Book description
Skating Where the Puck Was: The Correlation Game in a Flat World is the second installment in the Investing for Adults series. This series is not for novices. This booklet explores the notion that, as a general rule, no magic policy rich in high-return/low-correlation alternative asset classes exists that will…
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Why read it?
1 author picked Skating Where the Puck Was as one of their favorite books. Why do they recommend it?
William J Bernstein's second booklet in this series, “Skating Where the Puck Was,” looks at correlations.
– In a perfect world, investment options would be totally uncorrelated to each other. At one time in history, this was truer than it is today. With communications shrinking the world, events on one side of the globe quickly reverberate through the markets to the other side. The effect is to increase correlation.
– The effect is that strategies that used to work tend not to anymore due to correlations. And new strategies quickly fall on their faces when events turn their ugly head…
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