Harry M. Markowitz

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Harry M. Markowitz
BornAugust 24, 1927
Chicago, Illinois
Alma materUniversity of Chicago
Known forModern portfolio theory, efficient frontier
Notable work
Markowitz, H.M. (March 1952). "Portfolio Selection". The Journal of Finance. pp. 77–91.
Markowitz, H.M. (1959). Portfolio Selection: Efficient Diversification of Investments. New York: John Wiley & Sons.
AwardsJohn von Neumann Theory Prize (1989)
Nobel Memorial Prize in Economics (1990)
WebsiteRady School: Faculty

Harry M. Markowitz is the father of Modern Portfolio Theory (MPT)[1] and the concept of the efficient frontier.[2].

Markowitz laid the foundation for what is now termed portfolio theory in his 1952 paper, Portfolio Selection.[3] While working for the Cowles Commission, Markowitz developed his ideas in his book, Portfolio Selection: Efficient Diversification of Investment, published in 1959.[4]

A good portfolio is more than a long list of good stocks and bonds. It is a balanced whole, providing the investor with protections and opportunities with respect to a wide range of contingencies. To reduce risk it is necessary to avoid a portfolio whose securities are all highly correlated with each other. One hundred securities whose returns rise and fall in near unison afford little protection than the uncertain return of a single security.

— Harry Markowitz[5]

Currently, Markowitz is on the faculty of the Rady School of Management at UC San Diego, where he also does consulting work.[6]


In 1989, Markowitz was awarded the John von Neumann Theory Prize. The prize is "awarded annually to a scholar (or scholars in the case of joint work) who has made fundamental, sustained contributions to theory in operations research and the management sciences." [7]

In 1990, Markowitz was awarded the Nobel Memorial Prize in Economics.[8]


  1. Modern Portfolio Theory,investopedia
  2. Efficient Frontier, investopedia
  3. Markowitz, H.M. (March 1952). "Portfolio Selection". The Journal of Finance. pp. 77–91.
  4. Biogaphical,Nobelprize.org, The Official Web Site of the Nobel Prize
  5. Harry Markowitz Quotes
  6. Rady School: Faculty
  7. The Institute for Operations Research and the Management Sciences, official site
  8. Nobelprize.org, The Official Web Site of the Nobel Prize

External links