The Investment Think Tank: Theory, Strategy, and Practice for Advisers

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What?s the story behind Peter Bernstein?s challenge to a fixed-asset-allocation mix? Did the financial-planning community take a wrong ideological turn in espousing it? What can behavioral finance tell you about serving your clients? What choices can you make to ensure tax efficiency in your clients? portfolios? When?s the last time you checked into your reward-to-semivariability ratios? How current is your understanding of the core-and-satellite approach to portfolio design? And how much do you know about putting one in place for your client?To get some answers to these and other questions, financial advisers Harold Evensky and Deena Katz invited some of the best minds in investment management to share their best thinking. The result is a gathering of eagles that will challenge your beliefs, reinforce your convictions, pique your curiosity, and maybe even improve some of those tried-and-true tried-and-true practices you put in place too long ago.

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HAROLD EVENSKY is chairman of Evensky, Brown & Katz, a financial-advisory firm in Coral Gables, Florida. Deena Katz is president. Their innovation and skill have earned them the loyalty of clients; their daring and dedication have won them the respect of their peers. Evensky is the author of Wealth Management: the Financial Advisor?s Guide to investing and Managing Client Assets; Katz is the author of Deena Katz on Practice Management and Deena Katz?s Tools and Templates for Your Practice. Both are Featured speakers at national and international Investment management and financial and planning conferences, and both are published widely and quoted extensively in financial journals and in newspapers. Table of Contents Part One 1 The Tax-Efficient Portfolio 2 Death to the Policy Portfolio 3 A Holistic Approach to Asset Allocation 4 Professional Portfolio Design Part Two 5 Managing concentrated Stock Positions 6 Managing the Taxable Equity Portfolio 7 Tax-Efficient Investing 8 A Different Approach to Asset Location Part Three 9 Reinventing the Investment Fund 10 The Cost and Consequences of Insurance Wrappers 11 Alternative Investments Part Four 12 Human Capital and Asset Allocation: Is That client a Bond or a Stock? 13 Downside Risk Measures; A Brief History 14 Fundamental Fund Analysis 15 Controlling Longevity Risk in a Retirement Portfolio 16 Monetary Policy and Investment Returns 17 Defining Investment Advice Part Five 18 Financial Gerontology and Employee Benefits 19 Assessing Risk Tolerance: A Micro-Behavioral Finance Case Study 20 The Why of Wealth Management 21 Lessons in Behavioral Finance 22 Missing Persons: Black Investors and the stock Market Index