Before revision:  Finally , we show that our solution coincides with the solution to classical mean-variance problem with risk aversion coefficient which is dependent on stochastic factor .
After revision:  Finally , we show that our solution is also optimal for the classical Markowitz problem and every optimal solution for the classical Markowitz problem is optimal also for the monotone mean-variance preferences. These results are interesting because the original Markowitz functional is not monotone, and it was observed that in the case of a static one-period optimization problem the solutions for those two functionals are different. In addition, we determine explicit Markowitz strategies in the square root factor models .