Fifty Years of Innovation, Mythmaking, and Mythbusting: Personal Reflections

<italic>The Journal of Portfolio Management</italic> (JPM) debuted in the fall of 1974 during a decade of stagflation and geopolitical tumult and well into a deep recession. Over the past half-century, the journal has provided a front-row seat to the evolution in our understanding of the capital markets. Competing ideas have done battle in the field of finance, some winning and some losing. Many good ideas have emerged, while a few bad ideas have gradually faded away, often so slowly that their passing was barely noticed.