Thougts on risk (post-War): theory becomes dogma

Guy Fraser-Sampson
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Guy Fraser-Sampson: Cass Business School

Chapter Chapter 9 in The Pillars of Finance, 2014, pp 114-133 from Palgrave Macmillan

Abstract: Abstract The stated scope of Markowitz’s 19521 article is quite clear. He argues that a diversified portfolio must always be preferable to an undiversified one. This is based on the assumption that ‘variance of return is an undesirable thing’, and a mathematical proof that variance of return may be reduced within an equity portfolio by holding a number of different shares.

Keywords: Subjective Probability; Portfolio Selection; Portfolio Management; Individual Investor; Investment Risk (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-26406-0_9

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DOI: 10.1057/9781137264060_9

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