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The Art of Asset Allocation: Principles and Investment Strategies for Any Market, Second Edition 2nd Edition

by David H. Darst (Author)
3.6 3.6 out of 5 stars 32 ratings
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The fully revised classic on employing asset allocation techniques to grow real wealth

A global leader and preeminent expert in asset allocation, David Darst delivers his masterwork on the topic. In a fully updated and expanded second edition of The Art of Asset Allocation, Morgan Stanley's Chief Investment Strategist covers the historic market events, instruments, asset classes, and economic forces that investors need to be aware of as they create asset-building portfolios. He then explains how to use modern asset allocation concepts and tools to augment returns and control risks in a wide range of financial market environments. This completely revised edition shows how to achieve asset balance with the author's proven methods, decades of expertise, relevant charts, practical tools, and astute analyses.

Known as the king of asset allocation, Darst brings his expertise to bear to provide complete asset class descriptions, identifying historical risk, return, and correlation characteristics for all major asset classes. Using actual data, he explains the differences between tactical and strategic asset allocation, outlines clear rebalancing guidelines, and includes an annotated guide to both traditional and Internet-based information sources.

Praise for the first edition:

“You want to be a better investor, a better client, or a better advisor? DEVOUR THIS BOOK NOW!”-James J. Cramer

“David Darst is the expert on Asset Allocation. He has chosen to share his decades of practical experience in The Art of Asset Allocation, to the benefit of professional and individual investors alike.”-Seth A. Klarman

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  1. ISBN-10
    0071592946
  2. ISBN-13
    978-0071592949
  3. Edition
    2nd
  4. Publisher
    McGraw Hill
  5. Publication date
    May 28, 2008
  6. Language
    English
  7. Dimensions
    6.2 x 1.26 x 9.1 inches
  8. Print length
    400 pages
  9. See all details
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Editorial Reviews

From the Publisher

David M. Darst is a Managing Director and the Chief Investment Strategist for Morgan Stanley's Global Wealth Management division, as well as a CFA charterholder and a member of the New York Society of Security Analysts. A highly sought-after international speaker, Darst is the author of Mastering the Art of Asset Allocation, The Complete Bond Book, and The Handbook of the Bond and Money Markets.

About the Author

David M. Darst is a Managing Director and the Chief Investment Strategist for Morgan Stanley's Global Wealth Management division, as well as a CFA charterholder and a member of the New York Society of Security Analysts. A highly sought-after international speaker, Darst is the author of Mastering the Art of Asset Allocation, The Complete Bond Book, and The Handbook of the Bond and Money Markets.

Product details

  • Publisher ‏ : ‎ McGraw Hill; 2nd edition (May 28, 2008)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 400 pages
  • ISBN-10 ‏ : ‎ 0071592946
  • ISBN-13 ‏ : ‎ 978-0071592949
  • Item Weight ‏ : ‎ 1.64 pounds
  • Dimensions ‏ : ‎ 6.2 x 1.26 x 9.1 inches
  • Customer Reviews:
    3.6 3.6 out of 5 stars 32 ratings

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David M. Darst

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Customer reviews

3.6 out of 5 stars
3.6 out of 5
32 global ratings

Top reviews from the United States

Artephius (.
5.0 out of 5 stars Good primer on asset allocation and Behavior Finance
Reviewed in the United States on November 1, 2009
Verified Purchase
A little background on myself. I have read over 200 books on investing. I am a believer in using low cost index funds in a diversified portfolio. I also believe in buy and hold with regards to asset allocation. I believe in re-balancing the portfolio, but only annually.

In the preface section of the book, the author shows recent data (number of households and their investable asset levels) that proves once again that Pareto's law is still alive and well. Pareto studied income and wealth distribution in several European countries around 1900. He found that 20% of the citizens owned 80% of the income or wealth. This is often called Pareto's Law or the 80:20 Rule. The author's recent data showed that in the US, 16% of the households own 80% of the wealth.......very close to Pareto's 20% of the households own 80% of the wealth.

This book does a good job of explaining the concept of asset allocation. Since I am not a believer in market timing (I am a buy and hold investor), I really have no use for the Tactical asset allocation portion of the book.

I was surprised of how extensive the author wrote about the impact of behavioral finance on investor behavior. I really liked some of the charts in the book that the author developed to explain the various aspects of behavioral finance.

The author also does a good job of showing the impact of re-balancing the portfolio.

All-in-all, a very good primer on asset allocation. I enjoyed the behavioral finance charts in the book.

For more information about behavioral finance, I recommend Pompian's book Behavioral Finance and Wealth Management over Jason Zweig's Your Money and Your Brain. You can read my book reviews on each book on Amazon.

For more information about index fund investing, I would recommend either The Bogleheads Guide to Investing, or The Bogleheads Guide to Retirement Investing.
13 people found this helpful
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Rebecca
4.0 out of 5 stars Come with best diagrams! like a textbook though.
Reviewed in the United States on June 10, 2020
Verified Purchase
1) The material of this book is very dry, exactly like a textbook that you have no clue how to apply the knowledge in the real world ( here is investment ) after learning it. 2) However, the observation and key point summary in this book will be useful after you have had experience or are experienced in real investment. 3) The diagrams in this book are the best I've ever seen!
2 people found this helpful
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Paul R
1.0 out of 5 stars Missing Pages & Duplicate Pages
Reviewed in the United States on March 3, 2022
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Book had duplicate pages of some chapters and is missing chunks of others. Not sure what happened to this copy...
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Jonathan Bass
5.0 out of 5 stars A modern classic for the professional investor and advisor
Reviewed in the United States on November 5, 2015
Verified Purchase
The first and last word on asset allocation. Not stock picking, just asset allocation. Should be in the bookcase of any financial advisor worth their salt
2 people found this helpful
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Dudley
2.0 out of 5 stars Mediocre with errors
Reviewed in the United States on April 20, 2012
Verified Purchase
The first half is reasonably good but there are quite a few technical errors - the author clearly does not have a quantitative background. The second half is just boring and you can find the same info on the Internet.
One person found this helpful
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Sierra Star
5.0 out of 5 stars Great Investment Tool
Reviewed in the United States on April 23, 2015
Verified Purchase
This is a wonderful book and anyone who is serious about learning how to invest should read it.
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Douglas G. Davis
4.0 out of 5 stars Must read
Reviewed in the United States on January 12, 2014
Verified Purchase
A must read if you are at all interested in managing your finances or having someone else managing your finances.
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Cliente Amazon
5.0 out of 5 stars Five Stars
Reviewed in the United States on October 29, 2017
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Allocation is the most important after valuation
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Top reviews from other countries

Mathieu Gomes
2.0 out of 5 stars Desappointing
Reviewed in France on August 23, 2016
Verified Purchase
Honestly, I expected a lot more from this book. As other reviewers have pointed out, there is nothing in this book that cannot be found in a 15-minute Internet search. Darst goes from one generality to another without ever bringing something "insightful". The book begins with very basic concepts before showing how classic allocation portfolios would have performed in the past. Given the 60% stocks/40% bonds portfolio is no longer considered serious in today's markets, the book's value added is close to zero. I expected at least some insights related to behavioral finance but found none. The book might be useful for financial planners seeking to gain very basic non-quantitative knowledge about portfolio management but that's about it.
One person found this helpful
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Amazon Customer
5.0 out of 5 stars Quality
Reviewed in Spain on November 15, 2018
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