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

The underlying drivers of return.

And that when you pick individual managers of different individual funds, that's the alpha decision where you kind of decided on your asset allocation.

And then you pick managers that you believe will add value without adding too much risk.

Tom and I, you know, my co-author, Tom and Zurich, we believe it's really important to get these tools into software.

In the end of our book, we have these calls to action on the industry, and one of them is develop financial planning software that is based on life cycle theory.

rather than just sort of these ad hoc tools that we've mentioned before.

Now, as I step in that direction, I've developed a spreadsheet that actually implements most of what we've talked about in the model, at least on the lifecycle part.

Now, the focus of the spreadsheet is on consumption and very high-level asset allocation.

The rest of the model, in the book, we divide the three parts.

The parent model, which is the lifecycle model, lifecycle theory.

The child model, which is the net worth optimization asset allocation model.

And then the third part, which we haven't discussed too much here today, is what we call the grandchild model, which is basically how do you take the outputs of the child model and pick actual funds?

And to pick actual funds, you have to come up with these alphas or these additional expected returns.

And you also have to take into account the additional risk that you're adding when you use an active manager.

You can stop just at the S allocation level and just use index funds.

in which case you're getting the beta effects, just the risk and return of the different asset classes.

When you use active managers, you may or may not get an alpha, but you definitely will get more risk in the portfolio.

And so that's what the grandchild model does.

It manages all that.

So if you like, I could just go and pull up the spreadsheet model.

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