{"product_id":"adaptive-asset-allocation-isbn-9781119220350","title":"Adaptive Asset Allocation","description":"\u003cb\u003eBuild an agile, responsive portfolio with a new approach to global asset allocation\u003c\/b\u003e \u003cp\u003e\u003ci\u003eAdaptive Asset Allocation\u003c\/i\u003e is a no-nonsense how-to guide for dynamic portfolio management. Written by the team behind Gestaltu.com, this book walks you through a uniquely objective and unbiased investment philosophy and provides clear guidelines for execution. From foundational concepts and timing to forecasting and portfolio optimization, this book shares insightful perspective on portfolio adaptation that can improve any investment strategy. Accessible explanations of both classical and contemporary research support the methodologies presented, bolstered by the authors' own capstone case study showing the direct impact of this approach on the individual investor. \u003c\/p\u003e\u003cp\u003eFinancial advisors are competing in an increasingly commoditized environment, with the added burden of two substantial bear markets in the last 15 years. This book presents a framework that addresses the major challenges both advisors and investors face, emphasizing the importance of an agile, globally-diversified portfolio. \u003c\/p\u003e\u003cul\u003e \u003cli\u003eDrill down to the most important concepts in wealth management\u003c\/li\u003e \u003cli\u003eOptimize portfolio performance with careful timing of savings and withdrawals\u003c\/li\u003e \u003cli\u003eForecast returns 80% more accurately than assuming long-term averages\u003c\/li\u003e \u003cli\u003eAdopt an investment framework for stability, growth, and maximum income\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eAn optimized portfolio must be structured in a way that allows quick response to changes in asset class risks and relationships, and the flexibility to continually adapt to market changes. To execute such an ambitious strategy, it is essential to have a strong grasp of foundational wealth management concepts, a reliable system of forecasting, and a clear understanding of the merits of individual investment methods. \u003ci\u003eAdaptive Asset Allocation\u003c\/i\u003e provides critical background information alongside a streamlined framework for improving portfolio performance. \u003c\/p\u003e\u003cp\u003eAcknowledgments xi\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART I THE PHILOSOPHY OF SUCCESSFUL INVESTING 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCHAPTER 1 The Most Important Concepts in Wealth Management 5\u003c\/p\u003e \u003cp\u003eCHAPTER 2 The Narrative Is Reality 11\u003c\/p\u003e \u003cp\u003eCHAPTER 3 Tightly Grouped Arrows Nowhere Near the Bull’s-eye 15\u003c\/p\u003e \u003cp\u003eCHAPTER 4 What Is Gestalt? 19\u003c\/p\u003e \u003cp\u003eCHAPTER 5 Measuring the Relative Value of Portfolios 23\u003c\/p\u003e \u003cp\u003eCHAPTER 6 The Whole Is Greater than the Sum of Its Parts 27\u003c\/p\u003e \u003cp\u003eCHAPTER 7 Our Process Is a Financial Gestalt 29\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART II SAVING AND WITHDRAWING FROM PORTFOLIOS 31\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCHAPTER 8 Beware of Those Pesky “Volatility Gremlins” 33\u003c\/p\u003e \u003cp\u003eCHAPTER 9 It’s Not Just the Destination, It’s Also the Journey 37\u003c\/p\u003e \u003cp\u003eCHAPTER 10 In a Perfect World 39\u003c\/p\u003e \u003cp\u003eCHAPTER 11 Home on the Range 41\u003c\/p\u003e \u003cp\u003eCHAPTER 12 Timing Is Everything 43\u003c\/p\u003e \u003cp\u003eCHAPTER 13 Longevity Risk 47\u003c\/p\u003e \u003cp\u003eCHAPTER 14 Plan for the Worst, Hope for the Best 49\u003c\/p\u003e \u003cp\u003eCHAPTER 15 Sequence of Returns for Savers 53\u003c\/p\u003e \u003cp\u003eCHAPTER 16 Individual Rate of Return for Savers 57\u003c\/p\u003e \u003cp\u003eCHAPTER 17 Sequence of Returns for Retirees 59\u003c\/p\u003e \u003cp\u003eCHAPTER 18 Do You Feel Lucky? 63\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART III CURRENT HIGH VALUATIONS MEAN LOWER FUTURE RETURNS 65\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCHAPTER 19 A Simple Model to Forecast Equity Market Returns 67\u003c\/p\u003e \u003cp\u003eCHAPTER 20 Implied Future Returns over the Next 20 Years 73\u003c\/p\u003e \u003cp\u003eCHAPTER 21 How Do We Do It? 75\u003c\/p\u003e \u003cp\u003eCHAPTER 22 Forecasts 80 Percent More Accurate than Always Assuming Long-Term Averages 81\u003c\/p\u003e \u003cp\u003eCHAPTER 23 Roller Coasters Are for Amusement Parks 83\u003c\/p\u003e \u003cp\u003eCHAPTER 24 The Last Five Years Have Been a Triumph for the Ostriches 87\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART IV AN INVESTMENT FRAMEWORK FOR STABILITY, GROWTH, AND MAXIMUM INCOME 89\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCHAPTER 25 A Word about Asset Allocation 91\u003c\/p\u003e \u003cp\u003eCHAPTER 26 The Optimization Machine 93\u003c\/p\u003e \u003cp\u003eCHAPTER 27 Garbage In, Garbage Out 95\u003c\/p\u003e \u003cp\u003eCHAPTER 28 All We Know Is That We Know Nothing 103\u003c\/p\u003e \u003cp\u003eCHAPTER 29 If We Know How Assets Should Behave 107\u003c\/p\u003e \u003cp\u003eCHAPTER 30 A Structurally Diverse Investment Universe 119\u003c\/p\u003e \u003cp\u003eCHAPTER 31 If We Can Estimate Volatility 121\u003c\/p\u003e \u003cp\u003eCHAPTER 32 If We Can Estimate Volatility and Correlation 125\u003c\/p\u003e \u003cp\u003eCHAPTER 33 If We Can Estimate Volatility, Correlations, and Returns 129\u003c\/p\u003e \u003cp\u003eCHAPTER 34 Summary of the Optimization Machine 133\u003c\/p\u003e \u003cp\u003eCHAPTER 35 Building to Adaptive Asset Allocation 135\u003c\/p\u003e \u003cp\u003eCHAPTER 36 Integration of Adaptive Asset Allocation 141\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART V WHY YOU SHOULD TRUST THE RESEARCH 145\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCHAPTER 37 The Usefulness and Uselessness of Backtests 147\u003c\/p\u003e \u003cp\u003eCHAPTER 38 Tactical Alpha and the Quantitative Case for Active Asset Allocation 155\u003c\/p\u003e \u003cp\u003eCHAPTER 39 Sensitivity of Safe Withdrawal Rates to Longevity, Market, and Failure Risk Preferences with Implications for Asset Allocation 181\u003c\/p\u003e \u003cp\u003eCHAPTER 40 Winning by Not Losing. Or, Bootstrapping to Estimate Risk 203\u003c\/p\u003e \u003cp\u003eFinal Thoughts 207\u003c\/p\u003e \u003cp\u003eBibliography 209\u003c\/p\u003e \u003cp\u003eIndex 213\u003c\/p\u003e \u003cp\u003e\u003cb\u003eADAM BUTLER, CFA,\u003c\/b\u003e is CEO of ReSolve Asset Management, a firm that specializes in ETF managed portfolio solutions for global asset allocation. Adam has over twelve years of experience in investment management, and is primarily responsible for investment research and asset allocation. He is also the lead author for the GestaltU blog.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eMICHAEL PHILBRICK, CIM\u003csup\u003e®\u003c\/sup\u003e,\u003c\/b\u003e is President of ReSolve Asset Management. He has over twenty years of experience in investment management, contributes to ReSolve’s blogs and research, and is responsible for investment decisions, coaching, and strategic leadership. \u003c\/p\u003e\u003cp\u003e\u003cb\u003eRODRIGO GORDILLO, CIM\u003csup\u003e®\u003c\/sup\u003e,\u003c\/b\u003e is Managing Partner of ReSolve Asset Management. He has ten years of experience in investment management, contributes to ReSolve’s blogs and research, and is responsible for investment decisions and business development.   \u003c\/p\u003e\u003cp\u003eIf you’re looking for cozy validation of traditional investment beliefs, go ahead and put this book back on the shelf. If instead, you’re looking for a book that challenges widely held investment dogma with a mountain of evidence drawn from historical data and the most respected academic research, this book is for you. \u003c\/p\u003e \u003cp\u003eThe first hurdle most investors must overcome is their own cognitive wiring. As humans, we are built to thrive in a deterministic world, guided from day to day by our own experience and the signals we get from those around us. But modern markets turn our own instincts against us with randomness, extreme emotions, and the madness of crowds. Learn how to overcome these obstacles with confidence and discipline using a proven, first-of-its-kind systematic approach to investment management. \u003c\/p\u003e\u003cp\u003e\u003ci\u003eAdaptive Asset Allocation\u003c\/i\u003e doesn’t pull any punches; the authors lay out a compelling case for alternative investment methods with the ability to generate returns through even the toughest economic conditions. Essentially, \u003ci\u003eAdaptive Asset Allocation\u003c\/i\u003e aims to arm both advisors and individual investors with the most powerful tools to smoothly and confidently achieve their financial goals. \u003c\/p\u003e\u003cp\u003ePart self-help book, part retirement planning tool, and part advanced investment course, \u003ci\u003eAdaptive Asset Allocation\u003c\/i\u003e merges practical techniques from many areas of psychology and finance into a practical guide for successful investing. \u003c\/p\u003e\u003cp\u003eThe authors let the evidence do the talking as they show you how to navigate your investments, and your emotions, across wide ranging market environments, using proven techniques rooted in the most contemporary academic research.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47988659290341,"sku":"NP9781119220350","price":37.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119220350.jpg?v=1761781153","url":"https:\/\/k12savings.com\/products\/adaptive-asset-allocation-isbn-9781119220350","provider":"K12savings","version":"1.0","type":"link"}