**Dr. Harry Markowitz won the Noble Prize in Economics in 1990 for his work on the Efficient Frontier, which forms the basis of the Modern Portfolio Theory (MPT). Both theorems further the understanding of the Risk (standard deviation) and Return correlation of Investment ‘Portfolios’ (Securities Combinations). According to Markowitz the Efficient Frontier illustrates the Portfolios that produce the maximum expected Return for any given level of Risk. Although we attempt to build Portfolios that are as ‘efficient’ as possible, due to individual client needs and goals along with ever changing market conditions and the imperfection of any philosophy in practical application all clients should expect that their Portfolio will have some variation (sometimes significant) from the Efficient Frontier and MPT. Historical returns do not guarantee future results.