A New Foundation for Portfolio Management 19页

Introduction
In this paper we will question many of the assumptions that govern investment management policies and practices today, and propose new principles that bring portfolio theory into the 21st century.
We envision three primary audiences for this work:
• Investors who have a deep desire to radically rethink their investment portfolios based on prudent foundational principles
• Investment professionals who have been schooled in Modern Portfolio Theory (MPT), who see the inadequacies in that theory, particularly in the context of current market realities, and who are willing to propose practical changes to the portfolios they manage or advise based on these foundational principles
• Academicians who can use and expand these foundational principles to build forward-thinking portfolio management theses