This paper is no longer available on-line from the NBER. A revised version of the paper has been published as "Diversification Across Time" in the Journal of Portfolio Management 39 (Winter 2013), pp.73-86.
The research activities of the NBER are funded by grants from federal research agencies, by private foundations, and by generous donations from our corporate associates and from private individuals. The NBER is a non-profit, 501(c)(3) organization. For information on supporting the NBER, please contact:
Mr. Denis Healy, Director of Development
1050 Massachusetts Avenue
Cambridge, MA 02138-5398