Asset Allocation: Choices and Challenges
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This chapter explores the importance of getting the asset allocation decision correct at the inception and during the life of an investment portfolio. We will highlight the comparison between wealthy family portfolios and institutions, sharing observations of where complexity and a deviation from core assets failed owners of capital. We will discuss litmus tests for the quality and purity of assets in portfolios as well as the choices investors face when deciding to outsource this task to a professional.