Efficient Asset Management: A Practical Guide to Stock Portfolio Optimization and Asset Allocation Richard O. Michaud, Robert O. Michaud
Publisher: Oxford University Press, USA

Determination of your asset allocation (% stocks / %bonds), which sets your portfolio's level of acceptable risk, is the single most influential decision you can make on your portfolio's performance. 12) the contributions of asset allocation over the long term to investment returns has increased concentrate on the need for diversification of investment portfolios. Efficient Asset Management: A Practical Guide to Stock Portfolio Optimization and Asset Allocation. Efficient Asset Management: A Practical Guide to Stock Portfolio Optimization and Asset Allocation, Second Edition by Richard O. So I don't think there is anything that wrong with an approach that basically says we have asset X that generates A returns over many decades, and asset Y that generates B returns over many decades, and they are correlated with C, and . Portfolios with tax-efficient assets and where taxable withdrawals were made first earned an additional 8.23% of income, while a portfolio with less tax-efficient assets earned 4.95% more. My first book, "Maslowian Portfolio Theory, A Coherent Approach to Strategic Asset Allocation" will be printed in January 2012. Pre-subscriptions are not available any more. Efficient Asset Management: A Practical Guide to Stock Portfolio Optimization and Asset Allocation, Second Edition | by Richard O. Table 1 assumptions use historical data available from Vanguard's index funds in the Vanguard fund distributions tables, which is used as a guide for qualified dividends, and the relative yields of value, small-cap, and tax-managed funds. I'm actually very confident that a portfolio of quality stocks, ETFs, and mutual funds diversified across different asset classes will get me to the goal in 30 years (I think there will be another secular stock bull market in that time frame).