Markowitz on What Went Wrong

The dean of diversity, Dr. Markowitz, comments on the recent financial crisis in this interview with the WSJ, The Father of Portfolio Theory on the Crisis

Now 81 and still teaching and advising funds, Mr. Markowitz has good news and bad news. The bad news is that bailouts to restore liquidity aren't addressing the real problem. The good news is that once we have the information to measure the losses of bad risk-taking, markets will recover.