Читать книгу Alternative Investments - Black Keith H. - Страница 7

This is the first of two chapters discussing asset allocation, with a focus on the decision-making process of asset allocators who consider portfolios consisting of traditional as well as alternative asset classes. This chapter describes the basic steps of the asset allocation process followed by a typical asset allocator. The objectives and constraints that apply to different types of asset owners are presented, and the important features of strategic and tactical asset allocation approaches are discussed. The chapter then explains the mean-variance approach, which is the best-known quantitative approach to allocation. Finally, some important limitations of the mean-variance approach are discussed.