2008-06-202008-06-202008-06-202008-06-20https://repositorio.banrep.gov.co/handle/20.500.12134/5537First developed by Markowitz (1952), the mean-variance framework is the most widespread theoretical approximation to the portfolio problem. Nevertheless, successful application in the investment community has been limited. Assumptions such as normality ofPDFspaOpen AccessWorking PaperG11 - Portfolio Choice; Investment DecisionsG23 - Non-bank Financial Institutions; Financial Instruments; Institutional InvestorsG32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; GoodwillD81 - Criteria for Decision-Making under Risk and UncertaintyPortfolio optimizationAsset allocationDownside riskMaximum drawdownMean-variance CriteriaDiversificationPortafolio de inversionesPensiones anualesAcceso abiertoAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0G32 - Política de financiación; riesgo financiero y gestión de riesgos; Estructura del capital y de la propiedad; Valor de empresa; fondo de comercioD81 - Criterios para la toma de decisiones con riesgo e incertidumbreG23 - Instituciones financieras (excepto bancos); Instrumentos financieros; Inversores institucionalesG11 - Selección de cartera; Decisiones de inversiónLas opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.https://hdl.handle.net/20.500.12134/5537