And I would argue that, if you expand your time horizon to a sensible length of time, that the strategy, where you hold relatively little in the high opportunity cost U.S. Treasuries, is the best strategy for a long-term investor.
However, nothing sensible or mature is on the horizon.
Seeing how Horizon 2 efforts fare, most sensible employees stick with the battle zone of Horizon 1 or the playground of Horizon 3. In either case, they are taken care of.
The take-aways are that an equity bias is an absolutely sensible underpinning for investors with long time horizons but that diversification is important.
"Discrimination by age, long-term unemployment, the fact that they're now at the end of the hiring queue, the lack of time horizon just does not make it sensible to invest in them".
Some have argued that smooth annual discounting functions are more sensible than the step-functions implied by such time horizons, such as those used to express the warming "costs" of an emission (Smith and Haigler 2008).
We'd all look anxiously toward the horizon as the boat would start to tilt alarmingly; my father, normally a sensible man, seemed to have an uncanny way of guiding us into storms rather than away from them.
When the benefit involves a short time horizon and the manager has greater information than the employee about the effects of the benefit, it may be sensible for the manager to make a decision about the benefit in the employee's behalf.
