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This volume provides a scientific foundation for the advice offered by financial planners to long-term investors. Based upon statistics on asset return behavior and assumed investor objectives, the authors derive optimal portfolio rules that investors can compare with existing rules of thumb.
List of Figures
List of Tables
2. Myopic Portfolio Choice
3. Who Should Buy Long-Term Bonds?
4. Is the Stock Market Safer for Long-Term Investors?
5. Strategic Asset Allocation in Continuous Time
6. Human Wealth and Financial Wealth
7. Investing over the Life Cycle