Quotes

Quotes by Harry Markowitz

(5)
(272) "We next consider the rule that the investor does [or should] consider expected return a desirable thing and variance of return an undesirable thing."
1952
- "Portfolio Selection"
(277) "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."
July 1996
- "Risk Management: Improving your Odds in the Crapshoot" from Bloomberg Personal
(90) "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."
- Efficient Diversification of Investment
(91) "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."
- Nobel Laureate in Economic Sciences, Professor of Economics at University of California at San Diego
(359) "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."
5/2/2013
- Think Advisor Interview