Windhaven puts focus on ETFs

Betting on beta

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The events of the past five years have forced a lot of people to question their assumptions – that central bankers had eliminated boom and bust; that big banks would not be allowed to fail; that a eurozone sovereign could not default. For many investors, these experiences have also provided further evidence that many of the assumptions underlying modern portfolio theory, the intellectual bedrock of investment management, are fundamentally flawed.

This critique is wide-ranging: investors are not