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The Journal of Wealth Management

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Primary Article

Revisiting the Asset Allocation Challenge Through a Behavioral Finance Lens

Jean L.P Brunel
The Journal of Wealth Management Fall 2003, 6 (2) 10-20; DOI: https://doi.org/10.3905/jwm.2003.320479
Jean L.P Brunel
Managing principal of Brunel Associates, LLC in Edina, MN.
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Abstract

The author looks into the potential application of Statman's behavioral finance portfolio to help investors and their advisers formulate an appropriate strategic asset allocation. He starts by reviewing a few major behavioral finance findings and moves on to propose a set of four potential fundamental investment objectives, which investors must prioritize and among which they must allocate 100% of their wealth. He then designs sub-portfolios specifically geared to deliver on each of these objectives. The overall strategic asset allocation is then derived from aggregating these sub-portfolios into a single whole. The author concludes with observations on the unintended benefits of such an approach and an admonition that it does not in any way invalidates the fundamental principles underpinning the strategic asset allocation process.

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The Journal of Wealth Management
Vol. 6, Issue 2
Fall 2003
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Revisiting the Asset Allocation Challenge Through a Behavioral Finance Lens
Jean L.P Brunel
The Journal of Wealth Management Jul 2003, 6 (2) 10-20; DOI: 10.3905/jwm.2003.320479

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Revisiting the Asset Allocation Challenge Through a Behavioral Finance Lens
Jean L.P Brunel
The Journal of Wealth Management Jul 2003, 6 (2) 10-20; DOI: 10.3905/jwm.2003.320479
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