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Harry M. Markowitz
<html> <head> <title>Harry M. 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Markowitz</b></font><p><b>AKA</b> Harold Maxwell Markowitz<p><b>Born:</b> <a href="/lists/754/000106436/" class=proflink>24-Aug</a>-<a href="/lists/926/000105611/" class=proflink>1927</a><br><b>Birthplace:</b> <a href="/geo/457/000069250/" class=proflink>Chicago, IL</a><br><p><b>Gender:</b> Male<br><b>Race or Ethnicity:</b> White<br><b>Occupation:</b> <a href="/lists/181/000068974/" class=proflink>Economist</a><br><b>Party Affiliation:</b> Republican<p><b>Nationality:</b> United States<br><b>Executive summary:</b> Portfolio theory<p>Harry M. Markowitz won the Nobel Prize in Economics in 1990, for his "portfolio theory". Devised in 1952, it provided the first systematic means of implementing a diversified investment strategy, showing that investors fare better and face less risk with a wide variety of stocks, bonds, and other assets. <a href="/people/645/000022579/">Milton Friedman</a> was reportedly un-impressed, and according to Markowitz, Friedman said, "Harry, what's this? It's not mathematics; it's not economics; it's not finance."<p><b>Father:</b> Morris Markowitz (owned a grocery store)<br><b>Mother:</b> Mildred Markowitz<br><p> High School: Schurz High School, Chicago, IL<br> University: <a href="/edu/520/000068316/">PhB, University of Chicago (1947)</a><br> University: <a href="/edu/520/000068316/">MA, University of Chicago (1950)</a><br> University: <a href="/edu/520/000068316/">PhD, University of Chicago (1954)</a><br> Teacher: <a href="/edu/471/000068267/">University of California at Los Angeles (1968-69)</a><br> Professor: <a href="/edu/044/000079804/">Finance, City University of New York (1983-94)</a><br> Professor: <a href="/edu/562/000068358/">Economics, University of California at San Diego (1994-)</a><br><p> <a href="/honors/183/000067979/">Nobel Prize for Economics</a> 1990 (with <a href="/people/174/000159694/">Merton H. Miller</a> and <a href="/people/204/000159724/">William F. Sharpe</a>)<br> <a href="/company/203/000049056/">CACI International</a> Co-Founder (1962)<br> <a href="/company/700/000042574/">IBM</a> (1974-83)<br> <a href="/org/519/000168015/">John McCain 2008</a> <br> <a href="/org/396/000167892/">Keyes 2000</a> <br> <a href="/org/584/000207960/">McCain-Palin Victory 2008</a> <br> <a href="/org/393/000051240/">RAND Corporation</a> (1952-63)<br> <a href="/org/524/000167023/">New Leadership for America PAC</a> <br><p> <b>Author of books:</b><br> <i>The Simscript II Programming Language</i> (<tt>1968</tt>, with P. J. Kiviat and R. Villanueva)<br><i>Efficient Diversification of Investments</i> (<tt>1970</tt>)<br><i>Mean-Variance Analysis in Portfolio Choice and Capital Markets</i> (<tt>1987</tt>)<br><i>The Theory and Practice of Investment Management</i> (<tt>2002</tt>, with Frank J. Fabozzi)<br><p> <br> <p> <table> <tr> <td align=right valign=middle style="padding-right: 5px;"><span style="font-family: Georgia, serif; font-size: 22px; font-style: italic; color: #ff3333;">New!</span><br> <a href="http://mapper.nndb.com/" class="fotmlink" style="font-family: Tahoma, sans-serif; font-size: 10px; font-weight: bold; text-decoration: none; color: #dd0000;">NNDB MAPPER</a></td> <td valign=middle align=right style="border-left: 1px solid #bbb; padding-left: 5px;">Create a map starting with</td> <td valign=middle align=right><a href="http://mapper.nndb.com/start/?id=159692"><img src="/man.gif" border=0 style="padding: 2px;"></a></td> <td align=left valign=middle> <a href="http://mapper.nndb.com/start/?id=159692">Harry M. 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