In other words, Modern Portfolio Theory as an investment strategy is fundamentally incomplete.
FORBES: Is Modern Portfolio Theory Out-of-Date?
In the early 1950s, another doctoral student named Harry Markowitz posited a statistical approach to investment selection called Modern Portfolio Theory.
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Translated into investment theory, this means investors should aim to hold a portfolio of assets whose returns are not highly correlated.
ECONOMIST: Unscrambling correlation
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