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Revising to the optimal one-period investment weights seemingly dominates the buy-and-hold strategy with random and uncontrolled investment weights determined by asset price changes. This intuition is misleading as both investment strategies are theoretically included in the risk aversion efficient set. Considering only economically relevant preferences, with stocks-bonds portfolios, both strategies are empirically included in the risk aversion efficient set as long as the investment horizon is shorter than 20 years. However, for an investment horizon longer than twenty years, the buy and hold strategy empirically dominates the revision strategy by Almost First-degree Stochastic Dominance (<jats:inline-formula>\n              <jats:alternatives>\n                <jats:tex-math>$$AFSD$$<\/jats:tex-math>\n                <mml:math xmlns:mml=\"http:\/\/www.w3.org\/1998\/Math\/MathML\">\n                  <mml:mrow>\n                    <mml:mi>AFSD<\/mml:mi>\n                  <\/mml:mrow>\n                <\/mml:math>\n              <\/jats:alternatives>\n            <\/jats:inline-formula>) rule, namely by all economically relevant utility functions. When the horizon is indefinitely long, holding only stocks dominates the stock\u2013bond portfolios of both the B&amp;H(S) and the RV(S). However, this theoretical result may be practically irrelevant for most investors with a horizon shorter than 20 years.<\/jats:p>","DOI":"10.1007\/s10479-024-06214-y","type":"journal-article","created":{"date-parts":[[2024,8,27]],"date-time":"2024-08-27T04:02:21Z","timestamp":1724731341000},"page":"157-179","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":1,"title":["To revise or not to revise? This is the question"],"prefix":"10.1007","volume":"346","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-8623-3507","authenticated-orcid":false,"given":"Haim","family":"Levy","sequence":"first","affiliation":[]}],"member":"297","published-online":{"date-parts":[[2024,8,27]]},"reference":[{"key":"6214_CR1","first-page":"797","volume":"30","author":"F Arditti","year":"1975","unstructured":"Arditti, F., & Levy, H. (1975). Portfolio efficiency analysis in three moments: The multipored case. 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