MARKOWITZ, Harry M.
Portfolio Selection.
New York: John Wiley & Sons, 1959.
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“A good portfolio is more than a long list of good stocks and bonds. It is a balanced whole, providing the investor with protections and opportunities with respect to a wide range of contingencies”: First Edition, Second Printing of Harry Markowitz’s Landmark Work Portfolio Selection; Finely Bound by the Harcourt Bindery
First edition, second printing of the economist’s work, which revolutionized modern investment theory and practice. Octavo, bound in full morocco by the Harcourt Bindery with gilt titles and ruling to the spine in five compartments within raised gilt bands, gilt ruling to the front and rear panels, gilt inner dentelles stamp-signed by the Harcourt Bindery, marbled endpapers, all edges gilt. Founded over a century ago in 1900, the Harcourt Bindery is the oldest and largest traditional bindery in America exclusively devoted to fine traditional leather bookbinding by hand. The Harcourt Bindery uses 22 karat genuine gold leaf, top grades of Nigerian moroccos, and hand marbled papers from craftsmen representing seven countries. In near fine condition, stamp to the title page. An exceptional presentation.
“Modern portfolio theory gives a rigorous mathematical justification for the time honored investment maxim that diversification is a sensible strategy for individuals who wish to reduce their risks. Invented in the 1950s by Harry Markowitz in this book, the theory provides a firm foundation for the intuition that you should not put all your eggs in one basket and shows investors how to combine securities to minimize risk” (Burton G. Malkiel). Markowitz shared the 1990 Nobel Memorial Prize in Economic Sciences with Merton Miller and William Sharpe for their pioneering work in the theory of financial economics.
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