Economist Peter St. Onge summarizes some of the major financial and government news stories of the day.
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Government Employee Pensions Are Underfunded. Taxpayers Will Make Up the Difference
2024-01-20
People aren’t messing with their 401(k)s enough, according to the The Wall Street Journal. It used to be “Set it and forget it.” Now, according to the Wall Street Journal’s Jon Sindreu, if you forget it, you might miss it.
Inspired by a BlackRock thought experiment which included perfect knowledge, Sindreu looked backward between 2020 and the present at a person making yearly changes (moving funds to the previous year’s strongest sector) which would have generated a compound annual return of 55 percent, nearly four times more than buying and holding the Standard and Poor’s 500 (or setting and forgetting). For the period of 2016 through 2019, the gain would have been 30 percent, twice the index.
Basing a new strategy on back-of-the-envelope testing back just seven years seems dubious. It
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