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This article, titled "Editors' Introduction: The Birth of Portfolio Theory," discusses the impact of Harry M. Markowitz on the field of investing. Markowitz's 1952 paper and subsequent book, "Portfolio Selection," introduced the concept of portfolio theory and emphasized the importance of diversification. His work revolutionized the field and laid the foundation for modern portfolio management. The article also highlights Markowitz's contributions to other disciplines, such as simulation methods and sparse matrix methods. The special issue of The Journal of Portfolio Management pays tribute to Markowitz's legacy and includes personal reflections as well as scholarly contributions that build upon his work. [Extracted from the article]

Bruce Jacobs, Ken Levy, and Harry Markowitz shared similar interests and did complementary work. This led to collaboration, debate, and building upon each other's ideas and research. They had a prodigious relationship of over 30 years, bridging the gap between theory and practice. Bruce individually, and then with Harry, distinguished between portfolio insurance and portfolio theory. Bruce and Ken estimated security expected returns using cross-sectional analysis, and Harry used that methodology for portfolio management. Bruce and Ken used Harry's methods for portfolio construction, and they jointly explored the value of using constraints in portfolio optimization and addressed the optimality and optimization of long–short portfolios. Bruce, Ken, and Harry jointly developed an asynchronous, discrete-time, dynamic market simulator, JLMSim, to explain the behavior of security prices and to find equilibrium expected returns. Bruce and Ken extended portfolio theory to account for the unique risks of leverage and applied investor volatility aversion and leverage aversion to portfolio choice. The optimal portfolio lies within an efficient region and on a three-dimensional efficient surface. Harry concurred that the mean–variance model is a special case of the mean–variance-leverage model. Bruce and Ken used the mean–variance-leverage model to address the optimal amount of leverage in 130–30-type portfolio strategies. Bruce and Ken would challenge Harry, and Harry would challenge Bruce and Ken, and out of that would often come something interesting and useful. [ABSTRACT FROM AUTHOR]

In this study, the authors explored whether attachment insecurity moderates the effects of adverse childhood experiences on stress reactivity in the context of borderline personality disorder (BPD). Participants were 113 women (39 with BPD, 15 with some BPD criteria present, 59 without any BPD symptoms) who participated in the Trier Social Stress Test. Saliva samples were collected before and after the stressor and assayed for salivary alpha-amylase (sAA) and cortisol. Adverse childhood experiences were measured using the Childhood Trauma Questionnaire, and attachment by the Experiences in Close Relationships-Revised questionnaire. Results revealed that attachment avoidance and a combination of more adverse childhood experiences and attachment insecurity resulted in higher sAA levels and differences in reactivity to the stressor. Interactions between attachment anxiety and adverse childhood experiences were related to blunted cortisol reactivity. The results suggest that the influence of adverse childhood experiences on stress regulation in BPD may be moderated by attachment-related regulatory processes.

Objective: Treatment guidelines on borderline personality disorder (BPD) recommend day-hospital or residential treatments for patients with BPD who cannot tolerate outpatient treatment (American Psychiatric Association, 2010; National Health & Medical Research Council, 2013). However, the current literature suggests that evidence-based treatment for BPD may be difficult to access (Lohman et al., 2017). The present study aims to characterize the accessibility of dialectical behavioral therapy (DBT) in day-treatment and residential programs in the United States in the last 7 years and examines whether day-treatment and residential programs that accept state benefits (i.e., Medicaid) are significantly less likely to offer DBT. Method: Using mixed logistic regression, we examined trends in the National Mental Health Services Survey data from 2014 to 2021, a survey of U.S. mental health facilities which tracks whether facilities provide DBT. Results: We found that the likelihood that a residential or day-hospital facility offers DBT has been growing over time at the national level (ORday-treatment = 1.07, SE =.03, z = 1.90, p =.05; ORresidential = 1.08, SE =.05, z = 1.77, p =.08). We also found significant variability in these trends at the state level. In addition, we found that facilities accepting state benefits were less likely to offer DBT (ORday-treatment =.66, SE =.021, z = −1.93, p =.05; ORresidential =.67, SE =.21, z = −1.91, p =.06). Conclusion: Consistent with previous literature, our study suggests that these programs are very scarce across the United States and difficult to access for those with Medicaid. What is the public health significance of this article?: The present study is the first to evaluate whether residential and day-hospital programs in the United States have become more likely to provide evidence-based treatment for borderline personality disorder (BPD) over time. Our findings suggest that the likelihood that residential and day-hospital programs provide dialectical behavioral therapy (DBT) has grown nationally since 2014. However, some states show significantly less growth relative to other states in the likelihood of residential and day-hospital programs to provide DBT, suggesting areas of disparity for patients with BPD needing a higher level of care. Our findings also suggest that residential and day-treatment programs which accept state benefits (i.e., Medicaid) tend to be significantly less likely to offer DBT. Targeting states with slower growth rates in these programs and states which have a greater number of consumers with Medicaid may increase access and reduce treatment disparities. [ABSTRACT FROM AUTHOR]