Since early this year, I've been arranging the sessions for my upcoming Business & Wealth Management Forum, coordinating presentations by industry heavyweights Bill Bengen, Harold Evensky, Don Phillips, Michael Kitces, Mark Tibergien and-well, you get the idea. The goal is to get all of these deep thinkers to go a little deeper than you typically see at these gatherings and explore topics you don't hear enough about. Along the way, I've found there's still a lot of unexplored terrain in our professional body of knowledge.
For instance? Investing, where modern portfolio theory is not very different in the way we apply it than it was when Dwight Eisenhower occupied the White House. How is that possible? Unlike Harry Markowitz when he was writing his seminal research, advisors today live in the Information Age. We know things Markowitz only suspected: that during normal markets, correlations among assets tend to move around unpredictably within a surprisingly tight spectrum of numbers, and then behave very differently whenever investors are paralyzed with fear or excited. Interestingly, the same is true about measures of investment volatility.
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