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Modern Portfolio Theory in the Heat of the Meltdown

To effectively use MPT, investors must recognize its limitations and be willing to challenge it, says Russell Investments director of capital markets research Steven Fox.

Paul Kaplan: Hello. I'm Paul Kaplan, and I'm vice president of quantitative research at Morningstar. And here at the Morningstar Investment Conference, we had a session that was called "Can Modern Portfolio Theory Take the Heat of a Meltdown?" And one of our panelists is Steven Fox. Steven is the director of capital market research at Russell Investments.

Thank you, Steve, for coming to the conference and participating in the panel. And maybe you can just briefly describe for us what we talked about in this panel and, from your perspective, what are kind of the key takeaways.