Here is the table again showing the long-term returns and risks of the major asset classes from 1926 - 2018.

Asset	Geometric Mean (%)	Standard Deviation %	Cumulative Wealth of $100
Large-Cap Stocks	10.0%	19.8%	$707,163
Small-Cap Stocks	11.8%	31.6%	$3,199,541
Long-term Corporate Bonds	5.9%	8.4%	$20,669
Long-term Government Bonds	5.5%	9.8%	$14,537
Intermediate-term Government Bonds	5.1%	5.6%	$10,211
U.S. Treasury Bills	3.3%	3.1%	$2,048
Inflation	2.9%	4.0%	$1,428

Source: Duff and Phelp, 2019 SBBI Yearbook Stocks, Bonds, Bills, and Inflation, Roger G. Ibbotson.

Based on the table above, please share some of your thoughts and insights on how you would allocate a portfolio:

1. Over a long-term time horizon (20+ years)?

2. Would you use this same allocation if your time horizon was only 5 years? Why or why not?