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Harry M. Markowitz explains Portfolio Theory: what it is and how it's used from a top-down model from the asset classes to the investments. He covers Standard Deviation, Variance, Correlation, and Covariance. Markowitz also explains what happened in 2008 with Modern Portfolio Theory. (39 Min.)

Harry M. Markowitz - Portfolio Theory and 2008

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Harry Markowitz gives an IFA Exclusive Presentation on Portfolio Theory Vs. Financial Engineering, and Their Roles in Financial Crises. Markowitz explains the difference between Portfolio Theory and Financial Engineering. Markowitz also covers Black Monday (October 19, 1987), Long Term Capital Management, and Now. (47 Min.)

Harry Markowitz - Portfolio Theory Vs. Financial Engineering, and Their Roles in Financial Crises

The first step on the index funds journey is to recognize active investor behavior. If all investors were lined up in a row, could the active investors be identified? Active investors actively engage in stock picking, time picking (market timing), manager picking, and style picking.

Step 1: Active Investors - Podcast Interview with Mark Hebner

Mark Hebner explains the Nobel Laureates. Mark suggests a higher power of non-biased information from academics who carefully analyze data and have that data peer reviewed before it is published. Mark identifies the five basic concepts of the Modern Portfolio Theory.

Step 2: Nobel Laureates - Podcast Interview with Mark Hebner

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Vanguard Extended Market ETF Launches

IndexFunds.com Staff
Friday, January 04, 2002

Vanguard Extended Market VIPERs, the exchange-traded fund to track the Wilshire 4500 Completion Index, will begin trading on January 4, 2002, on the American Stock Exchange under the symbol VXF. Vanguard Extended Market VIPERs (for Vanguard Index Participation Equity Receipts) are an exchange-traded class of shares of the $4.4 billion Vanguard Extended Market Index Fund,

"Vanguard's Extended Market VIPER shares are the next step in our development of the VIPERs concept," said George Sauter, Managing Director of Vanguard Quantitative Equity Group. "Our goal is to provide all investors access to our broad lineup of index offerings, either through traditional mutual fund shares or exchange-traded shares."

The Wilshire 4500 Completion Index of small- and mid-capitalization stock index includes all of the stocks in the Wilshire 5000 Index, excluding the stocks of the Standard and Poor's 500 Index. It is a convenient index for portfolios with S&P 500 holdings to complete their exposure to US equity markets. The Vanguard Extended Market Index Fund (VEXMX) was introduced in 1987 as the first mutual fund to track the Wilshire 4500.


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