of Clustered Data Thai investors are classified into three clusters using investment proportions (Proportions of their money allocated to each investment type) Cash Holder 444 20% Old-Fashioned 1,573

allocated to each investment type e.g. cash deposit, stock market, real estate, gold, TFEX, and T-bond) as clustering variables. Three investor clusters are uncovered, namely, cash holders, old-fashioned

equivalent alpha), which represents a significant improvement in portfolio efficiency for a retiree. Unlike traditional alpha, which can be hard to predict and is a zero-sum game, we find that Gamma (and Gamma