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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.
Ferri does a few things in this book:
1. Convinces you that this is perhaps the most important aspect of investing. [I might add that even if you are a great stock picker or market caller you need to understand asset allocation and use it as a basis for any more tactical investment strategies.]
2. Teaches you just what asset allocation really is, including warning you of some false ideas you could be harboring. Personally, I re-thought my asset classification system after reading this book.
3. Gives you concrete guidance on how to actually go about doing it for yourself, including specific suggestions/examples of ETFs (and other funds) you can use.
The concepts discussed in this book require the reader to pay attention, but there is little that Joe or Jane Sixpack could not follow.
I recommend as a companion to this another Ferri book: The Power of Passive Investing: More Wealth with Less Work. I read it first and it is what prompted me to read this asset allocation book. I think reading both of these will have a "multiplier effect" -- the combination is more than the sum of the parts.
I have not read Ferri's The ETF Book: All You Need to Know About Exchange-Traded Funds but suspect it may also be a good asset to allocate to your investment library.
Asset allocation can be a dry subject, but Ferri writes about it in a very clear and engaging way. And, most importantly, the guy knows what he's talking about. In short, it's solid information, well-presented, on an important topic. What more could you ask for?
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Then include: Swedroe, Bernstein, Bogle, Larimore, Buffet. Get them.Read more