摘要:Asset allocation is one of the fundamental investing topics that everyone hears about, few really understand, and even fewer actually implement with long-term success. Typically explained as the percentage of investments that should be in stocks, fixed income securities, and cash, asset allocation has been simplified to such a degree as to be of little real use for investors. This fixed-formula approach - practiced by a majority of brokers and financial planners - is fundamentally flawed. No one has been able to find a scientifically valid method to determine the best asset allocation for any given investor. A new approach is needed - and Asset Dedication provides that approach.; Taken from the concept of dedicated portfolios (long used by corporations and institutional investing), asset dedication helps investors determine the best asset mix for them by dedicating investments for particular needs and goals. Asset Dedication takes the concept of asset allocation to the next level, breaking the monopoly that asset allocation has had on individual investors. The focus is not on a magic number or fixed formula that determines allocation. Rather, each piece of the investing pie (stocks, bonds, cash) is dedicated to specific purposes: Cash is dedicated to serving emergency needs; Bonds are dedicated to providing regular income over time; Stocks are dedicated to growth over time; How does this book differ from titles on asset allocation? Asset dedication promises to become the first major shift in investment strategy since the advent of asset allocation in the 1980s.; Instead of basing its rationale on percentage allocation approach (such as 60-30-10 in stocks, bonds, and cash), asset dedication designs low risk portfolios to meet specific income and growth goals. By focusing on cash flow needs and cutting risks, it also addresses the problems typically faced by retirees in the distribution phase of their financial lifetimes. Bernstein (The Intelligent Asset Allocator
