This possibility is studied in the field of behavioral finance, which uses psychological assumptions to provide alternatives to the CAPM such as the overconfidence-based asset pricing model of Kent Daniel, David Hirshleifer, and Avanidhar Subrahmanyam (2001).
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He was joined in 1984 by childhood friend Henry Swieca, and the pair started Dubin & Swieca, an early "fund of funds" business that constructed multi-manager hedge fund portfolios guided by the principles of modern portfolio theory.