%0 Journal Article %A Sandip Mukherji %T Stocks, Bonds, Bills, Wealth, and Time Diversification %D 2002 %R 10.3905/joi.2002.319505 %J The Journal of Investing %P 39-51 %V 11 %N 2 %X This study examines U.S. capital market history to evaluate the relative investment results of different assets in terms of real values of terminal wealth and downside risk compared to minimum targets. The findings indicate that stocks not only offered better risk-value trade-offs, but also dominated bonds and bills over long holding periods, providing historical support for time diversification. %U https://joi.pm-research.com/content/iijinvest/11/2/39.full.pdf