Download Integrating Hedge Funds into a Private Wealth Strategy by Douglas T. Allison, Felix T. Lin, R. McFall Lamm, Richard C. PDF

By Douglas T. Allison, Felix T. Lin, R. McFall Lamm, Richard C. Grinold, David A. Hsieh, Alexander M. Ineichen, Joseph H. Nesler, Michael J. Serota, Lori R. Runquist

Simply because traders in hedge money are predominantly inner most consumers, this convention lawsuits objectives this buyer crew and covers such themes as coping with patron expectancies for destiny returns, choosing the suitable allocation to hedge money and hedge fund suggestions, benchmarking hedge money and cash of money, and coping with the tax and criminal elements of hedge cash. complaints of the AIMR seminar "Integrating Hedge cash right into a deepest Wealth approach"

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Equity markets are extremely volatile. Figure 1 shows the excess return of stocks over bonds for the previous 10 years starting from the mid-1930s until 2001. The shaded area is centered on the mean (roughly 7 percent) and is adjusted to include two-thirds of the observations; it ranges from about 1 percent to 13 percent. Our goal is to get a fairly precise estimate of the equity risk premium. 5 percent. If we rely on historical data, we will end up saying it is something like 7 percent, plus or minus 6 percent, which is not good enough.

Journal of Wealth Management (Fall 2003):78–85. Paulson highlights a multitude of ways to accomplish efficient asset location, including deferred compensation, 401(k)s, SWAPS, private placement life insurance, grantor trusts, grantor-retained annuity trusts, charitable lead annuities, and various retirement vehicles. ©2004, AIMR® Hedge fund portfolios provide attractive long-run returns—low volatility, survivorship bias, and asymmetry notwithstanding. Unlike highly illiquid assets, such as private equity and real estate, hedge funds are sufficiently liquid to be used in active portfolio management.

BGI’s view of future rates is, we hope, a consensus view from a group of knowledgeable people. 25 percent. We anticipate that rates in 10 years will be close to an equilibrium level of 5 percent. In other words, we estimate a repricing in the bond market in the next 10 years that will subtract somewhat from the total return for bonds. S. government bond market during 3 In the initial usage, we are thinking of the expected return over and above 10-year corporate bonds, and in the second usage, found throughout the rest of the presentation, we are thinking of the expected return over and above 10-year government bonds.

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