“哈里·马科维茨（Harry Markowitz）的投资组合选择是一项开创性的发展，将金融投资领域从一门艺术转变为一门科学。这本重要的手册让投资者对马科维茨技术在投资组合构建中的实际应用的丰富发展有了不可或缺的了解。”
——伯顿·G·马尔基尔，《华尔街漫步》一书的作者
“半个多世纪前，哈里·马科维茨（Harry Markowitz）通过提出第一种选择‘最优’投资组合的严格方法，彻底改变了投资管理。本手册是一本宝贵的收藏，概括了投资组合优化的后续研究和实际进展。如今，马科维茨公式的一些变体被绝大多数复杂的投资组合所遵循而“夏普比率”等各种相关概念被广泛用于判断绩效。本文包括许多著名学者的章节，这些章节补充了马科维茨的原始表述。一些章节对交易成本、多个周期、厚尾收益分布、高阶矩（如偏度）、多个风险因素和顽固性数据所带来的复杂性进行了详细的细化。其他章节阐述了在对冲基金、养老基金和房地产等具体应用中类似马科维茨的技术。每一位专业投资经理都肯定会找到能立即应用于他或她当前特定问题的章节。我预测，这将是投资管理行业最常用的参考书之一。”
——理查德·罗尔，加州大学洛杉矶分校安德森管理学院日本校友金融系主任
“在马科维茨之前，‘金融’指的是财务会计。但他向我们展示了如何量化不确定性。本书中的论文展示了自他发明现代金融以来，现代金融已经取得了多大的进步。”
–Jack Treynor，Treynor资本管理公司总裁、《Treynor on Institutional Investment》一书作者
Handbook of Portfolio Construction
“Portfolio Selection by Harry Markowitz was a seminal development transforming the field of financial investment from an art to a science. This important Handbook provides investors with an indispensable understanding of the rich developments in the practical application of the Markowitz techniques to portfolio construction.”
–Burton G. Malkiel, author of A Random Walk Down Wall Street
“Harry Markowitz revolutionized investment management more than a half-century ago by presenting the first rigorous method for selecting ‘optimal’ portfolios. This Handbook is an invaluable collection that encapsulates subsequent research and practical advances in portfolio optimization. Today, some variant of Markowitz’ formulation is followed by the vast majority of sophisticated investment managers while various related concepts such as the ‘Sharpe Ratio’ are widely employed to judge performance. Included herein are chapters by many of the most notable scholars that have added to Markowitz’ original formulation. Some chapters present particular refinements that account for complexities introduced by transaction costs, multiple periods, fat-tailed return distributions, higher moments (such as skewness), multiple risk factors, and recalcitrant data. Other chapters illustrate Markowitz-like techniques in specific applications such as hedge funds, pension funds, and real estate. Every professional investment manager is certain to find chapters with immediate application to his or her particular problem of the moment. It will be, I predict, one of the most used reference volumes in the investment management industry.”
–Richard Roll, Japan Alumni Chair in Finance, UCLA Anderson School of Management
“Before Markowitz, ‘finance’ referred to financial accounting. But he showed us how to quantify uncertainty. The papers in this book demonstrate how far modern finance has come since he invented it.”
–Jack Treynor, President, Treynor Capital Management, and author of Treynor on Institutional Investing
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