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We will look at the entire cycle of the investment process relating to allaspects of, formulating an investment hypothesis, constructing a portfoliobased on that, executing the trades to implement it, on-going risk management,periodically measuring the performance of the portfolio, and rebalancing theportfolio either due to an increase in the risk parameters or due to adeviation from the intended asset allocation. We provide several illustrativeanalogies that are meant to intuitively explain the pleasures and the pitfallsthat can arise while managing a portfolio. If we consider the entire investmentmanagement procedure as being akin to connecting the dots of a circle, then theCircle of Investment can be represented as a dotted circle with many dotsfalling approximately on the circumference and with no clue about the exactlocation of the centre or the length of the radius. We represent the investmentprocess as a dotted circle since there is a lot of ambiguity in the varioussteps involved. The circle also indicates the repetitive nature of many stepsthat are continuously carried out while investing. This work introduces two newpoints pertaining to this dotted circle and improves the ability, to understandhow far-off this dotted circle is, from a more well-defined circle and, tocreate a well-formed circle. The two innovations we introduce are:  1. The first, relating to the limitations that apply to any finding in thesocial sciences, would be the additional point we introduce that lies near thecentre of the circle. We title this as, 'The Uncertainty Principle of theSocial Sciences'.  2. The second, relating to establishing confidence levels in a systematicmanner for each view we associate with a security or group of securities asrequired by the Black-Litterman framework, would be the new point we presentnear the circumference of the circle.

The Circle of Investment: Connecting the Dots of the Portfolio Management Cycle...