Читать книгу Asset Allocation - William Kinlaw, Mark P. Kritzman - Страница 52

There are four steps to the practical implementation of portfolio theory. We must first identify eligible asset classes. Second, we need to estimate their expected returns, standard deviations, and correlations. Third, we must isolate the subset of efficient portfolios that offer the highest expected returns for different levels of risk. And fourth, we need to select the specific portfolio that balances our desire to increase wealth with our aversion to losses.

Before we describe these steps in detail, it may be useful to review two conditions upon which the application of portfolio theory depends.