Building an Optimal Portfolio Consisting of two Assets and Its Efficient Frontier

In modern portfolio theory, it is common practice to first compute the risk-reward efficient frontier and then to support an individual investor in selecting a portfolio that meets his/her preferences for profitability and risk. Potential flaws include (a) the assumption that past data provide sufficient evidence for predicting the future performances of the securities under consideration and (b) the necessity to mathematically determine or approximate the investor’s utility function. This paper presents the description of the efficient frontier for a portfolio made of two assets. We use data analysis to obtain two clusters, then, we estimate the risk of each asset corresponding to each class we obtained. Thus, we get the best two assets among the ones we analyzed and for which we will construct the efficient frontier. The originality of our paper consists in the combination of classification theory and risk estimation theory to determine the best assets. To illustrate the efficiency of the method we used, we present a case study which makes reference to the stocks listed at Bucharest Stock Exchange. We consider two stocks with the best features from Bucharest Stock Exchange based on the existent correlation that we obtained by data analyses (for classification), and by the evaluation of the loss repartition (for risk estimation), then we construct the efficient frontier for this portfolio.risk, selection of assets, principal components analysis, optimization, efficient frontier

Antimicrobial use in European acute care hospitals: results from the second point prevalence survey (PPS) of healthcare-associated infections and antimicrobial use, 2016 to 2017

Antimicrobial agents used to treat infections are life-saving. Overuse may result in more frequent adverse effects and emergence of multidrug-resistant microorganisms. In 2016-17, we performed the second point-prevalence survey (PPS) of healthcare-associated infections (HAIs) and antimicrobial use in European acute care hospitals. We included 1,209 hospitals and 310,755 patients in 28 of 31 European Union/European Economic Area (EU/EEA) countries. The weighted prevalence of antimicrobial use in the EU/EEA was 30.5% (95% CI: 29.2-31.9%). The most common indication for prescribing antimicrobials was treatment of a community-acquired infection, followed by treatment of HAI and surgical prophylaxis. Over half (54.2%) of antimicrobials for surgical prophylaxis were prescribed for more than 1 day. The most common infections treated by antimicrobials were respiratory tract infections and the most commonly prescribed antimicrobial agents were penicillins with beta-lactamase inhibitors. There was wide variation of patients on antimicrobials, in the selection of antimicrobial agents and in antimicrobial stewardship resources and activities across the participating countries. The results of the PPS provide detailed information on antimicrobial use in European acute care hospitals, enable comparisons between countries and hospitals, and highlight key areas for national and European action that will support efforts towards prudent use of antimicrobials

OP0319 DIAGNOSTIC ACCURACY OF ULTRASOUND IN CALCIUM PYROPHOSPHATE DEPOSITION DISEASE: PRELIMINARY RESULTS OF THE OMERACT US IN CPPD SUB-GROUP

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Criterion validity of ultrasound in the identification of calcium pyrophosphate crystal deposits at the knee: an OMERACT ultrasound study

none40siTo evaluate the discriminatory ability of ultrasound in calcium pyrophosphate deposition disease (CPPD), using microscopic analysis of menisci and knee hyaline cartilage (HC) as reference standard.Filippou, Georgios; Scanu, Anna; Adinolfi, Antonella; Toscano, Carmela; Gambera, Dario; Largo, Raquel; Naredo, Esperanza; Calvo, Emilio; Herrero-Beaumont, Gabriel; Zufferey, Pascal; Bonjour, Christel Madelaine; MacCarter, Daryl K; Makman, Stanley; Weber, Zachary; Figus, Fabiana; Möller, Ingrid; Gutierrez, Marwin; Pineda, Carlos; Clavijo Cornejo, Denise; Garcia, Hector; Ilizaliturri, Victor; Mendoza Torres, Jaime; Pichardo, Raul; Rodriguez Delgado, Luis Carlos; Filippucci, Emilio; Cipolletta, Edoardo; Serban, Teodora; Cirstoiu, Catalin; Vreju, Florentin Ananu; Grecu, Dan; Mouterde, Gaël; Govoni, Marcello; Punzi, Leonardo; Damjanov, Nemanja S; Keen, Helen Isobel; Bruyn, George Aw; Terslev, Lene; D'Agostino, Maria-Antonietta; Scirè, Carlo Alberto; Iagnocco, AnnamariaFilippou, Georgios; Scanu, Anna; Adinolfi, Antonella; Toscano, Carmela; Gambera, Dario; Largo, Raquel; Naredo, Esperanza; Calvo, Emilio; Herrero-Beaumont, Gabriel; Zufferey, Pascal; Bonjour, Christel Madelaine; Maccarter, Daryl K; Makman, Stanley; Weber, Zachary; Figus, Fabiana; Möller, Ingrid; Gutierrez, Marwin; Pineda, Carlos; Clavijo Cornejo, Denise; Garcia, Hector; Ilizaliturri, Victor; Mendoza Torres, Jaime; Pichardo, Raul; Rodriguez Delgado, Luis Carlos; Filippucci, Emilio; Cipolletta, Edoardo; Serban, Teodora; Cirstoiu, Catalin; Vreju, Florentin Ananu; Grecu, Dan; Mouterde, Gaël; Govoni, Marcello; Punzi, Leonardo; Damjanov, Nemanja S; Keen, Helen Isobel; Bruyn, George Aw; Terslev, Lene; D'Agostino, Maria-Antonietta; Scirè, Carlo Alberto; Iagnocco, Annamari

Very low prevalence of ultrasound-detected tenosynovial abnormalities in healthy subjects throughout the age range: OMERACT ultrasound minimal disease study.

OBJECTIVES This study aimed to determine the prevalence of ultrasound-detected tendon abnormalities in healthy subjects (HS) across the age range. METHODS Adult HS (age 18-80 years) were recruited in 23 international Outcome Measures in Rheumatology ultrasound centres and were clinically assessed to exclude inflammatory diseases or overt osteoarthritis before undergoing a bilateral ultrasound examination of digit flexors (DFs) 1-5 and extensor carpi ulnaris (ECU) tendons to detect the presence of tenosynovial hypertrophy (TSH), tenosynovial power Doppler (TPD) and tenosynovial effusion (TEF), usually considered ultrasound signs of inflammatory diseases. A comparison cohort of patients with rheumatoid arthritis (RA) was taken from the Birmingham Early Arthritis early arthritis inception cohort. RESULTS 939 HS and 144 patients with RA were included. The majority of HS (85%) had grade 0 for TSH, TPD and TEF in all DF and ECU tendons examined. There was a statistically significant difference in the proportion of TSH and TPD involvement between HS and subjects with RA (HS vs RA p<0.001). In HS, there was no difference in the presence of ultrasound abnormalities between age groups. CONCLUSIONS Ultrasound-detected TSH and TPD abnormalities are rare in HS and can be regarded as markers of active inflammatory disease, especially in newly presenting RA