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Daily Archives: May 28, 2026

The Portfolio That Knew the Future and Still Lost 76%

Articles & InsightsBy Marius KilianMay 28, 2026

The Portfolio That Knew the Future and Still Lost 76% What a portfolio with perfect foresight teaches us about the emotional reality of investing. People often assume that risk and volatility are the same thing. In investing, “risk” is commonly measured as the dispersion of returns around an average. What statisticians call standard deviation. Put…

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