Lately, I've seen more and better thinking about asset management than you could find in the previous 20 years in the profession and I think it may be time to give modern portfolio theory a makeover. In fact, I think this fits a long-standing historical pattern.

How so? If you can remember all the way back to the 1970s, professionals were the only ones who had access to the mutual fund data. There was a huge knowledge gap between the professional broker and the average consumer, who had nothing comparable to the old Weisenberger tables. Eventually, mutual fund data was more widely available and the gap between professional and consumer closed.

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