Harry Markowitz quotes

Who is Harry Markowitz?

Harry Max Markowitz is an American economist and Nobel Prize winner.

Harry Markowitz quotes

“A good portfolio is more than a long list of good stocks and bonds. It is a balanced whole, providing the investor with protections and opportunities with respect to a wide range of contingencies.”

Harry Markowitz

“Advisors can create the best portfolios in the world, but they won’t really matter if the clients don’t stay in them.”

Harry Markowitz

“Becoming an economist was not a childhood dream of mine.”

Harry Markowitz

“Diversifying sufficiently among uncorrelated risks can reduce portfolio risk toward zero.”

Harry Markowitz

“I never was aware of the Great Depression.”

Harry Markowitz

“I would never be 100 percent in stocks or 100 percent in bonds or cash.”

Harry Markowitz

“In choosing a portfolio, investors should seek broad diversification, Further, they should understand that equities--and corporate bonds also--involve risk; that markets inevitably fluctuate; and their portfolio should be such that they are willing to ride out the bad as well as the good times.”

Harry Markowitz

“It's like a crapshoot in Las Vegas, except in Las Vegas the odds are with the house. As for the market, the odds are with you, because on average over the long run, the market has paid off.”

Harry Markowitz

“The chief problem with the individual investor: He or she typically buys when the market is high and thinks it’s going to go up, and sells when the market is low and thinks it’s going to go down.”

Harry Markowitz

“To reduce risk it is necessary to avoid a portfolio whose securities are all highly correlated with each other. One hundred securities whose returns rise and fall in near unison afford little protection than the uncertain return of a single security.”

Harry Markowitz

“We next consider the rule that the investor does or should consider expected return a desirable thing and variance of return an undesirable thing.”

Harry Markowitz