ABSTRACT
Authors follow a very simple policy, which many commentators have described as "simple-minded", but which author might describes in the conference as a "satisficing" policy rather than a maximising one. They play a large part in drawing up the deliberately restrictive principles under which they have operate, they have frequently felt that it ought to be possible to do better by allowing just a little more scope for economic judgement. They do not keep any elaborate statistical records, but since 1961 he have publish in the Investor's Chronicle a commentary on the results shown at each annual review, over the pseudonym of Academic Investor. One can perfectly well argue that an investor's behaviour will no. be fully logical unless he makes assessments of the prospective returns, variances and covariances, and that therefore it is helpful to know what one should assess and how one should use the assessments.
