Afterword
Theoretical Foundations of the Asset Allocation Decision
WHEN I RETIRED AFTER 40 YEARS OF TEACHING FINANCE, I left the field entirely. A clean break. I hopped on the snowmobile and started focusing on the next stage in my life. I suppose only Sébastien could convince me to reminisce. I’m glad I did.
Finance is a fascinating field. Its primary goal is to address decisions that lead to better resource allocation, and ultimately, to society’s well-being. Every decision that we make in life, including financial decisions, has an impact on our future. But no one can pretend to know the future. Therefore, finance is not about describing the past and publishing what has already happened. Rather, it’s about how we handle choices for which ...
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