RT Journal Article SR Electronic T1 Life Cycle Investing, Holding Periods, and Risk JF The Journal of Portfolio Management FD Institutional Investor Journals SP 101 OP 111 DO 10.3905/jpm.2001.319796 VO 27 IS 2 A1 Kent Hickman A1 Hugh Hunter A1 John Byrd A1 John Beck A1 Will Terpening YR 2001 UL https://pm-research.com/content/27/2/101.abstract AB This article examines the relative performance of bills, bonds, and stocks over various holding periods. Using a resampling technique that accounts for the cross–sectional correlation between security classes, the authors find that the risk of underperformance for a strategy of investing in higher risk classes of investments is minimal over long holding periods, while the rewards are substantial.