Click below to select Ken Fisher articles in PDF format.
A Behavioural Framework for Time Diversification |
| The box of factors that we call “risk” is both too large and too small. The box is large enough to include many, sometimes conflicting, measures of risk—variance and semivariance, probabilities of losses and their amounts. But the box is too small to include factors that affect choices but fall outside the boundaries of risk—frames and cognitive errors, self-control |
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Investor Sentiment and Stock Returns |
| Investors are not all alike, and neither are their sentiments. We show that the sentiment of Wall Street strategists is unrelated to the sentiment of individual investors or that of newsletter writers, although the sentiment of the last two groups is related. |
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Mean Variance Optimization Puzzle |
| The Markowitz mean-variance-optimization framework presents a puzzle. Although it is the standard model of portfolio construction, investors rarely use it and, when used, it is constrained so much that portfolios reflect the constraints more than optimization. |
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