"The Multi-Asset Strategist: Stocks, Bonds, and Alternatives in Harmony"
In an era of shifting macro regimes and unstable correlations, the traditional 60/40 portfolio is no longer a guaranteed sanctuary. This book is written for professional portfolio managers and dedicated investors seeking a robust, mathematical framework for capital allocation. Moving beyond retail-level advice, it offers a rigorous engineering approach to investing, treating stocks, bonds, and alternatives not as disparate bets, but as cohesive components of a harmonious system designed to weather economic storms.
Readers will journey through the physics of modern finance, mastering the structural drivers of public and private asset classes ranging from high-yield credit to trend-following derivatives. The text demystifies complex portfolio construction techniques, placing a heavy emphasis on risk budgeting, factor isolation, and robust optimization methods like Black–Litterman. You will learn to construct portfolios that are resilient to inflation shocks and liquidity crises, gaining the ability to translate vague investment goals into precise, mathematically tractable mandates.
Bridging the gap between academic theory and the trading desk, this guide balances quantitative rigor with operational reality. It addresses the critical implementation details often overlooked in standard texts, such as trading frictions, leverage constraints, and the mechanics of futures overlays. Whether you are managing institutional capital or your own sophisticated wealth, this book provides the blueprint for building
