The foundation of CMA's investment advice is based on the work of Markowitz, Miller and Sharpe:

"Abstract:

The Nobel Memorial Prize in Economic Science was awarded to three Americans, Harry Markowitz, Merton Miller and William Sharpe, whose work revolutionized the way that investment portfolios and corporate finances are managed:

...the work by the three men has more direct practical applications than work by previous Nobel economists.  'Widows live safer lives because their portfolios are invested according to the diversification principles developed by Markowitz and elaborated by Sharpe,' said Harvard economist Lawrence Summers.  'Miller's contributions changed what every business school student learned and the way every corporation thinks about financing itself.'"

Wall Street Journal:

New York; October 17, 1990; Three U.S. Economists Win Nobel Prize (emphasis ours).