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What is the real return of a portfolio? Markowitz vs "real" return

Example computation year after year: Year 0: A=10, B=90 => Markowitz model: (10/100 * 100% + 90/100 * 10%) = 19% Year 1: A=20, B=99 => Markowitz model: (20/119 * 100% + 99/119 * 10%) => 25.1%,...
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What is the real return of a portfolio? Markowitz vs "real" return

Analysis in the Markowitz model is intended to be done over a single investment period (source). Here you've stretched it out to 5 annual periods, so you're outside the bounds of the model. The ...
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