Summary Overview

With the help of our fictitious retirement couple, the Smiths, we have taken you through our secular outlook for stocks, bonds, and commodities. The Smiths spent their working years doing a wonderful job of saving by using a dollar cost averaging approach and essentially just “buying and holding” to build their wealth. The secular bull market in stocks and bonds that began in the early 1980s acted as a strong tailwind to compound wealth at far above-average levels for years on end. But, at the Smiths’ retirement in 2000 two things changed. Instead of accumulating wealth, the Smiths entered the distribution phase of their retirement years and started drawing down their nest egg for living expenses. At ...

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