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2010, vol. 39, br. 11-12, str. 62-77
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Moderna portfolio teorija i diversifikacija
Modern portfolio theory and diversification
Sažetak
Savremena portfolio teorija predstavlja najznačajniju inovaciju XX vijeka na području investiranja i upravljanja portfolijom hartija od vrednosti. Prije moderne portfolio teorije smatralo se da svaku akciju treba analizirati putem fundamentalne analize i u portfolio uvrstiti one koji poseduju potencijal rasta. Moderna portfolio teorija je prva dala generalni pristup upravljanju portfolijom hartija od vrednosti. Osigurala je jedinstvenu platformu za posmatranje i ocenu pojedinih investicija. Koncept je teorijski jednostavan i empirijski dokazan kao pouzdan, u normalnim tržišnim uslovima. Cilj rada je da se ukaže na korisnost primene moderne portfolio teorije, kao i na njena ograničenja na tržištima u tranziciji.
Abstract
Modern portfolio theory represents the most significant innovation in the 20th century in the field of investment and securities portfolio management. Before the modern portfolio theory it was believed that each share is to be analyzed by means of fundamental analysis and that only those shares having growth potential should be included in the portfolio. Modern portfolio theory was the first to offer a general approach to securities portfolio management. It ensured a uniform platform for monitoring and assessment of individual investments. The concept is theoretically simple and empirically proven as reliable, in normal market conditions. The objective of this paper is to indicate the usefulness of modern portfolio theory implementation, as well as its limitations in transition markets.
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