Goal-based Investing: Theory And Practice

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Author :
Publisher : World Scientific
ISBN 13 : 9811240965
Total Pages : 324 pages
Book Rating : 4.8/5 (112 download)

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Book Synopsis Goal-based Investing: Theory And Practice by : Romain Deguest

Download or read book Goal-based Investing: Theory And Practice written by Romain Deguest and published by World Scientific. This book was released on 2021-07-13 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: Goal-based investing is a new paradigm that is expected to have a profound and long-lasting impact on the wealth management industry. This book presents the concept in detail and introduces a general operational framework that can be used by financial advisors to help individual investors optimally allocate their wealth by identifying performance-seeking assets and hedging assets. Grounded in the principles of asset pricing and portfolio optimisation, the goal-based investing approach leads to the design of investment solutions that truly respond to investors' problems, which can most often be summarized as follows: secure essential goals with the highest confidence level and maximize the chances to reach aspirational goals.A series of case studies guides the reader through the implementation of goal-based investing, illustrates the efficiency of this paradigm and explains how one can accommodate a variety of implementation features such as taxes, short-sales constraints, parameter estimation risk, as well as limited customisation.

Goals-Based Wealth Management

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Author :
Publisher : John Wiley & Sons
ISBN 13 : 1118995937
Total Pages : 272 pages
Book Rating : 4.1/5 (189 download)

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Book Synopsis Goals-Based Wealth Management by : Jean L. P. Brunel

Download or read book Goals-Based Wealth Management written by Jean L. P. Brunel and published by John Wiley & Sons. This book was released on 2015-02-20 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Take a more active role in strategic asset allocation Goals-Based Wealth Management is a manual for protecting and growing client wealth in a way that changes both the services and profitability of the firm. Written by a 35-year veteran of international wealth education and analysis, this informative guide explains a new approach to wealth management that allows individuals to take on a more active role in the allocation of their assets. Coverage includes a detailed examination of the goals-based approach, including what works and what needs to be revisited, and a clear, understandable model that allows advisors to help individuals to navigate complex processes. The companion website offers ancillary readings, practice management checklists, and assessments that help readers secure a deep understanding of the key ideas that make goals-based wealth management work. The goals-based wealth management approach was pioneered in 2002, but has seen a slow evolution and only modest refinements largely due to a lack of wide-scale adoption. This book takes the first steps toward finalizing the approach, by delineating the effective and ineffective aspects of traditional approaches, and proposing changes that could bring better value to practitioners and their clients. Understand the challenges faced by the affluent and wealthy Examine strategic asset allocation and investment policy formulation Learn a model for dealing with the asset allocation process Learn why the structure of the typical advisory firm needs to change High-net-worth individuals face very specific challenges. Goals-Based Wealth Management focuses on how those challenges can be overcome while adhering to their goals, incorporating constraints, and working within the individual's frame of reference to drive strategic allocation of their financial assets.

Goals-Based Portfolio Theory

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Author :
Publisher : John Wiley & Sons
ISBN 13 : 1119906121
Total Pages : 262 pages
Book Rating : 4.1/5 (199 download)

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Book Synopsis Goals-Based Portfolio Theory by : Franklin J. Parker

Download or read book Goals-Based Portfolio Theory written by Franklin J. Parker and published by John Wiley & Sons. This book was released on 2022-11-29 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: An in-depth overview of investing in the real world In Goals-Based Portfolio Theory, award-winning Chartered Financial Analyst® Franklin J. Parker delivers an insightful and eye-opening discussion of how real people can navigate the financial jungle and achieve their financial goals. The book accepts the reality that the typical investor has specific funding requirements within specified periods of time and a limited amount of wealth to dedicate to those objectives. It then works within those limits to show you how to build an investment portfolio that maximizes the possibility you’ll achieve your goals, as well as how to manage the tradeoffs between your goals. In the book, you’ll find: Strategies for incorporating taxation and rebalancing into a goals-based portfolio A discussion of the major non-financial risks faced by people engaged in private wealth management An incisive prediction of what the future of wealth management and investment management may look like An indispensable exploration of investing as it actually works in the real world for real people, Goals-Based Portfolio Theory belongs in the library of all investors and their advisors who want to maximize the chances of meeting financial goals.

Goals-Based Portfolio Theory

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Author :
Publisher : John Wiley & Sons
ISBN 13 : 1119906105
Total Pages : 262 pages
Book Rating : 4.1/5 (199 download)

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Book Synopsis Goals-Based Portfolio Theory by : Franklin J. Parker

Download or read book Goals-Based Portfolio Theory written by Franklin J. Parker and published by John Wiley & Sons. This book was released on 2022-12-08 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: An in-depth overview of investing in the real world In Goals-Based Portfolio Theory, award-winning Chartered Financial Analyst® Franklin J. Parker delivers an insightful and eye-opening discussion of how real people can navigate the financial jungle and achieve their financial goals. The book accepts the reality that the typical investor has specific funding requirements within specified periods of time and a limited amount of wealth to dedicate to those objectives. It then works within those limits to show you how to build an investment portfolio that maximizes the possibility you’ll achieve your goals, as well as how to manage the tradeoffs between your goals. In the book, you’ll find: Strategies for incorporating taxation and rebalancing into a goals-based portfolio A discussion of the major non-financial risks faced by people engaged in private wealth management An incisive prediction of what the future of wealth management and investment management may look like An indispensable exploration of investing as it actually works in the real world for real people, Goals-Based Portfolio Theory belongs in the library of all investors and their advisors who want to maximize the chances of meeting financial goals.

Goals-Based Investing: A Visionary Framework for Wealth Management

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Author :
Publisher : McGraw-Hill Education
ISBN 13 : 9781264268207
Total Pages : 240 pages
Book Rating : 4.2/5 (682 download)

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Book Synopsis Goals-Based Investing: A Visionary Framework for Wealth Management by : Tony Davidow

Download or read book Goals-Based Investing: A Visionary Framework for Wealth Management written by Tony Davidow and published by McGraw-Hill Education. This book was released on 2021-10-26 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Get up to speed on the latest investing strategies, techniques, and products—and raise your game to a whole new level The financial services industry has undergone a major transformation over the last decade, including increased concerns from investors, the growth of the independent model, the growth of Robo-advisors, product evolution, increased market correlations—in addition to geopolitical risks, population growth, technological advances, and social tensions. Concepts like “Modern Portfolio Theory” aren’t modern anymore, and even Post-Modern Portfolio Theory has become passé. To succeed in today’s complex, uncertain world of investing, you need go beyond plain vanilla stocks, bonds, and mutual funds and embrace the latest investing tools and techniques—and that’s exactly what Goals-Based Investing helps you do. This unparalleled guide covers: The limitations with modern portfolio theory Behavioral Finance–overcoming biases The role and use of alternative investments (hedge funds, private equity, private credit, and real assets) in building better portfolios The growth of exchange-traded funds (ETFs) from “cheap beta” to “smart beta” Sustainable investing, also known as Environmental, Social, and Governance (ESG) investing Adopting a goals-based investing approach The future of wealth management Investing products have evolved significantly over the past two decades, making it easier than ever for you to access various segments of the market and unique asset classes. Goals-Based Investing examines product evolution and discusses how to use these tools to achieve your goals. With this forward-looking, one-of-a-kind investing guide, you have everything you need to navigate the investing jungle, avoid landmines, and generate solid, steady returns.

FinTech Innovation

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Publisher : John Wiley & Sons
ISBN 13 : 1119227186
Total Pages : 184 pages
Book Rating : 4.1/5 (192 download)

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Book Synopsis FinTech Innovation by : Paolo Sironi

Download or read book FinTech Innovation written by Paolo Sironi and published by John Wiley & Sons. This book was released on 2016-07-19 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: A survival guide for the FinTech era of banking FinTech Innovation examines the rise of financial technology and its growing impact on the global banking industry. Wealth managers are standing at the epicenter of a tectonic shift, as the balance of power between offering and demand undergoes a dramatic upheaval. Regulators are pushing toward a 'constrained offering' norm while private clients and independent advisors demand a more proactive role; practitioners need examine this banking evolution in detail to understand the mechanisms at work. This book presents analysis of the current shift and offers clear insight into what happens when established economic interests collide with social transformation. Business models are changing in profound ways, and the impact reaches further than many expect; the democratization of banking is revolutionizing the wealth management industry toward more efficient and client-centric advisory processes, and keeping pace with these changes has become a survival skill for financial advisors around the world. Social media, big data analytics and digital technology are disrupting the banking industry, which many have taken for granted as set in stone. This book shatters that assumption by illustrating the massive changes already underway, and provides thought leader insight into the changes yet to come. Examine the depth and breadth of financial technology Learn how regulations are driving changing business models Discover why investors may become the price-makers Understand the forces at work behind the rise of FinTech Information asymmetry has dominated the banking industry for centuries, keeping the bank/investor liability neatly aligned—but this is changing, and understanding and preparing for the repercussions must be a top priority for wealth managers everywhere. Financial Innovation shows you where the bar is being re-set and gives you the insight you need to keep up.

The Aspirational Investor

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Publisher : HarperCollins
ISBN 13 : 0062235109
Total Pages : 176 pages
Book Rating : 4.0/5 (622 download)

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Book Synopsis The Aspirational Investor by : Ashvin B. Chhabra

Download or read book The Aspirational Investor written by Ashvin B. Chhabra and published by HarperCollins. This book was released on 2015-06-02 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Chief Investment Officer of Merrill Lynch Wealth Management explains why goals, not markets, should be the primary focus of your investment strategy—and offers a practical, innovative framework for making smarter choices about aligning your goals to your investment strategy. Today all of us bear the burden of investing wisely, but too many of us are preoccupied with the wrong priorities—increasing returns at all costs, finding the next star fund manager, or beating “the market.” Unfortunately conventional portfolio theory and the grand debates in finance have offered investors only incomplete solutions. What is needed, argues Ashvin B. Chhabra, is a framework that shifts the focus of investment strategy from portfolios and markets to individuals and the objectives that really matter: things like protecting against unexpected financial crises, paying for education or retirement, and financing philanthropy and entrepreneurship. The Aspirational Investor is a practical, innovative approach to managing wealth based on key goals and the careful allocation of risks rather than responding to the whims of the financial markets. Chhabra introduces his “Wealth Allocation Framework,” which accommodates the three seemingly incompatible objectives that must underpin every sound wealth management plan: the need for financial security in the face of known and unknowable risks; the need to maintain current living standards over time despite inflation; and the need to pursue aspirational goals for wealth creation. Chhabra reveals some surprising facts about wealth creation, reinterprets the success formulas of investing greats like Warren Buffett, and closes the gap between theory and practice by simplifying our understanding of key asset classes and laying out a concise roadmap for identifying, prioritizing, and quantifying financial goals. Raising the bar for what we should expect from our investment portfolios—and our financial advisors—The Aspirational Investor sets us on a path to more confident and fulfilling financial lives.

Maslowian Portfolio Theory

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Author :
Publisher : Vubpress
ISBN 13 : 9789054878971
Total Pages : 0 pages
Book Rating : 4.8/5 (789 download)

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Book Synopsis Maslowian Portfolio Theory by : Philippe De Brouwer

Download or read book Maslowian Portfolio Theory written by Philippe De Brouwer and published by Vubpress. This book was released on 2012-02 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written from the perspective of a financial investor, this account supports Behavioral Portfolio Theory, draws attention to the importance of asset-liability matching, and offers a natural framework for investor-adviser dialogue and mathematical portfolio optimization. In this system, investment goals--and not investor psychology--drive investment advice; "risk" depends on the investment objective and may be different in each sub-portfolio. This comprehensive book presents an extensive overview of existing portfolio theories and behavioral finance, and introduces new theories and its practical applications.

Moving Beyond Modern Portfolio Theory

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Author :
Publisher : Routledge
ISBN 13 : 100037615X
Total Pages : 175 pages
Book Rating : 4.0/5 (3 download)

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Book Synopsis Moving Beyond Modern Portfolio Theory by : Jon Lukomnik

Download or read book Moving Beyond Modern Portfolio Theory written by Jon Lukomnik and published by Routledge. This book was released on 2021-04-29 with total page 175 pages. Available in PDF, EPUB and Kindle. Book excerpt: Moving Beyond Modern Portfolio Theory: Investing That Matters tells the story of how Modern Portfolio Theory (MPT) revolutionized the investing world and the real economy, but is now showing its age. MPT has no mechanism to understand its impacts on the environmental, social and financial systems, nor any tools for investors to mitigate the havoc that systemic risks can wreck on their portfolios. It’s time for MPT to evolve. The authors propose a new imperative to improve finance’s ability to fulfil its twin main purposes: providing adequate returns to individuals and directing capital to where it is needed in the economy. They show how some of the largest investors in the world focus not on picking stocks, but on mitigating systemic risks, such as climate change and a lack of gender diversity, so as to improve the risk/return of the market as a whole, despite current theory saying that should be impossible. "Moving beyond MPT" recognizes the complex relations between investing and the systems on which capital markets rely, "Investing that matters" embraces MPT’s focus on diversification and risk adjusted return, but understands them in the context of the real economy and the total return needs of investors. Whether an investor, an MBA student, a Finance Professor or a sustainability professional, Moving Beyond Modern Portfolio Theory: Investing That Matters is thought-provoking and relevant. Its bold critique shows how the real world already is moving beyond investing orthodoxy.

In Pursuit of the Perfect Portfolio

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Publisher : Princeton University Press
ISBN 13 : 0691215200
Total Pages : 414 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis In Pursuit of the Perfect Portfolio by : Andrew W. Lo

Download or read book In Pursuit of the Perfect Portfolio written by Andrew W. Lo and published by Princeton University Press. This book was released on 2021-08-17 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is there an ideal portfolio of investment assets, one that perfectly balances risk and reward? In Pursuit of the Perfect Portfolio examines this question by profiling and interviewing ten of the most prominent figures in the finance world,Jack Bogle, Charley Ellis, Gene Fama, Marty Liebowitz, Harry Markowitz, Bob Merton, Myron Scholes, Bill Sharpe, Bob Shiller, and Jeremy Siegel. We learn about the personal and intellectual journeys of these luminaries, which include six Nobel Laureates and a trailblazer in mutual funds, and their most innovative contributions. In the process, we come to understand how the science of modern investing came to be. Each of these finance greats discusses their idea of a perfect portfolio, offering invaluable insights to today's investor

Risk Less and Prosper

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Publisher : John Wiley & Sons
ISBN 13 : 1118014308
Total Pages : 227 pages
Book Rating : 4.1/5 (18 download)

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Book Synopsis Risk Less and Prosper by : Zvi Bodie

Download or read book Risk Less and Prosper written by Zvi Bodie and published by John Wiley & Sons. This book was released on 2011-12-27 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: A practical guide to getting personal investing right Somewhere along the way, something has gone very wrong with the way individuals save and invest. Too often, households are drawn in by promotional suggestions masquerading as impartial investment advice. Consumers get saddled with more risk than they realize. Authors Zvi Bodie and Rachelle Taqqu understand the dilemma that today's investors face, and with Risk Less and Prosper they will help you find your financial footing. Written in an accessible style, this practical guide skillfully explains why personal investing is all about you—your goals, your values and your career path. It shows how to understand investment risk and choose the particular blend of risk and safety that is right for you. And it lays out several simple yet powerful ways for small investors to cast a reliable safety net to achieve their financial goals and truly prosper. Coauthors Bodie and Taqqu challenge the myth that all investments require risk, then highlight some important risks that families often disregard when deciding where to put their money. Later, they connect the dots between investment and investor, showing us all how to grasp our own investment risk profiles and how we may use these insights to make more fitting investment choices. Outlines a straightforward way to invest by aligning your investments with your goals and the risk levels you can bear Provides basic investment abc's for readers who are otherwise literate Lays out a simple, actionable plan for achieving your goals Explains the role of risk-free assets and investment insurance in assuring that you reach your most essential goals Contrary to popular belief, investing doesn't have to be complicated. You can build wealth without taking great risks. Risk Less and Prosper will show you how to make investment decisions that will make your financial life less stressful and more profitable.

Pioneering Portfolio Management

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Author :
Publisher : Simon and Schuster
ISBN 13 : 1416554033
Total Pages : 433 pages
Book Rating : 4.4/5 (165 download)

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Book Synopsis Pioneering Portfolio Management by : David F. Swensen

Download or read book Pioneering Portfolio Management written by David F. Swensen and published by Simon and Schuster. This book was released on 2009-01-06 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the years since the now-classic Pioneering Portfolio Management was first published, the global investment landscape has changed dramatically -- but the results of David Swensen's investment strategy for the Yale University endowment have remained as impressive as ever. Year after year, Yale's portfolio has trumped the marketplace by a wide margin, and, with over $20 billion added to the endowment under his twenty-three-year tenure, Swensen has contributed more to Yale's finances than anyone ever has to any university in the country. What may have seemed like one among many success stories in the era before the Internet bubble burst emerges now as a completely unprecedented institutional investment achievement. In this fully revised and updated edition, Swensen, author of the bestselling personal finance guide Unconventional Success, describes the investment process that underpins Yale's endowment. He provides lucid and penetrating insight into the world of institutional funds management, illuminating topics ranging from asset-allocation structures to active fund management. Swensen employs an array of vivid real-world examples, many drawn from his own formidable experience, to address critical concepts such as handling risk, selecting advisors, and weathering market pitfalls. Swensen offers clear and incisive advice, especially when describing a counterintuitive path. Conventional investing too often leads to buying high and selling low. Trust is more important than flash-in-the-pan success. Expertise, fortitude, and the long view produce positive results where gimmicks and trend following do not. The original Pioneering Portfolio Management outlined a commonsense template for structuring a well-diversified equity-oriented portfolio. This new edition provides fund managers and students of the market an up-to-date guide for actively managed investment portfolios.

Modern Portfolio Management

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Publisher : John Wiley & Sons
ISBN 13 : 1119818192
Total Pages : 663 pages
Book Rating : 4.1/5 (198 download)

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Book Synopsis Modern Portfolio Management by : Todd E. Petzel

Download or read book Modern Portfolio Management written by Todd E. Petzel and published by John Wiley & Sons. This book was released on 2021-09-08 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: Get a practical and thoroughly updated look at investment and portfolio management from an accomplished veteran of the discipline In Modern Portfolio Management: Moving Beyond Modern Portfolio Theory, investment executive and advisor Dr. Todd E. Petzel delivers a grounded and insightful exploration of developments in finance since the advent of Modern Portfolio Theory. You’ll find the tools and concepts you need to evaluate new products and portfolios and identify practical issues in areas like operations, decision-making, and regulation. In this book, you’ll also: Discover why Modern Portfolio Theory is at odds with developments in the field of Behavioral Finance Examine the never-ending argument between passive and active management and learn to set long-term goals and objectives Find investor perspectives on perennial issues like corporate governance, manager turnover, fraud risks, and ESG investing Perfect for institutional and individual investors, investment committee members, and fiduciaries responsible for portfolio construction and oversight, Modern Portfolio Management is also a must-read for fund and portfolio managers who seek to better understand their investors.

Modern Portfolio Management : from Markowitz to Probabilistic Scenario Optimisation : Goal-based and Long-term Portfolio Choice

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Author :
Publisher :
ISBN 13 : 9781782722045
Total Pages : 204 pages
Book Rating : 4.7/5 (22 download)

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Book Synopsis Modern Portfolio Management : from Markowitz to Probabilistic Scenario Optimisation : Goal-based and Long-term Portfolio Choice by : Paolo Sironi

Download or read book Modern Portfolio Management : from Markowitz to Probabilistic Scenario Optimisation : Goal-based and Long-term Portfolio Choice written by Paolo Sironi and published by . This book was released on 2015 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Handbook of the Fundamentals of Financial Decision Making

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Author :
Publisher : World Scientific
ISBN 13 : 9814417351
Total Pages : 941 pages
Book Rating : 4.8/5 (144 download)

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Book Synopsis Handbook of the Fundamentals of Financial Decision Making by : Leonard C. MacLean

Download or read book Handbook of the Fundamentals of Financial Decision Making written by Leonard C. MacLean and published by World Scientific. This book was released on 2013 with total page 941 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook in two parts covers key topics of the theory of financial decision making. Some of the papers discuss real applications or case studies as well. There are a number of new papers that have never been published before especially in Part II.Part I is concerned with Decision Making Under Uncertainty. This includes subsections on Arbitrage, Utility Theory, Risk Aversion and Static Portfolio Theory, and Stochastic Dominance. Part II is concerned with Dynamic Modeling that is the transition for static decision making to multiperiod decision making. The analysis starts with Risk Measures and then discusses Dynamic Portfolio Theory, Tactical Asset Allocation and Asset-Liability Management Using Utility and Goal Based Consumption-Investment Decision Models.A comprehensive set of problems both computational and review and mind expanding with many unsolved problems are in an accompanying problems book. The handbook plus the book of problems form a very strong set of materials for PhD and Masters courses both as the main or as supplementary text in finance theory, financial decision making and portfolio theory. For researchers, it is a valuable resource being an up to date treatment of topics in the classic books on these topics by Johnathan Ingersoll in 1988, and William Ziemba and Raymond Vickson in 1975 (updated 2 nd edition published in 2006).

Getting Back to Business: Why Modern Portfolio Theory Fails Investors and How You Can Bring Common Sense to Your Portfolio

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Author :
Publisher : McGraw Hill Professional
ISBN 13 : 1260135330
Total Pages : 364 pages
Book Rating : 4.2/5 (61 download)

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Book Synopsis Getting Back to Business: Why Modern Portfolio Theory Fails Investors and How You Can Bring Common Sense to Your Portfolio by : Daniel Peris

Download or read book Getting Back to Business: Why Modern Portfolio Theory Fails Investors and How You Can Bring Common Sense to Your Portfolio written by Daniel Peris and published by McGraw Hill Professional. This book was released on 2018-07-06 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modern Portfolio Theory has failed investors. A change in direction is long overdue. We are in a time of enormous risk. Economic growth is anemic, and political risk to the capital markets is on the rise. In the U.S., a generation of white collar baby-boomers is heading into retirement with insufficient assets in their 401(k) programs, and industrial workers are stuck with materially underfunded pension plans. Against that backdrop, the investing industry’s current set of practices and assumptions—Modern Portfolio Theory (MPT)—is based on a half-century old formula that is supposed to deliver the maximum amount of return for a given amount of risk. The trouble is that it doesn’t work very well. In Getting Back to Business, dividend-investing guru Daniel Peris proposes a radical new approach—radical in that it does away with MPT in favor of a more intuitive, common-sense approach practiced by business people in their own affairs everyday: cash returns on cash investments. “In a profession utterly lacking a historical sensibility,” Peris writes. “One periodically needs to ask why we do things the way we do, how we got here, and whether perhaps there is a better way.” Balancing detailed historical evidence with a practitioner’s real-world expertise, Peris asks the right questions—and provides a solution that makes sense in today’s challenging investing landscape.

Worry-free Investing

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Author :
Publisher : FT Press
ISBN 13 : 9780130499271
Total Pages : 276 pages
Book Rating : 4.4/5 (992 download)

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Book Synopsis Worry-free Investing by : Zvi Bodie

Download or read book Worry-free Investing written by Zvi Bodie and published by FT Press. This book was released on 2003 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors teach readers about the new rules of investing, which include investing with inflation-protected bonds, reaching retirement goals, and investing safely for college.