How Should Long-Term Investors Form Portfolios?
How should long-term investors form portfolios? How should they evaluate securities, portfolios, and managers? How should they adapt to time-varying expected returns, volatilities, correlations; and many factors, signals, and strategies? Traditional asset management techniques provide very little guidance to these questions. Academic studies are often rooted in 50 or 70-year-old portfolio theories, as are… Read More »