Janet,
Thanks for your concise articulation. I look forward to reading the book. Once a pioneer at a behavioral finance asset manager prior to it becoming the latest buzz, I was pleasantly surprised to discover Andrew Lo's work on the AMH theory. I think it is very revolutionary in moving us towards a new investment paradigm, like you highlighted. I'm curious to how asset class risk/reward profiles will evolve/change, to what diversification will actually mean in differing circumstances, and how risk will need to be managed. I may even have to (heaven forbid) re-take the future CFA exam again? I'm curious about one of your comments about rob0-advising - won't the inputs be greatly dependent upon discretion and even more so with an ever evolving AMH depicting risk/reward profiles over time? Also, the impact as to there being more ETFs than stocks - does he touch on this? Your thoughts? Maybe I'll need to read his book sooner than later. Thanks Joanne