Dynamic Asset Allocation Modern Portfolio Theory Updated for the Smart Investor

Acknowledgments

Writing a book takes a toll, mostly on one's family. But while turning out copy is a solitary affair, accumulating and interpreting the facts required the guidance and input of friends, family, colleagues, and the many professionals I've spoken with in my journalism travels. My only regret is that I can't mention everyone here, in this limited space. Nonetheless, you've all been indispensable in helping turn an idea into a book, and for that I'm forever grateful.

I begin by recognizing the intellectual and moral support of my wife Elizabeth, a scholar and author who understands the demands that come with research and writing. Without her assistance, inspiration, and patience, this book wouldn't exist. My daughters, Alison and Pamela, have remained a constant source of joy and encouragement throughout my long and at times lonely journey into publishing. And, of course, I must thank my mother and father, Eva and Joseph, who lovingly taught me the value of reading and learning. Without them, none of this would have been possible.

In the course of writing this book, I've received ideas and inspiration from a great number of people in the world of finance. Although not everyone will agree with my thesis, the countless debates and discussions through time have been highly productive, at least for me. A partial listing (in no particular order) recognizes conversations over the years with Gary Brinson, Rob Arnott, Bill Bernstein, William Sharpe, John H. Cochrane, Richard Ferri, ...