Tactical Allocation
Transitions between chapters in this volume have probably given the reader a strong impression of non sequitur, so a chapter that addresses tactics and that has the good grace actually to follow rather than precede one on optionality—particularly one that discussed real options—is probably refreshingly logical. Tactical allocation is a real option available to those managers who give themselves permission to exploit the opportunity when they write their private placement memoranda, as many of them do. Managers may actively seek opportunities to exercise these options as a permanent feature of their return-seeking discipline and as an important component of the value-added they seek to offer to their investors. ...

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