Nobel Laureate Robert C. Merton Says Not All Investment Risk Is Rewarded
2026-06-11 10:04:07
Nobel economics laureate Robert C. Merton said higher volatility does not automatically translate into higher returns, urging investors to focus on identifying risks that offer meaningful compensation. Speaking at a private investor exchange event, according to Ming Pao, Merton, a resident scientist at Dimensional Fund Advisors, said true investment discipline lies in building portfolios around risks that have substantive expected returns.
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