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Index
Praise
Title Page
Copyright Page
Dedication
Preface
How to Use this Book
Acknowledgments
PART I - INVESTMENT STRATEGY IN AN UNCERTAIN WORLD
CHAPTER 1 - The Uncertainty of Investing
Efficient Frontier Models
CHAPTER 2 - The Investment Policy Statement
The Foundation of the Investment Plan
PART II - ASSET ALLOCATION
CHAPTER 3 - Asset Allocation
The Ability, Willingness, and Need to Take Risk
When Conflicts Arise
Risk Factors
CHAPTER 4 - Equities
Equities versus Fixed Income
U.S. Equity versus International Equity
Emerging Markets
Value versus Growth
Real Estate
Your Home
Collateralized Commodity Futures (CCF)
Socially Responsible Investing (SRI)
CHAPTER 5 - Fixed Income
Credit Quality
Short-Term versus Long-Term Maturities
Municipal Bonds
Inflation-Protected Securities
Short-Term Fixed Income versus TIPS
CHAPTER 6 - Alternative Investments
Convertible Bonds: Not Recommended
Covered Calls: Not Recommended
Fixed-Income Currency Exposure: Generally Not Recommended
EE Bonds: Recommended
Emerging Market Bonds: Not Recommended
Equity-Indexed Annuities (EIAs): Not Recommended
Gold: Not Recommended
Hedge Funds: Not Recommended
High-Yield (Junk) Bonds: Not Recommended
Leveraged Buyouts (LBOs): Not Recommended
Leveraged Funds: Not Recommended
Master Limited Partnerships (MLPs): Not Recommended
Mortgage-Backed Securities (MBS): Not Recommended
Precious Metals Equities (PME): Not Recommended
Preferred Stocks: Not Recommended
Private Equity (Venture Capital): Not Recommended
Stable-Value Funds: Generally Not Recommended
Structured Investment Products: Not Recommended
Variable Annuities: Not Recommended
CHAPTER 7 - Liabilities and Asset Allocation
Mortgages
Prepay the Mortgage or Increase Tax-Advantaged Savings?
Other Liabilities
PART III - IMPLEMENTING THE PLAN
CHAPTER 8 - Individual Securities or Mutual Funds
Convenience
Diversification
Size Matters
Advantages of Individual Securities
Separate Account Managers
A Word of Caution
Summary
CHAPTER 9 - Active versus Passive Management
The Evidence
The Search for the Holy Grail: Why Is Persistent Outperformance So Hard to Find?
The Value of Economic Forecasts
The Value of Security Analysis
Buy, Sell, or Hold?
The Tyrannical Nature of an Efficient Market
The Prudent Investor Rule
The Benefits of Passive Investing
Summary
CHAPTER 10 - The Asset Location Decision
Exceptions
Order of Preference
Additional Considerations
Advanced Concept
Balanced and Lifestyle Funds
CHAPTER 11 - The Care and Maintenance of the Portfolio
Rebalancing
Tax Management Strategies
Final Considerations
PART IV - THE INVESTMENT PLAN AND FINANCIAL SECURITY
CHAPTER 12 - College Savings Plans
529 Plans
Coverdell Education Savings Accounts
Custodial Accounts
U.S. Savings Bonds
Financial Aid Impact
CHAPTER 13 - Insurance
Risk Management
Payout Annuities
Long-Term Care Insurance (LTCI)
Life Settlements
CHAPTER 14 - IRAs and Retirement/Profit Sharing Plans
Roth versus Traditional IRA
Five Key Facts
What to Do When Retirement Plan Choices Are Poor
IRA Conversions
CHAPTER 15 - Social Security
How Benefits are Determined
When to Take Benefits
Factors to Consider
Taking Benefits Early
Delaying Benefits
Taxes
Is Social Security a Balance-Sheet Asset?
File and Suspend Strategy
Double Dipping Strategy
Summary
CHAPTER 16 - Determining a Safe Withdrawal Rate
Monte Carlo (MC) Simulations
In the Absence of an MC Simulator
The Sequencing of Withdrawals to Fund Retirement
CHAPTER 17 - Planning Beyond Your Lifetime
Estate Planning
Preparing Your Heirs
Conclusion
APPENDIX A - Effective Diversification in a Three-Factor World
APPENDIX B - Dollar Cost Averaging
APPENDIX C - Reverse Mortgages
APPENDIX D - How to Choose an Adviser You Can Trust
Notes
Glossary
Index
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