Althoughportfoliomanagementdidn'tchangemuchduringthe40yearsaftertheseminalworksofMarkowitzandSharpe,thedevelopmentofriskbudgetingtechniquesmarkedanimportantmilestoneinthedeepeningoftherelationshipbetweenriskandassetmanagement.Riskparitythenbecameapopularfinancialmodelofinvestment