The Investment Think Tank Theory, Strategy, and Practice for Advisers

by Evensky, Harold; Katz, Deena B.

• ISBN13: 9781576601655
• ISBN10: 157660165X
• Format: Hardcover
• Copyright: 2004-11-01
• Publisher: Bloomberg Pr

Summary

The best investment practitioners, the ones who get results, rely not just on their instincts and experience but on the insights of the trailblazers in their field-the people who interpret, challenge, and even devise the strategies and tools that shape investment management. But when you're in the trenches-serving clients and running a business-the voices at the front can have trouble getting through, and you may sometimes wonder if your methods are as current as your clients deserve.Strategies continue to be explored, and tactics can change almost as quickly as the markets. What's the story behind Peter Bernstein's challenge to a fixed-asset-allocation mix? Did the financial-planning community take a wrong ideological turn in espousing it? What can behavioral finance tell you about serving your clients? What choices can you make to ensure tax efficiency in your clients' portfolios? Downside risk measures have come a long way since Markowitz brought them so much attention. But when's the last time you checked into your reward-to-semivariability ratios? How current is your understanding of the core-and-satellite approach to portfolio design? And how much do you know about putting one in place for your client?To get some answers to these and other questions, financial advisers Harold Evensky and Deena B. Katz invited some of the best minds in investment management to share their best thinking. The result is a gathering of eagles that will challenge your beliefs, reinforce your convictions, pique your curiosity, and maybe even improve some of those tried-and-true practices you put in place too long ago.So sit in on this remarkable think tank. Treat yourself to a compelling array of ideas-from the doggedly practical to the delightfully abstract-that will inform and stimulate your own thinking and reawaken the reasons you came to investment management in the first place.

Author Biography

Harold Evensky is chairman of Evensky & Katz, a financial-advisory firm in Coral Gables, Florida. Deena B. Katz is president. Their innovation and skill have earned them the loyalty of clients; their daring and dedication have won them the respect of their peers. Evensky is the author of Wealth Management: The Financial Advisor’s Guide to Investing and Managing Client Assets; Katz is the author of Deena Katz on Practice Management and Deena Katz’s Tools and Templates for Your Practice. Together they’ve also coedited Retirement Income Redesigned. Both are featured speakers at national and international investment-management and financial-planning conferences, and both are published widely and quoted extensively in financial journals and in newspapers.

Table of Contents

The tax-efficient portfolio	p. 5
Death to the policy portfolio	p. 17
A holistic approach to asset allocation	p. 39
Professional portfolio design	p. 53
Managing concentrated stock positions	p. 77
Managing the taxable equity portfolio	p. 89
Tax-efficient investing	p. 101
A different approach to asset location	p. 125
Reinventing the investment fund	p. 153
The cost and consequences of insurance wrappers	p. 179
Alternative investments	p. 207
Human capital and asset allocation : is that client a bond or a stock?	p. 225
Downside risk measures : a brief history	p. 235
Fundamental fund analysis	p. 251
Controlling longevity risk in a retirement portfolio	p. 265
Monetary policy and investment returns	p. 281
Defining investment advice	p. 291
Financial gerontology and employee benefits	p. 321
Assessing risk tolerance : a micro-behavioral finance case study	p. 331
The why of wealth management	p. 357
Lessons in behavioral finance	p. 365
Missing persons : black investors and the stock market	p. 379
Table of Contents provided by Blackwell. All Rights Reserved.