In part one of the interview, Schuller takes us on a journey through modern portfolio construction theory, arriving at the conclusion that markets are not efficient, but adapt to new realities over time. Alpha therefore is only a temporary opportunity, which converts into beta once it has been exploited.
“Passives should be the core of your portfolio” – Markus Schuller, part 2 of 2
In part two of this video interview, Schuller discusses the implications of the temporary nature of alpha opportunities for fund selection and portfolio construction.
