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Portfolio Selection Harry Markowitz The Journal of Finance ...

Portfolio Selection Harry Markowitz The Journal of Finance , Vol. 7, No. 1. (Mar., 1952), pp. 77-91. Stable URL: The Journal of Finance is currently published by American Finance Association. Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a Journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission.

vary with risk. The hypothesis (or maxim) that the investor does (or should) maximize discounted return must be rejected. If we ignore market im- perfections the foregoing rule never implies that there is a diversified portfolio which is preferable to all non-diversified portfolios. Diversi-

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