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Explain how the Black-Litterman approach seeks to overcome the problem of the Markowitz mean-variance approach to optimal portfolio allocation. What are the advantages of the

Explain how the Black-Litterman approach seeks to overcome the problem of the Markowitz mean-variance approach to optimal portfolio allocation.

What are the advantages of the Black-Litterman model over the Markowitz model?

Briefly explain the rationale of the Black-Litterman approach?

Explain why do investors like bond convexity?

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