The predicted portfolios in both BPT and MaPT are very similar: One will notice that the main differences between MaPT and BPT are that: Generally it seems that Roy's safety-first criterion is a good basis for portfolio selection, of course, including all generalizations developed later.
[7] The problem with Roy's safety-first criterion is that it is equivalent to a Value at Risk optimization, which can lead to absurd results for returns that do not follow an elliptical distribution.
For many centuries, investing was the exclusive domain of the very rich (who did not have to worry about subsistence nor about specific projects).
With this backdrop, Markowitz formulated in 1952 his “Mean Variance Criterion”, where money is the unique life goal.
However after World War II, the investor’s landscape dramatically changed and in a few decades more and more people not only could, but actually had to invest.
As Abraham Maslow described, human needs can each get focus at separate times and satisfaction of one need does not automatically lead to the cancellation of another need.