In this episode of Money & Meaning, host Jeff Bernier welcomes back Larry Swedroe, author, consultant, and former Director of Research at Buckingham Strategic Wealth. They explore how retirees and pre-retirees can construct portfolios that reduce risk, smooth returns, and withstand market shocks. Larry breaks down key principles of evidence-based investing, the importance of understanding risk tolerance, and the evolving role of alternative assets like private credit and reinsurance in modern portfolios.
Topics covered:
- Defining ability, willingness, and need to take investment risk
- Understanding the three-legged risk assessment framework for retirement planning
- The philosophy and principles behind evidence-based investing
- Core criteria for evaluating investment assets and risk factors
- Why beating the market is increasingly difficult for active managers
- Strategic use of factors like value, quality, momentum, and small-cap stocks
- Introduction to private market investments and their role in reducing sequence risk
- Characteristics and advantages of reinsurance, private credit, and infrastructure
- The role of illiquidity as a feature—not a bug—in long-term investing
- Shifts in the accessibility and cost of alternative investments
- How retirees can improve risk-adjusted returns through smarter diversification
- Common misconceptions around timing and liquidity in private markets
- Evaluating alternatives based on implementation cost and diversification
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