This Finance survey examines that Harry Markowitz, the Nobel Prize-winning pioneer of modern portfolio theory, passed away earlier this year: https://afajof.org/news/in-memoriam-harry-markowitz-past-president-of-the-american-finance-association-1927-2023/ (a) Application of the principles of modern portfolio theory allows investors in practice to achieve substantial improvements in the risk-expected return trade-off relative to naive strategies such as equal-weighting that do not take account of return covariances; (b) A continued fall in commercial real estate valuations would trigger another round of banking panic
Keyword: risk-return
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