Sage Advice

You expect things to go badly

And they don’t

That you call good luck

You expect things to go well

And they don’t

That you call bad luck

Because you lack an understanding of uncertainty

You put your trust in luck

Rather than reason

Mulla Nasrudin

The article below is what I have learned about managing uncertainty.  Begin by attempting to describe it.  You cannot manage what you cannot describe.

About Frank Sortino

Frank Sortino is finance professor emeritus from San Francisco State University and Director of the Pension Research Institute which he founded in 1981. For 10 years he wrote a quarterly analysis of mutual funds for Pensions and Investments Magazine and he has written two books on the subject of Post Modern Portfolio Theory. He has been a featured speaker at many conferences in the U.S., Europe, South Africa, and the Pacific Basin. Dr. Sortino received his Ph.D in Finance from the University of Oregon and has carried out research projects with many institutions like Shell Oil, Netherlands and The City and County of San Francisco Retirement System.
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