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The 2023-2032 Planetary Science and Astrobiology Decadal Survey Origins, Worlds, and Life recommended that "NASA develop scientific exploration strategies, as it has for Mars, in areas of broad scientific importance, e.g., Venus... that have an increasing number of U.S. missions and international collaboration opportunities" (OWL, p.22-10). In NASA's initial responses to that Decadal Survey, the agency asserted that "...specific scientific exploration strategies should be community generated by bodies such as the Analysis Groups," thus placing the onus on the planetary community to generate and support these exploration strategies. In late 2022, the Venus Exploration Analysis Group began a project to develop a new exploration strategy for Venus, reflecting the 2021 selections of the VERITAS, DAVINCI, and EnVision missions and the sweeping comparative planetology recommendations relevant to Venus in Origins, Worlds, and Life. This is that strategy. Taking a broad look at the scientific, technological, and programmatic advances required to address the key outstanding questions that Venus poses, and predicated on VERITAS, DAVINCI, and EnVision flying as planned in the early 2030s, this report outlines a set of actions available to NASA, VEXAG, and the planetary science community at large to establish a sustained program of Venus exploration in the years and decades ahead. Key to this approach is recognizing Venus as a unique setting where multiple, cross-disciplinary, Decadal-level planetary, Earth, heliophysics, and exoplanet science questions can be addressed, as well as being a worthy target of exploration in its own right. This report offers Assessments of the current state of Venus exploration, and Actions for the U.S. and international Venus community, as well as NASA, to consider. This strategy is a living document and should be updated as warranted.

In this paper, a model of bounded rational investors investing their portfolio in a passive investment vehicle (e.g., an Exchange Traded Fund replicating a broad index) or an actively managed fund is presented. The model proposes that the quick reswitching of these short-term oriented investors induces momentum behavior in prices. Investors prefer passsive funds in time of low risk-free rates and when active funds charge high management costs. Actively managed funds have a lower volatility but are only able to outperform the passive funds in downturns. Simulations confirm the emergence of two regimes: a regime where prices are close to fundamentals and another regime with a positive bubble. The size and the length of this bubble increases for low market liquidity and high switching speed of investors. The market volatility increases for strong reswitching activities and short-term thinking of bounded rational investors. Negative bubbles (market prices lower than fundamentals) tend to occur if active portfolio managers exhibit high risk aversion, but are less frequent than positive bubbles.

We find the optimal investment strategy to minimize the expected time that an individual's wealth stays below zero, the so-called {\it occupation time}. The individual consumes at a constant rate and invests in a Black-Scholes financial market consisting of one riskless and one risky asset, with the risky asset's price process following a geometric Brownian motion. We also consider an extension of this problem by penalizing the occupation time for the degree to which wealth is negative.

(ProQuest: ... denotes formulae omitted.)IntroductionThe effectiveness of long term investing has been a main topic of various theoretical as well as practical studies. A lot of academicians and financial professionals are supporters of passive investment strategies such as buy & hold or indexing. On other hand there are some studies that show that there are some active investment strategies based on stock picking or market timing, that are able to record superior results.Malkiel (2012) and Bogle (2010) came to conclusion that index investing is as effective as active managed funds in long term. It was proven that on a 16-year time horizon, index funds achieve same results as actively managed funds. These findings have been supported also by other publications. For example Siegel (2014) analysed whole history of U.S. share market and he came to conclusion that passive investment strategies are efficient despite some market collapses, but a long time horizon is needed. A similar conclusion was reached by Graham (2007, 2008).Most of authors support buy & hold strategy, although many of them claim that it should be supported by cost averaging effect. The cost averaging effect limits negative effects of market crashes. The investor buys stocks on a regular basis, regardless market development. If stock market collapses, investor buys stocks at lower prices which results in a lower average purchase cost. Positive results of long term investing using cost averaging effect were presented also by study of Edelson (2007).A detailed analysis of selected long term stock market investment strategies as well as comparison of passive and active investment strategies was conducted also by other authors. For example Pastor and Stambaugh (2012) focused on declining effectiveness of actively managed investment funds. French (2008) came to conclusion that the typical investor would increase his average annual return by 67 basis points over 1980-2006 period if he switched to a passive market Lye (2012) analysed differences between growth and value stocks. Cambell, Polk and Vuolteenaho (2010) analysed systematic risks of stock investing.One of newest contributions to discussion was presented by Fabozzi (2015) who analysed current state of U.S. Pension Benefit Guaranty Corporation (PBGC). He concluded that some changes in investment strategies of funds should be made. He also advises that PBGC should introduce a benchmark for pension fund investments.Some arguments in favour of passive investment strategies were presented by Wingenfeld (2013) who talks about five specific qualitative arguments that are eligible to be a theoretical proponent for passive portfolio management. This topic is in centre of attention of some of Chinese economists as well. For example Wang, Beland and Zhang (2014, 2014) warn that there is a pension system missing in China. It could become a huge problem due to rapidly aging Chinese population.1. MethodologyIn this paper, effects of long term investing over a 30-year time period are analysed. This time horizon enables inclusion of one of European share markets into analysis, as European share indices didn't exist before 80's. The 30-year time horizon is also a usual time of involvement of an individual in a pension scheme.The effects of long term saving and investing on time horizon of last 30 years are examined. The American S&P 500 stock index is used, as American stock market is most liquid one, with a well-documented history. It consists of various share companies across all of sectors of U.S. economy. It also reflects relation between U.S. share market and U.S. economy very well. It is very close to theoretical concept of optimal portfolio. The long term investing in S&P 500 will be compared to long term investing of risk-free short-term securities. …

Web pornography represents a large fraction of the Internet traffic, with thousands of websites and millions of users. Studying web pornography consumption allows understanding human behaviors and it is crucial for medical and psychological research. However, given the lack of public data, these works typically build on surveys, limited by different factors, e.g. unreliable answers that volunteers may (involuntarily) provide. In this work, we collect anonymized accesses to pornography websites using HTTP-level passive traces. Our dataset includes about 15 000 broadband subscribers over a period of 3 years. We use it to provide quantitative information about the interactions of users with pornographic websites, focusing on time and frequency of use, habits, and trends. We distribute our anonymized dataset to the community to ease reproducibility and allow further studies.

This research explores the efficacy of fundamental analysis in achieving superior returns compared to passive investment strategies in India. By examining mutual funds’ performance data (2018-2023), key metrics such as Sharpe Ratio, Jensen’s Alpha, and Average Annual Return were analyzed for active and passive portfolios. Case studies of selected funds highlighted the potential of active management to outperform indices in dynamic market conditions. Findings suggest that while active funds provide higher returns and risk-adjusted performance, they exhibit increased volatility and costs. The paper underscores the critical role of fundamental analysis in identifying undervalued opportunities, aligning with diverse investor goals. This research provides practical insights for investors seeking to leverage active investment strategies in the Indian capital market while balancing associated risks.

The European Particle Physics Strategy Update (EPPSU) process takes a bottom-up approach, whereby the community is first invited to submit proposals (also called inputs) for projects that it would like to see realised in the near-term, mid-term and longer-term future. National inputs as well as inputs from National Laboratories are also an important element of the process. All these inputs are then reviewed by the Physics Preparatory Group (PPG), whose role is to organize a Symposium around the submitted ideas and to prepare a community discussion on the importance and merits of the various proposals. The results of these discussions are then concisely summarised in this Briefing Book, prepared by the Conveners, assisted by Scientific Secretaries, and with further contributions provided by the Contributors listed on the title page. This constitutes the basis for the considerations of the European Strategy Group (ESG), consisting of scientific delegates from CERN Member States, Associate Member States, directors of major European laboratories, representatives of various European organizations as well as invitees from outside the European Community. The ESG has the mission to formulate the European Strategy Update for the consideration and approval of the CERN Council.

This study documents the monthly performance of active versus passive investing over the last 25 years. It also identifies several variables that are closely related to the current and next month’s success of one over the other. Three useful factors identified include the Fed funds rate, the VIX volatility index, and Russell Investments’ CrossVolTM index. All three are valuable in explaining and predicting the success of active management to certain extent.

We determine the optimal investment strategy in a Black-Scholes financial market to minimize the so-called {\it probability of drawdown}, namely, the probability that the value of an investment portfolio reaches some fixed proportion of its maximum value to date. We assume that the portfolio is subject to a payout that is a deterministic function of its value, as might be the case for an endowment fund paying at a specified rate, for example, at a constant rate or at a rate that is proportional to the fund's value.