Did How the Stock Market Works Change in 1996?

Morningstar recently published a podcast in which they interviewed Wade Pfau, who co-authored research with me a number of years back showing the benefits of long-term market timing. The title of the podcast is — Wade Pfau: The 4 Percent Rule Is No Longer Safe. A transcript is set forth at the link.Q2 2020 hedge fund letters, conferences and moreThe Idea Of Using Market ValuationsWade is asked at one point: “What about the idea of using market valuations as sort of a signal that it’s time to de-risk or does that seem too much life market timing to you?”He states:“Earlier in my career I was kin…

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