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Hang the theory

If modern portfolio theory tells us one thing, it is that you cannot have reward without taking risk. This is axiomatic. Thus portfolio management is all about controlling risk - minimising risk for each unit of portfolio return. But could it be that the principle is more dogmatic than axiomatic; that, really, you can have reward without taking risk - not just occasionally, which is obviously so, but consistently, year in, year out?

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By Mr Bearbull,
02 February 2011

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Mr Bearbull

The latest 'Mr Bearbull' started writing the column in 1998, but began his City career in the 1970s. He has worked as an analyst and a fund manager as well as a journalist - which might explain the market-beating performance of his income portfolio.

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