This study reveals that time diversification is not a strategy for risk management at all. At the end of the longer time horizons, age-old experienced gainers discover that they hold only a basket of inferior stocks or a few performing stocks or both. This paper contends that time cannot make a...

The “modern” portfolio theory of the Nobel laureate Professor Harry Max Markowitz has not been too modern now-a-days. Not simply for that investors are not risk-averse but also for that the “risk-free rate of return” is not risk-free at all. The mean-variance returns are not free from...