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- W2015940927 abstract "Given mean-reverting equity and interest rate uncertainty, this article shows a relatively low economic cost of using a simple allocation strategy, buy-and-hold or constant-mix, instead of optimal reallocation. Moreover, given the decision to use one of the simple allocation strategies, the article identifies (1) which investors will be better off with buy-and-hold than with constant-mix, and vice versa, and (2) which investors will be better off with a horizon-maturity fixed-income position than with a sequence of short-maturity ones, and vice versa. The article uses illustrations in a three-period binomial model to bridge the academic/practitioner gap and provide useful insights to those interested in applied investment management. <b>TOPICS:</b>Portfolio management/multi-asset allocation, portfolio theory, portfolio construction <b>Key Findings</b> • Given mean-reverting equity and uncertain interest rates, investors sacrifice little in expected utility by replacing the optimal reallocation strategy with a simpler allocation strategy of either buy-and-hold or constant-mix. • Traditional investors, with positive allocations to both equity and fixed income, are better off with constant-mix than with buy-and-hold and with allocating to a horizon-maturity fixed-income instrument rather than a sequence of single-period fixed-income instruments. • More risk-tolerant investors with levered equity positions are better off with buy-and-hold than with constant-mix and with levering by a sequence of single-period fixed-income instruments instead of a horizon-maturity fixed-income instrument." @default.
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- W2015940927 date "2008-10-28" @default.
- W2015940927 modified "2023-09-26" @default.
- W2015940927 title "Diversion and abuse of methylphenidate in light of new guidance" @default.
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- W2015940927 doi "https://doi.org/10.1136/bmj.a2287" @default.
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