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April 2009 » Life Cycle Investing
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James H. Wilson, CPA, PFS, and William G. Droms, DBA, CFA
An old idea has been attracting a great deal of attention lately in the financial planning community. The theoretical impetus for what is now called “life cycle investing” goes back to a pair of articles published by economists Paul Samuelson and Robert C. Merton almost 40 years ago (“Lifetime Portfolio Selection by Dynamic Stochastic Programming,” Review of Economics and Statistics, August 1969 and “Lifetime Portfolio Selection by Dynamic Stochastic Programming: The Continuous Time Case,” Review of Economics and Statistics, August 1969, respectively).
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