Bridge over ocean
1 March 1996 Financial Analysts Journal Volume 52, Issue 2

On the Risk of Stocks in the Long Run: A Comment

  1. Robert Ferguson
  2. Dean Leistikow

Diametrically opposite conclusions about stocks' long-term risk follow from Bodie's methodology (see Financial Analysts Journal, May/June 1995). Bodie's conclusion that stocks' risk increases monotonically with the investment horizon is incorrect. Conventional wisdom about the long-term risk of stocks has not been refuted.

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