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Is There a Replication Crisis in Finance?
The market portfolio is optimal for the average investor. It's multi-factor efficient. You're never exactly opposite of somebody with information, so you just buy the market because the market, you're not opposite to anything. But even if you said, I can identify myself as a mean variance investor, whether that's through preferences for risk or your financial situation,. it's still not crazy to say, I don't want to risk being wrong. I'm just going to own total market index funds.