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Harry Markowitz: Modern Portfolio Theory

Harry Max Markowitz is an American economist who received the Nobel Memorial Prize in Economic Sciences. He is known for pioneering modern portfolio theory and studying how risk, return, correlation, and diversification affect investment portfolio returns. Markowitz developed the concept of the efficient portfolio and efficient frontier, which are portfolios that maximize expected return for a given level of risk. These concepts were essential to the development of the Capital Asset Pricing Model and revolutionized the theory of investments and asset management.

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112 views1 page

Harry Markowitz: Modern Portfolio Theory

Harry Max Markowitz is an American economist who received the Nobel Memorial Prize in Economic Sciences. He is known for pioneering modern portfolio theory and studying how risk, return, correlation, and diversification affect investment portfolio returns. Markowitz developed the concept of the efficient portfolio and efficient frontier, which are portfolios that maximize expected return for a given level of risk. These concepts were essential to the development of the Capital Asset Pricing Model and revolutionized the theory of investments and asset management.

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Muhammad Awall Raza
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Harry Max Markowitz Harry Max Markowitz (born August 24, 1927) is an American economist and a recipient of theJohn

von Neumann Theory Prize and the Nobel Memorial Prize in Economic Sciences. Markowitz is a professor of finance at the Rady School of Management at the University of California, San Diego (UCSD). He is best known for his pioneering work in Modern Portfolio Theory, studying the effects of asset risk, return, correlation and diversification on probable investment portfolio returns. A Markowitz Efficient Portfolio is one where no added diversification can lower the portfolio's risk for a given return expectation (alternately, no additional expected return can be gained without increasing the risk of the portfolio). The Markowitz Efficient Frontier is the set of all portfolios that will give the highest expected return for each given level of risk. These concepts of efficiency were essential to the development of theCapital Asset Pricing Model. Markowitz also co-edited the textbook The Theory and Practice of Investment Management with Frank J. Fabozzi of Yale School of Management.

Selected publications
Markowitz, H.M. (March 1952). "Portfolio Selection". The Journal of Finance 7 (1): 77 91. doi:10.2307/2975974. JSTOR 2975974. Markowitz, H.M. (April 1952). "The Utility of Wealth". The Journal of Political Economy (Cowles Foundation Paper 57) LX (2): 151158. Markowitz, H.M. (April 1957). "The Elimination Form of the Inverse and Its Application to Linear Programming". Management Science 3(3): 255269. doi:10.1287/mnsc.3.3.255. Markowitz, H.M. (1959). Portfolio Selection: Efficient Diversification of Investments. New York: John Wiley & Sons. (reprinted by Yale University Press, 1970, ISBN 978-0300013726; 2nd ed. Basil Blackwell, 1991, ISBN 978-1557861085) Markowitz, H.M. (October 1, 1979). Belzer, Jack; Holzman, Albert G.; Kent, Allen. eds. "SIMSCRIPT", Encyclopedia of Computer Science and Technology. 13. New York and Basel: Marcel Dekker. pp. 516. ISBN 978-082-472-263-0. Markowitz, H.M. and E. van Dijk (March/April 2003). "Single-Period Mean-Variance Analysis in a Changing World". Financial Analysts Journal 59 (2): 3044. doi:10.2469/faj.v59.n2.2512. Markowitz, H.M. (September/October 2005). "Market Efficiency: A Theoretical Distinction and So What?". Financial Analysts Journal61 (5): 1730. doi:10.2469/faj.v61.n5.2752. Markowitz, H.M. (2009). Harry Markowitz: Selected Works. World Scientific-Nobel Laureate Series: Vol. 1. Hackensack, New Jersey: World Scientific. pp. 716. ISBN 978-981-283-364-8.

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