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New Frontiers of Risk

One modern portfolio theory (MPT) pillar that is unquestionably broken is the use of volatility, specifically standard deviation, as a measure of risk, Jason Voss, CFA, and C. Thomas Howard write in the latest edition of The Active Equity Renaissance series. This initial error in MPT’s development is a major contributor to active investment management underperformance.

Read the full article on Enterprising Investor


Andrew C. Howard

Vice President AthenaInvest, Inc.