Optimization of the Investment Portfolio in the Conditions of Uncertainty

Portfolio analysis exists, perhaps, as long, as people think about acceptance of rational decisions connected with use of the limited resources. However the occurrence moment of portfolio analysis can be dated precisely enough is having connected it with a publication of pioneer work of Harry Markovittz (Markovitz H. Portfolio Selection) in 1952. The model offered in this work, simple enough in essence, has allowed catching the basic features of the financial market, from the point of view of the investor, and has supplied the last with the tool for development of rational investment decisions. The central problem in Markovitz theory is the portfolio choice that is a set of operations. Thus in estimation, both separate operations and their portfolios two major factors are considered: profitableness and risk of operations and their portfolios. The risk thus receives a quantitative estimation. The account of mutual correlation dependences between profitablenesses of operations appears the essential moment in the theory. This account allows making effective diversification of portfolio, leading to essential decrease in risk of a portfolio in comparison with risk of the operations included in it. At last, the quantitative characteristic of the basic investment characteristics allows defining and solving a problem of a choice of an optimum portfolio in the form of a problem of quadratic optimization.

The Role of the National Library in Preserving National Written Heritage

The first part presented at the meeting by A. Dipchikova is a brief report of the role of the National library as an institution in collecting, preserving and making accessible the national written heritage. Problems of digitization are examined from the point of view of the existing experience in cataloguing. Special attention is paid to the history and the significance of international standards, the experience in the field of development and maintenance of authority files on national and international level as well as in markup languages. Possibilities of using MARC and XML in the library are discussed. The second part presented here by E. Moussakova is giving an overview of the latest activities of the Library in the sphere of digitisation of the old Slavic manuscripts which are component of the national cultural heritage. It is pointed out that the current work is rather limited within the scope of preparation of metadata than being focused on digital products.