Portfolio Balance Models in Perspective: Some Generalizations That Can Be Derived from the Two-Asset Case**

Edward F. Renshaw

Journal of Financial and Quantitative Analysis, 1967, vol. 2, issue 2, 123-149

Abstract: Since the publication of Markowitz's article on “Portfolio Selection,” which was subsequently expanded into a monograph, there has been a great deal of further articulation, a not inconsiderable amount of mathematical programming and sensitivity analysis, the arrival of several competing portfolio balance models, and a near revolution in the theory of money and asset preference. While few formulas for solving a practical problem can claim to have generated as much theoretical fall-out, the new approach to portfolio management apparently has not been very successful at reaching the practitioners for which it was intended.

Date: 1967
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