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Die jngste Finanzmarktkrise hat gezeigt, dass herkmmliche Diversifikationskonzepte nicht immer erwartungsgem funktionieren. In diesem Buch entwickeln mit Dirk Shnholz, Sascha Rieken und Dieter Kaiser drei Experten aus den Bereichen Asset Allocation und ManagerSelektion neue Anstze fr nachhaltige Anlageerfolge. Whrend Diversifikation blicherweise als LongOnlyAllokation zu wenigen Anlageklassen erfolgt, wird hier das Konzept der Diversifikation verallgemeinert und als eine breite InvestmentStrategieDiversifikation anstatt nur eine Diversifikation ber Anlageklassen aufgefasst. Dabei werden Verfahren der Managerauswahl vorgestellt, die eine solche StrategieDiversifikation ermglichen. Soweit sinnvoll, werden auch passive Strategien bercksichtigt. Die Autoren zeigen, dass selbst eine naive StrategieDiversifikation langfristig hervorragende Anlageergebnisse liefert. Insbesondere in Krisen schtzen jedoch weder eine breite Diversifikation noch eine diskretionre taktische Allokation zuverlssig vor Verlusten. Zur Absicherung sind systematische RisikoManagementkonzepte daher unverzichtbar. Es wird ferner gezeigt, dass solche RisikoOverlayKonzepte auch fr weniger liquide Anlageklassen erfolgreich eingesetzt werden knnen, wodurch deren langfristig hohen Renditepotentiale auch bei hherer Risikoaversion besser genutzt werden knnen. Die vorgeschlagenen Investmentkonzepte werden abschlieend anhand eines Portfolios fr einen idealtypischen Investor konkretisiert.
⚠️ WARNING (California Proposition 65):
This product may contain chemicals known to the State of California to cause cancer,
birth defects, or other reproductive harm.
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