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Term of the Day portfolio separation theorem

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Lobo
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Term of the Day portfolio separation theorem

Post by Lobo on Tue 23 Jun 2015, 7:36 pm

Term of the Day
portfolio separation theorem
Observation that the construction of a diversified portfolio of risk-free investments and those with varying degree of risk is unaffected by the investor's personal preferences. That is, aninvestor makes choices on the basis of the net present value of the projected returns and not on his or her level of risk tolerance. Since this behavior separates the decision about the type of investments from the decision about the acceptable level of risk, it is named portfolioseparation theorem. Its implication is that a company's choice of debt-equity ratio is inconsequential. Also called Fisher's Separation Theory after its proposer, the U.S. economistIrving Fisher (1876-1947).

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