YES, DEATH IS EVERY INDIVIDUAL’S ULTIMATE REALITY, BUT AS an investor, you may well be making too much of it. If, for example, you plan to leave most of your capital in bequests to your children or grandchildren, the appropriate time horizon for your family investment policy—even if you are well into your eighties or nineties—may be so long term that you’d be correct to ignore such investment conventions as “older people should invest in bonds for higher income and greater safety” or “to determine the percentage of your assets you should have in stocks, subtract your age from 100.”

The wiser, better decision for you and your family might be to invest 100 percent in equities because your investing horizon may be far ...

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