Long-Term Investing and International Diversification

Long-Term Investing and International Diversification
Author: Mattias Persson
Publisher:
Total Pages: 22
Release: 2002
Genre:
ISBN:

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The gains from international diversification are a well-established fact. In this study a non-parametric moving block bootstrap is used to investigate if investors with long investment horizons should tilt their portfolio weights towards the international stock markets. Through this approach we are able to study the impact of estimation risk on the optimal weights in the assets, and over the investment horizons. The analysis shows that the investors gain more from internationally diversified portfolios if the investment horizon is longer, that is, the weight in the international assets are significantly higher for long investment horizons compared to the one-year horizon.

Stocks for the Long Run, 4th Edition

Stocks for the Long Run, 4th Edition
Author: Jeremy J. Siegel
Publisher: McGraw Hill Professional
Total Pages: 407
Release: 2007-12-18
Genre: Business & Economics
ISBN: 0071643923

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Stocks for the Long Run set a precedent as the most complete and irrefutable case for stock market investment ever written. Now, this bible for long-term investing continues its tradition with a fourth edition featuring updated, revised, and new material that will keep you competitive in the global market and up-to-date on the latest index instruments. Wharton School professor Jeremy Siegel provides a potent mix of new evidence, research, and analysis supporting his key strategies for amassing a solid portfolio with enhanced returns and reduced risk. In a seamless narrative that incorporates the historical record of the markets with the realities of today's investing environment, the fourth edition features: A new chapter on globalization that documents how the emerging world will soon overtake the developed world and how it impacts the global economy An extended chapter on indexing that includes fundamentally weighted indexes, which have historically offered better returns and lower volatility than their capitalization-weighted counterparts Insightful analysis on what moves the market and how little we know about the sources of big market changes A sobering look at behavioral finance and the psychological factors that can lead investors to make irrational investment decisions A major highlight of this new edition of Stocks for the Long Run is the chapter on global investing. With the U.S. stock market currently holding less than half of the world's equity capitalization, it's important for investors to diversify abroad. This updated edition shows you how to create an “efficient portfolio” that best balances asset allocation in domestic and foreign markets and provides thorough coverage on sector allocation across the globe. Stocks for the Long Run is essential reading for every investor and advisor who wants to fully understand the market-including its behavior, past trends, and future influences-in order to develop a prosperous long-term portfolio that is both safe and secure.

The Endowment Model of Investing

The Endowment Model of Investing
Author: Martin L. Leibowitz
Publisher: John Wiley & Sons
Total Pages: 313
Release: 2010-03-02
Genre: Business & Economics
ISBN: 0470608447

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A cutting-edge look at the endowment model of investing Many larger endowments and foundations have adopted a broadly diversified asset allocation strategy with only a small amount of traditional U.S. equities and bonds. This technique, known as the "endowment model of investing," has demonstrated consistent long-term performance and attracted the attention of numerous institutional and individual investors. With The Endowment Model of Investing Leibowitz, Bova, and Hammond take a closer look at the endowment model with customary research sophistication and attention to detail. Throughout the book, they examine how the model provides truly outstanding real returns, while keeping a close eye on the risks associated with this method of investing. Along the way, the authors offer practical advice on incorporating the endowment model into your own investment endeavors and reveal what it takes to make this method work in the real world. Details the growing debate about the endowment model of investing and discusses how to use it successfully Written by an authority on endowment investing and non-traditional asset allocation strategies Offers expert insights on understanding risk and return in non traditional asset allocation If you want to gain a better grasp of one of the most successful forms of investing, then The Endowment Model of Investing is a book you need to read.

Country Asset Allocation

Country Asset Allocation
Author: Adam Zaremba
Publisher: Springer
Total Pages: 270
Release: 2016-10-26
Genre: Business & Economics
ISBN: 1137591919

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This book demonstrates how quantitative country-level investment strategies can be successfully employed to manage money in international markets. It offers a range of state-of-the-art quantitative strategies, describing their theoretical bases, implementation details, and performance in over 70 countries between 1995 and 2015. International diversification has long been a key to stable investing. However, the increased integration and openness of global financial markets has led to rising correlations between stock market returns in particular countries, driving down the benefits of diversification and increasing the importance of country selection strategies as part of an investment process. Zaremba and Shemer explain the efficiency of quantitative investing, which captures huge amounts of data of limited scope very quickly. In the traditional approach, this data compilation is an immense undertaking, limited in scope and vulnerable to behavioral errors, but this can be overcome with the help of a new paradigm of quantitative investment at the country level. Quantitative country asset allocation can be efficiently accomplished by using wealth insights that have been generated in the academic literature, discovering many anomalies and regular patterns in asset prices. Armed with this information, investors and managers can process large amounts of data more efficiently when deciding to invest in ETFs, index funds, or futures markets.

Fund of Funds Investing

Fund of Funds Investing
Author: Daniel A. Strachman
Publisher: John Wiley and Sons
Total Pages: 275
Release: 2009-11-13
Genre: Business & Economics
ISBN: 0470564407

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Valuable guidance on fund of funds investing While capital markets have become more complex, investors are still looking to increase portfolio performance without increasing risk. Fund of funds investing is one such avenue to pursue. This practical guide provides you with the tools needed to understand and evaluate your investments in this often opaque area of finance. In Fund of Funds Investing, hedge fund expert Daniel Strachman and fund of funds manager Richard Bookbinder offer valuable insights into this world through an industry overview and review of essential issues including due diligence, risk and portfolio management, and multi-strategy funds. Outlines strategies that will help you invest directly in a wide range of hedge funds Other titles by Strachman: The Fundamentals of Hedge Fund Management, Essential Stock Picking Strategies, The Long and Short of Hedge Funds, Julian Robertson, and Getting Started in Hedge Funds, Second Edition Based on extensive interviews by the authors as well as their experiences in this field Funds of Funds Investing is an important guide to one of the most misunderstood areas of modern finance.

Long-Run International Diversification

Long-Run International Diversification
Author: Thomas Conlon
Publisher:
Total Pages: 57
Release: 2016
Genre:
ISBN:

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The evidence for international diversification as a means to curtail portfolio risk relies predominantly on short-run data. In this paper, we examine the extent to which the risk reduction benefits of international investment hold in the long-run. Employing a multi-horizon non-parametric filter, we develop a long-run correlation estimator and exploit this to decompose the long-run inter-market relationship into short-run components. We observe raised correlations between international equity indices in the long-run. Investigating the economic significance for investors, we find the long-run benefits of international diversification to be attenuated. Increasing long-run correlation is modeled as a function of short-run data accounting for characteristics pervasive in financial time series. This indicates that perceived risk reduction benefits may be overstated using short-run data.

OECD Sovereign Borrowing Outlook 2021

OECD Sovereign Borrowing Outlook 2021
Author: OECD
Publisher: OECD Publishing
Total Pages: 94
Release: 2021-05-20
Genre:
ISBN: 9264852395

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This edition of the OECD Sovereign Borrowing Outlook reviews developments in response to the COVID-19 pandemic for government borrowing needs, funding conditions and funding strategies in the OECD area.

Stocks for the Long Run 5/E: The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies

Stocks for the Long Run 5/E: The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies
Author: Jeremy J. Siegel
Publisher: McGraw Hill Professional
Total Pages: 448
Release: 2014-01-10
Genre: Business & Economics
ISBN: 0071800522

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The stock-investing classic--UPDATED TO HELP YOU WIN IN TODAY'S CHAOTIC GLOBAL ECONOMY Much has changed since the last edition of Stocks for the Long Run. The financial crisis, the deepest bear market since the Great Depression, and the continued growth of the emerging markets are just some of the contingencies directly affecting every portfolio inthe world. To help you navigate markets and make the best investment decisions, Jeremy Siegel has updated his bestselling guide to stock market investing. This new edition of Stocks for the Long Run answers all the important questions of today: How did the crisis alter the financial markets and the future of stock returns? What are the sources of long-term economic growth? How does the Fed really impact investing decisions? Should you hedge against currency instability? Stocks for the Long Run, Fifth Edition, includes brand-new coverage of: THE FINANCIAL CRISIS Siegel provides an expert’s analysis of the most important factors behind the crisis; the state of current stability/instability of the financial system and where the stock market fits in; and the viability of value investing as a long-term strategy. CHINA AND INDIA The economies of these nations are more than one-third larger than they were before the 2008 financial crisis; you'll get the information you need to earn long-termprofits in this new environment. GLOBAL MARKETS Learn all there is to know about the nature, size, and role of diversification in today’s global economy; Siegel extends his projections of the global economy until the end of this century. MARKET VALUATION Can stocks still provide 6 to 7 percent per year after inflation? This edition forecasts future stock returns and shows how to determine whether the market is overvalued or not. Essential reading for every investor and advisor who wants to fully understand the forces that move today's markets, Stocks for the Long Run provides the most complete summary available of historical trends that will help you develop a sound and profitable long-term portfolio. PRAISE FOR STOCKS FOR THE LONG RUN: “Jeremy Siegel is one of the great ones.” —JIM CRAMER, CNBC’s Mad Money “[Jeremy Siegel’s] contributions to finance and investing are of such significance as to change the direction of the profession.” —THE FINANCIAL ANALYST INSTITUTE “A simply great book.” —FORBES “One of the top ten business books of the year.” —BUSINESSWEEK “Should command a central place on the desk of any ‘amateur’ investor or beginning professional.” —BARRON’S “Siegel’s case for stocks is unbridled and compelling.” —USA TODAY “A clearly written, neatly organized, highly persuasive exposition that lifts the veil of mystery from investing.” —JOHN C. BOGLE, founder and former Chairman, The Vanguard Group

Beyond Diversification: What Every Investor Needs to Know About Asset Allocation

Beyond Diversification: What Every Investor Needs to Know About Asset Allocation
Author: Sebastien Page
Publisher: McGraw Hill Professional
Total Pages: 256
Release: 2020-11-10
Genre: Business & Economics
ISBN: 1260474887

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Generate solid, long-term profits with a portfolio allocated for your investing needs Asset allocation is the key to investing performance. Unfortunately, no single approach works perfectly—developing the right balance requires a clear-eyed look at the many models available to you, various investing methodologies, and your or your client’s level of risk tolerance. And that’s where this important guide comes in. Written by a leading allocation expert from T. Rowe Price, Beyond Diversification provides the knowledge, insights, and approaches you need to make the best allocation decisions for your goals. This deep dive into the how’s and why’s of asset allocation is organized by the three decisive components of a successfully allocated portfolio: Return Forecasting discusses the desired return investors seek. Risk Forecasting covers the level of risk investors are prepared to assume to achieve that return. Portfolio Construction calibrates the stock-bond mix that balances the risks and returns. With examples from T. Rowe Price’s asset allocation team showing you how the process works in the real world, Beyond Diversification provides everything you need to find the asset combination that will deliver the results you seek. You’ll learn how to choose the right tradeoffs, build the most effective asset allocation combination for your needs, and dramatically increase your odds of success for the long run.

The Global-Investor Book of Investing Rules

The Global-Investor Book of Investing Rules
Author: Philip Jenks
Publisher: FT Press
Total Pages: 514
Release: 2002
Genre: Business & Economics
ISBN: 0130094013

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Profiles of 150 successful fund managers, traders, analysts, economists, and investment experts offer advice, techniques, and ideas to increase returns and control risks in investing. Some of the areas of specialty discussed include international markets and capital flows, company valuation, liquidi