Meir Statman Says Time Diversification Is Hokum

My latest post for Alpha Baskets looks at an article by Meir Statman and includes the following;

Statman’s opening argument begins “consider an investor who invests $1,000 in a portfolio with a 50–50 chance to gain 20% or lose 10% each year.” To me the argument is lost right here in the open as there are an almost infinite number of different outcomes not two outcomes. Statman lays out the math which is obviously correct but it is an isolated, academic framing of the issue to the point of being overly academic.

Please click through to read the entire post.

Over the course of the last week I have had to do a ton of fire chiefing as our area has been under evacuation and threat from the Goodwin Fire which started on June 24th and for a time was essentially un-fightable. I will have more soon but for now some of the more interesting smoke pictures I took and used to keep our department’s Facebook page current.



And a Type 3 Engine


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