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  • Minimizing Shortfall

    White Papers // Jan 2011 // provided by MSCI

    Despite the increasing sophistication of Finance in the past 30 years, quantitative tools for building portfolios remain entrenched in the paradigm proposed by Markowitz in 1952; these tools offer investors a trade?]off between mean return and variance. However, Markowitz himself was not satisfied with variance, which penalizes gains and losses ...

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