If you're as old as me, you spent the better part of your career first learning Modern Portfolio Theory as a theory, then seeing it put into practice, until finally watching it flail in agony as market gyrations proved what the contrarians were saying all along.
While entertaining, practitioners remained more concerned with the everyday business of marketing, selling, and servicing. In retrospect, making the sales process more important than actual investment results was MPT's greatest gift to the industry. In essence, it made the sizzle more important than the steak.
If the preceding paragraph depresses (or worse, angers) some of you, take heart. It just doesn't matter anymore. And I'll tell you why right now.
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Christopher Carosa
Chris Carosa has been writing a weekly article and monthly column for BenefitsPRO online and BenefitsPRO Magazine since 2011 and is a nationally recognized award-winning writer, researcher and speaker. He’s written seven books, including From Cradle to Retire: The Child IRA; Hey! What’s My Number? – How to Increase the Odds You Will Retire in Comfort; A Pizza The Action: Everything I Ever Learned About Business I Learned By Working in a Pizza Stand at the Erie County Fair; and the widely acclaimed 401(k) Fiduciary Solutions. Carosa is also Chief Contributing Editor of the authoritative trade journal FiduciaryNews.com and publisher of the Mendon-Honeoye Falls-Lima Sentinel, a weekly community newspaper he founded in 1989. Currently serving as President of the National Society of Newspaper Columnists and with more than 1,000 articles published in various publications, he appears regularly in the national media. A “parallel” entrepreneur, he actively runs a handful of businesses, including a small boutique investment adviser, providing hands-on experience for his writing. A trained astrophysicist, he also holds an MBA and has been designated a Certified Trust and Financial Advisor. Share your thoughts and story ideas with him through Facebook (https://www.facebook.com/christophercarosa/)and Twitter (https://twitter.com/ChrisCarosa).
