“(Annual returns of +10%, -5%, +22% and -3% will always result in a four year return of +23.7% no matter what order they came in.) … starting out risky and ending safe has exactly the same expected result as starting safe and ending risky.

… then why would it make sense as generic advice to those saving for retirement? Well, of course, it doesn’t.”

http://badmoneyadvice.com/2009/01/great-life-cycle-of-risk-aversion.html

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