Portfolio Structuring and the Value of Forecasting

Drawing from a CFA Montréal event, this analysis of factor investing reviews types of factors and risk premiums as well as the value of forecasting, including issues with accuracy and improving efficiency.
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Additional Information

Publisher
CFA Institute Research Foundation
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Published on
Oct 10, 2016
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Pages
36
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ISBN
9781944960094
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Language
English
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Genres
Business & Economics / General
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Content Protection
This content is DRM protected.
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Read Aloud
Available on Android devices
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Eligible for Family Library

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Since its original publication, Expert Political Judgment by New York Times bestselling author Philip Tetlock has established itself as a contemporary classic in the literature on evaluating expert opinion.

Tetlock first discusses arguments about whether the world is too complex for people to find the tools to understand political phenomena, let alone predict the future. He evaluates predictions from experts in different fields, comparing them to predictions by well-informed laity or those based on simple extrapolation from current trends. He goes on to analyze which styles of thinking are more successful in forecasting. Classifying thinking styles using Isaiah Berlin's prototypes of the fox and the hedgehog, Tetlock contends that the fox--the thinker who knows many little things, draws from an eclectic array of traditions, and is better able to improvise in response to changing events--is more successful in predicting the future than the hedgehog, who knows one big thing, toils devotedly within one tradition, and imposes formulaic solutions on ill-defined problems. He notes a perversely inverse relationship between the best scientific indicators of good judgement and the qualities that the media most prizes in pundits--the single-minded determination required to prevail in ideological combat.


Clearly written and impeccably researched, the book fills a huge void in the literature on evaluating expert opinion. It will appeal across many academic disciplines as well as to corporations seeking to develop standards for judging expert decision-making. Now with a new preface in which Tetlock discusses the latest research in the field, the book explores what constitutes good judgment in predicting future events and looks at why experts are often wrong in their forecasts.

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