Running 29:59 [2] 8.05 km (3:43 / km)
shoes: TREDS
As concluded in previous papers, razification values are highly cyclical (see Blomquist & Williams, 2016). However, razathletes are exposed to potential downside risk as razification values are highly illiquid. Consequently, razification values suffer hugely from systematic risk rewarded by the winter season. However, this risk can be diversified into specific risk in accordance with the Modern Razification Theory once a sufficient amount of mileage has been banked via strategically calculating a razathletes weekly mean variance criterion (Hussain & Woods, 2000). Furthermore, the diversification benefits associated with razification are established upon the basis that, on average, the correlation between razification values and capital mileage is low, thus reducing razathletes volatility. Therefore, investing in razification values within a capital milage scheme enhances risk adjusted razification values and insulates razathletes against downturns during the winter season.