Cliff Asness Defends Modern Portfolio TheoryMark Melin
Cliff Asness of AQR Capital Management knows investors have short memories. It is for this reason that some investors, practitioners and academics might tend to disregard Modern Portfolio Theory, he writes in a recent blog post.
Markets are not perfectly efficient, Cliff Asness writes as he contradicts a tenant of Modern Portfolio Theory. But this does not mean the baby should be thrown out with the bath . . .
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