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All About Asset Allocation, Second Edition Paperback – June 21, 2010
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About the Author
Richard A. Ferri, CFA, is president and senior portfolio manager of Portfolio Solutions, LLC, and an adjunct professor of finance at Walsh College in Michigan. He is the author of Protecting Your Wealth in Good Times and Bad, All About Index Funds, and Serious Money: Straight Talk About Investing for Retirement. Ferri is regularly quoted in the media including the Wall Street Journal, Barrons, Businessweek, and Forbes. He has appeared on many financial radio shows and television programs and is a frequent speaker at advisor industry events.
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Top Customer Reviews
Another issue I had with his book is that he said that we should only invest in asset classes that have positive real returns. But if you look at the 10 year returns of some of the funds he suggested they had negative real returns before tax and worse after tax: Pacific Index (1.56%), European Index (0.63%), International Value (0.75%), International Explorer (2.6%), Emerging Markets (1.87%). 3 Year returns are even worse. Looking at lifetime returns the Pacific Index has returned 2.12% average since 1990. Not exactly something to retire on.
I think it sad that not only does Richard not know how to spell "BUY", but doesn't have any friends willing to proof his book, and too cheap to pay someone to spend a day reading it. Also, at least with the Kindle versions I think they can push out updates.
I have now read John Bogle's "Common Sense on Mutual Funds," Burton Malkiel's "A Random Walk Down Wall Street," and this book. They each naturally have different emphases and taken as a whole are quite helpful. I found this book by Ferri to be the most useful in actually structuring a specific investment plan, and I agree with his well-reasoned critique of Bogle, who de-emphasizes international investing to too large an extent. (I also commend Ferri for what he has done with his investment company, which charges a far lower rate than I had thought existed in the financial advisor arena - merely .25% versus the commonly charged 1%.)
A few negatives with the book, however, and as noted by some other reviewers (including AmazonGuy), are that it is rife with typos and grammatical mistakes; and it is repetitive, although that can be helpful for people looking only to read specific chapters. Nevertheless, the substance of the book is fabulous, and I will be applying Ferri's teachings as I construct my investment portfolio.
My only real complaint is that it's sloppy - thus the three stars. I almost had to put the book down because I found so many spelling and grammatical errors in the first chapter. It was very distracting to me.
One has to wonder if this book was even proofread. (I think one or two errors in an entire volume is somewhat acceptable, but not the level of errors seen here.) I asked myself "Can I take the advice of such a careless author?" But in the end I think the concepts are mostly sound and it's a helpful intro.
But please, do a revision and fix all the errors!
If you want a step-by-step manual on proper asset allocation, this is your guide. Each chapter guides you along as you build fund by fund until you have a portfolio of up to 12 different asset classes by the end of the book. There are plenty of examples on where the research originated from (Fama and French, Markowitz, and more) and makes for an enjoyable and quick read. His other books are just as helpful.