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

And those losses were more than recouped by the end of 1976.

So it depends on two things.

What's the time horizon you have?

I think you shouldn't be heavily in stock unless you have a time horizon of at least 10 years.

Yeah.

So if you need the money now or you're

really in a situation where if you had a medical emergency now, you'd have to sell your whole portfolio, then you shouldn't be that heavily in stock.

So you've got to have a bigger time horizon.

And second of all, that cash is there to both give you a sort of insurance policy if there's unexpected expense, and also to help you keep psychologically calm.

We know

that most investors, when the market goes down, sell.

And that's why the returns are much lower than the S&P 500.

Dalbar has approved that.

And the loss of returns vis-a-vis the S&P 500 by people who are stock investors is two or 3% per year.

So we need something

to help people stay calm during those down years.

Well, I think 80-20 is a lot better than 60-40.

I would say this, Ben.

It depends on people's risk appetite and their risk aversion.

If they really have great anxiety as soon as we have a down year in the market, even if they have a 20-year portfolio horizon, well, that shows that they need something.

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