Presented By PARTHA SEN

Markwitz 1952Tobin 1958Hicks 1962Hirshliefer 1963Sharpe 1964Treynor -

Tanθ= Δreturn/ Δrisk

E(return)P=ert

Individual Views

Investment is probabilistic

R ~ N (μ, σ2)

U = f(Ew, σw)

dU/dEw>0dU/dσw<0

IOC

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