Mark P. Kritzman - From Theory to Practice and Beyond

1. Chapter 2
2. Chapter 3
3. Chapter 4
4. Chapter 5
5. Chapter 6
6. Chapter 7
7. Chapter 8
8. Chapter 10
9. Chapter 11
10. Chapter 12
11. Chapter 13
12. Chapter 14
13. Chapter 15
14. Chapter 16
15. Chapter 17
16. Chapter 18
17. Chapter 19
18. Chapter 20
19. Chapter 21
20. Chapter 22
21. Chapter 23
22. Chapter 24

1. Chapter 2
2. Chapter 3
3. Chapter 4
4. Chapter 5
5. Chapter 6
6. Chapter 8
7. Chapter 10
8. Chapter 11
9. Chapter 12
10. Chapter 13
11. Chapter 14
12. Chapter 15
13. Chapter 17
14. Chapter 18
15. Chapter 19
16. Chapter 20
17. Chapter 21
18. Chapter 22
19. Chapter 24
20. Chapter 25

Asset allocation is the most important yet challenging decision faced by every investor. By masterfully bridging theory and practice, Kinlaw, Kritzman, and Turkington have produced a modern guide to the topic that will be useful to practitioners and scholars alike.

Robin Greenwood, George Gund Professor of Finance and Banking, Harvard Business School

A Practitioners Guide to Asset Allocation is an exceptionally comprehensive treatise on the subject, as can be seen from just a sampling of the chapter headingsFallacies (of which there are many), Time Diversification (not as easy as it may seem), Factors (points out some issues with this current hot trend), Illiquidity (what does it really cost), Risks (not just at-horizon, but also within- and beyond-horizon), and perhaps most important of all, Regime Shifts. This book has a lot to say, and a page-by-page read may be a bit much for the typical Practitioner, but the authors provide a very readable chapter of Takeaways that should perhaps be the first point of entry. But even these more compact Takeaways are full of fresh insights into this truly important topic that is all too often given too short a shrift.

Martin L. Leibowitz, PhD, Vice Chairman Research, Morgan Stanley

Kinlaw, Kritzman, and Turkington have a long history of discovering and very clearly describing surprising and useful investment results. This book continues that tradition by correcting several common myths about asset allocation and presenting the latest thinking about this fundamental issue. All investors who practice asset allocation for a living will benefit from reading this.

Ronald N. Kahn, Global Head of Scientific Equity Research, BlackRock

One of the best books ever written on applied research for asset allocation. This outstanding effort provides the missing link between academic research and practice. With remarkable clarity, the authors explain how to put risk at the center of portfolio construction. Speaking from experience advising some of the largest pools of assets in the world, they bring the practice and science of risk-based investing to a whole new level, and challenge conventional wisdom along the way. Everyone involved in asset allocation should read this book, including CIOs, quants, non-quants, academics, consultants, portfolio managers, advisors, individual investors, and plan sponsors. It will become a reference for the next wave of innovation in our industry. Bravo!

Sbastien Page, CFA, Head of Asset Allocation, T. Rowe Price; author, Beyond Diversification: What Every Investor Needs to Know About Asset Allocation

Everything you ever wanted and need to know about asset allocation but were afraid to ask, written by three accomplished practitioners who put their money where their mouths are.

Andrew W. Lo, Charles E. and Susan T. Harris Professor, MIT Sloan School of Management

WILLIAM KINLAW
MARK KRITZMAN
DAVID TURKINGTON

Copyright 2021 by William Kinlaw, Mark Kritzman, and David Turkington. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

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Library of Congress Cataloging-in-Publication Data is Available:

9781119817710 (hardback)

9781119817734 (epdf)

9781119817727 (epub)

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A Practitioners Guide to Asset Allocation by William Kinlaw, Mark Kritzman, and David Turkington speaks to the forgotten man of our field: he or she who interacts with the client and delivers professional investment advice. They are the foot soldiers of our field. Our field has an abundance of articles by academics trying to persuade other academics as to how practitioners should advise clients; articles written by academics for quantitative practitioners, who are actually academics, usually employed by large institutional investors, either as window dressing, or to build systems to replace nonquantitative academics; textbooks trying to educate students as to how they too can write academic articles enough of them to achieve tenure on how practitioners should practice; and, now and then, books written by academics for practitioners on what every academic knows and I'll try to explain to you. But there are remarkably few well-written books or articles, by learned scholars, for practitioners, without calculus, on controversial topics of practical importance, on which the scholar has published strong views.