attention to a more general modeling world than available under the classical no-arbitrage paradigm in finance. To explain the new approach and illustrate first important consequences, the less expensive pricing of long dated zero coupon bonds will be demonstrated in this paper. Under the benchmark approach, see [@bookplaten10], many payoffs can be less expensively produced than current theory and practice suggest. The intuitive verbal advice of financial planners to invest in risky securities when the investor is young and mostly in fixed income when he/she approaches retirement, is made rigorous. The long dated zero coupon bonds we derive, invest first primarily in risky securities and, when approaching more and more the maturity date, they increase also more and more the fraction invested in fixed income. These less expensive zero coupon bonds provide only a first example that is indicative for the changes that the new approach offers in a much wider modeling world than the classical one.\
Historically, [@long90] was the first who observed that one can rewrite the risk neutral pricing formula into a pricing formula that takes its expectation under the real world probability measure and employs the, so called, numéraire portfolio (NP) as numéraire. The benchmark approach 