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      "text": "One can see that the cumulative returns generated by our robust optimization process are less dispersed than those generated by traditional mean-variance optimization, both along the way and at the end of the ten-year horizon.",
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      "text": "Robust Optimization versus Risk Parity: Among the approaches developed to address the high sensitivity of mean-variance optimization to errors in expected returns, risk parity may have received the most publicity.",
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      "text": "Where U represents the uncertainty set. Intuitively, our robust optimization process seeks to maximize the expected portfolio return for those unfortunate realizations of the world where our estimates of expected returns deviate the most from their “true” values.",
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