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The (Nonexistent) Paradigm That Fails Investors Every Day
That place is so crowded, nobody goes there any more.
—Yogi Berra
In finance, we seem to have a chronic love affair with elegant theories. Our faculties for critical thinking seem to have been overcome by the seductive power of mathematical beauty.
—James Montier
All of this has been said before, but since nobody listened, it must be said again.
—André Gide
Does MPT Still Exist?
It took me several years to put this study together. During that time, I discussed the nature of Modern Portfolio Theory with many colleagues and peers. Their response was nearly universal: few admitted to believing ...
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