Bob Pozen

speaker

286 appearances 1 recordings 1 series first heard Jul 2026 last heard 30 Jul

Bob Pozen’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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Talking Wealth · Is the 60/40 Portfolio Too Conservative? | Ben with Benefits · 30 Jul 2026 podcast

If you're not living off your investment portfolio, you're not using that income to meet your monthly living expenses, why not get the greater returns from stocks?

Why are you holding so many bonds?

And that's my argument, and I'm sticking to it.

Well, I think there are at least three reasons, all of which aren't very good.

The first is, as you suggest, a lot of people say when you get close to retirement or you're at retirement, you're at 60 years old or 65 years old, you're not going to

have much of an investment horizon.

It's going to be very short.

And so it may be five or 10 years.

But as you say, a lot of people at 60 or 65 are going to live another 20 years.

So that's a pretty long horizon.

Moreover, the people we're talking about who have over a million in investable assets, which by the way, does not include your house.

Those people, most of them are going to bequeath those stocks to their children.

So if we think of their real investing horizon, it should include not only the rest of their lifetime, but also the rest of the lifetime of their children.

And in fact, having stocks that are appreciated has a great tax benefit.

because we have a step up in basis at death.

So if you have a S&P 500 index fund, which at the end of 30 years has, you've invested 100,000, but it's now at 1.57 million, that appreciation immediately steps up at your death.

And so your children don't pay any capital gains on it.

So it's a great advantage.

So I think the first mistake is, what is your actual investment horizon?

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