billbengen
I wrote last week about a recent article in Financial Advisor magazine titled Bill Bengen Revisits the 4 Percent Rule Using Shiller’s CAPE Ratio, Michael Kitce’s Research. I like the article because it says things that could not be said in May 2002, when I first pointed out the error in the studies claiming that the safe withdrawal rate is always 4 percent.Q3 2020 hedge fund letters, conferences and moreBengen writes: “High initial withdrawal rates are consistently associated with ‘cheap” stock markets and low initial withdrawal rates are associated with ‘expensive’ stock markets. The correlat...
ValueWalk
Bill Bengen has written an important article on safe withdrawal rates for Financial Advisor. It is titled Bill Bengen Revisits the 4 Percent Rule Using Shiller’s CAPE Ratio, Michael Kitce’s Research.The 4 Percent RuleThe 4 percent rule has been around since the mid-1990s. The idea in creating it was to provide aspiring retirees a rule-of-thumb that they could use to determine whether they had saved enough to hand in a resignation. Stocks were king in the mid-1990s. So the researchers calculating the number would assume an 80 percent stock allocation. They would look to the worst time-period in...
ValueWalk
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