and "開始的時候沒什麽錢".
50% VDI and 50% BND portfolio is back tested for the last decade, which is refered as "lost decade" as well as "great recession". Furthermore, after reaching certain ages(as early as 40s), invstors should shift more money into bonds, long term bonds->mid term notes->short term bills, and eventually tips and I-bond. It is navie to hold 100% of your retirement assets in SPY during 最後十年
6% return of BRK.A for the last decade is nothing to sneeze at. First of all, the return is risk adjusted. You can not compare it to with John Paulson's profolio. Secondly, it is a great return in "lost decade".
I don't feel comfortable with "很多pension都是按最壞6%回報算的". But keep in mind, Bill Gross is a bond guy who is very motivated to talk down equity. For his latest Investment Outlook piece, titled Cult Figures, please check out the rebuttal from the following podcast, http://www.money-guy.com/podpress_trac/feed/2714/0/Money-Guy%2008-03-2012.mp3
I just can not believe Bill is borrowing ideas from "The Communist Manifesto", which Karl Max, who along with Friedrich Engles wrote in 1848.
