Читать книгу Asset Allocation - William Kinlaw, Mark P. Kritzman - Страница 21

 Investors seek to grow wealth and avoid large drawdowns along the way, but these goals conflict with each other.

 A policy portfolio, which prescribes a fixed allocation to a set of asset classes, is intended to balance these conflicting goals.

 However, a policy portfolio is just a means to an end.

 Investors do not care about a specific asset mix, but rather the return distribution they expect it to generate.

 Unfortunately, a fixed-weight portfolio delivers a highly unstable return distribution that often conflicts with an investor's risk preference.

 It is preferable to implement a flexible investment policy that delivers a relatively stable return distribution than a rigid policy portfolio that delivers an unstable return distribution.