It is impossible to appreciate how the financial system works without understanding risk stephen cecchetti risk is not an add on it permeates the whole body of thought. He gathered his thoughts on the non existent risk premium in finance which means that modern portfolio theory is wrong and on low volatility investing into a short book the missing risk premium why low volatility investing works modern portfolio theory mpt is the idea that the expected return of a financial asset is a function of its risk. History of low volatility investing i saw this story in bloomberg magazine a couple weeks ago so i decided to speak with ric bratton again on the history of the low volatility effect i wanted to speak more about other peoples work especially ed miller and bob haugen but somehow we missed that its one take and he leads. Eric falkenstein author of the missing risk premium why low volatility investing works usa explaining a financial theory to a broad audience is no easy task and refuting one of the oldest and best known investment theories higher risk for higher returns harder still. Given how long ago dr haugen started advocating low volatility investing the low volatility success is not a period specific accident driven by the global financial crisis of 2008 lets review the strategys performance over a number of bull and bear markets
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