outcomes in a lucid way. Highly recommendable reading." -Jean Frijns Chief Investment Officer ABP Investments "Modern Investment Management outlines a comprehensive, coherent, and up-to-date road map of the key strategic and implementation issues that institutional investors need to face. This book is destined to become required reading for institutional investors and their advisors." -Bill Muysken Global Head of Research Mercer Investment Consulting "I found the book to be a valuable A to Z compendium of investment management theory and practice that would be an excellent reference for the experienced investor as well as an educational tool for the less knowledgeable. The book provides a clear and complete guide to both the important technical details and the more practical 'real-world' aspects of portfolio management from 30,000 feet and from ground level. This is certainly another in a long line of high-quality contributions to the investment management industry knowledge base made by Bob Litterman and colleagues at Goldman Sachs Asset Management." -Tim Barron Managing Director, Director of Research CRA RogersCasey "Early applications of portfolio theory, based on analysts' rate of return forecasts, required arbitrary constraints on portfolio weights to avoid plunging. The path-breaking Black-Litterman equilibrium approach changes focus to the rate of return threshold necessary for a portfolio shift to improve the investor's risk return position. An excellent portfolio theory text based on the Black-Litterman model is long overdue. This book should be required reading for portfolio managers and asset allocators." -Bob Litzenberger Emeritus Professor, Wharton Retired Partner, Goldman, Sachs & Co.