Harry Markowitz, who shared the prize in 1990, was really the founder of the whole "don't put all your eggs in one basket" school of portfolio allocation. Markowitz showed how investors could pick an optimal portfolio of assets, minimising risk for any given expected return, or maximising expected return for any given risk. (The basic idea is simple enough to be worthy of Tobin: if you hold shares in a sunblock manufacturer and an umbrella company, your finances will be fine in all weathers.)
1990年诺贝尔经济学奖的获奖人之一哈里•马科维茨(Harry Markowitz)是"不要将所有鸡蛋放在一个篮子里"的资产配置学派的真正创始人。马科维茨给出了投资者如何建立最佳资产投资组合的方法,能在给定预期收益的情况下实现风险最小化或在给定风险的情况下实现预期收益最大化。(马科维茨基本理论的简明程度与托宾有关鸡蛋和篮子的表述不相上下:如果你同时持有一家防晒霜生产商和一家雨伞制造商的股票,那么在任何天气情况下你的整体投资回报都会较为稳定。)
In 1952, Markowitz had had the perfect opportunity to put his theory to good use. He joined the Rand corporation and had to decide how to invest his pension. Did he compute the efficient risk mitigating frontier? He did not. He split his contributions 50/50 between stocks and bonds. So there.
1952年,马科维茨曾有一次绝佳的机会将自己的理论付诸实践。当时他加入了智库兰德公司(Rand Corporation),因此必须决定如何投资自己的养老金。不过他并没有费神计算能够减弱风险的有效边界,而是将自己定期缴纳的养老金一半投资于股票,一半投资于债券。
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