Revolutionizing financial investing
Markowitz is interested not only in your questions, but he’s also curious about you as a person. With a pinch of modesty, he says: "I don’t want to seem vain. I am vain, I just don’t want to seem vain. I really enjoy being Harry Markowitz."
As a 24-year-old graduate student at the University of Chicago, Markowitz wrote an article on Portfolio Selection that, in 1990, won him the Nobel Prize. In those almost four decades until he received the award, he established portfolio theory, influenced the way academic research treated portfolio diversification, revolutionized risk assessment of financial investments, ran a business, consulted others, and developed computer programming language SIMSCRIPT, all the while receiving many other awards and recognitions.
When speaking about his groundbreaking work, Markowitz simply says,
I was awarded for portfolio theory, which in brief says 'don’t put all your eggs in one basket'. But there’s a trade-off between return on the average in the long run and variability of return, so I worked on the mathematics of risk-return trade-off.