{"product_id":"the-complete-guide-to-portfolio-construction-and-management-isbn-9781119976882","title":"The Complete Guide to Portfolio Construction and Management","description":"In the wake of the recent financial crisis, many will agree that it is time for a fresh approach to portfolio management. \u003ci\u003eThe Complete Guide to Portfolio Construction and Management\u003c\/i\u003e provides practical investment advice for building a robust, diversified portfolio.  \u003cp\u003eWritten by a high-profile investment adviser, this book reveals a practical portfolio management framework and new approach to portfolio construction based on four key market forces: macro, fundamental, technical, and behavioural. It is an insight that takes the focus off numbers, looking instead at the role of risk and behavior in finance.\u003c\/p\u003e \u003cp\u003eAs we have seen with the recent finance meltdown, traditional portfolio management techniques are flawed. Investors need to understand those flaws and learn how to incorporate risk management and behavioral finance into their asset management strategies.\u003c\/p\u003e \u003cp\u003eWith a foreword by industry leader Francois-Serge L'habitant, this is your one-stop guide, with new ways for you to manage, grow and preserve your investment portfolio, even in uncertain markets.\u003c\/p\u003e \u003cp\u003eForeword xiii\u003c\/p\u003e \u003cp\u003eAbout the Author xv\u003c\/p\u003e \u003cp\u003eAcknowledgements xvii\u003c\/p\u003e \u003cp\u003eIntroduction xix\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I Investors and Risk 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 Basic Principles 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1.1 Investors 3\u003c\/p\u003e \u003cp\u003e1.2 Inflation 3\u003c\/p\u003e \u003cp\u003e1.3 Choices for Investors in Terms of Investments 5\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Measures of Risk 7\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e2.1 Volatility or Standard Deviation 7\u003c\/p\u003e \u003cp\u003e2.2 Beta as a Measure of Risk 11\u003c\/p\u003e \u003cp\u003e2.3 Value-at-Risk (VaR) 13\u003c\/p\u003e \u003cp\u003e2.4 Investor Behaviour Towards Risk 14\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II Asset Classes and Their Degree of Risk 17\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 Asset Classes and Associated Risks 19\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e3.1 Money Market Investments 19\u003c\/p\u003e \u003cp\u003e3.1.1 Definition 19\u003c\/p\u003e \u003cp\u003e3.1.2 Risks associated with money market investments 20\u003c\/p\u003e \u003cp\u003e3.2 Bonds 22\u003c\/p\u003e \u003cp\u003e3.2.1 Definition 22\u003c\/p\u003e \u003cp\u003e3.2.2 Risks associated with bonds 26\u003c\/p\u003e \u003cp\u003e3.3 Stocks 33\u003c\/p\u003e \u003cp\u003e3.3.1 Definition 33\u003c\/p\u003e \u003cp\u003e3.3.2 Risks associated with stocks 36\u003c\/p\u003e \u003cp\u003e3.4 Real Estate 45\u003c\/p\u003e \u003cp\u003e3.4.1 Definition 45\u003c\/p\u003e \u003cp\u003e3.4.2 Risks associated with real estate 46\u003c\/p\u003e \u003cp\u003e3.5 Commodities and Metals 48\u003c\/p\u003e \u003cp\u003e3.5.1 Definition 48\u003c\/p\u003e \u003cp\u003e3.5.2 Risks associated with commodities and metals 51\u003c\/p\u003e \u003cp\u003e3.6 Private Equity 54\u003c\/p\u003e \u003cp\u003e3.6.1 Definition 54\u003c\/p\u003e \u003cp\u003e3.6.2 Risks associated with private equity 54\u003c\/p\u003e \u003cp\u003e3.7 Other Asset Classes 56\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Particular Forms of Investment within Asset Classes 59\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e4.1 Hedge Funds 59\u003c\/p\u003e \u003cp\u003e4.1.1 Definition 59\u003c\/p\u003e \u003cp\u003e4.1.2 Risks associated with hedge funds 60\u003c\/p\u003e \u003cp\u003e4.2 Structured Products 63\u003c\/p\u003e \u003cp\u003e4.2.1 Definition 63\u003c\/p\u003e \u003cp\u003e4.2.2 Risks associated with structured products 64\u003c\/p\u003e \u003cp\u003e4.3 Options 65\u003c\/p\u003e \u003cp\u003e4.3.1 Definition 65\u003c\/p\u003e \u003cp\u003e4.3.2 Risks associated with options 66\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 Classification of Asset Classes According to their Degree of Risk 71\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e5.1 Selected Criteria for Classification of Asset Classes 71\u003c\/p\u003e \u003cp\u003e5.2 Classification of the Different Asset Classes 75\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III the Market 77\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Market Efficiency 79\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e6.1 Weak Form Market Efficiency 79\u003c\/p\u003e \u003cp\u003e6.2 Semi-strong Form Market Efficiency 80\u003c\/p\u003e \u003cp\u003e6.3 Strong Form Market Efficiency 80\u003c\/p\u003e \u003cp\u003e6.4 Conclusion on Market Efficiency 81\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Fundamental Analysis 83\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e7.1 Discounted Cash Flow 83\u003c\/p\u003e \u003cp\u003e7.2 Relative Measures 85\u003c\/p\u003e \u003cp\u003e7.2.1 Price to Earnings Ratio (P\/E) 85\u003c\/p\u003e \u003cp\u003e7.2.2 Price to Book 85\u003c\/p\u003e \u003cp\u003e7.3 Strategic Analysis 86\u003c\/p\u003e \u003cp\u003e7.3.1 The business model 86\u003c\/p\u003e \u003cp\u003e7.3.2 External analysis 88\u003c\/p\u003e \u003cp\u003e7.3.3 Internal analysis 95\u003c\/p\u003e \u003cp\u003e7.3.4 The SWOT table (Strengths, Weaknesses, Opportunities and Threats) 97\u003c\/p\u003e \u003cp\u003e7.4 Criticism of Fundamental Analysis 98\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Technical Analysis 101\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e8.1 The Three Fundamental Principles of Technical Analysis 101\u003c\/p\u003e \u003cp\u003e8.1.1 Prices reflect all available information 101\u003c\/p\u003e \u003cp\u003e8.1.2 Prices move in trends 102\u003c\/p\u003e \u003cp\u003e8.1.3 History repeats 104\u003c\/p\u003e \u003cp\u003e8.1.4 Criticism of technical analysis 105\u003c\/p\u003e \u003cp\u003e8.2 Conclusion on Technical Analysis 106\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Investment Approach Based on “Psychological Principles” 109\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart IV Valuation of Financial Assets 111\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e10 Valuation of Money Market Investments 113\u003c\/p\u003e \u003cp\u003e11 Valuation of Bonds 115\u003c\/p\u003e \u003cp\u003e12 Valuation of Stocks 117\u003c\/p\u003e \u003cp\u003e13 Valuation of Options 119\u003c\/p\u003e \u003cp\u003e14 Valuation of Real Estate 121\u003c\/p\u003e \u003cp\u003e15 Valuation of Commodities and Metals 123\u003c\/p\u003e \u003cp\u003e16 Conclusion on Valuation 125\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart V Three Practical Approaches to Security Selection: Buffett, Graham and Lynch 127\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e17 Warren Buffett’s Value Investing Approach 129\u003c\/p\u003e \u003cp\u003e18 Benjamin Graham’s Approach 133\u003c\/p\u003e \u003cp\u003e18.1 The Defensive Investor 133\u003c\/p\u003e \u003cp\u003e18.2 The Enterprising Investor 134\u003c\/p\u003e \u003cp\u003e18.3 Security Analysis 135\u003c\/p\u003e \u003cp\u003e18.3.1 Bond selection 135\u003c\/p\u003e \u003cp\u003e18.3.2 Stock selection 135\u003c\/p\u003e \u003cp\u003e18.4 The Margin of Safety Concept 136\u003c\/p\u003e \u003cp\u003e\u003cb\u003e19 Peter Lynch’s Approach 137\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e19.1 Stock Categories 138\u003c\/p\u003e \u003cp\u003e19.1.1 Slow growers 138\u003c\/p\u003e \u003cp\u003e19.1.2 The stalwarts 138\u003c\/p\u003e \u003cp\u003e19.1.3 The fast growers 139\u003c\/p\u003e \u003cp\u003e19.1.4 Cyclicals 139\u003c\/p\u003e \u003cp\u003e19.1.5 Turnarounds 140\u003c\/p\u003e \u003cp\u003e19.1.6 The asset plays 140\u003c\/p\u003e \u003cp\u003e19.2 The Perfect Company According to Lynch 140\u003c\/p\u003e \u003cp\u003e19.3 Earnings and Earnings Growth 143\u003c\/p\u003e \u003cp\u003e19.4 Selection Criteria 144\u003c\/p\u003e \u003cp\u003e19.4.1 The sales percentage 144\u003c\/p\u003e \u003cp\u003e19.4.2 The P\/E ratio 145\u003c\/p\u003e \u003cp\u003e19.4.3 Liquid assets 145\u003c\/p\u003e \u003cp\u003e19.4.4 Debt 145\u003c\/p\u003e \u003cp\u003e19.4.5 Dividends 146\u003c\/p\u003e \u003cp\u003e19.4.6 Hidden assets 146\u003c\/p\u003e \u003cp\u003e19.4.7 Cash flow 146\u003c\/p\u003e \u003cp\u003e19.4.8 Inventories 146\u003c\/p\u003e \u003cp\u003e19.4.9 Growth rate 146\u003c\/p\u003e \u003cp\u003e19.4.10 Gross profits 146\u003c\/p\u003e \u003cp\u003e19.5 Conclusion on Peter Lynch’s Approach 147\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart VI Behavioural Finance 149\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e20 Investors in Behavioural Finance 151\u003c\/p\u003e \u003cp\u003e21 Heuristics and Cognitive Biases 153\u003c\/p\u003e \u003cp\u003e21.1 Information Selection 153\u003c\/p\u003e \u003cp\u003e21.1.1 Availability heuristic 153\u003c\/p\u003e \u003cp\u003e21.1.2 Herding 153\u003c\/p\u003e \u003cp\u003e21.1.3 Ambiguity aversion 154\u003c\/p\u003e \u003cp\u003e21.1.4 Wishful thinking 154\u003c\/p\u003e \u003cp\u003e21.2 Information Processing 154\u003c\/p\u003e \u003cp\u003e21.2.1 Representation bias 154\u003c\/p\u003e \u003cp\u003e21.2.2 Confirmation bias 154\u003c\/p\u003e \u003cp\u003e21.2.3 Narrative fallacy 155\u003c\/p\u003e \u003cp\u003e21.2.4 Gambler’s fallacy 155\u003c\/p\u003e \u003cp\u003e21.2.5 Anchoring 155\u003c\/p\u003e \u003cp\u003e21.2.6 Framing 155\u003c\/p\u003e \u003cp\u003e21.2.7 Probability matching 155\u003c\/p\u003e \u003cp\u003e21.2.8 Wearing blinkers 156\u003c\/p\u003e \u003cp\u003e21.2.9 Overconfidence bias 156\u003c\/p\u003e \u003cp\u003e21.2.10 Illusion of control 157\u003c\/p\u003e \u003cp\u003e21.3 The Use of Assets 157\u003c\/p\u003e \u003cp\u003e21.3.1 Mental accounting 157\u003c\/p\u003e \u003cp\u003e21.3.2 Disposition effect 158\u003c\/p\u003e \u003cp\u003e21.3.3 House money effect 158\u003c\/p\u003e \u003cp\u003e21.3.4 Endowment effect 158\u003c\/p\u003e \u003cp\u003e21.3.5 Home bias 158\u003c\/p\u003e \u003cp\u003e21.3.6 No go’s 158\u003c\/p\u003e \u003cp\u003e21.3.7 Sunk costs 158\u003c\/p\u003e \u003cp\u003e21.3.8 Lack of control 159\u003c\/p\u003e \u003cp\u003e21.3.9 Pride and regret 159\u003c\/p\u003e \u003cp\u003e\u003cb\u003e22 Investment Approach Based on Behavioural Finance 161\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e22.1 Momentum Strategy 161\u003c\/p\u003e \u003cp\u003e\u003cb\u003e23 Criticism of Behavioural Finance 165\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart VII Forecasting Market Movements 167\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e24 Investment Approach Based on Probabilities 169\u003c\/p\u003e \u003cp\u003e25 Random Walk Theory 171\u003c\/p\u003e \u003cp\u003e26 Market Timing 173\u003c\/p\u003e \u003cp\u003e27 Macroeconomic Investment Approach 177\u003c\/p\u003e \u003cp\u003e27.1 State Interventions 179\u003c\/p\u003e \u003cp\u003e27.1.1 Tax and fiscal policy 180\u003c\/p\u003e \u003cp\u003e27.1.2 Monetary policy 181\u003c\/p\u003e \u003cp\u003e27.1.3 The appropriate policy 181\u003c\/p\u003e \u003cp\u003e27.2 The Major Macroeconomic Forces 182\u003c\/p\u003e \u003cp\u003e27.2.1 Inflation 182\u003c\/p\u003e \u003cp\u003e27.2.2 Economic growth 185\u003c\/p\u003e \u003cp\u003e27.2.3 Recession 192\u003c\/p\u003e \u003cp\u003e27.2.4 Productivity and technological change 195\u003c\/p\u003e \u003cp\u003e27.2.5 Regulations and taxes 197\u003c\/p\u003e \u003cp\u003e27.3 Sectorial Analysis 197\u003c\/p\u003e \u003cp\u003e27.4 Peter Navarro’s Approach 198\u003c\/p\u003e \u003cp\u003e27.4.1 Trends and stock picking 199\u003c\/p\u003e \u003cp\u003e27.4.2 Sector rotation 200\u003c\/p\u003e \u003cp\u003e27.5 Criticism of the Macroeconomic Approach 202\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart VIII Modelling Market Movements 203\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e28 Suggested Investment Approach 207\u003c\/p\u003e \u003cp\u003e29 The Forces 209\u003c\/p\u003e \u003cp\u003e29.1 The Macroeconomic Force 209\u003c\/p\u003e \u003cp\u003e29.2 The Fundamental Force 209\u003c\/p\u003e \u003cp\u003e29.3 The Technical Force 209\u003c\/p\u003e \u003cp\u003e29.4 The Behavioural Force 210\u003c\/p\u003e \u003cp\u003e29.5 The Luck Force 210\u003c\/p\u003e \u003cp\u003e30 The Forces’ Strength 211\u003c\/p\u003e \u003cp\u003e31 The Beauty of the Approach 213\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart IX Portfolio Construction and Management 215\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e32 Modern Portfolio Theory According to Markowitz 217\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e32.1 David Swensen’s Approach 219\u003c\/p\u003e \u003cp\u003e33 The Capital Asset Pricing Model (CAPM) 221\u003c\/p\u003e \u003cp\u003e34 The Minimum Variance Portfolio 223\u003c\/p\u003e \u003cp\u003e35 Value-at-Risk (VaR) 227\u003c\/p\u003e \u003cp\u003e36 Discretionary Mandates 229\u003c\/p\u003e \u003cp\u003e37 The Dollar-cost Averaging Approach 231\u003c\/p\u003e \u003cp\u003e38 Our Portfolio Construction Method 233\u003c\/p\u003e \u003cp\u003e38.1 Basic Principles of Portfolio Construction 233\u003c\/p\u003e \u003cp\u003e38.1.1 10 rules for protecting your capital 234\u003c\/p\u003e \u003cp\u003e38.1.2 The 12 rules of risk management 235\u003c\/p\u003e \u003cp\u003e38.2 The Portfolio Construction Process 238\u003c\/p\u003e \u003cp\u003e38.2.1 The investor’s life objectives 238\u003c\/p\u003e \u003cp\u003e38.2.2 The investor’s life cycle and investment time horizon 238\u003c\/p\u003e \u003cp\u003e38.2.3 Choosing a reference currency 238\u003c\/p\u003e \u003cp\u003e38.2.4 Evaluating the risk profile 238\u003c\/p\u003e \u003cp\u003e38.2.5 Estimating a return target 239\u003c\/p\u003e \u003cp\u003e38.2.6 The investor’s tax rate 240\u003c\/p\u003e \u003cp\u003e38.2.7 Determining the proportion of risky assets 240\u003c\/p\u003e \u003cp\u003e38.2.8 Evaluating the expected degree of liquidity (share of illiquid assets) 240\u003c\/p\u003e \u003cp\u003e38.2.9 Portfolio construction and management 240\u003c\/p\u003e \u003cp\u003e38.3 A Practical Example of Portfolio Construction 249\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart X Attractiveness of the Different Asset Classes 253\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e39 Asset Classes 255\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e39.1 Money Market Investments 255\u003c\/p\u003e \u003cp\u003e39.2 Bonds 255\u003c\/p\u003e \u003cp\u003e39.3 Stocks 256\u003c\/p\u003e \u003cp\u003e39.4 Real Estate 257\u003c\/p\u003e \u003cp\u003e39.5 Commodities and Precious and Industrial Metals 258\u003c\/p\u003e \u003cp\u003e\u003cb\u003e40 The Four Forces of the Investment Model 259\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e40.1 The Macroeconomic Force 259\u003c\/p\u003e \u003cp\u003e40.1.1 The Macroeconomic Force and money market investments 259\u003c\/p\u003e \u003cp\u003e40.1.2 The Macroeconomic Force and bonds 259\u003c\/p\u003e \u003cp\u003e40.1.3 The Macroeconomic Force and stocks 260\u003c\/p\u003e \u003cp\u003e40.1.4 The Macroeconomic Force and real estate 261\u003c\/p\u003e \u003cp\u003e40.1.5 The Macroeconomic Force and commodities, precious and industrial metals 262\u003c\/p\u003e \u003cp\u003e40.2 The Fundamental Force 262\u003c\/p\u003e \u003cp\u003e40.2.1 The Fundamental Force and money market investments 262\u003c\/p\u003e \u003cp\u003e40.2.2 The Fundamental Force and bonds 263\u003c\/p\u003e \u003cp\u003e40.2.3 The Fundamental Force and stocks 263\u003c\/p\u003e \u003cp\u003e40.2.4 The Fundamental Force and real estate 269\u003c\/p\u003e \u003cp\u003e40.2.5 The Fundamental Force and commodities, precious and industrial metals 269\u003c\/p\u003e \u003cp\u003e40.3 The Technical Force 269\u003c\/p\u003e \u003cp\u003e40.3.1 The Technical Force and money market investments 269\u003c\/p\u003e \u003cp\u003e40.3.2 The Technical Force and bonds 270\u003c\/p\u003e \u003cp\u003e40.3.3 The Technical Force and stocks 270\u003c\/p\u003e \u003cp\u003e40.3.4 The Technical Force and real estate 270\u003c\/p\u003e \u003cp\u003e40.3.5 The Technical Force and commodities, precious and industrial metals 271\u003c\/p\u003e \u003cp\u003e40.4 The Behavioural Force 271\u003c\/p\u003e \u003cp\u003e40.4.1 The Behavioural Force and money market investments 271\u003c\/p\u003e \u003cp\u003e40.4.2 The Behavioural Force and bonds 271\u003c\/p\u003e \u003cp\u003e40.4.3 The Behavioural Force and stocks 271\u003c\/p\u003e \u003cp\u003e40.4.4 The Behavioural Force and real estate 272\u003c\/p\u003e \u003cp\u003e40.4.5 The Behavioural Force and commodities, precious and industrial metals 272\u003c\/p\u003e \u003cp\u003e41 Table Summarising the Different Forces 273\u003c\/p\u003e \u003cp\u003e42 A Final Example: Analysis of the Subprime Crisis 277\u003c\/p\u003e \u003cp\u003eConclusion 281\u003c\/p\u003e \u003cp\u003eBibliography 283\u003c\/p\u003e \u003cp\u003eIndex 285 \u003c\/p\u003e \u003cb\u003eLUKASZ SNOPEK\u003c\/b\u003e has been working for many years as a wealth manager and investment consultant in the private banking sector. His qualifications include a Master of Law and a Master’s degree in Business Administration (HEC), the Swiss Federal Diploma for Experts in Finance and Investments and the International Wealth Manager Certificate (CIWM). Lukasz Snopek is also a corrector for the Swiss Financial Analysts Association and teaches portfolio construction and management at the Institut Supérieur de Formation Bancaire (ISFB) in Geneva.  “\u003ci\u003eAs Warren Buffett liked to say, ‘Over his lifetime, it is impossible for an investor to make hundreds of good decisions. One a year is enough.’ For many investors, reading this book will no doubt be it for 2012.\u003c\/i\u003e\u003ci\u003e\"\u003c\/i\u003e  \u003cp\u003e\u003cb\u003eFrancois-Serge Lhabitant, Chief Investment Officer, Kedge Capital and Professor of Finance, EDHEC Business School\u003c\/b\u003e\u003c\/p\u003e  Recent financial crises have highlighted the fact that events supposed to happen \"occasionally\" actually occur much more frequently than expected. They have also demonstrated the limits of existing financial theories, which appear outdated and unsuited to the new stock market environment. Now more than ever, we need to reconsider the way we invest and explore new and better paths for managing and growing our capital, and, more importantly, preserving it in the event of a crisis. The time has come for a new approach to building and managing an investment portfolio – one that is flexible and dynamic, able to adapt readily to sudden shifts in market sentiment and adverse market conditions. One that is risk-management oriented rather than focused on expected returns and incorporates a deep understanding of the macroeconomic forces that drive market ebbs and flows. One that factors in behavioural aspects that can influence prices, while exploiting the best of both technical and fundamental analysis.  \u003cp\u003eIn \u003ci\u003eThe Complete Guide to Portfolio Construction and Management,\u003c\/i\u003e world class investment adviser and wealth manager Lukasz Snopek shares for the first time his asset allocation and portfolio management strategies that rely on a flexible process based more on the attractiveness of the different asset classes than on any rigidity in their allocation.\u003c\/p\u003e \u003cp\u003eHe explores these asset classes in detail, highlighting their inherent risks, including the often forgotten inflation, while offering proven strategies for managing those risks. In addition, the author analyses the investment strategies of value investing legends Warren Buffet, Ben Graham and Peter Lynch, extracting powerful lessons from them for every investor. Finally, he develops a comprehensive framework for portfolio construction and management that combines strategic long-term asset allocation with a multifaceted tactical approach integrating macroeconomic, fundamental, technical and behavioural factors making \u003ci\u003eThe Complete Guide to Portfolio Construction and Management\u003c\/i\u003e an indispensable resource for professional managers and private investors of every stripe.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990192734437,"sku":"NP9781119976882","price":92.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119976882.jpg?v=1761786861","url":"https:\/\/k12savings.com\/es\/products\/the-complete-guide-to-portfolio-construction-and-management-isbn-9781119976882","provider":"K12savings","version":"1.0","type":"link"}