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Author: Cliff Walsh, CFA

Behavioral Approach to Portfolio Rebalancing

One of the key distinctions between traditional mean-variance asset allocation and behavioral theory is how risk is defined. Modern portfolio theory (MPT) defines risk as the variance around the mean return, while behavioral theory suggests that individuals view risk in terms of not meeting an important financial goal.







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The Bond Market vs. Increased Government Debt

The Congressional Budget Office projects that the federal deficit, over the next 10 years, will increase $1.6 trillion more than their earlier estimate of $10.1 trillion, mainly due to the recent passage of the Tax Cuts and Jobs Act of 2017.







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Post-Modern Portfolio Theory

There is a movement toward a system-wide approach to a corporate governance model, which is also finding impetus from outside the asset management community. There’s more to Modern Portfolio Theory (MPT).  To learn what and why, read on…







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Power of Passive Managers

As passively-managed assets grab a growing market share, this concentration is likely to increase since the “Big Three” money managers are the leading index fund providers.






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