Wade Pfau and Massimo Young Reveal a Major Danger in Conventional Monte Carlo Investment Analysis
Hi Will, Sign up at maxifi.com for our co-piloting service. It's great and will make you far more money than it costs. Plus, you'll have an expert economist help you set up your inputs and explain what you need to do. best, Larry
We are certainly on the same page, Jay.
All best, Larry
Thanks Larry. I particularly appreciate your explanation of how using a fixed distribution strategy in retirement, like the 4 percent rule, implies maximizing sequence of return risk. Drawing a fixed percent from your portfolio throughout retirement, independent of your investment returns, simply means you'll run out of money or leave an unspent surplus to your estate. That's not only poor advice, it's counter to actual human behavior.
A modern economy circulating products and services throughout the world doesn’t need money or sovereign countries (national currencies) to be successful. Today, we’ve the scientific knowledge and technological skills to convert our natural and artificial resources into daily life-sustaining deliverables: food, housing, education, healthcare, infrastructure, and employment demands. What we lack is unity, a global framework built upon fair and humane laws and safe and healthy industrial practices. I hypothesize that humanity can end poverty and reduce pollution by abandoning wealth and property rights, and instead adopt and implement an advanced resource management system that can provide “universal protections for all”. Replacing customary political competition altogether, this type of approach, which I named facts-based representation, allows us a better way to govern ourselves and our communities, basing policy and decision making on the latest information, in turn improving the everyday outcomes impacting our personal and professional lives.
Interesting read, as usual!
I wonder financial planning for my family's future and my retirement. I'm 'too busy' (honestly not, but unwilling to shift priorities I guess) to spend a lot of time investigating or managing my investments and understanding my asset allocations etc.
I am interested in your software, but again, am fairly unwilling to invest a lot of time into it. I guess I've been spoiled by relatively solid market performance in my working years, with a few major dips.
Do you recommend your software to someone under 50? Presuming you will say yes (or yes, if) - I wonder how 'lazy/armchair asset manager' friendly it is.
Anyway, thanks for your podcasts and articles and puzzles/quizzes. I especially enjoy your talks with Glenn L.