Ch. 1. Overview. Trains of thought -- ch. 2. 1952. Portfolio selection. The early history of portfolio theory 1600-1960. The utility of wealth -- ch. 3. Rand [I] and The Cowles Foundation. Industry-wide, multi-industry and economy-wide. Process analysis. Alternate methods of analysis. The elimination form of the inverse and its application to linear programming. The optimization of a quadratic function subject to linear constraints. The general mean-variance portfolio selection problem -- ch. 4. Rand [II] and CACI. Simulating with SIMSCRIPT. Programming by questionnaire. SIMSCRIPT. Barriers to the practical use of simulation analysis -- ch. 5. IBM's T.J. Watson Research Center. Approximating expected utility by a function of mean and variance. Mean-variance versus direct utility maximization. The value of a blank check. The "two beta" trap. Portfolio analysis with factors and scenarios. Sparsity and piecewise linearity in large portfolio. Optimization problems. The ER and EAS formalisms for system modeling and the EAS-E language. EAS-E : an integrated approach to application development. The system architecture of EAS-E : an integrated programming and database language. Samuelson and investment for the long run. Investment for the long run : new evidence for an old rule -- ch. 6. Baruch College (CUNY) and Daiwa Securities. Investment rules, margin and market volatility. Risk adjustment. Normative portfolio analysis : Past, present and future. Individual versus institutional investing. Foundations of portfolio theory. Fast computation of mean-variance efficient sets using historical covariances. Computation of mean-semivariance efficient sets by the critical line algorithm. Data mining corrections -- ch. 7. Harry Markowitz Company. The likelihood of various stock market return. Distributions : part 1 : principles of inference. The likelihood of various stock market return. Distributions : part 2 : empirical results. Resampled frontiers versus diffuse Bayes : an experiment on socks ties and extended outcomes. Single-period mean-variance analysis in a changing world. Financial market simulation. Portfolio optimization with factors, scenarios and realistic short positions. Market efficiency : a theoretical distinction and so what? Efficient portfolios, sparse matrices, and entities : a retrospective. DeFinetti scoops Markowitz. CAPM investors do not get paid for bearing risks : a linear relation does not imply payment for risk.