The trend in inevstment management is to emphasize portfolio construction and to reduce the time spent on security selection. Though all portfolio managers should be familiar with the components of their portfolios, overwhelming evidence proves that asset allocation is what matters in the long run, with securithy selection playing a secondary role. Such is the focus of Parfolio Construction, Management, and Protection, Fourth Edition.

Prio study in investments is not a prerequisite--although many students will have had such a course--but I assume that the student has had a course in managerial or cororate finance. In schools without a "pure" portfolio course, this book will accomplish the objectives of both a traditional investments course and a protfolio theory course. The investments instructor   who chooses to emphasize portfolio man agement rather than security selection will find the organization and spirit of this book especially appealing.

Part 1 Background, Basic Principles, and Investment Policy
Part 2 Portfolio Construction
Part 3 Portfolio Management
Part 4 Portfolio Protection and Emerging Topics