Portfolio Investing By Ron Bertino

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Portfolio Investing By Ron Bertino

Portfolio investing

Get steady and consistent returns with low drawdowns, spending just 20 mins per month

Course contents

Introduction

• Welcome to the course
• Strategic versus tactical asset allocation
• Introduction to bonds
• Asset classes
• Hedge funds
• How data can trick you

Returns

• Getting historical data
• Linear versus log scale
• Arithmetic and log price returns
• Cumulative arithmetic and log price returns
• Converting arithmetic and log returns
• Arithmetic and geometric mean
• Wealth index
• Performance charts

Measuring risk

• Variance and standard deviation
• The portfolio effect
• Sharpe ratio, Sortino ratio, Calmar Ratio, Martin Ratio
• Alpha and Beta
• Correlation and R Squared
• Treynor Ratio and Information Ratio
• Value-At-Risk and Expected Shortfall

Factor models

• Capital Asset Pricing Model (CAPM)
• Fama French 3 factor model

Permanent portfolios

• Equal and Value Weighting portfolios
• Calculating portfolio returns
• Review of 5 different permanent portfolios

Moving average filters

• M.A.F. – single asset
• M.A.F. – all assets in a portfolio

Modern Portfolio Theory

• Introduction to MPT
• Correlation and the correlation matrix
• Efficient frontier
• Minimum variance portfolio and mean-variance efficient portfolios
• Rebalancing
• Return vs risk graph
• Capital Allocation Line, and margin effect on returns
• Kelly Criterion – optimal f
• Inverse variance portfolio
• Risk parity portfolio

Dual Momentum

• Review of 6 different dual momentum portfolios

Other portfolios

• Review of two Adaptive Allocation portfolios
• Review of two Core-Satellite portfolios

Spreadsheets and automation

We will jointly construct spreadsheets that reinforce the concepts presented in the course, using the free Google Sheets technology.

Stock analysis spreadsheet

We will:

• import historical data from multiple sources
• calculate arithmetic and log returns (standard and cumulative)
• create a performance graph in both linear and log scale
• calculate and graph drawdowns
• calculate various performance and risk stats such as: arithmetic and geometric mean, variance, standard deviation, downside deviation, Sharpe ratio, Sortino ratio,
• Value-At-Risk, Skew, Kurtosis
• create a pivot table and bar graph showing the historical monthly seasonal performance
• display return frequencies and map that to a normal distribution curve in order to be able to visualize skew and kurtosis

(Don’t worry if all of the above terms sound complicated to you right now. By the end of the course, you’re going to be crystal clear on what they mean and how they work)

Conversion spreadsheets

The first spreadsheet will take output from one of the online portfolio backtesting tools we will use, and then convert the output into a clean time series, which we can then analyze in more detail.

The second spreadsheet will do something very similar, but will take calendar style returns as the input and then convert it into a clean time series for further analysis.

Comparison spreadsheet

This spreadsheet will take the log returns of the clean time series data we have now created, and will show the results of two different portfolios side by side, together with stats comparing the two.

Google Apps Script automation code

One of the aims of this course is to present everything without getting into any programming code.

That said, I have created some Google Apps Script automation code which will greatly assist with some of the above steps, in terms of the conversion and comparison spreadsheets I’ve mentioned above.

I do not get into explaining any of the Google Apps Script code within the course, but I do make the source code fully available, for anyone who wishes to use it as a reference for their own spreadsheet automation work.

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