và trình bày một quan điểm hoàn toàn mới về lợi nhuận được tạo ra và chia. Trong gần hai thập kỷ kể từ khi xuất bản, khuôn khổ để dự đoán hành vi của đối thủ cạnh tranh của Porter đã thay đổi cách thức mà các công ty nhìn vào đối thủ của họ và đã được tăng lên đến kỷ luật | Modern Portfolio Theory 7 The investment universe is filled with uncertainties and therefore there is a certain degree of risk encountered when attempting to collect the reward. The risk is a measure of the uncertainty of earning the expected return. Thus states the theory an investor chooses among investment possibilities based entirely on the two measures of risk and reward attempting to minimize the former and maximize the latter. ASSET ALLOCATION AND ITS ROLE IN MODERN PORTFOLIO THEORY What does MPT tell an investor about how to choose the components of a portfolio The first idea is to diversify one s holdings and to allocate part of the investment capital among several asset classes. Reasonably enough this strategy is known as asset allocation. Not so many years ago asset allocation meant owning a variety of stocks and bonds and some cash equivalents. The prudent man rule reinforced this type of thinking among fiduciaries or those responsible for investing other people s Today MPT goes further and focuses on the portfolio as a whole and not on its individual components. But proper diversification remains an essential ingredient of MPT. When following MPT to build a portfolio it s not sufficient to compile a portfolio simply by investing in different asset classes . stocks bonds gold and real estate . MPT teaches that it s important to find the optimal allocation of assets satisfying both the investor s risk tolerance and reward expected rate of return . It s important to own a variety of investments that perform differently in the marketplace. In other words there should be minimal correlation in the performance of each individual investment with each of the other investments. If it sounds difficult to build a portfolio one stock at a time that satisfies these parameters especially for an individual public investor be assured that it is indeed difficult. But don t fret as there is an easy method to accomplish this goal for the portion of your .
