What this Journal is about

摘要

The maiden issue of this Journal appears at a critical time for our profession.rnThe dismal record of portfolio management over the past five years needs no elaboration. The causes of this record, however, are far more obscure than its painful visibility. With all the research input, the sophisticated economic analysis, the jolly conferences, the attention to decision making structures, and the increased understanding of risk and reward, how could so many have failed to see that all the known parameters were bursting apart?