Читать книгу Risk Parity - Alex Shahidi - Страница 26

There are a wide variety of asset classes within public markets that are readily available to investors. I had previously mentioned the traditional asset classes of equities and intermediate‐term government and high‐quality corporate bonds that make up the conventional 60/40 mix. Other popular market segments include lower‐quality, higher‐yielding bonds (which have come into favor as interest rates on high quality bonds have dropped to historic lows), cash (as a safe‐haven asset), and real estate (something that can appreciate like stocks but offers income like bonds).

To determine the appropriate assets to incorporate into our risk parity portfolio, I will begin the logical sequence at the most fundamental starting point rather than work off the traditional menu of choices. We will also ignore the conventional thought process for developing a portfolio that involves scaling up and down risk by allocating more or less to equities versus less risky bonds. In short, I am asking you to temporarily suspend any preconceived notions about building a properly diversified portfolio so we can start from a blank slate.

The main objective of constructing a well‐balanced portfolio is to produce a steady return with low risk of catastrophic loss and low odds of an extended period of underperformance. To begin, a core understanding is that the manner in which the economic environment unfolds is the biggest influence on asset‐class prices. This appreciation is essential because it will inform how we go about selecting the appropriate assets to include in our portfolio. Approaching the question from this angle makes sense since we are trying to build balance, and recognizing the key drivers of asset‐class returns is essential to that process. This lines up directly with our goals of controlling downside risk and minimizing the odds of a long stretch of poor results. Notice from the start that viewing the problem through this lens greatly differs from the traditional method used to develop the appropriate asset allocation.