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Article

Practical Applications of The Risk of Premiums

Juan Ignacio Garat and Howard Moore
Practical Applications Winter 2017, 4 (3) DOI: https://doi.org/10.3905/pa.2016.4.3.202
Juan Ignacio Garat
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Howard Moore
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The Risk of Premiums Juan Ignacio Garat

Abstract

Overview

Within the financial industry, it is generally assumed that stocks provide superior returns to bonds and bonds provide lower volatility than stocks. Asset allocators and portfolio optimizers tend to use stocks to generate returns and bonds to lower overall volatility. However, Juan Ignacio Garat at Oriens Capital in Montevideo, Uruguay, found that this premise is not always universal, and he demonstrates that it does not hold true in all markets under all conditions. In The Risk of Premiums , Garat shows that out of twenty financial markets studied, only 5 demonstrate a noteworthy equity risk premium over bonds. This is a cautionary tale of the need to question basic assumptions in the asset allocation and portfolio optimization processes.

  • The content is made available for your general information and use and is not intended for trading or other specific investment advice purposes or to address your particular requirements. We do not represent or endorse the accuracy or reliability of any advice, opinion, statement, or other information provided any user of this publication. Reliance upon any opinion, advice, statement, or other information shall also be at your own risk. Independent advice should be obtained before making any such decision. Any arrangements made between you and any third party named in this publication are at your sole risk.
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Practical Applications: 4 (3)
Practical Applications
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Practical Applications of The Risk of Premiums
Juan Ignacio Garat
Practical Applications Jan 2017, 4 (3) DOI: 10.3905/pa.2016.4.3.202

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Practical Applications of The Risk of Premiums
Juan Ignacio Garat
Practical Applications Jan 2017, 4 (3) DOI: 10.3905/pa.2016.4.3.202
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