Journal of Finance
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Portfolio selection [статья]
Опубликовано на портале: 31-03-2003Harry M. Markowitz Journal of Finance. 1952. Vol. 7. No. 1. P. 77-91.
Focuses on the process of selecting an investment portfolio. Rule that the investor does maximize discounted expected or anticipated returns; Indication that the investor should diversify across industries and maximize expected return; Rule for investment behavior as distinguished from speculative behavior. (Из Ebsco)
Portfolio Selection [статья]
Опубликовано на портале: 17-09-2004Harry M. Markowitz Journal of Finance. 1952. Vol. 7. No. 1. P. 77-91.
The process of selecting a portfolio may be divided into two stages. The first stage with observation and experience and ends with beliefs about the future performance of available securities. The second stage starts with the relevant beliefs about future performances and ends with the choice of portfolio. This paper is concerned with the rule that the investor does (or should) maximize discounted expected, or anticipated, returns. This rule is rejected both as a hypothesis to explain, and as a maximum to guide investment behavior. We next consider the rule that the investor does (or should) consider expected return a desirable thing and variance of return an undesirable thing. This rule has many sound points, both as a maxim for, and hypothesis about, investment behavior. We illustrate geometrically relations between beliefs and choice of portfolio according to the "expected returns - variance of returns" rule.