Word: markowitz
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...notion that investors should diversify their portfolios seems self-evident now. But when Harry Markowitz first proposed a systematic way to implement that strategy, the financial community scoffed and no less an economist than Milton Friedman was skeptical. Said he: "Harry, what's this? It's not mathematics; it's not economics; it's not finance...
Last week, more than 35 years later, the Swedish Academy awarded the Nobel Prize for Economics to Markowitz, a professor at the Baruch College of the City University of New York, and two colleagues who built upon his work. Sharing the honor were William Sharpe of Stanford University and Merton Miller of the University of Chicago...
...Markowitz, 63, of Chicago made "the first pioneering contribution in the field of financial economics" in the 1950s, it said...
...Harry Markowitz, of the City University of New York, was cited for developing the theory of portfolio choice, the academy said...
Sharpe, 56, of Cambridge, Mass., was the leading figure among several researchers in the 1960s who used Markowitz's portfolio theory as a basis for developing a theory of price formation for financial assets, the academy said. That was the so-called Capital Asset Pricing Model (CAPM...