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The Theory and Practice of Rational Investing, Harry M. Markowitz worries about a "great confusion" that reigns in finance - namely, "the confusion between necessary and sufficient conditions for the use of mean-variance analysis." This is a serious matter. Mean-variance analysis has been the cornerstone of portfolio construction since Markowitz's seminal 1952 article. Meanwhile, academics and practitioners have been in constant search of the next holy grail that will guide the allocation of capital. Consider the endless stream of articles proposing enhancements to mean-variance analysis or substitutes for it. Substantial bodies of literature discuss optimizers that incorporate higher moments or attempt to replace variance with alternative risk measures. Another takes account of investors' so-called irrational tendencies. I recall a former colleague saying, "Let's not re-implement Harry Markowitz's PhD thesis for the millionth time. We can do better." But we have not. What are the objections to mean-variance analysis, and are they well grounded? Markowitz has devoted Risk-Return Analysis to these questions, concluding that mean-variance analysis is central to finance for good reason. This book proceeds in unhurried steps from a set of incontrovertible premises to the conclusion that mean-variance analysis is the best tool available for addressing a wide range of portfolio-construction problems.

Alirio Zavarce's one-man show on the nature of something he's termed "rational madness" begins in an airport. He's just flown back to Australia with a prop suitcase, and as the story reaches fever pitch, with the federal police brandishing machine guns and a gaggle of customs officials staring him down suspiciously, he stops the show. He's troubled. There's a divide between Zavarce the man and Zavarce the actor. Maybe that's the wrong place to begin. Things carry on, but it's not the last time he'll stop the show. Loco is peppered with Zavarce's asides, and the whole thing proceeds in kooky fits and starts. Jonathon Oxlade's enchanting set - a towering wall of cardboard boxes - becomes a playground. Sections fall down, some of them contain secrets, and more than a few become the canvas for Chris More's projection design. Zavarce's marriage and the twin towers of the World Trade Centre collapsed on the same day, and this is where his "rational madness" began. Everyone's a little bit loco, and sometimes we have to give in to it in order to get through. He's a beguiling, fascinating performer who's at his best engaging directly with the audience. Sasha Zahra's direction is solid, but there's a gap between the darkness and the light in these stories. These semi-autobiographical tales are told mostly in big print, and the net effect is beautifully polished, but fundamentally shallow. Like The Rabble's Room of Regret last year, this show features a plate of human faeces. But it's there to do more than just shock: it's glad wrapped, and it's a prop in a didactic little bit about the value of things.