For Jerry Miccolis, the market meltdown of 2008 was particularly shocking. He regards himself a risk guru and yet, like almost everyone else, he was caught by surprise. What's more, he was working on the book Asset Allocation For Dummies, which ultimately was published in 2009. He recalls that this turned out to be both good and bad timing.

Suddenly, post-crash, everyone was talking about risk management investing. But Miccolis found no readily available, cost-effective solutions to the problem of portfolio insurance. After months of research and consultations with experts in a wide variety of disciplines, he concluded that modern portfolio theory was not dead - it simply was not designed to protect against a "black swan" event of the magnitude of the downturn of 2008. As he realized, "modern portfolio theory needed a supplement, not a replacement."

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