1/ In honor of Monday: A review of key academic research relating to modern portfolio mgmt—the foundation of everything we do—in tweet.
In the beginning there was darkness, Harry Markowitz speaks: Portfolio Selection (1952). https://t.co/rqui9R90ms
2/ Markowitz (1952, 1959), father of modern portfolio theory (MPT), expresses behavior w/in portfolio context, establishing the use of mean-variance assumption (MVA) and st. dev as the definition of risk
Many people respond (Roy, Porter, &etc); we rarely cite their names.
3/James Tobin (1958) adds risk free rate and derives the efficient frontier and capital markets line based on the works of Markowitz.
He is also rarely mentioned.