Читать книгу Risk Parity - Alex Shahidi - Страница 2
Table of Contents
Оглавление1 Cover
6 Foreword
7 Preface
10 Introduction NOTE
11 CHAPTER ONE: What Is Risk Parity? RISK PARITY IS ALL ABOUT BALANCE THE SOURCE OF RETURNS WHAT IS RISK? THE 60/40 PORTFOLIO IS NOT WELL‐BALANCED RISK PARITY FRAMEWORK OVERVIEW PEER GROUP RISK
12 CHAPTER TWO: Two Steps to Build a Well‐Balanced Portfolio STEP 1: WHICH ASSET CLASSES TO REDUCE RISK? STEP 2: HOW TO STRUCTURE EACH ASSET CLASS TO HAVE EQUITY‐LIKE RETURNS
13 CHAPTER THREE: Equities WHAT ARE STOCKS? HOW DO STOCKS PERFORM ACROSS DIFFERENT ENVIRONMENTS? WHAT IS THE BEST WAY TO INVEST IN EQUITIES? STOCK MARKET CYCLES ARE THERE EXTRAORDINARY ENVIRONMENTS TO CONSIDER? SUMMARY NOTE
14 CHAPTER FOUR: Treasuries WHAT ARE TREASURIES? HOW DO TREASURIES PERFORM ACROSS DIFFERENT ENVIRONMENTS? WHAT IS THE BEST WAY TO INVEST IN TREASURIES? ARE THERE EXTRAORDINARY ENVIRONMENTS TO CONSIDER? SUMMARY
15 CHAPTER FIVE: TIPS WHAT ARE TIPS? HOW DO TIPS PERFORM ACROSS DIFFERENT ENVIRONMENTS? WHAT IS THE BEST WAY TO INVEST IN TIPS? ARE THERE EXTRAORDINARY ENVIRONMENTS TO CONSIDER? SUMMARY NOTES
16 CHAPTER SIX: Commodities WHAT ARE COMMODITIES? HOW DO COMMODITIES PERFORM ACROSS DIFFERENT ENVIRONMENTS? WHAT IS THE BEST WAY TO INVEST IN COMMODITIES? OTHER CONSIDERATIONS SUMMARY
17 CHAPTER SEVEN: Other Asset Classes EQUITY SUBGROUPS NON‐US BONDS CORPORATE BONDS MUNICIPAL BONDS COMMERCIAL REAL ESTATE PRIVATE EQUITY HEDGE FUNDS CRYPTOCURRENCIES CASH SUMMARY
18 CHAPTER EIGHT: Risk Parity Portfolio Summary CONCEPTUAL FRAMEWORK TARGET ALLOCATION RISK PARITY WITHOUT LEVERAGE OR WITH MORE LEVERAGE SUMMARY NOTE
19 CHAPTER NINE: Risk Parity Portfolio Historical Returns RETURNS SINCE 1998 (TIPS INCEPTION) RETURNS SINCE 1970 RETURNS SINCE 1926 SUMMARY NOTES
20 CHAPTER TEN: The Timeliness of Risk Parity THE CENTRAL BANK THE DELEVERAGING HEADWIND RISE OF POPULISM THE NET OUTCOME OF MAJOR HEADWINDS AND TAILWINDS IS HIGHLY UNCERTAIN THE NEED FOR LIQUIDITY, LOW FEES, AND TAX EFFICIENCY
21 CHAPTER ELEVEN: The Rebalancing Boost CONCEPTUAL FRAMEWORK: BUY LOW, SELL HIGH LOW CORRELATION AND HIGH VOLATILITY THE REBALANCING BOOST APPLIED TO THE RISK PARITY PORTFOLIO SUMMARY
22 CHAPTER TWELVE: Efficient Implementation SIMPLICITY HIDDEN LINE ITEMS LOW COST HIGH LIQUIDITY LOW TAXES TRANSPARENCY LEVERAGE SUMMARY NOTES
23 CHAPTER THIRTEEN: When Does Risk Parity Underperform? BREAK GLASS IN CASE OF EMERGENCY RISKY ASSETS VERSUS CASH CASH IS KING DURING TWO ENVIRONMENTS RARE AND SHORT‐LIVED PERIODS CONCEPTUALLY NETTING THE IMPACT TO ASSET‐CLASS PRICES ABSOLUTE VERSUS RELATIVE UNDERPERFORMANCE SUMMARY
24 CHAPTER FOURTEEN: FAQs DOES IT MAKE SENSE TO OWN LONG DURATION BONDS WITH LOW INTEREST RATES? HOW DOES RISK PARITY FIT WITHIN THE TOTAL PORTFOLIO? DOES DIVERSIFICATION WORK DURING A CRISIS? IF RISK PARITY IS SO OBVIOUS, WHY ISN'T EVERYONE INVESTING THIS WAY? DOES REBALANCING MORE OR LESS FREQUENTLY MAKE A BIG DIFFERENCE?
25 CHAPTER FIFTEEN: Conclusion
26 Index
