The Active Equity Renaissance is a series of posts by AthenaInvest's Founder and CIO, C. Thomas Howard, PhD, and Jason A. Voss, CFA, retired co-Portfolio Manager of the Davis Appreciation and Income Fund. It proposes an alternative to modern portfolio theory (MPT), and pokes holes in MPT’s underlying assumptions. Ways to improve active management returns are discussed throughout.
Dismantling the finance industry’s closet indexing factory is a critical step in The Active Equity Renaissance, C. Thomas Howard and Jason Voss, CFA, observe...
One modern portfolio theory (MPT) pillar that is unquestionably broken is the use of volatility, specifically standard deviation, as a measure of risk, Jason Voss, CFA, and C. Thomas Howard write in the latest edition of The Active Equity Renaissance series. This initial error in MPT's development is a major contributor to active investment management underperformance...
The primary focus of the renaissance investment management firm is delivering the best possible investment performance, not on scaling for scaling’s sake, C. Thomas Howard and Jason Voss, CFA, explain in the latest entry in The Active Equity Renaissance series...
Jason Voss, CFA, and C. Thomas Howard have questioned many orthodoxies of modern portfolio theory (MPT). But what do they propose to take their place? Behavioral finance...
After the dust settles, virtually nothing of modern portfolio theory (MPT) will remain, asserts C. Thomas Howard and Jason Voss, CFA. The three pillars on which MPT rests have been toppled, and it is time to move on. There is an alternative way to view securities markets, their movements, and their participants: behavioral finance...
AthenaInvest Advisors LLC
5340 South Quebec Street, Suite 365-N
Greenwood Village, CO 80111
Phone: (877) 430-5675
Fax: (303) 721-6294
Email: support@athenainvest.com
