CHAPTER 19
Classification of Investments
A scrupulously attentive reader may have noticed that the term “asset class” has been used sparingly throughout this volume. In a work about the allocation of investments, this probably seems idiosyncratic at the very least, if not an astonishing oversight. But its omission is entirely intentional, and in fact it has required a certain amount of less-than-elegant circumlocution to avoid use of a term that is so ubiquitous in discussions of this type. And it has demanded even greater contortions to avoid use of the term “asset allocation.” The reason for these acrobatics is that I believe that the notions of asset classes and asset allocation “buckets” have become impediments to investment thinking, “idols ...

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