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As many of you know, I was one of the earliest proponents of applying behavioral finance to the universe of investing and the galaxy of retirement plans in particular. As early as the mid-1990’s, when it was still considered the black sheep of various economics and finance departments, I lauded it. The common sense reality of behavioral economics led us out of the incomprehensible maze that had become Modern Portfolio Theory (“MPT”). The purveyors of MPT had allowed the Theory to be placed on an altar of infallibility. When investors failed to live up to MPT, it was the investors’ fault, not MPT’s fault.


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