The Limits of Modern Portfolio Theory

More than 40 years ago, Tom Wolfe gently skewered the multidecade ascendancy of art theory in The Painted Word, a book triggered by the following statement in a 1974 New York Times review of an exhibition of realist painters by the art critic Hilton Kramer: “Realism does not lack its partisans, but it does rather conspicuously lack a persuasive theory.

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