Keynes said it before us

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Someone named Robert Skidlesky wrote a book called John Maynard Keynes: 1883-1946: Economist, Philosopher, Statesman. He says that Keynes said "not all future events could be reduced to measurable risk. There was a residue of genuine uncertainty and this made disaster an ever-present possibility, not a once-in-a-lifetime 'shock'. Investment was…

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Having Forgotten to Doubt, “Modern Finance” drove us Insane

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Portfolio selection: Let's exhume the buried man! In his milestone paper "Portfolio Selection" published in the Journal of Finance in 1952, Harry Markowitz, the pioneer of "modern finance," recommends to use the Expected return-Variance (E-V) rule, both as a working hypothesis to explain investment behavior and as a guide to…

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