Praise for Dynamic Asset Allocation

Modern Portfolio Theory Updated for the Smart Investor

by James Picerno

"Picerno's look at modern portfolio theory's evolution offers a timely reminder that the design and management of asset allocation is still the critical element for successful investing."

Harold Evensky, CFP President, Evensky & Katz Wealth Management

"Dynamic Asset Allocation is cogently written in a very readable style. James Picerno presents readers with a wonderful history of the developments in asset allocation and then provides an excellent framework for investors to utilize the discipline of asset allocation in their own portfolio-composition process. Any serious investor will want to have this book in their library."

Gary P. Brinson President, GP Brinson Investments

"Picerno puts the tires to the pavement on Peter Bernstein's 2003 proclamation that the policy portfolio is dead. Picerno masterfully articulates the implications that follow from the notion that although the market portfolio may be efficient, markets may not be."

Rodney N. Sullivan, CFA Editor, Financial Analysts Journal at CFA Institute

"What Peter Bernstein did for the history of portfolio theory in Capital Ideas, Picerno does for its real-world application. He captures the nuanced soup of theory, markets, and investor behavior better than any other writer on investing."

Patrick Geddes Cofounder and Chief Investment Officer, Aperio Group Former CFO and Director of Quantitative Research, Morningstar Inc.

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