MIT Sloan Senior Lecturer Mark Kritzman has won two Bernstein Fabozzi/Jacobs Levy Outstanding Article Awards, which recognize research excellence in the theory and practice of portfolio management. These annual awards for articles appearing in The Journal of Portfolio Management are based on subscriber voting. The first winning paper, "Liquidity and Portfolio Choice: A Unified Approach" (The Journal of Portfolio Management, Winter 2013), is co-authored with Will Kinlaw and David Turkington (both of State Street). The article illustrates innovative techniques for investors to determine the optimal allocation to illiquid assets. Mark's second awarded paper, "Risk Disparity" (The Journal of Portfolio Management, Fall 2013), addresses how to balance growth of portfolio wealth over time with avoidance of large draw-downs.