Разумное распределение активов. Как построить свой портфель с максимальной доходностью и минимальным риском
Перед вами новое издание книги, ставшей классикой для инвесторов во всем мире. Более 10 лет она помогает инвесторам минимизировать риски благодаря правильно составленным портфелям ценных бумаг. Проверенный не одним поколением жизненный принцип "не клади все яйца в одну корзину" позволяет не просто сгладить рыночные колебания, но и получить максимальную доходность.
Уильям Б Перед вами новое издание книги, ставшей классикой для инвесторов во всем мире. Более 10 лет она помогает инвесторам минимизировать риски благодаря правильно составленным портфелям ценных бумаг. Проверенный не одним поколением жизненный принцип "не клади все яйца в одну корзину" позволяет не просто сгладить рыночные колебания, но и получить максимальную доходность.
Уильям Бернстайн подробно излагает теорию распределения активов, рассказывает об основных типах активов и приводит примеры различных диверсифицированных портфелей, наиболее выгодных с его точки зрения. Основой для его рекомендаций служат статистические данные динамики рынка за последние несколько десятилетий.
Для кого эта книгаДля инвесторов, желающих улучшить результаты игры на рынке.
Почему мы решили издать ееТакие книги обязательно должны быть на книжных полках, чтобы каждое новое поколение инвесторов могло воспользоваться опытом предшественников. . more
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For investors, if there is one book you should read, it is "Four Pillars of Investing," by William Bernstein. "Four Pillars" is geared toward a general audience and explains four key investing concepts that every investor should be aware of. Prior to writing "Four Pillars," Dr. Bernstein wrote "The Intelligent Asset Allocator," but eventually realized this book fell short of his goals and then refined his ideas in developing the classic, "Four Pillars." While "The Intelligent Asset Allocator" re For investors, if there is one book you should read, it is "Four Pillars of Investing," by William Bernstein. "Four Pillars" is geared toward a general audience and explains four key investing concepts that every investor should be aware of. Prior to writing "Four Pillars," Dr. Bernstein wrote "The Intelligent Asset Allocator," but eventually realized this book fell short of his goals and then refined his ideas in developing the classic, "Four Pillars." While "The Intelligent Asset Allocator" remains on a lot of investing reading lists, in truth, it does not make for essential reading if you have already read "Four Pillars." Nonetheless, it does help to reinforce certain key ideas, which are valuable to keep in mind during rough bear markets like we are currently experiencing.The key ideas reinforced in "The Intelligent Asset Allocator" include the following:
*Asset allocation is the only factor affecting your portfolio that you can actually control. Thus, it is the most important factor for investors to worry about – e.g., how much to invest in bonds versus stocks, how much to put into international stocks, etc.
*The essence of effective portfolio construction is the use of or a large number of poorly correlated assets. In other words, you want asset classes that move in opposite directions. For example, typically, when stock prices go down, bond prices go up. Also, foreign stocks and value stocks are not perfectly correlated with U.S. stocks, so during a bear market, owning these types of stocks may reduce risk.
*Foreign stocks belong in every investor’s portfolio. In his most basic model portfolio, Dr. Bernstein recommends investors own U.S. large stocks, U.S. small stocks, foreign stocks, and U.S. short-term bonds.
*Good companies are generally bad stocks, and bad companies are generally good stocks. Dr. Bernstein’s discussion of buying bad companies, or "value stocks," is the most persuasive of any investing book I have read in convincing me of the bonus of owning a mutual fund of "value stocks." Not only have their stocks outperformed "good companies’" stock, but there is also research supporting that these stocks are "less risky" in bear markets.
One other benefit of "The Intelligent Asset Allocator" is that it does get more specific than "Four Pillars" in terms of telling investors which mutual funds he recommends (most are with Vanguard) and also where these funds should be held (in taxable or non-taxable accounts). So, while this book is not essential reading, it is worth a read if you are looking for additional reading material to reassure you that you are on the right track during these trying times. . more
The Intelligent Asset Allocator started out as a real winner, explaining the theory and principles behind effective asset allocation, using just enough math to understand the process without getting bogged down by it. Halfway through the book, the "efficient frontier" concept was well-established and I was looking forward to discussions of different portfolios for different investor types, how different allocations affected performance and other detailed information about "how to build your port The Intelligent Asset Allocator started out as a real winner, explaining the theory and principles behind effective asset allocation, using just enough math to understand the process without getting bogged down by it. Halfway through the book, the "efficient frontier" concept was well-established and I was looking forward to discussions of different portfolios for different investor types, how different allocations affected performance and other detailed information about "how to build your portfolio," as suggested by the title.
Instead, the 200-page book devotes less than 15 pages to actually building portfolios, providing little more than a simple, moderate and complex example of generic allocations between a few core asset classes (primarily US large and small stocks, international stocks and short-term bonds).
Most of the book is devoted to typical investment topics like psychological biases that affect investments, the difficulty of beating the market (Bernstein is a shamelessly unabashed "Boglehead") and retirement withdrawal strategies. He doesn't give bad advice on any of these topics, and is downright prescient in touting the superiority of index funds in 1998, long before they became widely popular, predicting that ETFs would gain popularity, and noting that internet stocks were wildly overpriced while ridiculing the prevailing notion that "this time is different." However, I got the book because I wanted to learn more about asset allocation, and found it lacking on this topic, considering that the whole book was supposed to be devoted to it.
Also, the book is going on 18 years old, and could definitely use an update. Internet resources suggested are no longer operating and we have had two decades of additional asset performance date since it was published that would bolster the numerical support for proposed allocations (in the 1990s, reliable international stock performance data apparently only went back about 25 years, so there is significantly more history today).
To summarize, the first half of the book was novel and informative. The second half is mostly a shill for Vanguard funds and an opportunity to marvel with the benefit of hindsight at someone who anticipated where the investment world was headed. . more
Another excellent investment book from William Bernstein - this time about asset allocation; a critical consideration for any portfolio. Due to the mathematical nature of asset allocation optimization, some understanding of math and statistics is required to make the most of this book, but it should be readable and immediately practical for most investors. The author's descriptions of complicated concepts such as the efficient frontier and risk optimization auto-correlation of stock returns are Another excellent investment book from William Bernstein - this time about asset allocation; a critical consideration for any portfolio. Due to the mathematical nature of asset allocation optimization, some understanding of math and statistics is required to make the most of this book, but it should be readable and immediately practical for most investors. The author's descriptions of complicated concepts such as the efficient frontier and risk optimization auto-correlation of stock returns are the clearest and the best I have read so far. Many of the lessons from the book are counterintuitive at first (i.e. portfolios behave differently from their constituent parts), but definitely eye-opening.
Anything written by Bernstein is required reading for any serious investor; especially his masterpieces "Four Pillars of Investing" and "The Investor's Manifesto" (I re-read the latter every year almost as a quasi-religious ritual , to keep myself on the true path :-) ) It happens that this book was written before Four Pillars; and there is some overlap between the two books.
If you have not read "Four Pillars of Investing", this is a great book on asset allocation and probably the only one you need to read on the subject. Highly recommended for anyone interested in improving their investment skills. . more
Neurologist William Bernstein is an unlikely guide to experienced investors with both this comprehensive book and his excellent efficientfrontier website, but he succeeds admirably, perhaps in part because he is a Wall Street outsider with a keen eye for data viewed through a skeptic’s lens.
The Intelligent Asset Allocator - more than a dozen years old now - is very well organized, building logically from broad foundational concepts to practical advice for investors, with an helpful concluding s Neurologist William Bernstein is an unlikely guide to experienced investors with both this comprehensive book and his excellent efficientfrontier website, but he succeeds admirably, perhaps in part because he is a Wall Street outsider with a keen eye for data viewed through a skeptic’s lens.
The Intelligent Asset Allocator - more than a dozen years old now - is very well organized, building logically from broad foundational concepts to practical advice for investors, with an helpful concluding section on further investment resources. Bernstein starts with a clear discussion of risk and return, and then outlines the theoretical (in particular the work of Fama & French) and actual behaviour of multi-asset portfolios. He then covers market efficiency and concludes with practical and precise (he prefers Vanguard whenever possible) recommendations of how best to invest.
Bernstein’s premise is clear from the opening pages, “Asset allocation is the only factor affecting your investments that you can actually influence.” He cites asset classes such as money market, short term bonds, long term bonds, emerging market stocks, and the value and growth options within domestic, foreign, and small company stocks. He notes both the unpredictability of their returns and that past performance is not necessarily a predictor of future performance (at least not over an investor’s time horizon), but nonetheless recommends different asset mixes based on these historic returns and their correlations. How can he not - it’s the central point of his book - though as Bruno Solnik observed “diversification fails us when we need it most” (i.e. in a market crash).
Though Bernstein is careful to highlight the inherent uncertainty in markets and that some of his analysis or recommendations are based on probabilities rather than facts, the book may still leave readers with the unrealistic impression of a paved road to financial success. In fact, it’s closer to sailing to a destination, unsure of the winds and weather, and of our ability to withstand them. As financial weatherman Nassim Taleb has noted, one hundred year storms seem to appear in markets with surprising frequency. To Bernstein, who is very comfortable with a spreadsheet, the forecast is perhaps too analytical and not philosophical enough.
Though much has changed since the book’s publication - it was written before the advent of fundamental indexing, and the number of Exchange Traded Funds (ETFs) available today is as large as the number of individual stocks - its principled approach ensures it stands the test of time well. Mr. Bernstein’s more recent publications are more philosophical and thought provoking, but knowledgeable investors would be hard pressed to find a better, more practical and comprehensive guide than The Intelligent Asset Allocator. An updated edition to include his recent work would be very welcome. . more
This review has been hidden because it contains spoilers. To view it, click here. rebalancing
asset allocation policy is more important than stock picking and market timing.
when being told the return, ALWAYS ASK THE RISK OF IT. THEY ARE INTERTWINED.
Most important concept:dividing your portfolio between assets with uncorrelated results (imperfect correlation) increases return while decreasing risk
Adding a small amount of stock decreases the risk of a bond portfolio (efficient frontier)Use a large number of poorly correlated assets.
something that everyone knows isn't worth know rebalancing
asset allocation policy is more important than stock picking and market timing.
when being told the return, ALWAYS ASK THE RISK OF IT. THEY ARE INTERTWINED.
Most important concept:dividing your portfolio between assets with uncorrelated results (imperfect correlation) increases return while decreasing risk
Adding a small amount of stock decreases the risk of a bond portfolio (efficient frontier)Use a large number of poorly correlated assets.
something that everyone knows isn't worth knowing
The purpose of portfolio analysis is to find a portfolio mix that is not too far off the efficient frontier.
advantages of being an individual investor:can aggressively rebalance a portfolio without annoying a clientcan invest in small stockswill not be fired after a bad quarter
asset returns have a tendency to mean revert
get a habit of contrarian investing
asset allocation depends on: tolerance to s&p 500 tracking error, the number of assets to own, tolerance to risk.