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Post-Modern Portfolio Theory Comes of Age
Journal of Investing
It has been a generation since Harry Markowitz laid the foundations and built much of the structure of what we now know as Modern Portfolio Theory ("MPT"). The greatest contribution of MPT is the establishment of a formal risk/return framework for investment decision-making. By defining investment risk in quantitative terms, Markowitz gave investors a mathematical approach to asset selection and portfolio management. But as Markowitz himself and William Sharpe, the other giant of MPT,doi:10.3905/joi.2.4.27 fatcat:z4sr54yydzdxxjpnn63axmixnu