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What did better mean specified by portfolio selection

What did ‘better’ mean specified with Markowitz questioned regarding portfolio selection?

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Markowitz answered a portfolio’s possible future performance in orders of its expected return and also its standard deviation. The last was to be interpreted as its risk. He demonstrated how to optimize a portfolio to provide the maximum expected return for a specified level of risk. That portfolio was said to be ‘efficient.’ This work later won Markowitz a Nobel Prize for Economics although is problematic to use in practice due to the difficulty in measuring the parameters especially, ‘correlation,’ ‘volatility ’and their instability.

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    Q : What did better mean specified by

    What did ‘better’ mean specified with Markowitz questioned regarding portfolio selection?

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