Dr. Paul Kaplan

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479 appearances 1 recordings 1 series first heard Jul 2026 last heard 9 Jul

Dr. Paul Kaplan’s voice in public audio — every appearance, attributed to the second.

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The Rational Reminder Podcast · A Financial Plan For Your Entire Life | #417 (Dr. Paul Kaplan) · 9 Jul 2026 podcast

How do I invest between the taxable and the tax-advantaged?

One of the things we do in our net worth optimization framework is that we take that all into account.

So we look at stocks.

how they return in the two different accounts and how bonds, how they return to the two different accounts, all that is taken together simultaneously.

So you get to an optimal, not just an optimal asset allocation, but also an optimal asset location.

You can't get there if you do them sequentially.

I can't really say that unless we're talking about like a particular numerical example where we can show the difference.

But we do know with any kind of optimization framework, it's suboptimal to optimize in isolation.

you're always going to get to a better place if you do one grand optimization at taking everything into account.

Eth allocation is really important in the investment process.

I'd like to read a quotation from Markowitz on this.

I had the opportunity some years ago to interview him, and I asked him a question about what's important to happen in investing since he did his famous mean variance optimization paper back in 1952.

And then in 1959, he published a book

which gave all the math and everything about like how to do this mean variance optimization.

He says, I think the most important thing that happened between 1959 and the present is that the notion of doing your analysis of asset classes in the first instance, this has become part of the infrastructure that we now rely on.

In 1959, I had a theory, I had a rationale and so on.

Now we have an industry.

So asset allocation is kind of what made Markowitz's theory into an industry.

We recognize now that it's really at the asset class level are the basic drivers between risk and return.

Sometimes we call the asset allocation decision the beta decision.

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