Ep. 235: Harry Markowitz Interview with Michael Covel on Trend Following Radio

Today on the podcast Michael Covel talks with Harry Markowitz, the founder of modern finance and Nobel Prize winner. Markowitz also appeared in Covel’s documentary film a few years back, “Broke: The New American Dream”. Covel and Markowitz talk about Justin Fox and “The Myth Of The Rational Market”; Markowitz’s beginnings, and the Nobel Prize; Markowitz’s 1952 paper; how Markowitz felt about some of his prescriptions and ideas being interpreted into dogma; why Wall Street was not interested in Markowitz’s theories at one time; diversification for the right reason; Markowitz’s new four-volume book; advice on maintaining mental acuity at an advanced age and sounding like you’re 35 when you’re 86 years young; Markowitz’s attraction to the philosopher Hume; if it was fifty years later, if Markowitz would be a quant running a hedge fund today; Markowitz’s legacy; on being comfortable vs. being rich; the leveraged long-only hedge fund industry and being coaxed into putting your money into these institutions; Long Term Capital Management and portfolio theory. What a life!

Dr. Harry Markovitz

The Author