Professor Tom Cover of Stanford University has developed an investment
technique called "Universal Portfolio Theory". UPT seems to be built
on rigorous mathematical foundations, and promises extremely high
investment performance. The fundamentals of this technique have been
published in academic articles, the earliest of which were about 15
years ago.

It seems to me that Wall Street is always hungry for new tools to
maximize their investments.

This leads me to ask three closely related questions:

1. Why have so few people heard about UPT?
2. Why are there so few firms (possibly only one: Mountain View
Analytics) that make use of it? (Note that MVA does license their
technology, and other firms may use this method without making it
known.)
3. Is there some major flaw with UPT that drives investors away?

Your answer need not be very long, but it should be well reasoned, and
based on a comprehensive survey of the evidence.

Please provide references to the materials you use in your analysis.