The time diversification puzzle: Why trustees should care

Robert J. Bianchi, Michael E. Drew, Adam N. Walk

Research output: Contribution to journalArticlepeer-review

1 Citation (Scopus)


For 50 years, the time diversification debate has sought to understand the essential relationship between risk and investment horizon with little resolution. The answer seems to depend in part on how one views risk. This paper seeks to show that while the time diversification puzzle remains unsolved, the debate itself provides timely food for thought for trustees in setting fund investment policy and for designing defaults, in particular.

Original languageEnglish
Pages (from-to)51-55
Number of pages5
Issue number1
Publication statusPublished - 2013
Externally publishedYes


  • Investment horizon
  • Risk
  • Time diversification


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