Looking Ahead

摘要

As we look ahead to a new year, I find myself missing even more the wisdom of the late Peter Bernstein. Effective portfolio management in 2010 confronts important questions as the financial sector emerges from a near-death experience, and the rest of the global system navigates an unsettling set of lagged economic, institutional, and political reactions. In too many instances, traditional portfolio management is facing disrupted core/peripheral relationships, parameters becoming variables, and sequential dynamics yielding to simultaneous ones.