Queenie Stone started her career as an asset manager for a large investment bank in New York City. Her manager tasked her with creating a new three-stock portfolio and investigating how changes in her inputs of expected returns, standard deviations, and correlations would impact her portfolio asset weights. The stocks included the Procter and & Gamble Company (PG), JP Morgan & Chase & Co. (JPM), and Advanced Micro Devices, Inc. (AMD). Queenie created an equally weighted portfolio as a base case to compare with Markowitz’s optimal portfolio construction methodology, based on modern portfolio theory. Using Queenie’s equally weighted model with the necessary formulas, students use Excel’s Solver tool to find the optimal portfolio allocations among these stocks.
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