{"version":"1.0","type":"rich","provider_name":"Acast","provider_url":"https://acast.com","height":250,"width":700,"html":"<iframe src=\"https://embed.acast.com/$/6478a825654260001190a7cb/64a712ab07f1b40011870c93?\" frameBorder=\"0\" width=\"700\" height=\"250\"></iframe>","title":"Harry Markowitz found a free lunch in finance","thumbnail_width":200,"thumbnail_height":200,"thumbnail_url":"https://open-images.acast.com/shows/cover/1685628882923-54ca618a5ffc4483d06696296c894843.jpeg?height=200","description":"<p>Markowitz, a titan of finance who won the 1990 Nobel prize in economics, died last month. He showed, in a mathematically rigorous way, that diversification could bring higher returns without higher risk.&nbsp;</p><p><br></p><p>Alex Scaggs joins Ethan to explain how Markowitz’s work led to a way of thinking that has become ubiquitous in modern finance (and that has spawned legions of haters).</p><p><br></p><p>Also, we go short economic forecasting and long Beyonce.</p><p><br></p><p><strong>Links:</strong></p><p>- Read Alex Scaggs’s <a href=\"https://www.ft.com/content/2ebd7d96-c3e3-4b69-92ac-e39bc90e8068\" rel=\"noopener noreferrer\" target=\"_blank\">Markowitz obit in the FT</a>.</p><p><br></p><p>For a free 90-day trial to the Unhedged newsletter go to: <a href=\"https://www.ft.com/unhedgedoffer\" rel=\"noopener noreferrer\" target=\"_blank\">https://www.ft.com/unhedgedoffer</a></p><p><br></p><p>Follow Ethan Wu (<a href=\"https://twitter.com/ethanywu\" rel=\"noopener noreferrer\" target=\"_blank\">@ethanywu</a>) and Katie Martin (<a href=\"https://twitter.com/katie_martin_fx\" rel=\"noopener noreferrer\" target=\"_blank\">@katie_martin_fx</a>) on Twitter. You can email Ethan at <a href=\"mailto:ethan.wu@ft.com\" rel=\"noopener noreferrer\" target=\"_blank\">ethan.wu@ft.com</a>.</p><p><br></p><p><a href=\"https://www.ft.com/content/26b094d4-f2e2-49b2-b8c7-6c7c70a75888\" rel=\"noopener noreferrer\" target=\"_blank\"><strong>Read a transcript of this episode on FT.com</strong></a></p>","author_name":"Financial Times & Pushkin Industries"}