Definition
Harry Max Markowitz is an American economist, and a recipient of the 1989 John von Neumann Theory Prize and the 1990 Nobel Memorial Prize in Economic Sciences.
Harry Markowitz
Who is ‘Harry Markowitz’
A Nobel Memorial Prize winning economist who devised the modern portfolio theory in 1952. Markowitz’s theories emphasized the importance of portfolios, risk, the correlations between securities and diversification. His work changed the way that people invested.
Explaining ‘Harry Markowitz’
Prior to Markowitz’s theories, emphasis was placed on picking single high-yield stocks without any regard to their effects on portfolios as a whole. Markowitz’s portfolio theory would be a large stepping stone towards the creation of the capital asset pricing model.
Further Reading
- A portfolio of Nobel laureates: Markowitz, Miller and Sharpe – www.aeaweb.org [PDF]
- Harry Markowitz and the discretionary wealth hypothesis – jpm.pm-research.com [PDF]
- An interview with Nobel Laureate Harry M. Markowitz – www.tandfonline.com [PDF]
- Harry M. Markowitz's contributions to financial economics – www.jstor.org [PDF]
- Foundations of portfolio theory – www.jstor.org [PDF]
- Portfolio theory: as I still see it – www.annualreviews.org [PDF]
- The early history of portfolio theory: 1600–1960 – www.tandfonline.com [PDF]
