Long-Term Perspective

Good Perspective on Not Letting Short Term Performance Alter Your Long-Term Investment Strategy.

"Efficient Frontier "Theory" for the Long Run" by AQR.

Conclusion: 

1) Five years is not a very long time. You see crazy things over five years. Of course, it often feels like a lifetime to actually live through it.

2) Over the long haul (which I’ll call 45 years here though there is no perfect agreed upon definition) some of the most basic parts of financial theory look pretty darn good.

3) The long haul is a really long time. It sometimes feels like several lifetimes to actually live through it.

Not reasonable:

Reasonable:

See the full article here.