In estimating the covariance matrix,the Markowitz approach for ten assets involves how many calculations?

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In selecting a portfolio of assets,Markowitz (1959)suggests the investor should estimate the expected returns,the variance and the covariance terms for each security.This involves a large number of covariance estimates even for a relatively small portfolio.For example,if there are ten shares in a portfolio,there are ten expected return estimates,ten variance estimates and 45 covariance estimates or 65 estimates in total.Refer N(N-1)/2 for covariances.

In Estimating the Covariance Matrix,the Markowitz Approach for Ten Assets