PT - JOURNAL ARTICLE AU - Mark H.A. Davis AU - Sébastien Lleo TI - A Simple Procedure for Combining Expert Opinion with Statistical Estimates to Achieve Superior Portfolio Performance AID - 10.3905/jpm.2016.42.4.049 DP - 2016 May 31 TA - The Journal of Portfolio Management PG - 49--58 VI - 42 IP - 4 4099 - https://pm-research.com/content/42/4/49.short 4100 - https://pm-research.com/content/42/4/49.full AB - In this article, the authors describe a simple procedure for combining statistical estimates with expert opinions to produce a view of future asset performance. The authors discuss the impact of behavioral bias on these views and propose general modeling principles to reduce this bias. They use standard linear filtering techniques to combine statistical estimates with expert opinions seamlessly and discuss applications to dynamic portfolio optimization.TOPICS: Performance measurement, portfolio construction