It's called research, not hubris

RESEARCH, NOT HUBRIS

Morningstar's quantitative research director criticises a recent study on risk measurement

Earlier this month IW columnist David Stevenson wrote about a recent academic paper entitled Economists’ Hubris – The Case of Equity Asset Management,” which he claimed cast doubt on conventional measurements of risk.  Stevenson’s piece can be found at http://www.investmentweek.co.uk/investment-week/opinion/1726602/performance-inertia The original research can be found at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1597685   Here, Morningstar’s quantitative research director Paul Kaplan responds to the article. An article titled “Economists’ Hubris – The Case of Equit...