Search found 535 matches

by Bill Bernstein
Sat May 12, 2018 11:11 am
Forum: Investing - Help with Personal Investments
Topic: Vanguard Developed Markets Index Fund as substitute for Total International Stock Fund?
Replies: 27
Views: 2391

Re: Vanguard Developed Markets Index Fund as substitute for Total International Stock Fund?

There probably is damage to rebalancing too frequently, namely, that over short periods asset classes exhibit a small amount of momentum, so you're short-stopping "letting your gains/losses run." The probable benefit of long rebalancing periods (say, 2 years or more) doesn't come for free, however; ...
by Bill Bernstein
Mon Apr 09, 2018 12:53 am
Forum: Personal Finance (Not Investing)
Topic: [Wells Fargo Visa 3% Foreign Exchange fee]
Replies: 58
Views: 2941

Re: [Wells Fargo Visa 3% Foreign Exchange fee]

As have others on the thread, my CapitalOne card has no forex fees, and neither does my BofA Alaska Airlines card. And my Schwab ATM card is forex fee free, and rebates all of the ATM fees at the end of the month, which really comes in handy in a place like Vietnam, where it's hard to find an ATM th...
by Bill Bernstein
Tue Apr 03, 2018 6:25 pm
Forum: Investing - Theory, News & General
Topic: William Bernstein: Retirement Investing and Spending in two easy steps
Replies: 77
Views: 9510

Re: William Bernstein: Retirement Investing and Spending in two easy steps

Right, when I wrote the original piece TIPS yields at 5 years were negative, and only about .35% at 30 years; rotten indeed. Much less rotten now, and I feel better about buying TIPS, particularly at the short end; there's the annual primary 5-year auction in a few weeks. Today, the median retiree h...
by Bill Bernstein
Tue Apr 03, 2018 3:50 pm
Forum: Investing - Theory, News & General
Topic: William Bernstein: Retirement Investing and Spending in two easy steps
Replies: 77
Views: 9510

Re: William Bernstein: Retirement Investing and Spending in two easy steps

The “stop playing” meme came from an article I wrote for the WSJ a few years back. They only gave me 800 words, and that doesn’t leave a lot of room for nuance or detail. If they’d have given me 5,000 words, here’s what I’d have added: 1) All-TIPS is for the part of your portfolio that you need to k...
by Bill Bernstein
Tue Jan 02, 2018 12:51 am
Forum: Personal Finance (Not Investing)
Topic: Any Recent Experience with Vietnam ATMs?
Replies: 14
Views: 1029

Re: Any Recent Experience with Vietnam ATMs?

Again, thanks! I'm guessing if you live in Saigon or Hanoi and you know the ropes, ATMs aren't a problem. But if you're just touring a lot of places in Asia, particularly out of the big cities, there's a learning curve to climb and it's difficult. Thailand isn't bad, but we found ourselves in Bandun...
by Bill Bernstein
Mon Jan 01, 2018 10:56 pm
Forum: Personal Finance (Not Investing)
Topic: Any Recent Experience with Vietnam ATMs?
Replies: 14
Views: 1029

Re: Any Recent Experience with Vietnam ATMs?

Thanks all! Greatly appreciated.

The Citibank tip sounds great, but it looks like they only have ATMs in Hanoi and Saigon. where we won't be.

My card reimburses all fees, so I'll hedge my bets with some cash.

Thanks again!

Bill
by Bill Bernstein
Mon Jan 01, 2018 1:20 pm
Forum: Personal Finance (Not Investing)
Topic: Any Recent Experience with Vietnam ATMs?
Replies: 14
Views: 1029

Any Recent Experience with Vietnam ATMs?

Hi: We're going to Vietnam in a bit. Last time there several years ago, the old VND 2,000,000 limit was still in place, which is now less than $100. I posted on Tripadvisor and got one fellow who said that he could find a few ATMs with VND 5,000,000. That's still not a lot, and he didn't remember wh...
by Bill Bernstein
Sat Dec 23, 2017 9:58 pm
Forum: Personal Consumer Issues
Topic: Where to stay - Venice & Rome
Replies: 21
Views: 1464

Re: Where to stay - Venice & Rome

If you're there in the off season, the Aventino Hotel group in Rome, http://www.aventinohotels.com/en/ offers very nice bargains. They are a group of 4 hotels, the Aventino being the fanciest, and the San Pio being the cheapest. All have a fantastic breakfast included, and it's easy to find rooms in...
by Bill Bernstein
Sun Dec 10, 2017 11:27 pm
Forum: Personal Consumer Issues
Topic: A Trip to Russia
Replies: 81
Views: 5203

Re: A Trip to Russia

One other option, at least one way: Helsinki is a great city, a 4-hour high speed train trip from St. Petersburg, half the price, for some reason, westbound. Might or might not save you a few bucks on airfare. I second the safety of traveling around on foot, Metro is fabulous. Do not ever hail a str...
by Bill Bernstein
Fri Dec 08, 2017 12:59 pm
Forum: Personal Consumer Issues
Topic: Dollar Store Hacks
Replies: 27
Views: 4910

Re: Dollar Store Hacks

I have a theory about dollar stores, which is that the more economically depressed an area, the better the dollar store. This for 2 reasons. First, in a tony area, overhead is higher, so they can make a profit on fewer items. For example, in our expensive neighborhood, the dollar store had a very sk...
by Bill Bernstein
Sun Dec 03, 2017 6:03 pm
Forum: Investing - Theory, News & General
Topic: Craig Rowland not blogging anymore on Permanent Portfolio.
Replies: 34
Views: 6156

Re: Craig Rowland not blogging anymore on Permanent Portfolio.

I've had some recent contact with Craig. I didn't ask him specifically about his blogging--we had lots more fun things to talk about--but suffice it to say that he's a busy young guy with bigger fish to fry than blogging about a portfolio that hasn't changed composition in four decades. Yes, it hasn...
by Bill Bernstein
Sat Oct 21, 2017 11:58 am
Forum: Personal Consumer Issues
Topic: Turn fridge off when gone or leave it running?
Replies: 40
Views: 61972

Re: Turn fridge off when gone or leave it running?

Interesting thread. We're currently away from home, but our electrical utility has a daily usage feature, which shows that we're using about 2kWh per day. I'm guessing almost all of that is the fridge. So, that's about $50-60 per year, which is not worth the trouble of emptying everything out and tu...
by Bill Bernstein
Sat Aug 12, 2017 2:45 pm
Forum: Investing - Help with Personal Investments
Topic: Bernstein's Simpleton's Portfolio
Replies: 40
Views: 6391

Re: Bernstein's Simpleton's Portfolio

One book? Either "Common Sense on Mutual Funds" or the little book version. Over the past quarter century I've never been too far from 50/50. Aside from a smidge of REITs, I don't like commercial or residential real estate. There's nothing wrong with it investment-wise, especially if it's not your b...
by Bill Bernstein
Sat Aug 12, 2017 1:19 pm
Forum: Investing - Help with Personal Investments
Topic: Bernstein's Simpleton's Portfolio
Replies: 40
Views: 6391

Re: Bernstein's Simpleton's Portfolio

I favorably mention low-expense target date funds in If You Can. I don't recall specifically mentioning life strategy funds. The only difference is that with the former, you really don't have to pay too much attention as you age, since the fund automatically decreases equity allocation over the year...
by Bill Bernstein
Sat Aug 12, 2017 1:10 pm
Forum: Investing - Help with Personal Investments
Topic: Bernstein's Simpleton's Portfolio
Replies: 40
Views: 6391

Re: Bernstein's Simpleton's Portfolio

Good comments all. Bottom line: the "perfect portfolio" is knowable only in hindsight, and has already been mentioned, the perfect is the enemy of the good. What's far more important than fine tuning your allocation, whether it's 2 equity classes (US and Int'l total stock) or extreme slice and dice ...
by Bill Bernstein
Sun Jul 23, 2017 11:10 pm
Forum: Personal Finance (Not Investing)
Topic: Costco Visa foreign transaction fee
Replies: 44
Views: 20692

Re: Costco Visa foreign transaction fee

When it comes to credit cards and foreign ATMs, there certainly are free lunches: 1) Multiple credit cards come without forex fees; as noted by other posters, CapitalOne has none, you get 1.5%, and the exchange rates are very close to the interbank rate, i.e., there's no fee embedded in the exchange...
by Bill Bernstein
Tue Jul 11, 2017 3:28 pm
Forum: Investing - Theory, News & General
Topic: William Bernstein on Meb Faber's podcast
Replies: 54
Views: 8309

Re: William Bernstein on Meb Faber's podcast

Callguy1 raises a very good point: Yes, if you can live off your stock dividends with a bit of safety margin, then you can own 100% equity. To do that with domestic stocks, you need your burn rate to be less than 1.5%, or if you're burning the 2% domestic dividend, you then need about a 5-10% cash c...
by Bill Bernstein
Sun Jul 09, 2017 11:09 pm
Forum: Investing - Theory, News & General
Topic: William Bernstein on Meb Faber's podcast
Replies: 54
Views: 8309

Re: William Bernstein on Meb Faber's podcast

Well, sure, you simply invert the criteria for panics, except for the last one (extreme predictions) which stays the same, except with the opposite sign. I did write about the weak/strong hands high/low correlation phenomena in "Skating Where the Puck Was." The beauty of the two theories is that the...
by Bill Bernstein
Sun Jul 09, 2017 3:51 pm
Forum: Investing - Theory, News & General
Topic: William Bernstein on Meb Faber's podcast
Replies: 54
Views: 8309

Re: William Bernstein on Meb Faber's podcast

As a few have posted above, it's hard to nail everything down in an "in the moment" podcast. The one thing I could have been a little more careful with is to clarify "expenses" as residual expenses, i.e., after Social Security and fixed pensions. In both "Ages of the Investor" and "Rational Expectat...
by Bill Bernstein
Thu Jul 06, 2017 9:37 pm
Forum: Investing - Theory, News & General
Topic: William Bernstein on Meb Faber's podcast
Replies: 54
Views: 8309

Re: William Bernstein on Meb Faber's podcast

I should add that 3 months back I visited Toronto, which has a real estate market that looks a lot like the US in 2006. I gave a talk there which included my bubble criteria, and with each of the four points, I could see lots of audience nodding and laughing.

Bill
by Bill Bernstein
Thu Jul 06, 2017 3:25 pm
Forum: Investing - Theory, News & General
Topic: William Bernstein on Meb Faber's podcast
Replies: 54
Views: 8309

Re: William Bernstein on Meb Faber's podcast

Hi All: I do like anzon's "why not 100% stocks" criteria. i've thought about it, but don't consider it quite strong enough. more telling was the motley fool's chant from the tech bubble, which went something like "every penny you don't invest in stocks will hurt you," as i recall. But anzon is certa...
by Bill Bernstein
Thu Jun 22, 2017 1:10 pm
Forum: Investing - Theory, News & General
Topic: Argentina issuing 100-year bond.
Replies: 64
Views: 8178

Re: Argentina issuing 100-year bond.

Good catch, I was sloppy, meant to say maturity.

As you point out, most (but not all) of the interest rate risk of the Argentine security is embedded in the US one as well, so it's not that much of a consideration.

Bill
by Bill Bernstein
Thu Jun 22, 2017 12:41 pm
Forum: Investing - Theory, News & General
Topic: Argentina issuing 100-year bond.
Replies: 64
Views: 8178

Re: Argentina issuing 100-year bond.

It's a very interesting question. It's clearly a risky asset, and an unusual one at that for a bond, since its duration is much longer than almost anyone's lifetime. As Benjamin Graham observed, at a high enough price, a even the highest quality security is a sell, and at a low enough price, a dodgy...
by Bill Bernstein
Wed May 03, 2017 11:58 am
Forum: Personal Consumer Issues
Topic: Microsoft, I want my computer back!
Replies: 175
Views: 18484

Re: Microsoft, I want my computer back!

Bite the bullet and learn how to install and use Linux. Lubuntu is a lightweight distro that will run on even a 10-year old laptop, and upgrades constantly and rapidly (typical upgrade takes 1-2 minutes) without hair-pulling changes in UI. There's a bit of a learning curve, you have to be careful bu...
by Bill Bernstein
Fri Mar 31, 2017 2:56 pm
Forum: Investing - Theory, News & General
Topic: Kindle Specials on Four Pillars and If You Can
Replies: 22
Views: 3946

Kindle Specials On Four Pillars and If You Can

From time to time, Amazon and McGraw-Hill put The Four Pillars of Investing on Kindle special for $1.99, but they never tell me about it, and I get complaints about folks missing out. This time I got a week's advance notice: Four Pillars will go on Kindle $1.99 special on April 7, I hear. Also, the ...
by Bill Bernstein
Thu Mar 02, 2017 4:31 pm
Forum: Investing - Help with Personal Investments
Topic: Keep separate IRA accounts?
Replies: 7
Views: 1101

Re: Keep separate IRA accounts?

This looks to be water under the bridge at this point, but in general it's a good idea to keep ERISA-derived rollover accounts (from 401s and DC pension plans) separate from ordinary IRAs, and not make further contributions to them, because ERISA-derived accounts usually have better legal protection...
by Bill Bernstein
Sun Jan 29, 2017 3:02 pm
Forum: Investing - Help with Personal Investments
Topic: If You Can (Kindle): Free Today
Replies: 10
Views: 1894

If You Can (Kindle): Free Today

Hi All:

In conjunction with a local Boglehead meeting, the If You Can Kindle download is free today and, if I've done it right, tomorrow:
'
https://www.amazon.com/If-You-Can-Mille ... +bernstein

Best,

Bill
by Bill Bernstein
Tue Jan 03, 2017 5:33 pm
Forum: Investing - Theory, News & General
Topic: Bernstein-"To Make Money They Didn't Need".....and Pascal's Wager
Replies: 187
Views: 23219

Re: Bernstein-"To Make Money They Didn't Need".....and Pascal's Wager

Well, for starters, a 70bp difference over a century is big, a factor of 2 in terms of final value. But even without that, returns series that stretch back that far are nearly meaningless for one simple reason: before the Big Bang, brokerage expenses and spreads ate you alive; you even got charged t...
by Bill Bernstein
Tue Jan 03, 2017 1:57 pm
Forum: Investing - Theory, News & General
Topic: Bernstein-"To Make Money They Didn't Need".....and Pascal's Wager
Replies: 187
Views: 23219

Re: Bernstein-"To Make Money They Didn't Need".....and Pascal's Wager

An excellent thread. A few points: 1) Warren Buffett doesn't need to hold bonds in retirement: If you have >>50 years of residual living expenses saved up, a 100% equity portfolio is probably OK, since you can live off the dividend stream, which is much more stable than the equity market value. If, ...
by Bill Bernstein
Tue Oct 25, 2016 9:11 pm
Forum: Investing - Theory, News & General
Topic: Dr. Bill Bernstein Books
Replies: 40
Views: 4574

Re: Dr. Bill Bernstein Books

I blush even more. Regards further finance books, I don't write them unless I have something new to say. Investor's Manifesto incorporated what I had learned during the financial crisis, the Investing for Adults Series each covered one piece of new ground, and Rational Expectations was a badly neede...
by Bill Bernstein
Mon Oct 24, 2016 4:41 pm
Forum: Investing - Theory, News & General
Topic: Dr. Bill Bernstein Books
Replies: 40
Views: 4574

Re: Dr. Bill Bernstein Books

I blush.

stemikger: you can get Four Pillars and Investors' Manifesto from almost any public library; you then have my permission to deploy an appropriately liberal interpretation of the doctrine of fair use reproduction.

Best, and thanks for all the kind words!

Bill
by Bill Bernstein
Sat Aug 13, 2016 6:54 pm
Forum: Investing - Help with Personal Investments
Topic: Is my IRA really an IOU to the IRS??
Replies: 58
Views: 7394

Re: Is my IRA really an IOU to the IRS??

Hi: The mistake made by the OP was convincing himself that the IRA was "his" money ;-) I look at my taxes as the dues I pay for membership in the world's best club, without which I'd have a lot less in assets. The commutative principle of multiplication holds here: assuming your tax rate is the same...
by Bill Bernstein
Mon Jul 18, 2016 11:32 pm
Forum: Investing - Theory, News & General
Topic: Trying the Impossible - Financing 30-Year Retirements with 40-Year Careers
Replies: 118
Views: 17618

Re: Trying the Impossible - Financing 30-Year Retirements with 40-Year Careers

Excellent presentation, but there's an even simpler way to look at it, which is the paradigm of Arnott and Cascells, FAJ, 2003: Imagine a desert island with 4 inhabitants, each of who performs a separate, vital economic task (growing food, building shelter, repairing equipment, etc.). The medium of ...
by Bill Bernstein
Mon Jul 04, 2016 11:15 am
Forum: Investing - Theory, News & General
Topic: Classic Bernstein 12 — The Societal Risk Premium
Replies: 21
Views: 3015

Re: Classic Bernstein 12 — The Societal Risk Premium

Might as well chime in here. 1) Yes, the downsloping CAPE plot is not all that robust; as pointed out, take out the last 2 decades and the trend disappears. But you can look at it another way: has there ever been such a 20 year period in the past of high PEs? No. 2) You can summarize the reasons for...
by Bill Bernstein
Mon Jun 27, 2016 6:31 pm
Forum: Investing - Theory, News & General
Topic: Jason Zweig: The More It Hurts, the More You Make
Replies: 35
Views: 7619

Re: Jason Zweig: The More It Hurts, the More You Make

Sure you can demand a return, but that doesn't mean that the market has to give it to you. For example, I can "demand" a junk-treasury spread of 10% before I'll buy high yield. That doesn't mean I'll get it, though if I'm patient enough, I just might. Meanwhile, that money stays in Treasuries and CD...
by Bill Bernstein
Sun Jun 26, 2016 10:04 pm
Forum: Investing - Theory, News & General
Topic: Jason Zweig: The More It Hurts, the More You Make
Replies: 35
Views: 7619

Re: Jason Zweig: The More It Hurts, the More You Make

Hi All: mrwalken has it exactly right: increased risk means higher expected returns. A better phrase than "expected returns" is "demanded returns," as in, with increased risk increases the return investors demand for bearing it. It's highly probable that investing abroad, from this point forward, wi...
by Bill Bernstein
Wed Jun 22, 2016 10:36 am
Forum: Personal Consumer Issues
Topic: Older MacBook: what could go wrong?
Replies: 12
Views: 1699

Re: Older MacBook: what could go wrong?

I'll second the Thinkpad solution. The older lightweight ones can be had for a song; Linux a few up, preferably with an encrypted install, and you've got a disposable yet reliable and secure system whose loss won't put you out.



Bill
by Bill Bernstein
Thu Jun 16, 2016 6:30 pm
Forum: Investing - Theory, News & General
Topic: John Oliver covers retail investment industry on Last Week Tonight
Replies: 114
Views: 19345

Re: John Oliver covers retail investment industry on Last Week Tonight

Snort out your nose funny.

But you all missed the best part--his dismantling of the Dan Gilbert/Prudential commercial--which I have to suffer through every time I watch Washington Week in Review.



Bill
by Bill Bernstein
Tue Jun 14, 2016 11:28 am
Forum: Personal Consumer Issues
Topic: Help! Microsoft kills WIN Live Mail-2012
Replies: 22
Views: 2799

Re: Help! Microsoft kills WIN Live Mail-2012

Hi Victoria! Like most everyone else on this post, I use and love T-bird. BUT, it seems certain that mozilla.org will cease its support/development of it one of these years, sooner rather than later. After that, maybe a user group will maintain it, maybe not. So nothing is forever. Hope to see you i...
by Bill Bernstein
Sat Jun 11, 2016 8:03 pm
Forum: Investing - Theory, News & General
Topic: Classic Bernstein 9 — The Stock Returns Fairy, Exposed
Replies: 16
Views: 4434

Re: Classic Bernstein 9 — The Stock Returns Fairy, Exposed

Yes, we're still diluting, but more slowly, perhaps the "new normal" is more like 1%, not 2%. (Rob keeps these data, and it's been a bit since I've peeked, but that was my eyeball of it last I did.) What this tells me is not to worry too much about economic slowing harming stock returns. Yes, Virgin...
by Bill Bernstein
Sun May 29, 2016 5:19 pm
Forum: Investing - Theory, News & General
Topic: Simplegift and Dr. Bernstein
Replies: 20
Views: 3364

Re: Simplegift and Dr. Bernstein

Thanks for all the kind words.

And, yep, my first name isn't Doctor ;-)



Bill
by Bill Bernstein
Sun May 29, 2016 7:02 am
Forum: Investing - Theory, News & General
Topic: Classic Bernstein 8 — Is Credit Risk Ever Worth Taking?
Replies: 20
Views: 3337

Re: Classic Bernstein 8 — Is Credit Risk Ever Worth Taking?

Hi All: Larry S. would make the point, and he'd be right, that being opportunistic with high-yield bonds is simply another way of taking equity risk--i.e., you'd be better off simply slightly upping your equity exposure rather than buying junk. The only arguments I have with that, and they're tiny p...
by Bill Bernstein
Thu May 26, 2016 2:02 pm
Forum: Investing - Theory, News & General
Topic: Bernstein says emergency fund part of your "asset allocation?"
Replies: 62
Views: 8156

Re: Bernstein says emergency fund part of your "asset allocation?"

Hi All: I hesitated to post on this one, since all of the above posts were of such high quality and relevance. Have I changed my mind the past two decades a little bit about "one portfolio" versus liability matching/risk portfolios. Well, a little ;-) As several of the above posters have noted, if y...
by Bill Bernstein
Thu May 19, 2016 4:03 pm
Forum: Investing - Theory, News & General
Topic: Deep Risk (Bernstein): Any academic research on G Fund vs. TIPS as inflation hedge?
Replies: 28
Views: 4615

Re: Deep Risk (Bernstein): Any academic research on G Fund vs. TIPS as inflation hedge?

What I'm saying about REITs, or about any other asset class, is that you cannot ignore valuations. At the moment, they yield about 3.5%, not including return of capital, some of which seep into their "dividends." Add that to a likely negative real div growth, and you get a real return of around 3%, ...
by Bill Bernstein
Tue May 17, 2016 4:25 pm
Forum: Investing - Theory, News & General
Topic: Another Bernstein Gem-Don't be Greedy
Replies: 42
Views: 9298

Re: Another Bernstein Gem-Don't be Greedy

Hi All: The main point of the piece was that if you've won the game, and if your equity allocation is high, to lighten up. Within 800 words, it's hard to produce a lot of nuance. Here's what got left out: 1) Of course there's a trade off between safety and consumption/spending. The richest person in...
by Bill Bernstein
Sun May 15, 2016 12:45 pm
Forum: Investing - Theory, News & General
Topic: Deep Risk (Bernstein): Any academic research on G Fund vs. TIPS as inflation hedge?
Replies: 28
Views: 4615

Re: Deep Risk (Bernstein): Any academic research on G Fund vs. TIPS as inflation hedge?

I got asked by Forrest for a PM comment, here's what I responded: Both good points, but there is a reason I didn't mention either: 1) The G fund carries the risk of low real rates with high inflation, as occurred for more than a decade before Volcker brought down the hammer. ie, despite its "stable...
by Bill Bernstein
Mon May 09, 2016 12:39 am
Forum: Investing - Theory, News & General
Topic: Classic Bernstein 4 — Stocks Always Beat Bonds?
Replies: 19
Views: 4121

Re: Classic Bernstein 4 — Stocks Always Beat Bonds?

Well, it's been a while since 2002. Estimated vs. T-bills, currently yielding, at best, 30-50 bp nominal, equities are priced to return, oh, say, 6.5% nominal (2% divs, 4.5% earnings growth) for an expected ERP of around 6%. So I think it's now highly probable that stocks will beat bills over the lo...
by Bill Bernstein
Sun May 08, 2016 8:27 pm
Forum: Investing - Theory, News & General
Topic: Classic Bernstein 2 — Choosing Portfolio Bond Duration
Replies: 42
Views: 7953

Re: Classic Bernstein 2 — Choosing Portfolio Bond Duration

Of course high-rated corporate bonds never default; they first become lower-rated bonds before they do. Remember, at one time Enron, Wang Labs, GM, and Penn Central bonds were all highly rated. Those who think that even highly rated corporates will hold up when the sky turns stormy should take anoth...
by Bill Bernstein
Thu May 05, 2016 6:08 pm
Forum: Investing - Theory, News & General
Topic: Classic Bernstein 2 — Choosing Portfolio Bond Duration
Replies: 42
Views: 7953

Re: Classic Bernstein 2 — Choosing Portfolio Bond Duration

Excellent thread! Two points: 1) The risk of long bonds isn't well captured by volatility. Consider: the real total return of the long T from mid-1941 to mid-1981 was about -65%. That's what I call risk, far worse than any 40-year real equity return. 2) Yes, adding corporates diversifies bond risk. ...
by Bill Bernstein
Sun May 01, 2016 9:39 am
Forum: Investing - Theory, News & General
Topic: Classic Bernstein 1 — Asset Allocation and Time Horizon
Replies: 47
Views: 9923

Re: Classic Bernstein — Asset Allocation and Time Horizon

In the case of the example published in 1997, yes, there's a very close relationship between the % overall stocks and return, both at the 27-year and 5-year horizons. But this is just one time-dependent example. Were you to do this exercise today, it would be quite easy to come up with portfolios wi...