[KongchangAI]
Unverified50% confidenceFactExact time

Jagannathan and Ma's 2003 study showed that the minimum-variance portfolio often outperforms full mean-variance optimization out of sample, and found that imposing no-short-sale constraints on weights has a regularization effect similar to shrinkage.

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50%
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Long-term
Relevance
9/11/2026
First Seen

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