Читать книгу Alts Democratized - Rabe Jessica Lynn - Страница 12

This book is aimed at financial advisors and sophisticated investors and it assumes familiarity with basic investment concepts. It is meant to be a practical tool, so we stick with a simple framework and we disclose our key assumptions.

How to Use This Book

The chapters in this book can be read independently, and the authors intended each section to serve as a reference tool. Advisors are busy, and may want a quick overview of a classification and the funds in it. Advisors may choose to read the synopsis at the beginning of each chapter, just to get a feel for the key takeaways.

The book does have a comprehensive framework for liquid alts that starts at the 10,000-foot level, and eventually offers granular detail about individual funds. Some advisors may be interested in only a road map for the alternatives space, and how the classifications fit into the investment landscape. Other advisors may want to understand the specific factor exposures and fund selection process for a given Lipper classification, in order to augment their existing due diligence process.

We offer a framework as a guide, mainly to clarify our assumptions and prevent misunderstandings. We are not looking to either encourage or discourage the use of liquid alternatives, and we are not promoting one investment approach over another. We hope that clear definitions and a clearly articulated structure allow for a coherent discussion, even for advisors who operate with a different investment philosophy and a different set of assumptions. We may agree or disagree with other investors about the proper definition, purpose, and role of liquid alternatives. Our main goal is to provide a framework that is internally consistent, and that provides a springboard for advisors who want to put these products to work for their clients.

Or perhaps an advisor will review the data and conclude that liquid alts are not worth their time and energy, given their clients' needs and their firm's resources.

Illustrations, Not Recommendations

This book offers a process for asset allocation and fund selection, and discusses specific ETFs and mutual funds. Any analysis or example in this book is for illustration purposes only, and is not an investment recommendation for any advisor or investor.

All written content is for informational purposes only. Material presented is believed to be from reliable sources, but the authors make no representations as to its accuracy or completeness. Individual investors should discuss all information and ideas in this book in detail with their individual advisor prior to implementation. Investment advisors should note that their parent firm may strictly limit the use of certain funds described in this book. This is especially true for leveraged and inverse ETFs. Both individual investors and investment advisors should note that certain leveraged products may rapidly lose value and are not suitable for all investors.

Legal Disclosures

One of the authors of this book, Robert J. Martorana, CFA, owns a registered investment advisory firm, Right Blend Investing, LLC, in the state of New Jersey. This content shall in no way be construed or interpreted as a solicitation to sell or offer to sell investment advisory services. This is not a complete discussion of the information needed to make a decision to open an account with Right Blend Investing, LLC. There are always risks in making investments, including the investment strategies described.

Right Blend Investing, LLC, may have long positions in the ETFs and mutual funds described, and these positions may change without notice. Mr. Martorana believes that the position sizes at his firm are too small to have a material impact on any fund described in the book.