We introduce the FORSETI system, which is a principled approach for holistic memory management. It permits a sysadmin to specify the total physical memory resource that may be shared between all concurrent virtual machines on a physical node. FORSETI models the heap size versus application throughput for each virtual machine, and seeks to maximize the combined throughput of the set of VMs based on concepts from economic utility theory. We evaluate the FORSETI system using a standard Java managed runtime, i.e. OpenJDK. Our results demonstrate that FORSETI enables dramatic reductions (up to 5x) in heap footprint without compromising application execution times.