We derive bounds on the variance of a random variable in terms of its arithmetic and harmonic means. Both discrete and continuous cases are considered, and an operator version is obtained. Some refinements of the Kantorovich inequality are obtained. Bounds for the largest and smallest eigenvalues of a positive definite matrix are also obtained.

5 We compare optimal liquidation policies in continuous time in the presence of trading impact using 6 numerical solutions of Hamilton Jacobi Bellman (HJB) partial differential equations (PDE). In par7 ticular, we compare the time-consistent mean-quadratic-variation strategy with the time-inconsistent 8 (pre-commitment) mean-variance strategy. We show that the two different risk measures lead t...