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What is an investment strategy to obtain more than 15%* annualized expected return in 20 years given the following assumptions? Is the strategy optimal? Why?

What is an investment strategy to obtain more than 15%* annualized expected return in 20 years given the following assumptions? Is the strategy optimal? Why?

a) The financial markets are highly efficient (not perfectly but very efficient). It is unlikely to find free lunch. b) You receive $1,000,000 today to invest in any tradable asset. c) You are not going to use the money in the next 20 years. d) You want to maximize the value of that money in 20 years and target 15% compounded annualized returns. e) Consider tax consequences and risk aversion. f) You can invest in any asset in any tradable asset (stocks, bonds, commodities,..). g) The goal of this exercise is to discuss investment ideas under the market efficient assumption. *I do not mean 15% return every year, I mean annualized compounded return of 15% in USD over 20 years. For example, the S&P 500 has had a compounded annualized return of about 11%, pre-tax, over the last 20 years.

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