Andrew Lo
About Andrew Lo
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In Pursuit of the Perfect Portfolio: Key Insights From Investment Rock Stars
Is it possible to build an ideal portfolio, one that perfectly balances risk and reward? In this talk, world-renowned MIT economist and financial scholar Andrew Lo, director of the MIT Laboratory for Financial Engineering, shares profound insights he learned from the world’s most prominent figures in the finance world, whom he profiled in his latest book “In Pursuit of the Perfect Portfolio.” He covers such areas as effective diversification, passive versus active investment, security selection and market timing, foreign versus domestic investments, derivative securities, nontraditional assets, irrational investing, and more. Acknowledging that the perfect portfolio is ultimately a moving target based on individual age and stage in life, market conditions, and short- and long-term goals, he explains why the fundamental principles for success remain constant in spite of changing market conditions.
Speaking videos
Media coverage
AI Could Soon Act As Ethical Financial Advisors, MIT Researchers ...
Aug 30, 2024 ... "We're on our way to that Holy Grail," said Andrew Lo, a professor of finance at the MIT Sloan School of Management and the director of the Laboratory for ...
The Adaptive Markets Hypothesis: An Evolutionary Approach to ...
May 22, 2024 ... Andrew W. Lo, Ruixun Zhang ... The Adaptive Markets Hypothesis (AMH) presents a formal and systematic exposition of a new narrative about financial markets that ...
Books by Andrew Lo
“In Pursuit of the Perfect Portfolio: The Stories, Voices, and Key Insights of the Pioneers Who Shaped the Way We Invest” (2023)
Is there an ideal portfolio of investment assets, one that perfectly balances risk and reward? In Pursuit of the Perfect Portfolio examines this question by profiling and interviewing ten of the most prominent figures in the finance world―Jack Bogle, Charley Ellis, Gene Fama, Marty Leibowitz, Harry Markowitz, Bob Merton, Myron Scholes, Bill Sharpe, Bob Shiller, and Jeremy Siegel. We learn about the personal and intellectual journeys of these luminaries―which include six Nobel Laureates and a trailblazer in mutual funds―and their most innovative contributions. In the process, we come to understand how the science of modern investing came to be. Each of these finance greats discusses their idea of a perfect portfolio, offering invaluable insights to today’s investors.
“Adaptive Markets: Financial Evolution at the Speed of Thought” (2019)
Half of all Americans have money in the stock market, yet economists can’t agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe. The debate is one of the biggest in economics, and the value or futility of investment management and financial regulation hangs on the answer. In this groundbreaking book, Andrew Lo transforms the debate with a powerful new framework in which rationality and irrationality coexist―the Adaptive Markets Hypothesis. Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency is incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo’s new paradigm explains how financial evolution shapes behavior and markets at the speed of thought―a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation. An ambitious new answer to fundamental questions about economics and investing, Adaptive Markets is essential reading for anyone who wants to understand how markets really work.
“What's the Use of Economics?: Teaching the Dismal Science After the Crisis” (2012)
With the financial crisis continuing after five years, people are questioning why economics failed either to send an adequate early warning ahead of the crisis or to resolve it quickly. The gap between important real-world problems and the workhorse mathematical model-based economics being taught to students has become a chasm. Students continue to be taught as if not much has changed since the crisis, as there is no consensus about how to change the curriculum. Meanwhile, employer discontent with the knowledge and skills of their graduate economist recruits has been growing. This book examines what economists need to bring to their jobs, and the way in which education in universities could be improved to fit graduates better for the real world. It is based on an international conference in February 2012, sponsored by the UK Government Economic Service and the Bank of England, which brought employers and academics together. Three themes emerged: the narrow range of skills and knowledge demonstrated by graduates; the need for reform of the content of the courses they are taught; and the barriers to curriculum reform.While some issues remain unresolved, there was strong agreement on such key issues as the strengthening of economic history, the teaching of inductive as well as deductive reasoning, critical evaluation and communication skills, and a better alignment of lecturers' incentives with the needs of their students.
“The Heretics of Finance: Conversations with Leading Practitioners of Technical Analysis” (2009)
The Heretics of Finance provides extraordinary insight into both the art of technical analysis and the character of the successful trader. Distinguished MIT professor Andrew W. Lo and researcher Jasmina Hasahodzic interviewed thirteen highly successful, award-winning market professionals who credit their substantial achievements to technical analysis. The result is the story of technical analysis in the words of the people who know it best; the lively and candid interviews with these gurus of technical analysis.
“HedgeFunds: An Analytic Perspective (Advances in Financial Engineering, 2)” (2008)
The hedge fund industry has grown dramatically over the last two decades, with more than eight thousand funds now controlling close to two trillion dollars. Originally intended for the wealthy, these private investments have now attracted a much broader following that includes pension funds and retail investors. Because hedge funds are largely unregulated and shrouded in secrecy, they have developed a mystique and allure that can beguile even the most experienced investor. In Hedge Funds, Andrew Lo--one of the world's most respected financial economists--addresses the pressing need for a systematic framework for managing hedge fund investments.
At a glanceAndrew Lo
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