“Your theory breaks down because you've got it invested poorly because you believed in this mythology called asset allocation. You move it all day into bonds when you turn 65, which is dumber than hell.”
“We sold all their fixed income kind of intermediate and longer-term fixed-income assets, invested the money in short-term treasuries. And then we took a portion of the equity the insurer invested in a common stock portfolio.”
“You can limit how much of your returns you lose at taxes through the art of what's called asset location, which is deciding which investments should go in which types of accounts.”