Introduction

Zusammenfassung

The superordinated problem of this thesis scrutinizes the latest criticism of the Portfolio Selection Theory¹. During the financial market crisis² even eminently respectable trusts such as the US universities Yale and Harvard – that still prevail as distinct advocates of the Markowitz approach – suffered losses of approximately a quarter of their assets.³ Several investors⁴ advance the opinion that any original assumption of the theory does not resist modern capital market circumstances.⁵ Hence, they do not question their allocation conversion by a misconception but constitute any formerly complimented theoretical foundation as misleading or inoperable. ⁶ Though, their pertinent problem was missing to proceed disciplined by eligible benchmarks⁷ or basic investment approaches.⁸