It is impossible to appreciate how the financial system works without understanding risk stephen cecchetti risk is not an add on it permeates the whole body of thought. To ask other readers questions about the missing risk premium please sign up be the first to ask a question about the missing risk premium a risk premium could be defined as a situation where an investor receives a higher expected return as a compensation for taking higher risk the overarching . He gathered his thoughts on the non existent risk premium in finance which means that modern portfolio theory is wrong and on low volatility investing into a short book the missing risk premium why low volatility investing works modern portfolio theory mpt is the idea that the expected return of a financial asset is a function of its risk. Eric falkenstein author of the missing risk premium why low volatility investing works usa explaining a financial theory to a broad audience is no easy task and refuting one of the oldest and best known investment theories higher risk for higher returns harder still. The missing risk premium why low volatility investing works book risk is the deviation from the consensus rather than an exposure to a covariance and this implies there is no risk premium in general
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