Alternative Assets and Strategic Allocation: Rethinking the Institutional Approach

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John Wiley & Sons, Oct 26, 2010 - Business & Economics - 509 pages
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An insightful guide to making strategic investment allocation decisions that embraces both alternative and conventional assets

In this much-needed resource, alternative and portfolio management expert John Abbink demonstrates new ways of analyzing and deploying alternative assets and explains the practical application of these techniques.

Alternative Assets and Strategic Allocation clearly shows how alternative investments fit into portfolios and the role they play in an investment allocation that includes traditional investments as well. This book also describes innovative methods for valuation as applied to alternatives that previously have been difficult to analyze.

  • Offers institutional investors, analysts, researchers, portfolio managers, and financial academics a down-to-earth method for measuring and analyzing alternative assets
  • Reviews some of the latest alternatives that are increasing in popularity, such as high-frequency trading, direct lending, and long-term investment in real assets
  • Outlines a strategic approach for including alternative investments into portfolios and shows the pivotal role they play in an investment allocation

Using the information found in this book, you'll have a clearer sense of how to approach investment issues related to alternative assets and discover what it takes to make these products work for you.

 

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Contents

Introduction
1
What Is Alternative about Alternative Investments?
5
The Plan of This Book
11
PART ONE ANALYTIC TOOLS 1 Risk and Return
17
Return Enhancement
37
Some Features of the Quantitative Toolkit
59
Risk Estimation
81
PART TWO SOME EXAMPLES 5 LongShort Equity
103
Trade Capacity
271
Institutional Liquidity
287
Tactical Allocation
305
Portfolio Liquidity
323
Alternative Investments and Information Theory
343
PART FOUR PORTFOLIO CONSTRUCTION 19 Classification of Investments
361
Diversification among Strategies
381
MultiDimensional Risk
403

Direct Lending
123
Merger Arbitrage
141
HighFrequency Trading
161
Holding Private Assets for Their Cash Flows
183
FixedIncome Arbitrage
199
EventDriven Investment
217
PART THREE POSITION MANAGEMENT 12 Investment Strategies in Practice
237
Optionality
253
Filling Out the Allocation
419
Time and Tide
433
Managing the Allocation Decision
451
Concluding Remarks
469
Bibliography
477
Index
487
Copyright

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About the author (2010)

JOHN B. ABBINK has twenty-nine years’ experience in investment firms, including Merrill Lynch, Credit Suisse, and Deutsche Bank, and was formerly a senior vice president and director of manager research at National City Corporation. Abbink received his BA from Michigan State University and his PhD from Yale University.

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