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Being highly illiquid and not driven by mean-reverting processes, those asset classes entail risks that are not properly monitored by investors. Principles of Strategic Asset Allocation The optimal model of portfolio allocation is static. Theoreticians have searched the conditions enabling the multi-period optimal choice to be the same as it is on a single period. The conditions are drastically limited: the random returns on the assets must be IID and relative risk-aversion must be constant. The hypothesis that is untenable empirically is the IID distribution.

The method that eliminates completely the mismatch between the cash-in flows from the asset side and the cash-out flows from the liability side is cash-flow matching. The surplus is always zero. However the perfect hedge is rarely accessible. Liabilities are long. They reach maturities for which there are not enough liquid markets for the adequate hedging assets. Moreover liability commitments often include hidden options that have no counterparts in available financial options. It is why empirical techniques often use straight immunization and contingent immunization.

If the correlation is high, the relation with the age of the contributor should be reversed. The portfolio should favour bonds to offset the weight of risky human capital and the proportion of equities should rise with age as much as the weight of human capital declines. Since the risks on the liability side are difficult to assess, there are pitfalls in optimal management. It is why ALM uses more empirical and less sophisticated methods. The method that eliminates completely the mismatch between the cash-in flows from the asset side and the cash-out flows from the liability side is cash-flow matching.

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17 Money Making Candle Formations


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