Why do finance schools still push Modern Portfolio Theory when it's been proven inadequate in real markets?
Simple: it's *teachable*. Clean formulas, elegant math, the illusion of scientific rigor. Perfect for textbooks and exams.
Meanwhile, what actually works — Buffett/Munger-style investing — is messy, intuitive, full of judgment calls. No neat equations. Hard to test. Impossible to standardize.
Academia loves what can be measured and replicated. Markets reward what can be *understood* but...