Moving Beyond Modern Portfolio Theory
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Moving Beyond Modern Portfolio Theory
Book Details:
• Author: Lukomnik, Jon | Hawley, James P.
• Publisher: TAYLOR AND FRANCIS BOOKS INDIA PRIVATE LIMITED
• Edition: 1st Edition
• Binding: Paperback
• Number of Pages: 144
• ISBN: 9781032507231
• Release Date: 1st December 2021
• Languages: English
About the Book:
Moving Beyond Modern Portfolio Theory: Investing That Matters uncovers the limitations of Modern Portfolio Theory (MPT) and presents a compelling case for its evolution. MPT has revolutionized the investing world, shaping how portfolios are constructed, but it fails to account for the broader environmental, social, and financial systems that are increasingly vital in today’s world. The book argues that MPT is outdated, lacking the necessary tools to address systemic risks like climate change, gender diversity, and social inequalities—issues that have profound impacts on investment portfolios and the real economy.
Jon Lukomnik and James P. Hawley propose an innovative shift in investment strategy, one that not only focuses on delivering returns but also on mitigating risks that affect global markets. The authors draw on the example of some of the world’s largest investors who prioritize systemic risks over traditional stock-picking methods, proving that even within the constraints of current theory, improving market outcomes is possible.
By emphasizing the interconnections between investing and the systems that underpin capital markets, Moving Beyond Modern Portfolio Theory highlights the need for finance to evolve in order to serve its dual purposes: providing investors with adequate returns and directing capital to where it is most needed in the economy. The book integrates MPT’s foundational principles of diversification and risk-adjusted return, while grounding them in the reality of the complex, interdependent world we live in.
This insightful and timely work challenges the status quo and offers a roadmap for a new, more responsible approach to investing that prioritizes long-term sustainability and societal impact.
