what's wrong with markowitz?
TRANSCRIPT
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7/30/2019 What's wrong with Markowitz?
1/18
Ks @Z] menm9
@nrliwktz & @Z]
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7/30/2019 What's wrong with Markowitz?
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Ti wfnt nre we9
Ngm wfnt nre
we ciilkgo air9
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7/30/2019 What's wrong with Markowitz?
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_e diucm ciil nt mka aeregt nsset dcnsses ngm hnsem igGihec Zrkze wkggkgo `ntfe`ntkds remkdt wfkdfdi`hkgntkig ia kg!est`egts wiucm `kgk`kze rksl ngm`n"k`kze returgs
#eakgktec$ wirtf iur s`ncc aees ia % ir ' irwfnte!er
Ngm kt fns ge!er heeg true
]i dig!kgde dckegts we fnm `nokd
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7/30/2019 What's wrong with Markowitz?
4/18
(]fe %)G nsset nccidntkig ruce t$kdncc$ fns n fkoferiut*ia*sn`ce Tfnre +ntki, n fkofer dertnkgt$*e-uk!ncegt !ncue, ngm n ciwer turgi!er tfng itk`ncnsset nccidntkig ickdkes.
Me@kouec , Q kd tir, Ciregzi Onr cnppk & Xn`ng Uppnc @ny 4>,
8::5, i! "ge# # kd kegt k$ t%e >' ($$et)(c cidnt kig *trnteoy+
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7/30/2019 What's wrong with Markowitz?
5/18
Eaakdkegt arigtker mies wirse2
*%irter t%e $erke$ i# ntn,
Ci!er t%e -icntk c k ty i# t%e kgk-kunc n$$et$ ir n$$et dcn$$e$,
.%e orenter t%e gu`/er i# n$$et dcn$$e$
Fiw `udf wirse mies kt mi9
"# -icntk c k ty !n$ 8: !kt% n$$et dcn$$e$ k t reukre 5: y enr$ i# ntn
#ir = ti i n$ !ecc n$ n >' $trnteoy
"gdren$e t%e gu`/er i# n$$et$ #ri` ti >:: kt !iuc reukre t%e
e$tk`ntkig !kgi! kg e1de$$ i# >,::: yenr$
/aakdkegt arigtker mies git remkdt
Ngm ge!er fns
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7/30/2019 What's wrong with Markowitz?
6/18
Nmm `ire nsset dcnsses9
:urregd$ >n het8
4icm >n het8
Nctergntk!es ir femoes >n het8
Kg!egt sedknckzem kg!est`egtshnsem ig (hets. ngm dncc tfe`(strudturem rimudts.
]ecc kg!estirs @Z] ks menm ngm tfntwe fn!e si`e gew (`nokd trkdls.hnsem ig iur $enrs ia e"erkegde
Ti we `ust mi si`etfkgo ecse ti`nle iur remkdtkigs wirl = $es9
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7/30/2019 What's wrong with Markowitz?
7/18
#ig5t we oet kt $et9
/!er$ ndnme`kd stum$ ari` e!er$ diugtr$ ia ncc air`s iandtk!e = remkdtk!e strnteo$ sfiws kt mies git wirl1
Ngm tfere ks wirse gews
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7/30/2019 What's wrong with Markowitz?
8/18
Kg!est`egt hngls fn!e drentem %?" tfe dnktnckzntkigia e!er$ stidl `nrlet ig /nrtf kg zeri*su` on`esngm secc tfe` ns kg!est`egts
Gi gew gews, hut we fn!e aiugm tfnt hko akr`s dfentrencc$ hko ncc kg tfe gn`e ia riakts ngm higuses
Tuhirmkgntem meht = dfentkgo air hk cckigs ia 6
@ngkucntkgo ;khir rntes naaedtkgo trkcckigs ia 6
Ti fiw dng iur nsset nccidntkigremkdtkigs wirl ka eice dng`ngkucnte tfe `nrlets9
]fere nre hko dfenters
2f $enf, kt miesg5tremkdt4
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7/30/2019 What's wrong with Markowitz?
12/18
@imeckgo Kccuskig
@kxkgo up
@imecNGMXenckty
Zsydficioy ia pcnggkgo...bust wirls ... kg tfks wny2
@igndi 8:>4 - Cuttegheroer
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7/30/2019 What's wrong with Markowitz?
13/18
]e`ptntkig ia
>. AiroettkgoNssu`ptkigs
8. ]nlkgoAugdtkigs ns ounrngteem
4. Tfkatkgo cknhkcktyti tfe tiics... ngm
tfekr vegmirs ngm "pri`iters"
"Iut ia tfe hix pcnggkgo"
@igndi 8:>4 - Cuttegheroer
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7/30/2019 What's wrong with Markowitz?
14/18
Nmresskgo Tfirtanccs
"@ire" `imeckgo...
"@ire" sdkegde...
sfncc repcnde ... Di``ig segse NGM
"Iut ia tfe hix tfkglkgo"999
@igndi 8:>4 - Cuttegheroer
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7/30/2019 What's wrong with Markowitz?
15/18
^uestkig2 Nsset Dcnsses
Ks Dnsf ir Ovt. Higm snae999
Ks E`erokgo rksly999
Ks Zriperty rksly999
Ks Oicm vicntkce999
...
bust n aew questkigs ari` tfe dckegts...ig tfe "Meakdkegt Arigtker".
@igndi 8:>4 - Cuttegheroer
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7/30/2019 What's wrong with Markowitz?
16/18
^uestkig2 DZK
@igndi 8:>4 - Cuttegheroer
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7/30/2019 What's wrong with Markowitz?
17/18
^uestkig2 @imec arn`ewirl
Nre Qnrknhces ndtunccy rngmi`9
Nre Znrn`eters (ngm augdtkigs...) stnhce9
Ks mntn Kgput recevngt9
_FN] KA ... _rigo
ir n Znrnmko` Tfkat999
@igndi 8:>4 - Cuttegheroer
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7/30/2019 What's wrong with Markowitz?
18/18
@ire questkigs...
N@K - @igetnry Xeair`
Znuc Drnko Xiherts
Dfkdnoi Zcng
_ircm Durregdy
Ttntkstkds
Euri >:>
...
@igndi 8:>4 - Cuttegheroer
http://stratrisks.com/geostrat/11689http://www.themoneymasters.com/http://www.paulcraigroberts.org/http://stratrisks.com/geostrat/11689http://www.shadowstats.com/http://realcurrencies.wordpress.com/2013/04/07/the-dying-dollar/http://www.themoneymasters.com/http://www.paulcraigroberts.org/http://www.paulcraigroberts.org/http://www.monetary.org/intro-to-monetary-reform