On the Risk of Stocks in the Long Run: A Comment
评论Bodie关于股票长期风险随投资期限单调递增的结论，指出其方法有误，传统观点未被推翻。
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.