I love this... "Risk Adjusted-Returns is a psy-op" -@LukeDavisgrey I've always wondered if "risk-adjusting" and "beta-neutral" is really just a CCP psy-op to slow American growth or it's just a side effect of an aging population and public pensions & endowments that don't take risk. Either way it feels like an incentive system set up to centralize control rather than create new growth and grow the pie. I think the inceptor of this was Ray Dalio who was likely co-opted by CCP money to build Bridgewater and create a benchmark for risk-adjusting returns to slow investment in real innovative & volatile companies. That's why I say the heroes of this generation are usually the villians of the next... Dalio's previous endeavors failed and it seems like Bridgewater has a large allocation of Chinese money as per @realrobcopeland Dalio is smart but not sure history will be on his side...