Risk-Return Measurement in Portfolio Selection and Performance Appraisal Models: Progress Report†

Richard S. Bower and Ronald F. Wippern

Journal of Financial and Quantitative Analysis, 1969, vol. 4, issue 4, 417-447

Abstract: Not all racetrack bettors want to handicap. Some prefer to buy expert opinion on the winners of each race and on the day's best bet. Investors are not very different. Many like to avoid the analysis required to choose among investment funds and so seek some summary measure that will rank funds relative to one another and indicate which one is the best bet. Two measures suggested in work by John Lintner [2], William Sharpe [6], Jack Treynor[7], and Henry Latané and Donald Tuttle [1] rank investment funds considering both return and risk. These measures not only can be taken to provide an indication of the best bet among investment fund managements but also offer a guide to building a portfolio.

Date: 1969
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