TY - JOUR T1 - Life Cycle Investing, Holding Periods, and Risk JF - The Journal of Portfolio Management SP - 101 LP - 111 DO - 10.3905/jpm.2001.319796 VL - 27 IS - 2 AU - Kent Hickman AU - Hugh Hunter AU - John Byrd AU - John Beck AU - Will Terpening Y1 - 2001/01/31 UR - https://pm-research.com/content/27/2/101.abstract N2 - 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. ER -