How Should I Invest My Money?
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Do You Think Passive Investors Should Rebalance Their Portfolios Over Time?
Myron: Investors who have flexibility should change their asset allocation over time. We use cyclically adjusted earnings yield as an estimate of the long-term real return that we can expect to earn on equities. In late 2021, we reduced allocations to equities by quite a bit because we had entered this period where equities became more risky.
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