterman, Quantitative Resources Group ISBN: 0471124109 Publisher: John Wiley & Sons Pub. Date: 03 July, 2003 List Price(USD): $129.95 |
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Title: The New Financial Order : Risk in the 21st Century by Robert J. Shiller ISBN: 0691091722 Publisher: Princeton Univ Pr Pub. Date: 02 April, 2003 List Price(USD): $29.95 |
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Title: Efficient Asset Management: A Practical Guide to Stock Portfolio Optimization and Asset Allocation by Richard O. Michaud ISBN: 0875847439 Publisher: Oxford University Press Pub. Date: June, 1998 List Price(USD): $45.00 |
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Title: Absolute Returns: The Risk and Opportunities of Hedge Fund Investing by Alexander M. Ineichen, Alexander Ineichen ISBN: 0471251208 Publisher: John Wiley & Sons Pub. Date: 18 October, 2002 List Price(USD): $69.95 |
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