Interesting, but I don't think this is applicable to long-term investing.--B.M.
How do we know that stock risk increases over time? The cost of “insurance” tells us so. If the “risk” of ownership declines over time, then the cost of “insuring” the portfolio should also decline. The chart below shows the cost of buying insurance (put options) on the S&P 500 exchange-traded fund ($SPY).
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