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Portfolio Construction for Today's Markets

A practitioner's guide to the essentials of asset allocation

By Russ Koesterich
Cover of Portfolio Construction for Today's Markets (Hardback) by Russ Koesterich Cover of Portfolio Construction for Today's Markets (Ebook - phone) by Russ Koesterich Cover of Portfolio Construction for Today's Markets (Ebook - tablet) by Russ Koesterich

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About the Author

Russ Koesterich

Mr Koesterich is a financial services veteran with 22 years' experience in the industry. Since 2005 he has worked at Barclays Global Investors and BlackRock, the world's largest asset manager, with over $4.5 trillion in assets.

Mr Koesterich is currently a Portfolio Manager of the BlackRock Global Allocation Funds. In that capacity Mr Koesterich is responsible for driving asset allocation and ... Read more on Russ Koesterich

Contents Listing

Jacket Text

For most of the past 50 years the simplest asset allocation solution was often the best. A balanced portfolio of stocks and bonds provided the investor with good returns. Unfortunately, this approach is not likely to work as well in the future. Interest rates are close to historic lows, equity valuations and bond prices appear stretched, and global economic growth has slowed. Investors need a new asset allocation solution.

In Portfolio Construction for Today's Markets, BlackRock Portfolio Manager and investment expert Russ Koesterich addresses this problem by describing the step-by-step approach to building a portfolio consistent with investor goals and suited to today’s market environment.

This portfolio construction process is divided into six stages, beginning with setting objectives and moving through assessing risk tolerance, diversification, the importance of factors, generating return assumptions, and combining assets in a risk-controlled manner. In the final chapter, Mr Koesterich presents a highly useful summary of the five fundamental rules of asset allocation and a five-step checklist to follow when constructing portfolios.

For investors and their advisors constructing portfolio in today's markets, this book is an indispensable new guide.

Professional Reviews

In his usual clear and engaging style, Russ Koesterich presents the institutional approach to asset allocation. Investors need to know how portfolio construction impacts return, risk, and financial well-being, and Portfolio Construction for Today's Markets provides the way. Ron Kahn, Global Head of Systematic Equity Research, BlackRock, and co-author of Active Portfolio Management

At a time when investment advisors are faced with an increasingly complex options to fulfill their roles as fiduciaries, Mr Koesterich provides a comprehensive yet accessible guide to the art of asset allocation. Jason De Sena Trennert, Chairman, Strategas Research Partners

Russ Koesterich does an excellent job of explaining the unique challenges that investors face in the current environment, namely balancing risk and reward in a low interest rate world. His structured approach to investment decisions is an extremely useful framework. Jonathan Golub, CFA, Chief US Equity Strategist, Credit Suisse Securities USA LLC


Media Coverage

Seeking Alpha

Koesterich considers several approaches to constructing a workable portfolio, in increasing degrees of viability: minimum risk, maximum return, maximum Sharpe ratio, targeted return while minimizing ...

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MoneyLife Radio

"Asset allocation is ultimately what drives investment results... It's really not about which horse you are picking, it's how you decide which races you're going to run... and that's what the book ...

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Blue Rating

Moreover, as pointed out by Russ Koesterich in "Portfolio Construction for Today's Markets", published by Harriman House, there are other characteristics of consumers, above all the age, that can ...

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