Practical Guide to Asset Allocation

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Practical and entertaining education for
attorneys, accountants, business owners
and executives, and investors.
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DISCLAIMER
The material in this webinar is for informational purposes only. It should not be
considered legal, financial or other professional advice. You should consult with an
attorney or other appropriate professional to determine what may be best for your
individual needs. While Financial Poise™ takes reasonable steps to ensure the information
it publishes is accurate, Financial Poise™ makes no guaranty in this regard.
About this PowerPoint: if you are looking at this PowerPoint without the benefit of
listening to the conversation that surrounded it then you are doing yourself a disservice.
This PowerPoint was prepared in contemplation of being viewed in conjunction with
listening to a one hour webinar on the topic
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MEET THE FACULTY
Moderator:
Jonathan Friedland – Sugar Felsenthal Grais & Helsinger LLP
Panelists:
Arthur Doglione – Alpha Fiduciary
Randy Hardy – Clune & Associates
Sang Lee – Darc Matter
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ABOUT THIS WEBINAR:
All About Asset Allocation
Asset allocation involves dividing an investment portfolio among different asset categories, such as
stocks, bonds, alternative assets, and cash. The particular asset allocation that works best for an
investor at any given point will depend largely on the investor’s time horizon and risk tolerate.
By investing in a mix of different asset classes which tend to have investment returns that rise and
fall under different market conditions (that is, which are non-correlated to each other) within a
portfolio, an investor can protect against significant losses. In other words, market conditions that
cause one asset category to do well often cause another asset category to have average or poor
returns. By investing in more than one asset category, you’ll reduce the risk that you’ll lose money
and your portfolio’s overall investment returns will have a smoother ride.
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ABOUT THIS SERIES: Personal
Finance & Investing Fundamentals 2.0
This webinar series is intended for the investor who has a beginning to intermediate level of
investing experience and knowledge. It assumes you know the difference between stocks and
bonds, and the difference between investing in publicly traded stock and investing in a mutual fund
that, in turn, invests in publicly traded stocks. It assumes further that there are good many things
you do not know but which you are quite capable of picking up quickly. The series begins with
fundamentals, such as the concepts of alpha and beta and how to approach reading financial
statements and financial journalism. The series then turns to look closely at certain alternative
investment objects of fascination: investment in VC/PE/HF (private equity, venture capital, and
hedge funds) and investment in "hard" assets like real estate.
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EPISODES IN THIS SERIES
4/24/19 Episode #1:
Alpha, Beta & Other Key Concepts
5/22/19 Episode #2:
How to Read Financial Statements and Financial Journalism
6/19/19 Episode #3:
7/24/19 Episode #4:
More About Stocks
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Dates shown are premiere dates.
All webinars will be available
On Demand approximately 4 weeks
after they premiere.

Episode #3:
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ASSET ALLOCATION INTRO
• Asset allocation is the balance of risk and reward among assets within a portfolio
– Arguably more crucial than selecting individual securities
– Simply put, asset allocation is the balance between risk and time
• Based on three main traditional classes of assets: stocks, bonds, and cash (or cash
alternatives)
• Aims to create and balance a portfolio by setting target allocations for classes of
assets, and re-allocate assets periodically over the life of the investment
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ASSET ALLOCATION INTRO (cont’d)
• Portfolio’s risk and reward balance is unique to an individual’s goals, and is likely
different from one investor to another
– For example, an individual saving for a new car will likely have a more
conservative balance than an individual saving for retirement years away
• Inherent concepts of asset allocation include an investor’s time horizon and risk
tolerance
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ASSET CLASSES
• Asset class – a group of economic resources sharing similar characteristic (i.e.
riskiness and return)
– Traditional assets(most common)
o Stocks (equities)
o Bonds (fixed-incomed investments)
o Cash or cash alternatives
– Alternative assets
o Real estate
o Commodities
o Derivatives (i.e. collateralized debt)
o Private equity
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ASSET CLASSES (cont’d)
• Stocks –value, dividend, growth, or sector-specific
– Large-cap v. mid-cap
– Small-cap v. micro-cap
– Domestic v. foreign
– International developed v. emerging v. frontier markets
• Bonds – fixed income securities generally
– Investment-grade or junk (high-yield)
– Government or corporate
– Short-term v. long-term
• Cash and cash equivalents
– Deposit account
– Money market fund
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ASSET ALLOCATION STRATEGIES
• Asset allocation strategies vary based on –
– Investment goals
– Income requirements
– risk tolerance
– Time horizon
– Diversification
• Common forms of asset allocation:
– Strategic
– Dynamic
– Tactical
– Core-satellite
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TIME HORIZON
• The number of months or years an individual anticipates investing in order to
achieve a specific goal
• Determining a time horizon is important since most investments are directly
related to economic cycles
• No specific limits on time horizons, but for the sake of brevity, this focus will be
on long- and short-time horizons
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LONG TIME HORIZON
• Generally, a young investor saving for retirement in 40 years, or an investor saving
for a long-term purchase15 years in the future may have a longer time horizon and
may feel more comfortable making a risker investment knowing they can wait out
the ebbs and flows of the markets
• In a long time horizon, an aggressive investment, such as stocks, usually offer
greater investment rewards, but also bring greater risk
– More time to recover from loss in this time horizon
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SHORT TIME HORIZON
• Conversely, an investor saving for retirement in 5 years, or an investor saving for a
short-term purchase, such as a vehicle, may have a shorter time horizon and can ill-
afford to take on the risk of the markets during that time
• If a drop in the market occurs, portfolio might not recover by the time investor
needs the money
• To reduce the risk of loss, cash, cash alternatives, or short-term bonds might be a
better investment choices
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RISK TOLERANCE
• Risk tolerance is the investor’s willingness to lose any portion of the investment for
greater potential returns
– Essentially, this is a risk-return tradeoff
• An aggressive investor has a high-risk tolerance, and will risk losing more money in
order to obtain a greater potential return
• A conservative investor has a low-risk tolerance, and will likely attempt to preserve
the original investment
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RISK TOLERANCE (cont’d)
• Categories:
– Conservative – the lowest possible return in exchange for the lowest level of risk to
loss to the initial investment
– Moderately conservative – a relatively low return in exchange for a relatively low
level of risk to my initial investment
– Moderate – a moderate rate of return in exchange for a moderate level of risk to my
initial investment
– Moderately aggressive – a moderately high return in exchange for a moderately high
level of risk to my initial investment
– Aggressive– the highest possible return in exchange for the highest level of risk of
loss to the initial investment
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RISK TOLERANCE (cont’d)
• An investor’s risk tolerance may change throughout the term of the investment, and
may go through various categories
• For example, while initially saving for retirement, a more aggressive approach might
be favorable, but as one nears retirement, the risk tolerance will shift to a more
conservative approach
– Once in retirement, the risk tolerance may change yet again to generate income
while growing the portfolio
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RISK V. REWARD
• The overall goal of asset allocation is to minimize risk while maximizing return
• In order to capitalize on this, investors put a premium on understanding the risk-
return characteristics of the classes of assets
• Equities, such as stocks, have highest potential return, but also inherently carry
highest risk
• Treasury bills, backed by the U.S. government have the lowest risk, but also have
lowest potential return
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INVESTMENT ASSET CLASSES
• Stocks
– highest returns, but greatest risk among the three major investment choices
• Bonds
– offer more modest returns, but are less volatile than stocks
• Cash and cash alternatives
– safest investment choice, but offers lowest potential return
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STOCKS
• Stocks, also referred to as equities, are traded on the market in differing levels of
risk and return
• Stock capitalization refers to the company’s total market value
– Small capitalization equities – highest risk level and highest return potential for
stocks
– Mid capitalization equities – moderate level of risk and return for stocks.
– Large capitalization (blue-chip) equities – generally, the lowest level of risk and
return for stocks
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SMALL CAPITALIZATION STOCK
• "Small cap stocks”- stock of publicly traded companies with a market capitalization
from $300 million to $2 billion
• Small cap stocks usually have a higher stock price, but a smaller amount of shares
• Typically, this is stock from smaller capitalized companies, making the investment
the riskiest, in the event of the company failing, but the highest potential for return,
if the company flourishes
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MID CAPITALIZATION STOCK
• “Mid cap stocks” - stock of publicly traded companies with a market capitalization
from $2-$10 billion
• Mid cap stocks are attractive to investors because they provide a moderate level of
security (risk) for investment, and usually are expected to increase in profits and
market share
• Typically included in portfolios to provide a balance of growth potential and stability
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LARGE CAPITALIZATION STOCK
• “Large cap stocks” (better known as “blue-chip stocks”) - stock of an established,
finically sound company (i.e. Apple or Google)
• Blue-chip stocks have survived many challenges and market cycles, usually making
blue-chip stocks a safe and stable investment, as far as stocks are concerned
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BONDS
• A bond obligates an issuer to pay the bondholder a specific sum over the term of
the bond, and repay the principal amount at maturity
• Bonds are a staple in portfolios to balance the volatility of more risky
investments
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BONDS (cont’d)
• Common types of bonds:
– U.S. Treasury bonds – often thought of as the safest investment and commonly
referred to as risk-free, backed by the U.S. government
– Municipal bonds – issued by a state, county, or city to finance its capital projects,
and carries with it a relatively low risk rate
– Corporate bonds – usually accompanied by a credit rating, the level of risk usually
corresponds with the credit rating
o Investment grade – the highest credit rating, making these bonds less risky.
o High yield – the lowest credit rating, and most risky. Also referred to as “junk
bonds”
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CASH AND CASH EQUIVALENTS
• Cash equivalents are short-term investment securities that have a high credit rating, and
are highly liquid, low-risk, low return
• Examples include:
– U.S. government treasury bills – maturity date of once year or less, the longer the
maturity date, the higher the interest
– Money market funds – usually only offer single digit returns, and have fees
– Certificate of deposit (CD) – issued by commercial banks and provides a specific
interest rate in exchange for a principal investment, in which the holder is restricted
from withdrawing funds until the maturity date
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DIVERSIFICATION INTRODUCTION
• Diversification is an investment strategy that mixes various investment types within
an asset class of a portfolio
• Utilized to reduce unsystematic risk
– Unsystematic risk is specific to a company or industry, such as regulatory
changes
– Conversely, systematic risk is risk that cannot be planned for or avoided
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(cont’d)
• Many investors use mutual funds to diversify, rather than investing themselves
– A mutual fund is a company that pools money from investors and invests that
money in securities
– An investor buys shares in mutual funds and each share gives the investor
part ownership in the fund and its income
o Mutual funds have fund managers that do all the research for the investor
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(cont’d)
• 3 common types of diversification:
– Passive – buy and hold approach, relying on the long-term success of the
overall market.
– Balanced– middle ground
– Active– research for strategic buying and selling of stocks in attempts to
outperform the market.
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DIVERSIFICATION V. ASSET
ALLOCATION
• Asset allocation and diversification go hand-in-hand, but are, in fact, different
concepts
• Asset allocation refers to investing as a whole in different asset classes, while
diversification is the process of balancing those specific classes to protect against
market conditions
• An investor may have excellent asset allocation but poor diversification
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DIVERSIFICATION V. ASSET
ALLOCATION (cont’d)
• Asset allocation is the overarching types of assets in a portfolio and
diversification involves the number of each of those assets within each category
• Diversification provides another layer of investment protection to asset
allocation by allowing the investor to invest in asset class subcategories, such as
which industry sector, which company stock, or what type of bonds to invest
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STOCK CORRELATION
• What is stock correlation?
– measures the degree to which two securities move in relation to each other
o may be used to determine unique risk within an asset class
o measuring the correlation among two asset classes is typically done by taking the
long-term monthly returns of one asset class and comparing them to another
– used in advanced portfolio management,
o correlation coefficient (value that must fall between -1.0 and +1.0)
– risk reduction benefits of diversification rely on correlation
• Can measure movement of stock with that of a benchmark index (i.e. Beta)
• Correlation is NOT causation
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STOCK CORRELATION (cont’d)
• A “perfect positive correlation” means correlation coefficient is exactly 1
– Implies that as one security moves, either up or down, the other security moves in
lockstep, in the same direction
• A “perfect negative correlation”
– Implies two assets move in opposite directions
• A “zero correlation”
– Implies no relationship at all
• For example –
– Large-cap mutual funds generally have a high positive correlation to (S&P) 500
Index - very close to 1
– Small-cap stocks have a positive correlation to that same index, but it is not as high -
generally around 0.8
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STOCK CORRELATION (cont’d)
• Note, however, put option prices and their underlying stock prices will tend to have
a negative correlation
– Put option - option contract giving the owner the right, but not the obligation, to
sell a specified amount of an underlying security at a specified price within a
specified time frame
– Implies that as stock price increases, the put option prices go downdirect and
high-magnitude negative correlation
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DIVERSIFICATION OF A STOCK PORTFOLIO
• 3 methods for 3 types of investors
• Passive method – buying market indexes or mutual funds
– Investor has very little time to devote to understanding stocks and want to automate
investment strategy while minimizing risk
– Recommend – dollar-cost average into a single low-cost index fund or several
different low-cost index funds
o dollar-cost average = investing the same amount each month -- no matter what
the market does
✓enables investors to avoid market timing; and
✓reduce the risk of sinking an outsize sum of money into stocks before a market
downturn
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DIVERSIFICATION OF A STOCK
PORTFOLIO (cont’d)
• Balanced method – middle ground on big bets on just a handful of stocks and index
fund investing
– Investor has a basic understanding of stocks and is willing to do limited research to
identify good companies to invest in
– Investor picks stocks versus buying index funds
o Can choose stock and diversify
✓Limited use of diversification
o Investing similar amounts of money into each stock in a portfolio, spreads risk
across each of the companies in a portfolio
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DIVERSIFICATION OF A STOCK
PORTFOLIO (cont’d)
• Active method – Invest in a handful of successful businesses
– Investor has excellent understanding of stocks, financial statements, and methods
for valuing stocks.
o Reads companies' quarterly and annual financial statements and listen to
earnings calls; and
o spends 5-10 hours a week analyzing companies
– diversification not recommended here
o Diversification = 1 / Confidence
– handful of very good stocks
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DIVERSIFICATION OF AN
INVESTMENT PORTFOLIO
• Asset allocation - involves dividing an investment portfolio among different asset
categories
– i.e. stocks, bonds, and cash
• Determining which mix of assets to hold in your portfolio is personal – depends on the
following:
– Time Horizon – expected number of months, years, or decades you will be investing
to achieve particular financial goal
– Risk tolerance – ability and willingness to lose some or all of your original
investment in exchange for greater potential returns
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INVESTMENT PORTFOLIO (cont’d)• Investment choices – a vast array of investment products exists, including:
– stocks and stock mutual funds;
– corporate and municipal bonds;
– bond mutual funds;
– lifecycle funds;
– exchange-traded funds; money market funds; and
– U.S. Treasury securities.
• For the majority of financial goals, investing in a conglomeration of stocks, bonds, and
cash may be a good strategy
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INVESTMENT PORTFOLIO (cont’d)
• 3 major asset categories –
– Stocks
o greatest risk and highest returns among the three major asset categories
o offering the greatest potential for growth
o volatility makes them a very risky investment in the short term
– Bonds
o less volatile than stocks but offer more modest returns
o high-yield or junk bonds = higher returns but higher risk
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– Cash or cash equivalents ( i.e. savings deposits, certificates of deposit,
treasury bills, etc.)
o safest investments but offer lowest return
o federal government guarantees many investments in cash equivalents
o main concern for investors investing in cash equivalents is inflation risk
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• Diversification – “don’t put all your eggs in one basket”
– practice of spreading money among different investments to reduce risk
• Diversified portfolio should be diversified at 2 levels:
– between asset categories; and
– within asset categories
• Spread out your investments within each asset category
– key is to identify investments in segments of each asset category that may perform
differently under different market conditions
o i.e. identify and invest in a wide range of companies and industry sectors
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• Because achieving diversification can be so challenging, some investors may find it
easier to diversify within each asset category through the ownership of mutual funds
rather than through individual investments from each asset category
– A mutual fund – a company that pools money from many investors and invests the
money in stocks, bonds, and other financial instruments
o make it easy for investors to own a small portion of many investments
– i.e. total stock market index fund
– Note, however, a mutual fund investment doesn’t necessarily provide instant
diversification, especially if the fund focuses on only one particular industry sector
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• “Lifecycle Fund” – diversified mutual fund that automatically shifts towards a more
conservative mix of investments as it approaches a particular year in the future, known
as its “target date”
– i.e. retirement fund
• Investor picks a fund with the right target date based on his or her particular investment
goal
• Managers of the fund then make all decisions about asset allocation, diversification, and
rebalancing
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• Rebalancing - bringing your portfolio back to your original asset allocation mix
• 3 ways to rebalance your portfolio:
– sell off investments from over-weighted asset categories and use the proceeds to
purchase investments for under-weighted asset categories
– purchase new investments for under-weighted asset categories
– alter continuous contributions so that more investments go to under-weighted asset
categories until portfolio is back into balance
• Note: consider whether the method of rebalancing you decide to use will trigger
transaction fees or tax consequences
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REBALANCING
• Rebalancing is the process of realigning the weight of percentages of a portfolio
of assets over time
• This process involves the buying or selling of particular assets to achieve a
desired level of asset allocation
• Rebalancing commonly occurs annually, and may become more important as the
investor nears the target date of the investment
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REBALANCING (cont’d)
• Over the term of the investment, some investments may stray from alignment
with your goals
• Some investments will grow faster than others, and some may perform poorly
• This ensures that your portfolio does not overemphasize or underemphasize an
asset category
• If an investor realizes a large percentage of assets held within a specific stock
based on strong market performance, the investor may rebalance the allocation
to another investment to protect against future market cycles
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REBALANCING (cont’d)
• Common ways to rebalance a portfolio:
– Sell off over-weighted asset investments and allocate that money to purchase
investments in the under-weighted categories
– Purchase investments for under-weighted categories
– Allocate investment contributions to under-weighted asset categories in the
portfolio until it is back in balance
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TARGET-DATE FUND
• A target-date fund is a fund that grows assets over a specific period of time
• These funds are a type of mutual fund, but as the name suggests, are structured
based on the investor’s capital need at a specific target date in the future
– Typically, this is a longer time horizon
• Target-date funds are common for retirement planning or a child entering college
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TARGET-DATE FUND (cont’d)
• A target-date fund’s portfolio manager uses asset allocation to fulfill the
investor’s predetermined time horizon
• The fund manager will use the target date to apply the correct degree of risk for
the fund, and invest in other funds that match the given degree of risk
• The fund’s asset allocation becomes more conservative as the target date
approaches
• As a result, the fund risk levels and asset allocations are usually readjusted
annually
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PROBLEMS WITH ASSET ALLOCATION
• Investor behavior is inherently biased
– Investor chooses asset allocation, but implementation may be a challenge
• Investor’s risk tolerance is not knowable ahead of time
– Risk tolerance is fluid based on the investor’s feeling and is subject to fear and greed
of economic fluctuation
• Security selection within asset classes does not necessarily produce a risk profile equal
to the asset class
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ABOUT THE FACULTY
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Jonathan Friedland – jfriedland@sfgh.com
Jonathan Friedland, a senior partner with Sugar Felsenthal Grais & Helsinger, LLP, views his
job simply: to make money for clients whenever possible and to protect their interests at every
turn. Licensed in four states, Jonathan’s transactional work focusses on representing private
funds and other owners of private businesses, and the businesses they own. He regularly
advises on M&A activities, structuring new ventures and restructuring old ones, and on other
commercial relationships. Jonathan is rated AV® Preeminent™ by Martindale-Hubbell, 10/10
by AVVO, and enjoys several other similar distinctions. Jonathan graduated from the State
University of New York at Albany, magna cum laude (in three years) and from the University of
Pennsylvania Law School. He clerked for a federal judge before entering private practice and
served for several years as an Adjunct Professor of Strategic Management at the University of
Chicago’s Graduate School of Business. Jonathan is lead author and editor of several significant
treatises, several chapters in other treatises, and scores of articles on law and business.
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Arthur Doglione – arthur@alphafiduciary.com
Arthur is an industry veteran with more than 20 years’ experience working with high-net-worth clients. He has an
extensive background in wealth management with particular expertise in portfolio management. Before
establishing Alpha Fiduciary, Art was a Senior Vice President with Merrill Lynch where, prior to leaving in
November 2006, had built his practice to be the largest of Merrill Lynch’s Arizona territory. Art founded Alpha
Fiduciary in 2006, and has completed two acquisitions. The firm currently serves clients across many states as a
fee-only Registered Investment Advisor (RIA). As president, Art has assembled a team of experienced,
credentialed professionals at Alpha Fiduciary to execute on its mission of helping clients achieve their optimum
financial life. The firm’s approach combines prudent financial planning with an investment style focused
primarily on low-cost “passive” investment solutions. The Investment Committee also seeks to enhance returns or
diversification of its passive portfolio by adding a smaller number of carefully selected actively managed funds.
Alpha Fiduciary has a fiduciary responsibility to its clients, and this means you can be sure we only serve one
master: our clients. In addition, Art has taught a six-week wealth management course at UCLA Extension several
times. This coursework was designed to educate investors by providing a framework whereby business principles
are applied to the investment process, which in turn provides a greater understanding of the key areas of risk and
performance that can shape investment returns. This education is founded in Art’s fiduciary focus and desire to
improve the quality of the individual investors investment decisions.
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Randy Hardy – randy@clune.biz
Randy Hardy is a Vice-President and Principal of Clune & Associates – a boutique private
wealth management firm. Besides working directly with clients, Randy also handles CIO duties
for the company. Randy holds the Chartered Financial Analyst designation (CFA), and has been
actively engaged in the investment management and financial planning industry since 1999. He
is also Certified Financial Planner (CFP)™.
Prior to joining Clune & Associates in 2009, Randy spent 10 years working for Loring Ward, a
North American portfolio management and wealth management firm. While with Loring Ward,
Randy lived in Toronto, Vancouver, Los Angeles, San Jose, and New York City. He was an
Executive Vice-President responsible for business development and was also a member of their
Investment Committee and its Executive Management Group. Randy has been a featured
speaker at numerous investment management conferences and events on topics including
investment management, portfolio management and financial planning.
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Sang Lee – sang@darcmatter.com
Sang H. Lee is the CEO and founder of DarcMatter, an online investment platform providing retail investors
transparent and institutional-level access to alternative investments. DarcMatter’s model aggregates and
administers individual investments as a single LP, providing financial advisors and retail investors with
access to venture capital, private capital, and hedge funds. Formerly an investment banker in the energy
field at WestLB and BNP Paribas, Sang has accrued a wealth of expertise in financial regulation, business,
and financial structuring. He has significant experience in the advisory and execution of more than $10.0
Bn equivalent of energy transactions in North America. During his career, Sang was focused on structuring,
credit analysis, documentation and deal execution for complex transactions involving multiple investor
groups, institutional investors, and financing products from major investment banks.
In addition to serving as the President of KSE (Korean Startups and Entrepreneurs), Sang has been featured
in both domestic and international publications including Forbes, Huffington Post, Entrepreneur Magazine,
CNBC, Fast Company, Crains, and L’Express. Sang was also recognized as an ‘Under30CEO Entrepreneur
to Watch in New York City’ and a “GOOD100” leader.Sang has been invited to speak at the UN,
International CES, National Science Foundation, and the Council on Foreign Relations.
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QUESTIONS OR COMMENTS?
If you have any questions about this webinar that you did not get to ask during
the live premiere, or if you are watching this webinar On Demand, please do
not hesitate to email us at info@financialpoise.com with any questions or
comments you may have. Please include the name of the webinar in your email
and we will do our best to provide a timely response.
IMPORTANT NOTE: The material in this presentation is for general educational purposes only. It has been prepared primarily
for attorneys and accountants for use in the pursuit of their continuing legal education and continuing professional education.
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Practical Guide to Asset Allocation

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