Financial Ecosystems: A Survival Guide

CFA Institute Magazine
December 2017 | Vol. 28 | No. 4
Source: CFA Institute
Nathan Jaye, CFA

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Summary

“We need to make investment plans that adapt to market conditions and also take into account our own personal frailties,” says Andrew W. Lo.

According to the adaptive markets hypothesis (AMH) developed by Andrew W. Lo, financial markets are governed more by the laws of biology than by the laws of physics. In this interview with CFA Institute Magazine, Lo explains the inspiration behind AMH theory, discusses its application in building portfolio tools and financial regulation, and shares why a decision-making process needs to consider the human element.

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