Knocking down strawman arguments regarding MPT is one thing. Demonstrating real long-term value, net of fees, above and beyond a well diversified passive portfolio is another.

Since inception of the author’s fund, we see that he has trailed an “MPT-inspired” mix of stocks/bonds that is spread across large/small and growth/value stocks: http://bit.ly/2OiDb9H

Asset allocation isn’t perfect, but it’s superior to cash flow-based investment approaches