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February 4, 2024
“In the short run, the market is a voting machine but in the long run, it is a weighing machine” is attributed to Benjamin Graham. Another industry giant, John Bogle, categorized total stock market returns...
January 3, 2024
Unlike the realized past, the future always involves uncertainty. The uncertainty related to risk has a variety of implications that are not widely recognized.
We will show analytically and demonstrate...
October 25, 2023
Academics have long debated the concept of time diversification, which questions whether time reduces the risk for stock investors or not. Prominent academics, led by Paul Samuelson, have shown (usually...
September 27, 2023
Consider a clairvoyant who can accurately predict two market parameters, Sharpe ratio and volatility, for the forthcoming 10-year period. Clairvoyant selects his stock allocation (leverage multiplier)...
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