"The Ages of the Investor: A Critical Look at Life-cycle Investing"
is intended to be the first installment in the "Investing for
Adults" series. Just as grown-ups do not believe in the Tooth
Fairy, the Easter Bunny, or Santa Claus, "Investing adults" know
that there is no such creature as the Stock-picking Fairy or the
Market-timing Fairy. Further, there is no Risk Fairy who will write
you cheap options that will protect your stock holdings against
loss. Investing adults are familiar with Gene Fama, Zvi Bodie, Jack
Bogle, and Burton Malkiel, and understand that a mean variance
optimizer does not blend vegetables. In other words, this series is
not for beginners. Future topics will, with luck, include the
limits of market efficiency and diversification in increasingly
non-segmented global markets.
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