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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (55050)4/7/1999 10:22:00 PM
From: BGR  Read Replies (1) of 132070
 
Michael,

That's a red herring and you know it. MPT never claims that academicians trade better than fund managers. According to MPT, trading performance of academicians on the average over the long term is supposed to be no better than the market when adjusted for risk. That, precisely, has been the case. So, how does that invalidate MPT?

To give an analogy, if you personal physician - while warning you against the dangers to cancer caused by smoking - nevertheless remains a chain smoker and dies to lung cancer, does that validate or invalidate his warning?

As for financial academics successfully advicing fund managers, sure. Any fund manager who took the advice from the teachings of MPT and invested in the appropriate index performed relatively well in a percentile scale (80%+ last year) over the years.

-BGR.
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