I.K.-

I taught investment management at the graduate level for the last 20 years of my 33 year academic career without using any MPT concepts. I have run my my investment management company for 12 years using purely behavioral concepts.

I am here to tell you that their is life after MPT!

I know where you are coming from. I sweat blood in the PhD program to master every aspect of MPT, down to building mathematical models and testing predictions. It took me considerable time to move away from these ideas (sunk cost error) and onto behavioral finance.

I am certainly glad I did, but each of us is on their own unique path within this ongoing industry transition.