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by turndownsideup
1381 days ago
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Lump sum broken up in increments is a very simple portfolio of cash and equities. There is opportunity cost of the cash (inflation is 9% currently). These don't compare the same as apple and oranges. Mathematically, as long as equity value is always accretive (due to passive flow from pensions) lump sum does win on a raw return basis. This doesn't take account of drawdown management. (Think 3AC) |
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