History, Shocks, and Drifts: A New Approach to Portfolio Formation
提出一种新的投资组合构建方法，将未来可能性分解为历史结果、突然冲击和多年渐变漂移，通过混合频率回报样本平衡短期与长期回报，并利用全部样本回报而非统计摘要来构建组合。
Investors intuitively view future possibilities as a combination of historical outcomes, shocks that occur suddenly, and drifts that unfold gradually over several years. The authors show how to build portfolios based on such a view of the future. Their key innovation is to create a mixed-frequency return sample that properly balances short-term and long-term returns and to form portfolios by considering all the returns of the sample instead of a statistical summary of them.