Diversification provides a well-known way of getting something close to a free lunch: by spreading money across different kinds of investments, investors can earn the same return with lower risk (or a much higher return for the same amount of risk). This strategy, introduced nearly fifty years ago, led to such strategies as index funds. In this book, economists Barry Nalebuff and Ian Ayres explain tools that will allow nearly any investor to diversify their portfolios over time. Readers will learn: how to figure out the level of exposure and leverage that's right for them; how the Lifecycle Investing strategy would have performed in the historical market; why it will work even if everyone does it; and when not to adopt the Lifecycle Investing strategy. --From publisher description.