When short-termism works

Chris Dillow

Chris Dillow
When short-termism works

One of the oldest pieces of investment advice is that younger investors should hold more shares than older ones, because they have more years ahead of them in which to recoup losses; this is the logic behind 'lifestyle investing', in which people shift from equities to bonds as they get older. However, many economists think this view is wrong not just because bond prices might fall over coming years, but because the very idea is flawed in principle.

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