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Core-Satellite Portfolio Management | 
 enlarge | Author: J. Clay Singleton
Publisher: McGraw-Hill
Category: Book
List Price: $75.00
Buy New: $6.15
You Save: $68.85 (92%)
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Rating:  1 reviews
Sales Rank: 1303468
Media: Hardcover
Edition: 1
Pages: 400
Number Of Items: 1
Shipping Weight (lbs): 1.6
Dimensions (in): 9.1 x 6.1 x 1.5
ISBN: 0071413375
Dewey Decimal Number: 658.152
EAN: 9780071413374
ASIN: 0071413375
Publication Date: December 6, 2004
Availability: Usually ships in 1-2 business days
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Product Description
Active versus passive portfolio management is the most important policy decision institutional investors must make. In Core- Satellite Portfolio Management, J. Clay Singleton address this dilemma with the all-new core-satellite approach, which draws on the strengths of each style while eliminating the weaknesses. Prominent practitioners, consultants, and academics then join with the author to reveal how the revolutionary core-satellite method will improve investment performance for virtually every major asset class.
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| Customer Reviews:
Does not live up to its misleading title .... September 13, 2005
Tehzeeb S. Gunja (Hartley Wintney, Hampshire, U.K.)
10 out of 11 found this review helpful
I bought this book with the premise to learning about Core-Satellite asset allocation technique. However, as I explain below, I was mislead and disappointed.
The chapters in the book are:
- A Core-Satellite Appraoch to Portfolio Management
- Quantitative Finance
- Core Equity
- Core Fixed-Income Management
- Satellite Bonds - High Yield and Distressed Debt
- Management of Currency Fluctuations Associated with International Investments
- Treasury Inflation-Protected Securities
- Hard Assets
- Finding Value in Small Stocks
- Risk Measurement of Investments in the Satellite Ring of a Core-Satellite Portfolio
- Indentifying and Adopting Best Practices for Institutional Investors
As you will notice, of the 11 chapters in the book, only 1-2 are dedicated to the actual Core-Satellite portfolio allocation technique. The balance of the chapters are allocated to explaining the different asset classes, general risk-return nuances and some practical issues to be borne in mind.
This is my main grip with this book. There are umteen books explaining each of the asset classes. I did not buy another book for that. Also only a chapter describing as asset class is hardly enough to go out and actually invset in the asset class.
At best, it expands your context, making you aware of the different asset classes to be included in the Core and in the Satellite portions of the portoflio. At worst, it is a waste of time and paper!
I would have much rather preferred the book to have focussed on the following issues:
- What criteria to use to allocate an asset either to the Core or Satellite portion of the portfolio
- How to first construct the Core portfolio
- How to the systematically add Satellites to the Core portfolio and the measure the impact of these additions
- How and when to move an asset from the Satellite asset class to the Core asset class
- How do you do portfolio allocation on the Core and Satellite classes individually as well as a whole.
- etc. etc.
Overall, it not worth the expense and time; and while it did add to my overall investment perspective, it did so with diminshed return.
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