
August 11, 2026
Sequence of returns risk is the danger that poor investment returns early in retirement, combined with regular withdrawals, shrink your portfolio. This can produce poor outcomes in later years, including completely running out of money. Here's how it works, and what you can do about it.

July 6, 2026
My target regional allocation is 45% US, 30% Europe, 25% Other. The 45% US is a big and deliberate cut versus the ~71% US weight in MSCI World and ~63% in MSCI ACWI. My reasons: concentration risk, a currency problem, and a shifting geopolitical landscape - the hardest of the three to quantify, but maybe the most important.