In part one of the interview, Schuller takes us on a journey through modern portfolio construction theory, arriving at the conclusion that markets are not efficient, but adapt to new realities over time. Alpha therefore is only a temporary opportunity, which converts into beta once it has been exploited.
Passive should be the core of your portfolio says Markus Schuller
Markus Schuller, a Monaco-based consultant who gives asset allocation and strategic advice to global financial institutions, talks to EIE’s editor Dylan Emery about the investment implications of investor irrationality, and why passive should be the core of your portfolio.