Dynamic Asset Allocation

Today's modern portfolio theory is not your father’s MPT. It has undergone many changes in the past fifty years. Indeed, a new understanding of MPT has emerged, one that has a significant impact on managing asset allocation—especially in today's turbulent markets. Dynamic Asset Allocation interprets and integrates the developments in modern portfolio theory: from the efficient-market hypothesis and indexing of decades past to strategies for building winning portfolios today. The book is filled with practical, hands-on advice for investors, including guidance on approaching investment as a risk-management task.

Acknowledgments. Introduction. 1 In the Beginning. 2 Inventing Portfolio Theory. 3 Other Betas. 4 Rethinking Random Walks and Efficient Markets. 5 The Market Portfolio Is the Benchmark. 6 Rebalancing. 7 Tactical Asset Allocation. 8 Customizing Asset Allocation. 9 Equilibrium, Economics, and Estimates. 10 What Have We Learned After Fifty Years? Bibliography. Index.