C o m m u n .Fa c .S c i.U n iv .A n k .S e rie s A 1 Vo lu m e 6 2 , N u m b e r 2 , P a g e s 1 7 -2 7 (2 0 1 3 ) IS S N 1 3 0 3 -5 9 9 1 Abstract. Portfolio selection has been originally proposed by H.M. Markowitz 1952. The Markowitz's approcach to the portfolio selection has some di¢ culties. For example, an aspiration level given by decision makers aren't taken into consideration in the Markowitz approach. In this paper, Watada's Fuzzy Portfolio Selection Model Based on Decision Maker's

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... iration Level is presented basically. A numerical example of the Watada's Portfolio Selection Problem is given as the application. Data is taken as the closing prices of eight securities that cycling in · Istanbul Stock Exchange (IMKB) between the dates of 01.06.2009-01.06.2010. Finally, it can be said that,the aspiration levels have been provided with a high membership degree so we can say that the successfull portfolio has been formed. During the study, Excel, Minitab and Lingo software programmes were used.