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underlying distribution which is unknown in practice Targeting the loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader034vdocumentssitereader034viewer20220505175fa10f0dd34f25333c1b987fhtml5thumbnails2jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=3Page 3button div class=ts-imageimg data-url=coverpapershindsight2pdf-cost-of-achieving-the-best-portfolio-in-hindsighthtmlpage=3 data-page=3 class=ts-thumb lazyload alt=Page 3: coverpapershindsight2pdf · COST OF ACHIEVING THE BEST PORTFOLIO IN HINDSIGHT 961 portfolio depends on the underlying distribution which is unknown in practice Targeting the loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader034vdocumentssitereader034viewer20220505175fa10f0dd34f25333c1b987fhtml5thumbnails3jpg width=140 height=200 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the underlying distribution which is unknown in practice Targeting the loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader034vdocumentssitereader034viewer20220505175fa10f0dd34f25333c1b987fhtml5thumbnails5jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=6Page 6button div class=ts-imageimg data-url=coverpapershindsight2pdf-cost-of-achieving-the-best-portfolio-in-hindsighthtmlpage=6 data-page=6 class=ts-thumb lazyload alt=Page 6: coverpapershindsight2pdf · COST OF ACHIEVING THE BEST PORTFOLIO IN HINDSIGHT 961 portfolio depends on the underlying distribution which is unknown in practice Targeting the loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader034vdocumentssitereader034viewer20220505175fa10f0dd34f25333c1b987fhtml5thumbnails6jpg width=140 height=200 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the underlying distribution which is unknown in practice Targeting the loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader034vdocumentssitereader034viewer20220505175fa10f0dd34f25333c1b987fhtml5thumbnails8jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=9Page 9button div class=ts-imageimg data-url=coverpapershindsight2pdf-cost-of-achieving-the-best-portfolio-in-hindsighthtmlpage=9 data-page=9 class=ts-thumb lazyload alt=Page 9: coverpapershindsight2pdf · COST OF ACHIEVING THE BEST PORTFOLIO IN HINDSIGHT 961 portfolio depends on the underlying distribution which is unknown in practice Targeting the loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader034vdocumentssitereader034viewer20220505175fa10f0dd34f25333c1b987fhtml5thumbnails9jpg width=140 height=200 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depends on the underlying distribution which is unknown in practice Targeting the loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader034vdocumentssitereader034viewer20220505175fa10f0dd34f25333c1b987fhtml5thumbnails11jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=12Page 12button div class=ts-imageimg data-url=coverpapershindsight2pdf-cost-of-achieving-the-best-portfolio-in-hindsighthtmlpage=12 data-page=12 class=ts-thumb lazyload alt=Page 12: coverpapershindsight2pdf · COST OF ACHIEVING THE BEST PORTFOLIO IN HINDSIGHT 961 portfolio depends on the underlying distribution which is unknown in practice Targeting the loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader034vdocumentssitereader034viewer20220505175fa10f0dd34f25333c1b987fhtml5thumbnails12jpg 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HINDSIGHT 961 portfolio depends on the underlying distribution which is unknown in practice Targeting the loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader034vdocumentssitereader034viewer20220505175fa10f0dd34f25333c1b987fhtml5thumbnails14jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=15Page 15button div class=ts-imageimg data-url=coverpapershindsight2pdf-cost-of-achieving-the-best-portfolio-in-hindsighthtmlpage=15 data-page=15 class=ts-thumb lazyload alt=Page 15: coverpapershindsight2pdf · COST OF ACHIEVING THE BEST PORTFOLIO IN HINDSIGHT 961 portfolio depends on the underlying distribution which is unknown in practice Targeting the loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC 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src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader034vdocumentssitereader034viewer20220505175fa10f0dd34f25333c1b987fhtml5thumbnails18jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=19Page 19button div class=ts-imageimg data-url=coverpapershindsight2pdf-cost-of-achieving-the-best-portfolio-in-hindsighthtmlpage=19 data-page=19 class=ts-thumb lazyload alt=Page 19: coverpapershindsight2pdf · COST OF ACHIEVING THE BEST PORTFOLIO IN HINDSIGHT 961 portfolio depends on the underlying distribution which is unknown in practice Targeting the loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader034vdocumentssitereader034viewer20220505175fa10f0dd34f25333c1b987fhtml5thumbnails19jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=20Page 20button div 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Targeting the loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader034vdocumentssitereader034viewer20220505175fa10f0dd34f25333c1b987fhtml5thumbnails21jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=22Page 22button div class=ts-imageimg data-url=coverpapershindsight2pdf-cost-of-achieving-the-best-portfolio-in-hindsighthtmlpage=22 data-page=22 class=ts-thumb lazyload alt=Page 22: coverpapershindsight2pdf · COST OF ACHIEVING THE BEST PORTFOLIO IN HINDSIGHT 961 portfolio depends on the underlying distribution which is unknown in practice Targeting the loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader034vdocumentssitereader034viewer20220505175fa10f0dd34f25333c1b987fhtml5thumbnails22jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage 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