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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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I got a lot of valuable information from this book. For one thing, it deals with the allocation of the fixed income portion of the portfolio --- something no other book that I'm aware of has done. And this is important.
There's really nothing that this book doesn't cover when it comes to asset allocation. It certainly helped me to get my own portfolio back in shape.
It talks about your real tolerance for risk --- not those that you get from tests. It says that most of us have less tolerance than we admit. I think that's true. We talk like we can handle a lot of risk when in truth, we can't. This is good to know.
Asset allocation is a critical part of investing. It doesn't matter if you're a small investor or a big one. You need help with asset allocation. And you can't depend on the pros to give you any help.
If you invest at all, you should read this book and keep it handy. You'll need it to guide you from time to time when you reallocate --- as you should and as you need to.
The book talks mostly in terms of index funds. But it can be used for any sort of investing. It's especially helpful, however, for those who invest in index funds, mutual funds and etf accounts.
The one thing the book seemed to lack was an explanation as to how exactly diversification spreads or, one should say, lessens the risk and how each allocation does so.
I disagree with Rick's comments to the effect that "Investment advisers pass a simple exam, similar to one taken by sixteen year old to pass driver's license exam".
For your information, I aced (98+%) driving test with an afternoon of studies. For series 65 exam, I have been studying for two months and am still confused. I can master optimization techniques like "Efficient Frontiers" and minimizing mean variances. I even developed a proprietary tool for optimal target allocation. I still find the "investment adviser" exams hard.
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