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However, for the practically more relevant case of the long but finite horizon, with stocks-bonds portfolios, Markowitz <jats:inline-formula>\n              <jats:alternatives>\n                <jats:tex-math>$$empirically$$<\/jats:tex-math>\n                <mml:math xmlns:mml=\"http:\/\/www.w3.org\/1998\/Math\/MathML\">\n                  <mml:mrow>\n                    <mml:mi>empirically<\/mml:mi>\n                  <\/mml:mrow>\n                <\/mml:math>\n              <\/jats:alternatives>\n            <\/jats:inline-formula> is right as we find that the MGM portfolio coincides with the optimal myopic portfolio for all risk aversion parameters <jats:inline-formula>\n              <jats:alternatives>\n                <jats:tex-math>$$\\alpha &lt; 1.7$$<\/jats:tex-math>\n                <mml:math xmlns:mml=\"http:\/\/www.w3.org\/1998\/Math\/MathML\">\n                  <mml:mrow>\n                    <mml:mi>\u03b1<\/mml:mi>\n                    <mml:mo>&lt;<\/mml:mo>\n                    <mml:mn>1.7<\/mml:mn>\n                  <\/mml:mrow>\n                <\/mml:math>\n              <\/jats:alternatives>\n            <\/jats:inline-formula>. For <jats:inline-formula>\n              <jats:alternatives>\n                <jats:tex-math>$$\\alpha \\ge 1.7$$<\/jats:tex-math>\n                <mml:math xmlns:mml=\"http:\/\/www.w3.org\/1998\/Math\/MathML\">\n                  <mml:mrow>\n                    <mml:mi>\u03b1<\/mml:mi>\n                    <mml:mo>\u2265<\/mml:mo>\n                    <mml:mn>1.7<\/mml:mn>\n                  <\/mml:mrow>\n                <\/mml:math>\n              <\/jats:alternatives>\n            <\/jats:inline-formula> the MGM portfolio dominates by AFSD rule all optimal myopic portfolios, as long as the investment horizon is 12\u201315 years or longer.<\/jats:p>","DOI":"10.1007\/s10479-024-06250-8","type":"journal-article","created":{"date-parts":[[2024,9,12]],"date-time":"2024-09-12T14:04:51Z","timestamp":1726149891000},"page":"263-284","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":1,"title":["The maximum geometric mean criterion: revisiting the Markowitz\u2013Samuelson debate: survey and analysis"],"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":[[2024,9,12]]},"reference":[{"key":"6250_CR1","first-page":"797","volume":"30","author":"F Arditti","year":"1975","unstructured":"Arditti, F., & Levy, H. 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