What Is Wealth?

Robert D. Arnott

Financial Analysts Journal, 2006, vol. 62, issue 5, 6-9

Abstract: Whether defined as “fecundity” or “sustainable spending,” the primary goal for investors is to increase the real spending that a portfolio can sustain. A closely related goal is to avoid shocks that jeopardize that future real spending. When sustainable real spending is the measure, a portfolio of “all asset classes,” but not a balanced U.S. stock/bond portfolio, provides true diversification to see the investor through bull and bear markets.The Editor’s Corner is a regular feature of the Financial Analysts Journal. It reflects the views of Robert D. Arnott and does not represent the official views of the FAJ or CFA Institute.

Date: 2006
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DOI: 10.2469/faj.v62.n5.4275

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