July 2018
Intermediate to advanced
368 pages
8h 11m
English
book
Getting Back to Business: Why Modern Portfolio Theory Fails Investors and How You Can Bring Common Sense to Your Portfolio
by Daniel Peris
Content preview from Getting Back to Business: Why Modern Portfolio Theory Fails Investors and How You Can Bring Common Sense to Your Portfolio
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5
Getting Back to Business
There is nothing more difficult to carry out, nor more doubtful of success, nor more dangerous to handle, than to initiate a new order of things.
—Niccolo Machiavelli
Do what you will, the capital is at hazard.
—Judge Samuel Putnam, Harvard College v. Amory, 1830
If the stock market were to take a breather . . . then perhaps corporate managers would return to the basics of their businesses—that is, earning a profit, and passing on a reasonable portion of that profit to their owners.
—President’s letter, Smith Company 2000 annual report, Journal of Portfolio Management (2001)
Outlining an Alternative
Having investors ...