Harry Markowitz won the 1990 Nobel Prize in economics. Without his groundbreaking work, index funds and 401(k) investing as we know it wouldn’t exist.
Harry M. Markowitz, an economist who launched a revolution in finance, upending traditional thinking about buying stocks and earning the Nobel Memorial Prize in Economic Sciences in 1990 for his breakthrough, died Thursday in San Diego. in 1952, he published his dissertation, “Portfolio Selection,” which overturned this common-sense approach with what became known as modern portfolio theory, widely referred to as MPT.
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