The when-to-trade decision is a critical yet neglected component of modern asset management. Typical rebalancing rules are based on suboptimal heuristics. Rebalancing is necessarily a statistical similarity test between current and proposed optimal portfolios. Available tests ignore many real...

Resampled Efficiency provides the solution to using uncertain information in portfolio optimization. The proper purpose of investment advice is to improve a client's portfolio in terms of maximizing return for an appropriate level of risk. Asset management techniques for optimizing the...