An introduction to harvesting risk premia
Why most so-called alpha was never alpha — and how ordinary investors can capture the risks that actually pay, while skipping the ones that don't.
Riskharvest
Why most so-called alpha was never alpha — and how ordinary investors can capture the risks that actually pay, while skipping the ones that don't.
Harry Markowitz called it the only free lunch in investing. A tiny example shows why it's nearly magic — and why real diversification is about understood drivers, not a correlation number.