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Harry markowitz Biography

Harry Markowitz

(Harry Max Markowitz; Chicago, 1927) American economist specialized in investment analysis.He received the 1990 Nobel Prize in Economics, along with Merton Miller and William Sharpe, for his contributions to investment portfolio analysis and corporate financing methods.

Harry Markowitz

Harry Markowitz completed his high school studies in Chicago and entered the University of the same city for his undergraduate degree.There he was forged as an economist with professors such as Milton Friedman, Tjalling Koopmans or Leonard Savage, who had already worked on the problems of investment selection.He was fortunate to be able to collaborate during his studies in research projects of the Cowles Commission, and obtained his graduation in 1950.

Since then he defined as his main line of research the observation of financial investments, which led him to publish the basic points of his approach to optimal portfolio choice in an article entitled "Portfolio Selection." That same year he began working for the RAND Corporation, where he collaborated in the development of optimization models, linear programming and algorithms.

Markowitz received his doctorate from the University of Chicago in 1954 and, at the end of the decade In the 1950s, he published his book Portfolio Selection: Efficient Diversification , a text in which he presented his entire theory on investment models in equity portfolios.In it, he developed an analysis model by which the investor optimizes his behavior in uncertain environments by maximizing profitability and minimizing risk.In this model, the expectation of the current value of the equity portfolio was used as a measure of profitability and its variance as a measure of risk.

On the one hand, the profitability was obtained from the expectations of the future values ​​of the dividends updated to the present moment.On the other, risk was measured by the covariances that existed between all the stocks that made up the portfolio.Under these conditions, according to the Markowitz model, portfolio optimization was carried out from the optimal combination for the investor between hope and risk.The most obvious conclusion is that the risk of a particular asset should not be valued in isolation and individually, but based on the contribution to the total risk of each investor's portfolio.

In 1960 Markowitz left the RAND Corporation, although in 1961 he was hired for the second time until 1963 to develop a programming language known as SIMSCRIPT, intended for economic optimization with computers.After leaving RAND he was hired by Consolidates Analysis Intitutes INC, until in 1968 he returned to the University of California.

After passing through the Arbitrage Management Company, in 1974 he joined IBM's Watson Research Center in New York, where he remained until 1983.A year earlier, in 1982, he had accepted the position of professor in economics from New York University.In 1990 he was awarded the Nobel Prize in Economics, along with Merton Miller and William Sharpe.Among his publications are Porfolio selection: efficient diversification of investmens (1959), The SIMSCRIPT II programming language with Kiviat P.J.And Villanueva R.(1968) and Mean-variance analysis in portfolio choice capital markets (1987).

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