Jesús Fernández-Villaverde argues that diversifying across countries does not fully protect investors from sequencing risk over a finite horizon. He cites Dimso

Jesús Fernández-Villaverde argues that diversifying across countries does not fully protect investors from sequencing risk over a finite horizon. He cites Dimson-Marsh-Staunton data showing U.S. equities returned about 6.6% from 1900 to 2024.