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Wednesday, 20 October 2021
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Harry Markowitz is the 1990 Nobel Laureate and Pensions & Investments Magazine's 'Man of the Century'. For his 94th birthday, he explains the magic moment of his Modern Portfolio Theory and Efficient Frontier work.
Investing across many different managers may not deliver the expected portfolio diversification if managers invest in the same way. Watch for diversification redundancy.
At age 87, Nobel Prize winner and investment legend Harry Markowitz is far from retirement, dividing his time between teaching, consulting and writing. He sat down with Cuffelinks to share his wisdom.
Modern portfolio analysis has evolved since the 1950s with each innovation building on the existing body of knowledge. The work of the pioneers of funds management analysis is still influential today.
Nobel Laureate Harry Markowitz gave us the foundation of modern portfolio management in 1952, but he is now working on providing online retail financial advice and asset selection according to risk profiles.
Harry Markowitz, the 1990 Nobel Laureate and Pensions & Investments Magazine's 'Man of the Century', explains his views on risks and returns and how he arrived at his Modern Portfolio Theory and Efficient Frontier.
The RBA Governor says rising house prices are due to "the design of our taxation and social security systems". The OECD says "the prolonged boom in house prices has inflated the wealth of many pensioners without impacting their pension eligibility." What's your view?
We tend to forget that house prices often fall. Direct lending controls are more effective than rate rises because macroprudential limits affect the volume of money for housing leaving business rates untouched.
The survey drew a fantastic 2,000 responses with over 1,000 comments and polar opposite views on what is good policy. Do most people believe the home should be in the age pension asset test, and what do they say?
Any policy decision needs to recognise who is affected by a change. It pays to check the data on who pays taxes, who owns assets and who earns the income to ensure an equitable and efficient outcome.
With articles on the pensions assets test read about 40,000 times, 3,500 survey responses and thousands of comments, there was a lot of great reader participation. A few comments added extra insights.
It is hard to think of any area of widespread public concern where the same policies have been pursued for so long, in the face of such incontrovertible evidence that they have failed to achieve their objectives.