This work brings together classic articles from the publication that helped revolutionize the way Wall Street does business. During the recession of the early 1970s, investment professionals turned to the theories of a small band of mathematical economists, whose ideas on such topics of portfolio development and risk management eventually led to the reform and maintenance of entire economies. Peter Bernstein sought to encourage the exchange of ideas between economists and practitioners, when in 1974, he founded "The Journal of Portfolio Management". For this volume, 41 of the most influential articles have been selected. They are all aimed at stimulating dialogue between academic economists wishing to understand the real-world problems of finance, and investment professionals wanting to bring the most advanced theoretical work to bear on commerce.