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Lee Bill. Balanced Asset Allocation
Foreword
Acknowledgments
About the Author
Introduction
Chapter 1. The Economic Machine
How the Economy Functions
The Short-Term Business Cycle
The Long-Term Debt Cycle
The Importance of Balance Always, but Particularly Today
Summary
Chapter 2. Your Portfolio is Not Well Balanced
What Is Good Balance?
The Conventional Portfolio Is Not Balanced
Why Is It Not Balanced?
The Flaw in Conventional Thinking
A New Lens
Summary
Chapter 3. The Fundamental Drivers of Asset Class Returns
Breaking Down Returns into Cash Plus Excess Return
The Return of Cash
Excess Returns above Cash
Putting It All Together
Summary
Chapter 4. Viewing Stocks through a Balanced Portfolio Lens
Introduction
The Conventional View: Why Investors Own a Lot of Stocks
The Balanced Portfolio View: How to Think About Equities
Summary
Chapter 5. The High Value of Low-Yielding Treasuries within the Balanced Portfolio Framework
Introduction
The Conventional Perspective
Considering Treasuries through a Balanced Portfolio Perspective
The Role of Treasuries in the Balanced Portfolio
Summary
Chapter 6. Why TIPS Are Critical to Maintaining Balance (Despite Their Low Yield)
What Are TIPS and How Do They Work?
The Conventional View That the Yield of TIPS Is Too Low and Why It's Flawed
TIPS Viewed Through a Balanced Perspective
The Crucial Role of TIPS in the Balanced Portfolio
Summary
Chapter 7. Owning Commodities in a Balanced Portfolio
What Are Commodities Investments?
The Conventional View of Commodities
Considering Commodities through a Balanced Portfolio Perspective
The Role of Commodities in a Balanced Portfolio
Summary
Chapter 8. Even More Balance
How to Deconstruct Other Asset Classes Using the Balanced Framework
Additional Asset Classes
Summary
Chapter 9. How to Build a Balanced PortfolioConceptual Framework
Introduction: Two Simple Questions
Question One: Which Asset Classes?
Question Two: How Do I Weight the Asset Classes?
Summary
Chapter 10. How to Build a Balanced PortfolioThe Step-by-Step Process
The Logical Sequence behind Efficiently Weighting Asset Classes
Analyzing 60/40 through the Same Lens
Summary
Chapter 11. The Balanced Portfolio
The Balanced Portfolio Has Achieved Steady Long-Term Returns
The Balanced Portfolio Has Not Underperformed for Extended Periods
The Balanced Portfolio Has Had Limited Major Drawdowns
Summary
Chapter 12. Implementation StrategiesPutting Theory into Practice
The Balanced Portfolio as the Efficient Starting Point
Implementing the Balanced Portfolio
Trying to Improve upon the Balanced Portfolio
Other Implementation Considerations
Summary
Chapter 13. Conclusion
About the Website
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Above all I wish to recognize my wife of 16 years, Danielle Shahidi, who offered a nonfinancial professional perspective and, most impressively, read the original manuscript multiple times cover to cover. I will forever be thankful for her candid remarks and for helping make the final product so much better than what I had originally put on paper. I must also acknowledge her undying support through this long process, which helped me build momentum at each trough.
Likewise, I appreciate the genuine understanding of my wonderful children, Michael and Bella, on all of those late nights and weekends when I was occupied with this project. Of course, my parents, without whom no opportunities at all would exist, are owed most of the credit for this work as well as any other contribution that I have made. Without the full backing of my family, there simply would be no book.
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