He has some very interesting insights into the relationship between volatility and return, and does a very good review of the state of academic research on the topic of EMH, CAPM, and APT. His insight into the benchmarking approach to market risk models is also very good: its very clear that there are systematic institutional biases in favor of benchmarking, so much so that has to go outside the prevailing superstructure to make money in other ways. His academic biases show through (despite h... (show more)

He has some very interesting insights into the relationship between volatility and return, and does a very good review of the state of academic research on the topic of EMH, CAPM, and APT. His insight into the benchmarking approach to market risk models is also very good: its very clear that there are systematic institutional biases in favor of benchmarking, so much so that has to go outside the prevailing superstructure to make money in other ways. His academic biases show through (despite his attempts otherwise) when he fails to distinguish volatility from risk. Nor does he appear to point out directly the correlation between volatility and market capitalization, as both are proxies for liquidity. (Liquidity is only a risk if one's time horizon is short). His writing style could use some help, too. (show less)