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Harry Max Markowitz (born August 24, 1927) is an
influential economist at City University of New
York and winner of the Bank of Sweden Prize in
Economic Sciences in Memory of Alfred Nobel in
1990.

He is best known for his pioneering work in Modern
Portfolio Theory, studying the effects of asset
risk, correlation and diversification on expected
investment portfolio returns. 

A Markowitz Efficient Portfolio is one where no
added diversification can lower the portfolio's
risk for a given return expectation (alternately,
no additional expected return can be gained
without increasing the risk of the portfolio). 
The Markowitz Efficient Frontier is the set of all
portfolios that will give you the highest expected
return for each given level of risk.  These
concepts of efficiency were essential to the
development of the Capital Asset Pricing Model.

==References==
* Markowitz, H. M. (1952). Portfolio Selection,
Jounral of Finance, 7 (77)

==External link==
*http://www.nobel.se/economics/laureates/1990/mark
owitz-autobio.html Biography on the official Nobel
Prize website

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