Prior to the work of Markowitz in the late 1950's and early 1960's,portfolio managers did not have a well-developed,quantitative means of measuring risk.

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This statement is true. Markowitz's work on Modern Portfolio Theory introduced the concept of measuring risk through statistical analysis, specifically the calculation of variances and covariances between assets. Prior to this, portfolio managers relied on more qualitative assessments of risk.

Prior to the Work of Markowitz in the Late 1950's