RT Journal Article SR Electronic T1 The Legacy of Modern Portfolio Theory JF The Journal of Investing FD Institutional Investor Journals SP 7 OP 22 DO 10.3905/joi.2002.319510 VO 11 IS 3 A1 Frank J. Fabozzi A1 Francis Gupta A1 Harry M. Markowitz YR 2002 UL https://pm-research.com/content/11/3/7.abstract AB Fifty years have passed since the publication of Harry Markowitz's article on portfolio selection, setting forth the ground-breaking concepts that have come to form the foundation of what is now popularly referred to as Modern Portfolio Theory (MPT). In this article the authors briefly explain the theory underlying MPT and using illustrations highlight the application of MPT to the current practice of asset management and portfolio construction. The authors also survey most of the relevant research that has directly or indirectly been either an outcome of MPT or has contributed to the implementation of MPT.