We gauge the return-generating potential and risk inherent in four investment strategies: value weighting, a fixed mix, and levered and unlevered risk parity, over an 85-year horizon. There are three essential conclusions from our study. First, even over periods lasting decades, the specific start and end dates of a backtest can have a material effect on the results; second, transaction costs can negate apparent outperformance; third, statistical significance of findings needs to be assessed.