Portfolio insurance - Is it relevant?

nnnnn In this paper, literature are reviewed in order to address the problem of who needs portfolio insurance and identify the popular trading strategies which are used to implement portfolio insurance. And then strength and weaknesses of each strategy are discussed. nnnnn After discussing different strategies, problems of portfolio insurance are discussed.nnnnn A whole chapter is devoted to discuss which factors are important in considering a portfolio insurance program. Also, the dynamic trading strategies which are introduced in previous chapters are applied to international markets. And then the relationship between portfolio insurance and the 1987 U.S. Stock Market Crash, although still not clear, is discussed. nnnnn Finally, a conclusion: Portfolio insurance is not really insurance in the ordinary sense, but rather a set of hedging strategies only, is reached.