Search found 2920 matches

by longinvest
Tue Oct 16, 2018 8:06 pm
Forum: Investing - Theory, News & General
Topic: "Safe" Withdrawal Rate for Early Retirees (or any retiree)
Replies: 187
Views: 13989

Re: "Safe" Withdrawal Rate for Early Retirees (or any retiree)

How about instead of withdrawing an inflation adjusted 4% you instead withdraw 1% of your portfolio’s value, 4x a year? The 1% will be based on your actual portfolio value, not on the value the day you retired. Also you are guaranteed to not run out of money- if the portfolio drops your widthdrawl ...
by longinvest
Tue Oct 16, 2018 7:09 pm
Forum: Investing - Theory, News & General
Topic: "Safe" Withdrawal Rate for Early Retirees (or any retiree)
Replies: 187
Views: 13989

Re: "Safe" Withdrawal Rate for Early Retirees (or any retiree)

https://earlyretirementnow.com/2018/05/09/the-ultimate-guide-to-safe-withdrawal-rates-part-24-flexibility-myths-vs-reality/ I see that VPW was backtested on a highly volatile 80/20 stocks/bonds portfolio. The retiree didn't have any stable lifelong non-portfolio income like a pension, Social Securi...
by longinvest
Tue Oct 16, 2018 8:43 am
Forum: Personal Finance (Not Investing)
Topic: Variable Percentage Withdrawal (VPW)
Replies: 770
Views: 256075

Re: Variable Percentage Withdrawal (VPW)

For the VPW spreadsheet, do you just use your investments, stock and bond funds etc, or do you also include your CD’s, money markets and high interest savings accounts? (Sorry if I missed that answer, but with 16 pages, its hard to digest everything ) Thanks From the wiki's VPW page: VPW is best us...
by longinvest
Tue Oct 16, 2018 8:31 am
Forum: Investing - Theory, News & General
Topic: "Safe" Withdrawal Rate for Early Retirees (or any retiree)
Replies: 187
Views: 13989

Re: "Safe" Withdrawal Rate for Early Retirees (or any retiree)

No sane person would ever follow a withdrawal approach (SWR) that lets most of its (hypothetical) adopters die as the richest people in the graveyard, and bankrupts most of the rest. There exist flexible withdrawal methods that automatically increase withdrawals in good markets, and reduce them in b...
by longinvest
Tue Oct 16, 2018 8:14 am
Forum: Investing - Theory, News & General
Topic: "Safe" Withdrawal Rate for Early Retirees (or any retiree)
Replies: 187
Views: 13989

Re: "Safe" Withdrawal Rate for Early Retirees (or any retiree)

According to United States Life Tables, 2013 (page 6), 1.0% of males and 2.8% of females reach the venerable age of 100 in the U.S. In other words, (1,023 / 51,252) = 2.0% of 80 years old males and (2,754 / 64,427) = 4.3% of 80 years old females make it to age 100. The chance of one spouse surviving...
by longinvest
Mon Oct 15, 2018 6:33 am
Forum: Personal Finance (Not Investing)
Topic: Buy car cash or take low rate loan
Replies: 33
Views: 1799

Re: Buy car cash or take low rate loan

Buying new Tacoma pickup and cost is around 38k. If I get a 2018 then Toyota is offering 1.9% financing on the loan. I can pay cash but with the 1.9% interest rate loan, why not just get the loan and put the money in something that earns 1.9% or greater. Two reasons. Financing at a 1.9% rate and an...
by longinvest
Sun Oct 14, 2018 10:56 pm
Forum: Investing - Theory, News & General
Topic: "Safe" Withdrawal Rate for Early Retirees (or any retiree)
Replies: 187
Views: 13989

Re: "Safe" Withdrawal Rate for Early Retirees (or any retiree)

If my wife and I were 55 years old and our portfolio was composed of 45,000 units of Vanguard Balanced Index Fund Investor Shares (VBINX), couldn't we safely sell 1,000 units per year until age 79 (for a total of 25,000 units sold), and then, at 80, buy a joint inflation-indexed SPIA* which, at 80, ...
by longinvest
Wed Oct 10, 2018 8:49 pm
Forum: Investing - Theory, News & General
Topic: Diversifying with a zero-correlation, zero-return volatile asset
Replies: 66
Views: 3520

Re: Diversifying with a zero-correlation, zero-return volatile asset

Let's consider portfolio returns. We know that both friends have their portfolio invested in the same allocation; the time -weighted returns* of their portfolios will be identical. I am, of course, assuming that all of the money is invested in the market at all time, never lying aside as cash. I'll ...
by longinvest
Wed Oct 10, 2018 11:48 am
Forum: Investing - Theory, News & General
Topic: Allan Roth doesn't like single premium annuities
Replies: 185
Views: 9230

Re: Allan Roth doesn't like single premium annuities

... longinvest has pointed out that insurance companies are making perhaps a 5% profit on the premiums paid for SPIAs. ... While they serve a purpose, in addition to the 5% profit (if that's what the profit is), there are expenses in running the insurance company and paying the agents. Also, annuit...
by longinvest
Wed Oct 10, 2018 7:27 am
Forum: Investing - Theory, News & General
Topic: Allan Roth doesn't like single premium annuities
Replies: 185
Views: 9230

Re: Allan Roth doesn't like single premium annuities

You could buy an annuity with inflation protection but this is at the price of much lower monthly payments. [...] If the purchasing power of an annuity decreases too much over time, just buy another one when you are older. To dampen the financial risk of living to old age, an 80 years old single ma...
by longinvest
Tue Oct 09, 2018 7:57 pm
Forum: Investing - Theory, News & General
Topic: Allan Roth doesn't like single premium annuities
Replies: 185
Views: 9230

Re: Allan Roth doesn't like single premium annuities

Comparing the a 3% COLA annuity vs. one w/o a COLA is pretty simple math as well. I just compared one for a 65 year old male and it's not until age 87 that the COLA one comes out ahead in terms of total payments (income? :D ). That COLA seems rather pricey. For me, if I just wanted the stable incom...
by longinvest
Tue Oct 09, 2018 7:30 pm
Forum: Investing - Theory, News & General
Topic: Allan Roth doesn't like single premium annuities
Replies: 185
Views: 9230

Re: Allan Roth doesn't like single premium annuities

I'm coming around to the belief that the lack of inflation adjustment in the vast majority of SPIAs isn't much of a flaw. I disagree. The reason to buy a SPIA is to protect against the risk of a long life. Sure that is a reason (maybe "the" reason) to buy a SPIA, but it's important to look at the t...
by longinvest
Tue Oct 09, 2018 6:45 pm
Forum: Investing - Theory, News & General
Topic: Allan Roth doesn't like single premium annuities
Replies: 185
Views: 9230

Re: Allan Roth doesn't like single premium annuities

I'm coming around to the belief that the lack of inflation adjustment in the vast majority of SPIAs isn't much of a flaw. I disagree. The reason to buy a SPIA is to protect against the risk of a long life. The inflation risk of a fixed SPIA shows up in the long term, when one happens to survive to ...
by longinvest
Tue Oct 09, 2018 5:38 pm
Forum: Investing - Theory, News & General
Topic: Allan Roth doesn't like single premium annuities
Replies: 185
Views: 9230

Re: Allan Roth doesn't like single premium annuities

Wow - okay then give me $100K and I'll give you $25K for three years and keep your principal Let's do some mathematics. :happy The life expectancy for men at the age of 65 years in the U.S. is 18 years. We know that men who buy annuities are generally healthier and wealthier than average, and thus ...
by longinvest
Mon Oct 08, 2018 3:03 pm
Forum: Investing - Theory, News & General
Topic: "Safe" Withdrawal Rate for Early Retirees (or any retiree)
Replies: 187
Views: 13989

Re: "Safe" Withdrawal Rate for Early Retirees (or any retiree)

Very detailed blog post by the "Mad Fientist". ... I think that the SWR method doesn't match the first principle of our philosophy. Here's a post I wrote about it: Michael Kitces 4% rule podcast on Madfientist The first principle of our Philosophy is to Develop a workable plan . One of the best fea...
by longinvest
Mon Oct 08, 2018 2:43 pm
Forum: Investing - Theory, News & General
Topic: Allan Roth doesn't like single premium annuities
Replies: 185
Views: 9230

Re: Allan Roth doesn't like single premium annuities

According to immediateannuities.com, a retired couple with both spouses of age 80 can buy a fixed SPIA paying $714/month for $100,000. This conservatively translates into a $554/month 3%-indexed SPIA, or a 6.6% payout rate on the $100,000. This is similar to the percentage, at age 80, for a 40/60 st...
by longinvest
Mon Oct 08, 2018 2:04 pm
Forum: Investing - Theory, News & General
Topic: Inflation and stocks and bonds
Replies: 14
Views: 733

Re: Inflation and stocks and bonds

AAA wrote:
Mon Oct 08, 2018 10:32 am
...we always hear that one should be invested in stocks as a hedge against inflation...
It's funny, isn't it?

Shouldn't we hear, instead, that one should be invested in Treasury Inflation-Protected Securities (TIPS) as a hedge against inflation?
by longinvest
Mon Oct 08, 2018 9:35 am
Forum: Personal Finance (Not Investing)
Topic: Book or other resource for managing spending phase of investing
Replies: 6
Views: 758

Re: Book or other resource for managing spending phase of investing

MnD, I don't have a book to recommend. But here are my personal answers to some of the questions. Disclosure: My wife and I are still many years away from retirement. So, I'm not talking from experience. I'm just basing my answers on our personal retirement plan. Should I create a "paycheck" every m...
by longinvest
Sun Oct 07, 2018 6:45 pm
Forum: Investing - Theory, News & General
Topic: Stress testing for those contemplating retirement in the next couple years
Replies: 28
Views: 2773

Re: Stress testing for those contemplating retirement in the next couple years

According to the BH Wiki, stock market prices “can stagnate or decline for decade-long periods”. This seems like a reasonable statement to me. No one knows when a decline may begin. Do you stress test your portfolio and spending plans for this scenario? I do it with two spreadsheets: I use the Vari...
by longinvest
Sun Oct 07, 2018 1:52 pm
Forum: Investing - Theory, News & General
Topic: 40-60% drawdown in bonds
Replies: 42
Views: 3735

Re: 40-60% drawdown in bonds

Joe, Yes, but what matters is how an asset works in the context of a portfolio, not how it works in isolation. Nobody is advocating a 100% bond allocation. In the context of a portfolio including a significant allocation to equities (say, 40%+ but preferably 60%+) they have provided valuable ballast...
by longinvest
Sun Oct 07, 2018 11:04 am
Forum: Investing - Theory, News & General
Topic: 40-60% drawdown in bonds
Replies: 42
Views: 3735

Re: 40-60% drawdown in bonds

Although bond rates were pegged in the '40's, long treasuries never traded up to their peg rate; I've read--can't find source right now. But since short rates were so low, investors took long term treasuries as better, and so naturally kept their yields down in the 2's, I think. Yield is just a mir...
by longinvest
Sun Oct 07, 2018 10:54 am
Forum: Investing - Theory, News & General
Topic: 40-60% drawdown in bonds
Replies: 42
Views: 3735

Re: 40-60% drawdown in bonds

Even in nominal terms, this can be questioned if looking at long duration bonds. The Vanguard Extended Duration Treasury ETF (EDV) (20+ year zero coupon bonds) is a 5 on their 'risk potential' scale (higher than broad US stocks), and has much higher standard deviation, lower Sharpe ratio, than stoc...
by longinvest
Sun Oct 07, 2018 9:50 am
Forum: Investing - Theory, News & General
Topic: 40-60% drawdown in bonds
Replies: 42
Views: 3735

Re: 40-60% drawdown in bonds

Here's a post I wrote a while ago about bonds in the 1940's and early 1950's, and about the choices a bond investor had at the time: https://www.bogleheads.org/forum/viewtopic.php?f=10&t=234107&p=3656804#p3656804 First, for investors really worried about inflation, there now exist inflation-indexed ...
by longinvest
Sun Oct 07, 2018 7:25 am
Forum: Investing - Theory, News & General
Topic: SimpleGift, Siamond: With slowly rising rates, what has happened historically? And an inflation observation!
Replies: 3
Views: 505

Re: SimpleGift, Siamond: With slowly rising rates, what has happened historically? And an inflation observation!

AtlasShrugged, Here's what I wrote a while ago: https://www.bogleheads.org/forum/viewtopic.php?f=10&t=234107&p=3656804#p3656804 First, for investors really worried about inflation, there now exist inflation-indexed bonds (TIPS) and inflation-indexed cash investments (I-Bonds). Second, I think it's i...
by longinvest
Sat Oct 06, 2018 9:05 pm
Forum: Personal Finance (Not Investing)
Topic: Variable Percentage Withdrawal (VPW-adv) for Advanced Users
Replies: 37
Views: 4473

Re: Variable Percentage Withdrawal (VPW-adv) for Advanced Users

Here's a detailed explanation of the calculations found in the VPW-adv spreadsheet. For new readers: VPW-adv is a spreadsheet that implements a flexible retirement plan based on our wiki's Variable Percentage Withdrawal (VPW) method, while taking into account current and future pensions (with and wi...
by longinvest
Mon Aug 20, 2018 6:19 am
Forum: Investing - Theory, News & General
Topic: A Returns Spreadsheet for Bogleheads
Replies: 243
Views: 55725

Re: A Returns Spreadsheet for Bogleheads

When the last provided account balance is $0, the spreadsheet doesn't report an error when the contribution/withdrawal/balance of succeeding months aren't provided. What's the easiest way to adopt v1.9 if I have a lot of data in 1.8? As I will be closing some accounts soon, it probably would be adv...
by longinvest
Sun Aug 19, 2018 4:22 pm
Forum: Investing - Theory, News & General
Topic: A Returns Spreadsheet for Bogleheads
Replies: 243
Views: 55725

Re: A Returns Spreadsheet for Bogleheads

I have uploaded a new version (1.9) of the returns spreadsheet. Changes: Handle closed accounts gracefully. (e.g. Don't ask for zeros every month). As usual, comments are welcome. How does one mark an account as closed? Sorry if this is obvious, but I can't see it. When the last provided account ba...
by longinvest
Tue Aug 14, 2018 5:30 pm
Forum: Personal Finance (Not Investing)
Topic: Variable Percentage Withdrawal (VPW-adv) for Advanced Users
Replies: 37
Views: 4473

Re: Variable Percentage Withdrawal (VPW-adv) for Advanced Users

So, how does it work? I think that it's simpler to explain with an example. Let's take Joe. Hi is single. He has just retired at age 65 in 2018. He has a $10,000 pension ($833 per month), but the pension doesn't have provisions for cost of living adjustments. Joe has decided to delay Social Security...
by longinvest
Mon Aug 13, 2018 11:02 pm
Forum: Personal Finance (Not Investing)
Topic: Variable Percentage Withdrawal (VPW-adv) for Advanced Users
Replies: 37
Views: 4473

Re: Variable Percentage Withdrawal (VPW-adv) for Advanced Users

Here is a screenshot of the Instructions sheet (click on the image to enlarge it): https://drive.google.com/uc?export=download&id=1D4R9c9lfMEQ-XaGA2c_x00S-ys_PIexS Here are screenshots of the Advanced VPW sheet (click on images to enlarge them): https://drive.google.com/uc?export=download&id=1_dCUbi...
by longinvest
Mon Aug 13, 2018 1:50 pm
Forum: Personal Finance (Not Investing)
Topic: Variable Percentage Withdrawal (VPW-adv) for Advanced Users
Replies: 37
Views: 4473

Re: Variable Percentage Withdrawal (VPW-adv) for Advanced Users

Should the amount entered in Cell B8 be the amount an 80 year old would receive now, upon purchasing a $100,000 non-COLA SPIA? Or would it be the amount received at age 80 after purchasing one now (at age 60)? It's a Single-Premium Immediate Annuity (SPIA), so it's the amount an 80-year old would r...
by longinvest
Mon Aug 13, 2018 1:43 pm
Forum: Personal Finance (Not Investing)
Topic: Variable Percentage Withdrawal (VPW-adv) for Advanced Users
Replies: 37
Views: 4473

Re: Variable Percentage Withdrawal (VPW-adv) for Advanced Users

Why does it make the assumption that retirees will opt for an annuity at age 80? The new version of the spreadsheet is much softer in suggesting annuitization at 80. Instead, it estimates the impact of not annuitizing and continuing to apply VPW. Calculations, above age 80, continue to apply VPW on...
by longinvest
Mon Aug 13, 2018 1:32 pm
Forum: Personal Finance (Not Investing)
Topic: Variable Percentage Withdrawal (VPW-adv) for Advanced Users
Replies: 37
Views: 4473

Re: Variable Percentage Withdrawal (VPW-adv) for Advanced Users

GAAP, Minor thought for the future: you might want to add more pensions in the mix. I have a non-indexed pension, plus social security. My wife has two indexed pensions plus social security. I know couples where each have more than one indexed pension plus social security -- fairly common with gover...
by longinvest
Mon Aug 13, 2018 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: Variable Percentage Withdrawal (VPW-adv) for Advanced Users
Replies: 37
Views: 4473

Re: Variable Percentage Withdrawal (VPW-adv) for Advanced Users

Siamond, Seems that you provided a good illustration of the methodology in this post. This essentially boils down to a net present value computation of the gap and a corresponding extra withdrawal, if I am not mistaken. ... Not exactly. While the simplicity of present value computations is very attr...
by longinvest
Mon Aug 13, 2018 1:05 pm
Forum: Personal Finance (Not Investing)
Topic: Variable Percentage Withdrawal (VPW-adv) for Advanced Users
Replies: 37
Views: 4473

Re: Variable Percentage Withdrawal (VPW-adv) for Advanced Users

I have uploaded version 2.0 of the spreadsheet. It is available online and to download from the links in the first post . Main changes: The master spreadsheet has been migrated to LibreOffice Calc. As a result, there are now three versions for user convenience: one online version (Google Sheets) and...
by longinvest
Sat Jul 21, 2018 12:52 pm
Forum: Personal Finance (Not Investing)
Topic: Variable Percentage Withdrawal (VPW-adv) for Advanced Users
Replies: 37
Views: 4473

Re: Variable Percentage Withdrawal (VPW-adv) for Advanced Users

I'll get it done, hopefully soon, but I don't want to promise a specific date and break my promise again. No big deal, in all fairness, making a duplicate copy of the Google Sheet is good enough to play around, this is a small spreadsheet. Could you please spend a little bit of time explaining the ...
by longinvest
Sat Jul 21, 2018 11:55 am
Forum: Personal Finance (Not Investing)
Topic: A different take on retirement income: time segmentation
Replies: 179
Views: 12734

Re: A different take on retirement income: time segmentation

This strategy does not specify which withdrawal method to use for the ESP or DSP, only that they be more conservative with funds needed to cover essential spending than funds needed for discretionary spending. I see two orthogonal issues: planning for a desired lifelong stable income for essential ...
by longinvest
Sat Jul 21, 2018 10:32 am
Forum: Personal Finance (Not Investing)
Topic: Variable Percentage Withdrawal (VPW-adv) for Advanced Users
Replies: 37
Views: 4473

Re: Variable Percentage Withdrawal (VPW-adv) for Advanced Users

That's annoying. I guess I'll have to do as I did with my other spreadsheets: develop the master copy with LibreOffice Calc and then export it to Google Sheets and Microsoft Excel. I'll try to do that next weekend. Hey longinvest, the download option from Google Sheet still seems to have issues (th...
by longinvest
Sat Jul 21, 2018 1:32 am
Forum: Personal Finance (Not Investing)
Topic: A different take on retirement income: time segmentation
Replies: 179
Views: 12734

Re: A different take on retirement income: time segmentation

Willthrill81, I've provided a link to a thread presenting a spreadsheet that combines various calculations (and pensions) into a cohesive and robust retirement plan. Here's the quote: A more comprehensive and somewhat simpler * approach is presented in the thread Variable Percentage Withdrawal (VPW-...
by longinvest
Sat Jul 21, 2018 1:05 am
Forum: Personal Finance (Not Investing)
Topic: A different take on retirement income: time segmentation
Replies: 179
Views: 12734

Re: A different take on retirement income: time segmentation

You'll note that I said "primarily." But with regard to VPW, the percentage withdrawals increase as retirees' age. Depending on how their portfolio performs, this could easily (likely in younger years) lead to larger withdrawals in real dollars over time. But the research is clear that two-thirds o...
by longinvest
Fri Jul 20, 2018 10:50 pm
Forum: Personal Finance (Not Investing)
Topic: A different take on retirement income: time segmentation
Replies: 179
Views: 12734

Re: A different take on retirement income: time segmentation

Willthrill81, Another problem not mentioned nearly as often is that while most of the traditional withdrawal strategies assume relatively fixed income needs from the point of retirement until death, this is not supported by real world data . Approximately two-thirds of retirees report that their spe...
by longinvest
Fri Jul 20, 2018 8:43 pm
Forum: Personal Finance (Not Investing)
Topic: Variable Percentage Withdrawal (VPW)
Replies: 770
Views: 256075

Re: Variable Percentage Withdrawal (VPW)

Question: On the "Table" tab of the VPW document, the Long-Term Real Growth Trends is set to 5.0% for stocks and 1.8% for bonds, and there is a note that this is based on data from Credit Suisse Global Investment Returns Yearbook 2016. When I look at the Credit Suisse Global Investment Returns Year...
by longinvest
Sat Jun 30, 2018 9:21 pm
Forum: Investing - Theory, News & General
Topic: Robert Merton on NewRetirement Podcast
Replies: 46
Views: 5270

Re: Robert Merton on NewRetirement Podcast

A bit of history. Long-Term Capital Management - Wikipedia LTCM was founded in 1994 by John W. Meriwether, the former vice-chairman and head of bond trading at Salomon Brothers. Members of LTCM's board of directors included Myron S. Scholes and Robert C. Merton , who shared the 1997 Nobel Memorial P...
by longinvest
Sat Jun 30, 2018 1:28 pm
Forum: Investing - Theory, News & General
Topic: Equity Risk Premium over Two Centuries, 1825-2017
Replies: 27
Views: 2747

Re: Equity Risk Premium over Two Centuries, 1825-2017

Astute readers might have noticed that between 1968 and 2018, there were 50 years, yet the average duration of long-term government bonds usually oscillates between 15 and 20 years.
by longinvest
Sat Jun 30, 2018 1:24 pm
Forum: Investing - Theory, News & General
Topic: Equity Risk Premium over Two Centuries, 1825-2017
Replies: 27
Views: 2747

Re: Equity Risk Premium over Two Centuries, 1825-2017

But once again, one needs to focus on the variance. While their world index average ERP over bonds in the 20th century was 4.6% CAGR, the standard deviation was 4.8%! According to the Credit Suisse Global Investment Returns Yearbook 2018, Summary Edition , page 37, the equity premium relative to lo...
by longinvest
Sat Jun 30, 2018 9:52 am
Forum: Investing - Theory, News & General
Topic: Why is warren buffet okay with no owning any bonds?
Replies: 48
Views: 4839

Re: Why is warren buffet okay with no owning any bonds?

No, I made a comment that applies to holding nominal bonds or bond funds in a mixed portfolio. I know and you know that the TIPS ladder LMP is a different case. But the comment here is about Buffett and we can't even figure out what he really means about assets at the simplest level, let alone with...
by longinvest
Sat Jun 30, 2018 9:41 am
Forum: Investing - Theory, News & General
Topic: Why is warren buffet okay with no owning any bonds?
Replies: 48
Views: 4839

Re: Why is warren buffet okay with no owning any bonds?

Dear Dbr, I think it’s because he hasn’t done enough backtesting with FIRECalc. :sharebeer Actually one sure fire way to fail a portfolio in retirement is to not have enough in stocks and too much in bonds. 100% stocks is not a sure fire failure in FireCalc or any other calculator. This is not advic...
by longinvest
Fri Jun 29, 2018 6:48 pm
Forum: Investing - Theory, News & General
Topic: The Three-Fund Portfolio
Replies: 2271
Views: 1439675

Re: The Three-Fund Portfolio

Grandpadan, Hi, I am a newbie. Just want to know if this 3-fund portfolio still applies in today's market in general? I also want to know when is the best time purchased these funds? With the market high, should i wait till the market goes down first before purchasing these mutual funds? Welcome to ...
by longinvest
Fri Jun 29, 2018 7:45 am
Forum: Investing - Theory, News & General
Topic: YOUR rate of return
Replies: 15
Views: 2083

Re: YOUR rate of return

To compare with an index, one must use time-weighted portfolio returns, not money-weighted investor returns! For more information, see wiki: Calculating personal returns . Our wiki provides a convenient spreadsheet which calculates portfolio returns which can be easily compared with a benchmark, as ...
by longinvest
Mon Jun 25, 2018 8:41 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Long Term Factors
Replies: 27
Views: 2262

Re: Larry Swedroe: Long Term Factors

Warning to new members: Our forums allows discussions about the latest fads of the industry. But, when reading such threads, it is important to keep in mind author William Bernstein's words: To summarize, you are engaged in a life-and-death struggle with the financial services industry. Every dolla...