The concept of high-risk, high-return is a bedrock belief in finance, confirmed by decades of empirical data. But when Prof. Roger Ibbotson dug deeper into the data, things started to look a little different.

Investors put financial theory into practice every day. How efficient are markets? Can market participants advantageously match their capabilities to the right investments or leverage an information advantage? A panel of asset managers discusses how they see the theories playing out in real markets.

Market volatility has been at near-record levels in recent months, as investors respond to the uncertainty in Europe. Roger Ibbotson takes a historical perspective and argues that volatility, while frightening for individuals, can play an important role in the economy.