The core of our investment philosophy is based on a belief that risk and return may be mispriced within the global equity markets. One of the key principles of modern finance has been that returns should be directly proportional to the risks taken. There is little empirical evidence in support of this principle and, in fact, extensive research has shown that stock returns are not proportional to either beta or total risk.

SPEAKER

Paul Moghtader, CFA Managing Director, Portfolio Manager/Analyst Lazard Asset Management LLC (Boston)