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Topic: Harry Markowitz

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	'Mean-Variance Analysis in Portfolio Choice and Capital Markets' de Harry M. Markowitz with a chapter and program by ...
		Harry Markowitz (1952) revolutionized the field of finance with his seminal Journal of Finance paper "Portfolio Selection." (Interestingly, the paper was the last one in the issue.) In it he argued for the explicit recognition of risk and its quantification in terms of variance.
		Markowitz (1959) brought all this material together and discussed at some length the basis for concentrating on the mean (expected value) and variance (or standard deviation) of portfolio return when selecting securities.
		Markowitz's concern with the most general class of portfolio selection problems is also reflected in the location of material on models for "economic analysis." Portions of the Capital Asset Pricing Model are first introduced in exercises at the end of Chapter 6, but detailed discussion is deferred until the penultimate chapter.
	www.bnains.org /livres/bouquins/markowitz.htm (3500 words)

	Carnegie Mellon Press Release: August 15, 2005
		Developed by Markowitz in the 1950s, modern portfolio theory proposes that an efficient portfolio relies not on the risk of an individual security and its reward, but on the risk and reward of the entire portfolio.
		"Harry Markowitz is a recognized innovator in the field of finance, and we are very fortunate that he could address Carnegie Mellon and the Pittsburgh community," said David Heath, the Orion Hoch Professor of Mathematical Sciences and head of Carnegie Mellon's interdisciplinary Center for Computational Finance, which hosts the Nash Lecture.
		Markowitz is a research professor at the University of California at San Diego and president of the Harry Markowitz Company, which helps to extend and apply portfolio theory.
	www.cmu.edu /PR/releases05/050815_markowitz.html (439 words)

	Harry Markowitz
		Harry Markowitz was born in Chicago, Illinios on August 24, 1927.
		Harry Markowitz received the Nobel Prize for Economics in 1990, along with William Sharp and Merton Miller, for their contributions to financial economics.
		Markowitz showed that under certain given conditions, an investor's portfolio choice can be reduced to balancing two dimensions, i.e., the expected return on the portfolio and its variance.
	www.jewishvirtuallibrary.org /jsource/biography/markowitz.html (919 words)

	Harry Markowitz - HighBeam Encyclopedia (Site not responding. Last check: 2007-10-09)
		For this work Markowitz, a professor at Baruch College at the City Univ. of New York, shared the 1990 Nobel Memorial Prize in Economic Sciences with William Sharpe and Merton Miller.
		Harry M. Markowitz; Research professor, department of economics, University of California, San Diego.(P&I at 30: The difference-makers)
		Harry Markowitz, 'the father of Modern Portfolio Theory,' To Highlight Investment Consultants Conference.
	www.encyclopedia.com /doc/1E1-markowit.html (303 words)

	Modern Portfolio Theory (Site not responding. Last check: 2007-10-09)
		Modern portfolio theory (MPT)—or portfolio theory—was introduced by Harry Markowitz with his paper "Portfolio Selection," which appeared in the 1952 Journal of Finance.
		Prior to Markowitz's work, investors focused on assessing the risks and rewards of individual securities in constructing their portfolios.
		Markowitz, Harry M. The early history of portfolio theory: 1600-1960, Financial Analysts Journal, 55 (4), 5-16.
	www.riskglossary.com /articles/portfolio_theory.htm (622 words)

	Oregon Magazine
		Harry had devised a system of equations that affirmed the old saying, "don't put all of your eggs in one basket." Sophisticated investment theory at this time was virtually undeveloped and when professional money managers gathered stocks into portfolios they depended largely on instinct and experience in diversifying the portfolio.
		When Harry came on the scene the stock market crash of '29 and the resulting depression were still fresh in the public's mind and they viewed investing in the stock market as very risky and best left up to the professionals on Wall Street.
		As you can imagine Harry's theory was not well received in the investment community because his work pulled away the cloak of secrecy about portfolio management and demonstrated that by using mathematics a better portfolio could be developed.
	oregonmag.com /Neil1002.htm (1171 words)

	Harry Markowitz, Biography: The Concise Encyclopedia of Economics: Library of Economics and Liberty
		Harry Markowitz, Biography: The Concise Encyclopedia of Economics: Library of Economics and Liberty
		In 1990, U.S. economists Harry Markowitz, William F. Sharpe, and Merton H. Miller shared the Nobel Prize for their contributions to financial economics.
		But Markowitz showed how to measure the risk of various securities and how to combine them in a portfolio to get the maximum return for a given risk.
	www.econlib.org /library/Enc/bios/Markowitz.html (316 words)

	Financial Economics, Harry Markowitz and the Nobel Laureates: (Essay: Fallacies of the Nobel Gods)
		The first of these men was Harry Markowitz who, with no practical knowledge of securities markets, wrote a doctoral thesis on portfolio selection.
		Markowitz said that an efficient portfolio was one that provided maximum returns with minimum short-term variance.
		Harry Markowitz was the pioneer among Nobel laureates in financial economics that influenced capital market behavior.
	www.capital-flow-analysis.com /investment-essays/nobel_gods.html (1390 words)

	Harry Markowitz and the Discretionary Wealth Hypothesis
		To keep the scope of the paper within manageable limits, the possible implications for market pricing if investors as a whole act so as to achieve better long-term results will not be considered. The paper will also refrain from adding to the investment literature on implementation problems arising from erroneous risk estimates.
		An appealing source for conceptual cross-fertilization with Harry Markowitz’s mean-variance criterion is the optimal growth theory introduced by John Kelly [1956]. In his framework, the investor maximizes the expected rate of long-run return in an investment process with independent returns by maximizing the expected logarithm of each single-period return multiple.
		However, after generating considerable controversy, the growth-optimal model was not generally adopted within finance, for two reasons. On the practical side, it was found that resulting portfolio optimization of weights of stocks in diversified portfolios gave results hard to distinguish from those of Markowitz mean-variance optimization.
	www.wilcoxinvest.com /resource/papers/harry.htm (1254 words)

	Harry M. Markowitz Winner of the 1990 Nobel Prize in Economics
		Harry M. Markowitz Winner of the 1990 Nobel Prize in Economics
		Harry M. Markowitz Premio Nobel 1990 (submitted by Cub)
		Harry M. Markowitz Biography from Encyclopedia Britannica (submitted by www.britannica.com)
	www.almaz.com /nobel/economics/1990a.html (198 words)

	Portfolio Selection
		Harry Markowitz is the father of Portfolio Theory.
		It is astonishing to realize how different the portfolio theory of today has become from Markowitz's early, highly practical work.
		For example, Markowitz devotes a full chapter to the subjective nature of probability, an important issue that is lost in more recent textbooks.
	www.contingencyanalysis.com /book/titles/markowitz_h_(1959).htm (115 words)

	Markowitz, Harry M.; Todd, G. Peter; Sharpe, William F.: Mean Variance Analysis Portfolio (Site not responding. Last check: 2007-10-09)
		In 1952, Harry Markowitz published "Portfolio Selection," a paper which revolutionized modern investment theory and practice.
		Markowitz formulated the full solution of the general mean-variance efficient set problem in 1956 and presented it in the appendix to his 1959 book, Portfolio Selection.
		Though certain special cases of the general model have become widely known, both in academia and among managers of large institutional portfolios, the characteristics of the general solution were not presented in finance books for students at any level.
	www.forbesbookclub.com /BookPage.asp?prod_cd=IDHMN (205 words)

	Mutual Funds Interactive(sm) -- Investment Strategies for the 21st Century (Site not responding. Last check: 2007-10-09)
		Markowitz then considers how all the investments in a portfolio can be expected to move together in price under the same circumstances.
		Harry Markowitz's doctoral thesis in 1952 was the catalyst that changed things forever.
		Markowitz's theory deals with selection of individual stocks within a portfolio, but the widest application today is in selecting asset classes rather than individual securities.
	teacherweb.ftl.pinecrest.edu /crawfor/apmicro/SMG/ch4.html (2952 words)

	Nobel Laureates - Index Funds Advisors, Inc.
		Markowitz knew that in the real world, investors are not only interested in return; they are concerned with risk as well.
		Markowitz came to realize the cruel truth of investing: investors cannot earn higher returns without taking on greater risk, and the greater the risk, the greater the possibility of losing.
		Harry Markowitz was primarily concerned with the diversification of risky assets.
	www.ifa.com /12steps/Step2/Step2Page2.asp (3861 words)

	Boston Globe Online / Table of Contents
		- Harry Markowitz, 63, of the City University of New York, was cited by the Swedish Academy of Sciences for developing the theory of portfolio choice.
		Markowitz, a native of Chicago, built on the earlier thinking by Yale's James Tobin about diversification of risk through balanced portfolios.
		Indeed, the skien of work begun by Markowitz, Miller and Sharpe has won the respect of even the hardest-headed money men of Boston's State Street and other centers of money management around the country.
	www.boston.com /globe/search/stories/nobel/1990/1990j.html (704 words)

	Revisiting the Capital Asset Pricing Model
		While advocating a diversified portfolio to reduce risk, Markowitz stopped short of developing a practical means to assess how various holdings operate together, or correlate, though the question had occurred to him.
		Investment texts in the pre- Markowitz era were simplistic: Don't put all your eggs in one basket, or put them in a basket and watch it closely.
		In a Markowitz framework, where people care about the expected return of their portfolios and the risk as measured by standard deviation the results held.
	www.stanford.edu /~wfsharpe/art/djam/djam.htm (3490 words)

	»»Markowitz-Harry Reviews««
		Nobel-prize winner Harry Markowitz explains the theory upon which modern portfolio theory is based in minimal mathematical terms.
		While Markowitz is a name well-known in economics (joint winner of the Nobel Proze in 1990) and the investment industry, it is known hardly at all among the public.
		Perhaps this is the inevitable fate of a man well ahead of his time: Markowitz's work on the relationship of risk and return is truly one of the staggering intellectual achievements of modern economics, and has a great practical impact on people's economic welfare.
	www.financial-book-review.com /Market-penetration-share/Markowitz-Harry (1626 words)

	Harry M. Markowitz - Autobiography
		I was born in Chicago in 1927, the only child of Morris and Mildred Markowitz who owned a small grocery store.
		My 1959 book was principally written at the Cowles Foundation at Yale during the academic year 1955-56, on leave from the RAND Corporation, at the invitation of James Tobin.
		It is not clear that Markowitz (1959) would ever have been written if it were not for Tobin's invitation.
	www.nobel.se /economics/laureates/1990/markowitz-autobio.html (1331 words)

	Finance: Portfolio Theory
		In that book, Markowitz elaborated on his theory of portfolio selection.
		People often don't realize that Markowitz intended that as an entirely practical book that would introduce his ideas to the masses—or at least the investment managers who worked for the masses...
		Since Markowitz's groundbreaking 1954 work in portfolio selection, the literature on portfolio theory has grown tremendously.
	www.contingencyanalysis.com /book/topics/finance_portfolio_theory.htm (214 words)

	Thinking Out Loud: Dr. Harry M. Markowitz
		The award recognized Markowitz for work he began publishing 42 years ago, when he was a Ph.D. candidate at the University of Chicago.
		A research professor at the University of California at San Diego and former economist at the Rand Corp., Markowitz, 77, is retired and living in San Diego.
		Markowitz: I was a Ph.D. candidate at the University of Chicago, and I had to pick a dissertation topic.
	www.cioinsight.com /print_article2/0,1217,a=129166,00.asp (2796 words)

	Harry M. Markowitz (Site not responding. Last check: 2007-10-09)
		American finance and economics educator, cowinner (with Merton H. Miller and William F. Sharpe) of the 1990 Nobel Prize for Economics for theories on evaluating stock-market risk and reward and on valuing corporate stocks and bonds.
		Markowitz studied at the University of Chicago (Bachelor of Philosophy, 1947; M.A., 1950; Ph.D., 1954) and then was on the research staff of Rand Corporation, Santa Monica, Calif. (1952-60, 1961-63), where he met Sharpe.
		The research that earned Markowitz the Nobel Prize involved his "portfolio theory," which sought to prove that a diversified, or "optimal," portfolio--that is, one that mixes assets so as to maximize return and minimize risk--could be practical.
	economics.nobel.brainparad.com /harry_markowitz.html (178 words)

	FTS Lesson: Markowitz Diversification
		Harry Markowitz won the Nobel prize for his contributions to portfolio theory.
		However, in terms of influencing practitioners Markowitz diversification is not widely used.
		Part of the problem is the inability of traditional Markowitz diversification techniques to incorporate dynamic risk and return behavior.
	www.ftsnet.com /Public/DiscusHTML/markowitz/markowitzindex.htm (188 words)

	Markowitz, Harry (Site not responding. Last check: 2007-10-09)
		Harry M. Markowitz I was born in Chicago in 1927, the only child of Morris and Mildred Markowitz who owned a small grocery store.
		Markowitz, Harry M. American finance and economics educator, cowinner (with Merton H. Miller and tavola pitagorica tabelline dandd unofficial nessuno centomila commento imetec - ferro da stiro con caldaia.
		Markowitz, Harry M. The early history of portfolio theory: foppapedretti flat 3 andrea boceli.
	m-financial.red-path.com /markowitz-harry.html (2175 words)

	harry markowitz (Site not responding. Last check: 2007-10-09)
		Harry Markowitz economics with easy to use Markowitz Efficient Frontier concepts and a profitable Markowitz model.
		There are two criteria, risk and return, so it is reasonable to assume that investors select from a set of Pareto-like optimal risk-return combinations.
		The focus is on the application of mathematical or computer techniques to practical problems, particularly problems of business decisions under uncertainty.
	www.remarkable.co.nz /optimisers/harry-markowitz.html (192 words)

	Michael Price Student Investment Fund
		Harry Markowitz received the 1990 Nobel Prize in Economic Sciences for his pioneering work in the theory of financial economics and having developed the theory of portfolio choice.
		Professor Markowitz was a Visiting Scholar in the Department of Finance at the Stern School in 2001-02.
		In Fall 2001, Professor Markowitz lectured to MPSIF on principles of asset allocation and portfolio construction.
	pages.stern.nyu.edu /~mpsif/photoHM.html (81 words)

	Investment Portfolio Theory and Portfolio Management
		Portfolio theory is an investment approach developed by University of Chicago economist Harry M. Markowitz (1927 -), who won a Nobel Prize in economics in 1990.
		It was his position that a portfolio's risk could be reduced and the expected rate of return could be improved if investments having dissimilar price movements were combined.
		In other words, Markowitz explained how to best assemble a diversified portfolio and proved that such a portfolio would likely do well.
	www.greekshares.com /index-6.php (336 words)

	Rady School of Management: Faculty: Harry M. Markowitz
		Markowitz is a professor of finance in the Rady School.
		Markowitz is best known for winning the Nobel Prize in Economic Sciences in 1990, for his work on portfolio choice.
		In his distinguished career, Dr. Markowitz has served in various academic posts at many universities, including Baruch College, London School of Economics, London Business School, University of Tokyo, Rutgers University, Hebrew University, the Wharton School and UCLA.
	management.ucsd.edu /faculty/directory/markowitz (183 words)

	Harry M. Markowitz at IDEAS
		If you are Harry M. Markowitz, you may change this information at RePEc.
		Postal Address: Harry M. Markowitz obtained the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in 1990.
		Markowitz, Harry M & Perold, Andre F, 1981.
	ideas.repec.org /e/pma73.html (407 words)

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