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Alternative Market Briefing

The Big Picture: Equities over gold, says expert investor

Monday, July 20, 2020

amb
Sandy Koifman
B. G., Opalesque Geneva:

68 years ago, economist Harry Markowitz formulated the Mean-Variance Efficient Frontier and a quantitative method that could help investors maximize risk-adjusted returns. According to his model of the Efficient Frontier, a portfolio is "efficient" if it has the best possible expected return for a given level of risk, or likewise the lowest possible risk for a given level of return. Markowitz ended up winning a Nobel Prize in 1990. His resulting Modern Portfolio Theory (MPT) has apparently stood the tests of time and is currently embraced by many consultants.

One of which is a new advisor called, fittingly, Efficient Frontier Investing (EFI). It was founded in 2018 by finance veteran Sandy Koifman and long-term associate Toby Main, who met while at global investment firm Bedrock Group. The two partners have since proven their mettle by advising some seven successful funds on ideas, products, themes, "intelligent ways of investing in equities" and, above all, risk management. They're just the engineers, they say. And their intellectual output goes a long way into the practical.

Waiting for Godot

"Many managers out there are losing money for many rea......................

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