Über kurz oder lang - Spielt der Anlagehorizont eine berechtigte Rolle bei der Beurteilung von Investments?

There is no commonly, by investment advisors as well as theorists accepted answer to the question, whether the risky fraction of an investor's portfolio should depend on his time horizon. For this reason we try to define the decision problem in its most general way and gradually reduce it by stating possible decision points, investment alternatives, utility functions, yield processes, construction of wealth and available information so that it can be solved analytically for each possible scenario. By showing in which of these cases a person with a longer time horizon should invest in risky alternatives more, less or equal to a person with a shorter horizon, this paper gives an overview over the existing literature, at the same time combining the different approaches and differing investment advises in a unique model.