On Wednesday, February 13th we were joined by Jon Kazarian, Director of Business Development at Windham Labs, for a conversation on Portfolio Construction and Evaluation.
Asset Allocation for Specific Client GoalsWindham Labs
On Wednesday, January 24th, we heard from Senior Client Consultant Jon Kazarian on how to tailor a portfolio to meet the specific investment goals of a client.
Asset Allocation in Taxable PortfoliosWindham Labs
On Tuesday, September 26th, we hosted Lucas Turton for a discussion on Asset Allocation in Taxable Portfolios. Lucas explored how to estimate the future value of a portfolio by considering assets on an after-tax basis, asset allocation and location for optimal tax efficiency, and best practices for tax loss harvesting and navigating the wash sale rule.
On Thursday, April 27th, 2017, we heard from Windham's own client consultant, Jon Kazarian about best methods and practices for the portfolio construction and evaluation process.
On Tuesday, March 14th we hosted Andrew Weisman and Robert Bernstein for a conversation on controlling risk and trends they're seeing surrounding portfolio construction.
On 1/26/2017, we hosted a webinar featuring Richard Lindsey, Managing Partner and Head of Liquid Alternative Strategies at Windham Capital Management. Rich discussed how to model portfolio returns, risk premia, and how to decompose portfolio risk.
Asset Allocation in a Low Interest Rate WorldWindham Labs
Constructing a well-diversified portfolio has become increasingly difficult in recent years. Central Banks around the world have influenced asset prices and driven down interest rates. The Capital Asset Pricing Model (CAPM), Modern Portfolio Theory (MPT), and global diversification have been under attack. The distortion in interest rates and the instability of risk have made generating model inputs challenging.
In this presentation, we discuss an approach to constructing portfolios in this "New World."
Asset Allocation for Specific Client GoalsWindham Labs
On Wednesday, January 24th, we heard from Senior Client Consultant Jon Kazarian on how to tailor a portfolio to meet the specific investment goals of a client.
Asset Allocation in Taxable PortfoliosWindham Labs
On Tuesday, September 26th, we hosted Lucas Turton for a discussion on Asset Allocation in Taxable Portfolios. Lucas explored how to estimate the future value of a portfolio by considering assets on an after-tax basis, asset allocation and location for optimal tax efficiency, and best practices for tax loss harvesting and navigating the wash sale rule.
On Thursday, April 27th, 2017, we heard from Windham's own client consultant, Jon Kazarian about best methods and practices for the portfolio construction and evaluation process.
On Tuesday, March 14th we hosted Andrew Weisman and Robert Bernstein for a conversation on controlling risk and trends they're seeing surrounding portfolio construction.
On 1/26/2017, we hosted a webinar featuring Richard Lindsey, Managing Partner and Head of Liquid Alternative Strategies at Windham Capital Management. Rich discussed how to model portfolio returns, risk premia, and how to decompose portfolio risk.
Asset Allocation in a Low Interest Rate WorldWindham Labs
Constructing a well-diversified portfolio has become increasingly difficult in recent years. Central Banks around the world have influenced asset prices and driven down interest rates. The Capital Asset Pricing Model (CAPM), Modern Portfolio Theory (MPT), and global diversification have been under attack. The distortion in interest rates and the instability of risk have made generating model inputs challenging.
In this presentation, we discuss an approach to constructing portfolios in this "New World."
Asset Allocation and Factor Investing: An Integrated SolutionWindham Labs
This presentation is based on an article coauthored by Alain Bergeron, Mark Kritzman, and Gleb Sivitsky entitled “Asset Allocation and Factor Investing: An Integrated Approach” published in The Journal of Portfolio Management in 2018.
Asset allocation is an investment strategy. It helps to keep a balance between risk and return of any particular asset class. Asset allocation refers to investing a certain percentage of your investible surplus in respective asset classes, such as equity, debt, gold and real estate. Read to understand asset allocation in detail.
In this presentation, we review methods and best practices for the portfolio construction and evaluation process. The presentation covers risk and return estimation, mean-variance optimization as well as techniques for analyzing exposure to loss and wealth potential.
Financial analysts are concerned with factors, or common sources of risk that contribute to changes in asset prices. Analysts may be able to control a portfolio’s risk more efficiently and perhaps even improve its returns by identifying such factors.
Factor analysis is a powerful tool for quantifying the risk profile of a portfolio, constructing a portfolio relative to a benchmark, and controlling risk.
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
help.mbaassignments@gmail.com
or
call us at : 08263069601
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
help.mbaassignments@gmail.com
or
call us at : 08263069601
Asset Allocation and Factor Investing: An Integrated SolutionWindham Labs
This presentation is based on an article coauthored by Alain Bergeron, Mark Kritzman, and Gleb Sivitsky entitled “Asset Allocation and Factor Investing: An Integrated Approach” published in The Journal of Portfolio Management in 2018.
Asset allocation is an investment strategy. It helps to keep a balance between risk and return of any particular asset class. Asset allocation refers to investing a certain percentage of your investible surplus in respective asset classes, such as equity, debt, gold and real estate. Read to understand asset allocation in detail.
In this presentation, we review methods and best practices for the portfolio construction and evaluation process. The presentation covers risk and return estimation, mean-variance optimization as well as techniques for analyzing exposure to loss and wealth potential.
Financial analysts are concerned with factors, or common sources of risk that contribute to changes in asset prices. Analysts may be able to control a portfolio’s risk more efficiently and perhaps even improve its returns by identifying such factors.
Factor analysis is a powerful tool for quantifying the risk profile of a portfolio, constructing a portfolio relative to a benchmark, and controlling risk.
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
help.mbaassignments@gmail.com
or
call us at : 08263069601
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
help.mbaassignments@gmail.com
or
call us at : 08263069601
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
help.mbaassignments@gmail.com
or
call us at : 08263069601
The Pandemic taught several lessons to first-time and seasoned investors alike. It reinforced the habit of saving, having a sound financial backup plan for a rainy day and devising a prudent asset allocation strategy. Explore 7 investment lessons that help prepare for the unexpected.
www.Quantumamc.com
Netwealth portfolio construction series - Building investment portfolios for ...netwealthInvest
Discover what markets could look like in the future and some of the strategies investors use in order to continue meeting their retirement goals with Josh Hall from Aberdeen Asset Management.
In this presentation we will deal with the “Concept of Investment” and further discuss the purpose, speculation and strategies to be followed while investing.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit:
http://www.welingkaronline.org/distance-learning/online-mba.html
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the telegram contact of my personal vendor.
@Pi_vendor_247
#pi network #pi coins #legit #passive income
#US
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
In a moment I’ll outline our hypothetical client
Keep in mind the goal we are trying to accomplish while constructing and evaluating our portfolios
Switching between the WPA and PPT
-Assist in construction process and provides a graphical interface to the analytics we’ll be reviewing
Reminder about questions panel
Client was financially and emotionally impacted by global financial crisis
It’s been about 10 years, as they’re nearing retirement they are worried about it happening again.
This is what we are going to do and here’s why we are going to do it
What results do we see and what do they mean to us?
Similar steps could be taken for an endowment
Asset class level – not picking stocks or even ETFs – first thing we are going to do is asset allocation
Important part of this process is establishing capital market forecasts
Talk about Markowitz MVO – Construct a few portfolios – implement our investment knowledge to make “investable efficient portfolios”
Propose alternative risk metrics than standard deviation
Think not just about risk, also future wealth
Other ways to evaluate include risk budgets and factor analysis
Lets drill down on the steps in the asset allocation process
-Estimate cap market forecasts – forward looking estimation – critical to MVO
-Use MVO to generate multiple portfolios along efficient frontier
-PoL, VaR, Within Horizon, Mean Wealth Potential
“What everyone did seem to know about is a study by Brinson, Beebower and Singer explaining that 91.5% of the quarterly variation in portfolio returns is due to asset allocation (the balance being attributed to security selection, market timing and other factors such as trade execution).”
http://www.forbes.com/2010/06/08/value-at-risk-intelligent-investing-asset-allocation.html
WPA AFTER THIS SLIDE
Out clients think about this as diversification but we think about it in terms of correlations
WPA AFTER THIS SLIDE
Equilibrium return:
-To estimate expected returns, we start by assuming markets are fairly prices; therefore, expected returns present fair compensation for the degree of risk each asset class contributes to a broadly diversified market portfolio.
-These returns are called equilibrium returns, and we estimate them by first calculating the beta of each asset class with respect to a broad market portfolio based on historical standard deviations and correlations.
-Then we estimate expected return for the market portfolio and the risk-free return.
-We calculate the equilibrium return of each asset class as the risk-free return plus its beta times the excess return of the market portfolio
-Admittedly, the markets are seldom if ever in equilibrium, but the pull in this direction is still very persistent
-What we can do is adjust the expected return of each class to incorporate our views about departures from the fair value
based on concept that return is proportional to risk
-risk is relative to some market asset
-equilibrium return believes you are only getting paid for the proportional risk
-if you think that risk is based on noise you can enter your own views
What is turbulence? Why is it useful?
-It’s important to note that standard deviations and correlations are not always stable through time. It is therefore useful to separate historical returns into those returns associated with normal times and those associated with periods market turbulence.
-This measure of turbulence captures the statistical unusualness of a set of returns, given their historical pattern of behavior, including extreme price moves, decoupling of correlated assets, and convergence of uncorrelated assets. In layman terms, turbulence is way to mathematically identify unusual periods that tend to be associated with lower return to risk ratios.
-This separate allows us to estimate these values for each regime and to stress test portfolios by measuring exposure to loss based on risk characterizes that prevail during turbulent periods.
-as you would imagine, volatility rises during times of turbulence.
This isn’t to say historical standard deviation is bad, just that we know that correlations and volatility are not static throughout time.
We also know that those standard deviations are made up of a lot of noise.
What we’re doing with the concept of turbulence is recognizing that most periods are just noise and not necessarily valuable in understanding the volatility of an asset class.
Contact Windham for more information on this concept
WPA AFTER THIS SLIDE
-With this information, we use optimization to combine asset classes efficiently, so that for a particular level of expected return the efficiently combined asset classes offer the lowest level of risk (standard deviation)
-When we plot several of these portfolios in dimensions of expected return and standard deviation we create the efficient frontier.
Reminder that Markowitz is suggesting use of expected inputs, not historical means
Risk and return for each asset class – both increase
Allocation drifts from less volatile asset classes to more volatile as you go from conservative to aggressive
Criticism of portfolio selection is that it relies to heavily on standard deviations – we propose
Probability of loss is used to determine the likelihood of a specified loss or gain over an investment horizon. Instead of evaluating the monetary loss or gain at a given confidence, an investor determines the probability that a specified monetary loss or gain will occur.
Value at risk (VaR) is a method of assessing risk that estimates the worst expected loss over an investment horizon at a given confidence level.
Value at risk uses the expected distribution of returns in order to estimate potential loss. We estimate value at risk from a portfolio’s expected return and standard deviation under the assumption that the portfolio’s returns are log-normally distributed.
WPA AFTER THIS SLIDE
-Asset returns vary throughout an investment time-horizon.
-Conventional value at risk and probability of loss only estimates total loss only at the end of an investment horizon without accounting for losses throughout the investment horizon. An investor may be very adverse to losses breaching a particular threshold and would therefore be interested in knowing the probability of breaching a certain level of loss at any moment during the horizon.
-The likelihood of an end-of-horizon loss diminishes with time; the likelihood of a within-horizon loss never diminishes as a function of the length of the horizon (It increases at a decreasing rate but never decreases).
-Only the first breach in the threshold is counted; once a path crosses the threshold line it counts toward the probability of the investment breaching the threshold within the time-horizon.
-To estimate within-horizon variability, we use a statistic called “first-passage time probability”,
One of the pitfalls in 2007 was people using short term trailing return to measure risk.
Look ishares risk profile for the MSCI Emerging Markets or EAFE ETF
Lowest risk profile, this is something we intrinsically know to be false
Managing client expectations
If you don’t start setting expectations now, what will happen in the inevitable downturn?
You’ll be in the same boat that you were in 2007 trying to convince clients not to sell everything at the bottom of the market
We’re not saying this is going to happen, but it could.