Standard asset allocation practice (“strategic asset allocation”) produces unstable results. Remember Harry Markowitz, father of Modern Portfolio Theory which strategic asset allocation is based on, describes two stages in his Nobel award winning paper: The first stage starts with observation and experience and ends with beliefs about the future performances of available securities. The second…… Continue reading The greatest liability to beneficiaries (and fiduciaries)
Author: Terry Grennon
Asset Allocation Strategist
Protected: Wave-Trend Investing
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