Harry Markowitz earned his Ph.D. at the University of Chicago. He was a professor of economics at Baruch College of the City University of New York. He shared the Nobel Prize with William F. Sharpe and Merton H. Miller in 1990 for his contributions to financial economics. It was their work that resulted in financial economics being seen as a separate field of study. Markowitz is best known for his development of portfolio theory, "which looks at how investment returns can be optimized." According to this theory, it is possible to measure "the risk of various securities and to combine them in a portfolio to get the maximum return for a given risk."
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