Quotes by Harry Markowitz - Page 1

Becoming an economist was not a childhood dream of mine.
Harry Markowitz / Economist
Economist
Childhood Dream
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I would never be 100 percent in stocks or 100 percent in bonds or cash.
Harry Markowitz / Economist
Cash
Percent
Bonds
Stocks
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We next consider the rule that the investor does or should consider expected return a desirable thing and variance of return an undesirable thing.
Harry Markowitz / Economist
Doe
Investing
Next
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Portfolio theory, as used by most financial planners, recommends that you diversify with a balance of stocks and bonds and cash that's suitable to your risk tolerance.
Harry Markowitz / Economist
Balance
Cash
Financial
Planners
Risk
Suitable
Theory
Tolerance
Bonds
Portfolio
Diversify
Stocks
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Diversifying sufficiently among uncorrelated risks can reduce portfolio risk toward zero. But financial engineers should know that's not true of a portfolio of correlated risks.
Harry Markowitz / Economist
Zero
Engineers
Financial
Risk
Among
Portfolio
Reduce
Sufficiently
Toward
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It's like a crapshoot in Las Vegas, except in Las Vegas the odds are with the house. As for the market, the odds are with you, because on average over the long run, the market has paid off.
Harry Markowitz / Economist
Running
Las Vegas
Odds
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The chief problem with the individual investor: He or she typically buys when the market is high and thinks it's going to go up, and sells when the market is low and thinks it's going to go down.
Harry Markowitz / Economist
Sells
Buys
Chief
He Or She
Investor
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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.
Harry Markowitz / Economist
Opportunity
Business
Long
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I was born in Chicago in 1927, the only child of Morris and Mildred Markowitz, who owned a small grocery store. We lived in a nice apartment, always had enough to eat, and I had my own room. I never was aware of the Great Depression.
Harry Markowitz / Economist
Depression
Apartment
Chicago
Great Depression
Had Enough
Morris
Only Child
Great Always Enough
Aware
Great Enough Always
Grocery
Grocery Store
Owned
Store
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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 / Economist
Fall
Return
Risk
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In 1989, I was awarded the Von Neumann Prize in Operations Research Theory by the Operations Research Society of America and The Institute of Management Sciences. They cited my works in the areas of portfolio theory, sparse matrix techniques and the SIMSCRIPT programming language.
Harry Markowitz / Economist
Institute
Management
Operations
Prize
Programming
Research
Theory
Awarded
Portfolio
Cited
Matrix
Programming Language
Sciences
Techniques
Von
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In choosing a portfolio, investors should seek broad diversification, Further, they should understand that equities--and corporate bonds also--involve risk; that markets inevitably fluctuate; and their portfolio should be such that they are willing to ride out the bad as well as the good times.
Harry Markowitz / Economist
Good Times
Portfolios
Risk
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During the 1950s, I decided, as did many others, that many practical problems were beyond analytic solution and that simulation techniques were required. At RAND, I participated in the building of large logistics simulation models; at General Electric, I helped build models of manufacturing plants.
Harry Markowitz / Economist
Electric
Logistics
Manufacturing
Models
Simulation
Analytic
Plants
Practical
Rand
Required
Solution
Techniques
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If the investor doesn't have enough time and skill to investigate individual stocks or enough money to diversify a portfolio, the right thing to do is to invest in exchange-traded funds that give you exposure to asset classes. It does make sense for the individual investor to think in terms of holding individual asset classes.
Harry Markowitz / Economist
Exposure
Right Thing
Time Money Enough
Asset
Portfolio
Classes
Invest
Diversify
Enough Money
Funds
Holding
Investor
Skill
Stocks
The Right Thing
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Perhaps the most important job of a financial advisor is to get their clients in the right place on the efficient frontier in their portfolios. But their No. 2 job, a very close second, is to create portfolios that their clients are comfortable with. Advisors can create the best portfolios in the world, but they won't really matter if the clients don't stay in them.
Harry Markowitz / Economist
Jobs
Important
Matter
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Harry Markowitz Quotes - Page 1

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