Financial advisors generally recommend that their clients allocate more to higher risk-return asset classes (like equities) if their investment horizons are long.

2. Is this advice consistent with the basic M-V model?
4. Does adding a shortfall constraint to the M-V model make a difference? If so, how? If not, why not?
6. Assuming investment opportunities change over time, what type of asset return behavior would justify this advice within the M-V framework?