Many investment methodologies attempt to apply "rankings" to funds. However, performance rankings, even when adjusted for past risk and investment objective, consider the risk of funds in isolation--not in relation to how they'll affect your overall portfolio, as does MPT analysis. Because published sources of rankings such as those from Morningstar can't possibly be aware of your other holdings, they can't offer a sufficient basis for selecting the most efficient funds for you.
Jonathan B. Levine in Why Is MPT Necessary? from Financial Engines The investment media's primary purpose is not to supply useful investment information or deliver sound long term investment advice to investors. Instead, its main function is to provide entertainment in the guise of investment information (which is largely meaningless) and gear it to short attention spans.
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