7. Conclusions

The investigation of stochastical predictability in investment theory is relevant for science, but also for investors, the financial sector, policymakers, bankers, and the society at large, because treating unpredictability as predictability can and did harm the economy and people’s wealth. The new proposed rhetoric, discourse, of heterodox finance is that investing takes place under Knightian uncertainty, which makes statistics supportive rather than dominant in decision making. So, investment theory should become more a moral science and less an engineering one: it is about judgments, combining virtue and value ethics with historical and theoretical insights, also from alternative investment theories, which can enrich mainstream investment theory and guide practice.