Response or counterargument to the following class discussion: A stock's short$-$term performance may outperform its long$-$term performance, but this depends on a number of factors, including the state of the market, investor sentiment$,$ and the financial standing of the company. Therefore, in my opinion, a short$-$term investor can achieve success if he keeps all the other criteria in check. It is difficult, but theoretically achievable, to build a portfolio of stocks with an expected return equivalent to the risk$-$free rate through diversification. Investing in Treasury bonds can yield assured returns equal to the risk$-$free rate, or investors might pursue low$-$beta stocks.