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Let \\(A_{\\tau}\\) denote the dollar amount invested in the risky asset when there are \\(\\tau\\) periods to time horizon \\(T\\). Let the wealth dynamics \\(W_{s}\\) satisfy the stochastic differential equation \\(dW_{s}=[rW_{s}+(\\mu-r)A_{s}]ds+\\sigma A_{s}dw(s)\\), \\(W_{t}=x\\), \\(x\\geq 0\\), \\(s\\in(t,T]\\), where \\(\\mu>0\\), \\(\\sigma>0\\), \\(w(t)\\) is a standard Brownian motion, \\(r\\) is a constant riskless interest rate. Let \\({\\mathcal A}\\) be the set of admissible policies. Given the initial level of wealth at \\(t\\), \\(W_{t}=x\\), we want to find the policy \\(A\\in{\\mathcal A}\\) that solves the portfolio problem \\(\\sup\\limits_{A\\in{\\mathcal A}}E[U(W_{T})| W_{t}=x]\\) a.s., where \\(U\\) is the utility function. The optimal policy is given by \\(A_{\\tau}^{*}= A(W^{*}_{\\tau},\\tau)\\) where \\(W^{*}_{\\tau}\\) is the optimal wealth trajectory. The main result of the paper is the following: If the utility function \\(U\\) is increasing, concave and twice continuously differentiable, \\(U''\\) is nondecreasing, \\(U(0)=0,\\;U(x)\\leq K(1+x)^{\\gamma}\\), \\(\\lim_{x\\to\\infty}{U'(x)\\over x^{\\gamma-1}}=1\\) for \\(0<\\gamma<1\\), \\(K>0\\), then \\(A^{*}(x)=A_{*}(x)={\\mu-r\\over \\sigma^{2}(1-\\gamma)}x,\\;x\\geq 0\\). Here \\(A^{*}(x)=\\limsup_{\\tau\\to\\infty,y\\to x}A(y,\\tau)\\), \\(A_{*}(x)=\\liminf_{\\tau\\to\\infty,y\\to 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