Broadening horizons
When the investment horizon is of the order of a few years, such as in the context of personalfinancial planning, it becomes necessary to calculate and stress-test the exact distribution ofthe market at the given horizon, as the common first-order approximation of that distributionis not adequate. Using simple properties of the characteristic function of the returns on amarket of securities, Attilio Meucci develops a general approach to tackle asset allocationrelative to any horizon
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