In their new book Moving Beyond Modern Portfolio Theory: Investing That Matters, Jim Hawley and Jon Lukomnik argue provocatively that the guidance MPT brings to institutional investing focuses the most effort on what has the least impact. They assert with carefully chosen evidence that investors would achieve greater impact if they focused on managing undiversifiable risk rather than working hard to maximize the diversification benefit.  Their immodest proposal is that investors should not accept systematic risk as unmanageable, arguing that investment activities need to be refocused on what matters.