David Turkington Bücher

Discover a masterful exploration of the fallacies and challenges of asset allocation in this newly revised Second Edition of a practitioner's guide. Accomplished finance professionals William Kinlaw, Mark P. Kritzman, and David Turkington provide a robust examination of the core tenets of asset allocation. Drawing on their extensive experience with some of the world's largest and most sophisticated investors, the authors review foundational concepts, debunk common fallacies, and tackle cutting-edge themes like factor investing and scenario analysis. This edition features references to related topics at the end of each chapter and a summary of key takeaways for quick material access. The book discusses the defining characteristics of asset classes, including stability, investability, and similarity, as well as the fundamentals of asset allocation—expected return, portfolio risk, and diversification. It also covers advanced topics such as asymmetric diversification, fat tails, long-term investing, and enhanced scenario analysis, along with tools to address challenges like liquidity, rebalancing, constraints, and within-horizon risk. This resource is essential for client-facing practitioners and scholars seeking practical techniques, supported by insights from a team of distinguished finance experts and a foreword by Nobel laureate Harry Markowitz.