{"id":2722,"date":"2015-09-10T21:58:39","date_gmt":"2015-09-10T20:58:39","guid":{"rendered":"https:\/\/quanteviour.ch\/en\/?page_id=2722"},"modified":"2019-12-09T17:20:45","modified_gmt":"2019-12-09T16:20:45","slug":"a-real-world","status":"publish","type":"page","link":"https:\/\/quanteviour.ch\/en\/a-real-world\/","title":{"rendered":"Real world vs Theory"},"content":{"rendered":"<blockquote>\n<h2 dir=\"ltr\">\u00abWhat is too simple results wrong,<br \/>\nwhat is too realistic is useless\u00bb.<br \/>\nPaul Val\u00e9ry<\/h2>\n<\/blockquote>\n<p>&nbsp;<\/p>\n<h3><strong>Why should we question modern portfolio theory?<\/strong><\/h3>\n<p>In the 80&#8217;s what was called \u201cModern portfolio theory\u201d clearly reached its peak. This approach is essentially based on the concepts of:<\/p>\n<ul>\n<li><span style=\"color: #000000;\">\u00a0the individual&#8217;s rationality<\/span><\/li>\n<li><span style=\"color: #000000;\">\u00a0independence between individuals<\/span><\/li>\n<li><span style=\"color: #000000;\">\u00a0markets efficiency<\/span><\/li>\n<\/ul>\n<p>However, in the investors&#8217; real world, things turn out not to happen the way classical models would like to explain it.<\/p>\n<p>Excess of confidence, underestimation of extreme events probabilities, difficulty in reckoning losses, weak portfolios diversification, mimetism, perception mistakes, these are nothing but demonstrations of the human behaviour towards Financial Markets and changes in portfolios values.<\/p>\n<p>As a result, investing doesn&#8217;t rely on a pure rational decision, which is based on the sole analysis of the \u201cfundamentals\u201d, such as interest rates, profits, monetary aggregates or risk premium level.<strong> Market players are not always rational and markets are not efficient, insofar as price levels don&#8217;t always reflect the available information.<\/strong><\/p>\n<p><strong>Behavioural Finance enriches the classical model <\/strong>and enables investors to better understand financial markets<strong>.<br \/>\n<\/strong><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00abWhat is too simple results wrong, what is too realistic is useless\u00bb. Paul Val\u00e9ry &nbsp; Why should we question modern &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Real world vs Theory\" class=\"read-more button\" href=\"https:\/\/quanteviour.ch\/en\/a-real-world\/#more-2722\" aria-label=\"More on Real world vs Theory\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":111,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Real world vs Theory - Quanteviour<\/title>\n<meta name=\"description\" content=\"Remettre en cause la th\u00e9orie moderne du portefeuille? Les investisseurs ne sont pas toujours rationnels. 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