> What you should be trying to achieve is a portfolio that earns the exact same return every single year Perhaps this is a dumb question, but wouldn't that mea

> What you should be trying to achieve is a portfolio that earns the exact same return every single year Perhaps this is a dumb question, but wouldn't that mean that you end up with a 100% cash portfolio? After all, that portfolio has exactly the same nominal return every year: 0%. I would expect that I have to choose a relative weight, to tune the trade-off between maximizing expected returns vs minimizing dispersion of returns. edit: after reading a bit, it seems that changing this weight would trace out what is called the "efficient frontier".