Modern portfolio theory | Wikipedia audio article
Channel: wikipedia tts
Date: 2018-12-30

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Modern_portfolio_theory


00:00:50 1 Mathematical model
00:01:00 1.1 Risk and expected return
00:14:19 1.2 Diversification
00:15:49 1.3 Efficient frontier with no risk-free asset
00:21:28 1.4 Two mutual fund theorem
00:22:39 1.5 Risk-free asset and the capital allocation line
00:26:04 2 Asset pricing
00:26:57 2.1 Systematic risk and specific risk
00:28:50 2.2 Capital asset pricing model
00:41:29 3 Criticisms
00:45:56 4 Extensions
00:46:40 5 Connection with rational choice theory
00:47:43 6 Other applications
00:49:04 6.1 Project portfolios and other "non-financial" assets
00:51:49 7 See also



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SUMMARY
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Modern portfolio theory (MPT), or mean-variance analysis, is a mathematical framework for assembling a portfolio of assets such that the expected return is maximized for a given level of risk. It is a formalization and extension of diversification in investing, the idea that owning different kinds of financial assets is less risky than owning only one type. Its key insight is that an asset's risk and return should not be assessed by itself, but by how it contributes to a portfolio's overall risk and return. It uses the variance of asset prices as a proxy for risk .
Economist Harry Markowitz introduced MPT in a 1952 essay, for which he was later awarded a Nobel Prize in Economics.