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The Journal of Wealth Management

The Journal of Wealth Management

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Article

Portfolios for Investors Who Want to Reach Their
Goals While Staying on the Mean–Variance Efficient Frontier

Sanjiv Das, Harry Markowitz, Jonathan Scheid and Meir Statman
The Journal of Wealth Management Fall 2011, 14 (2) 25-31; DOI: https://doi.org/10.3905/jwm.2011.14.2.025
Sanjiv Das
is a professor of finance at the Leavey School of Business, Santa Clara University, in Santa Clara, CA. srdas@scu.edu
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Harry Markowitz
is a professor of finance at the Rady School of Management, University of California, San Diego, in La Jolla, CA. harryhmm@aol.com
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Jonathan Scheid
is the president and CIO at Bellatore Financial, Inc., in San Jose, CA. jscheid@bellatore.com
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Meir Statman
is Glenn Klimek Professor of Finance at the Leavey School of Business, Santa Clara University, in Santa Clara, CA, and a visiting professor at Tilburg University in the Netherlands. mstatman@scu.edu
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Abstract

How can investors construct portfolios that help them reach their goals, such as a comfortable retirement for themselves, a bequest for their children, and college education for their grandchildren? Are such portfolios on the mean–variance efficient frontier? How can advisors discuss investment risk with clients whose risk tolerance varies by goal—low for retirement and higher for bequests? These are the questions answered in this article. The authors show that advisors can help clients construct portfolios that take clients to their goals while also leaving them on the mean–variance efficient frontier.

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The Journal of Wealth Management: 14 (2)
The Journal of Wealth Management
Vol. 14, Issue 2
Fall 2011
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Portfolios for Investors Who Want to Reach Their
Goals While Staying on the Mean–Variance Efficient Frontier
Sanjiv Das, Harry Markowitz, Jonathan Scheid, Meir Statman
The Journal of Wealth Management Jul 2011, 14 (2) 25-31; DOI: 10.3905/jwm.2011.14.2.025

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Portfolios for Investors Who Want to Reach Their
Goals While Staying on the Mean–Variance Efficient Frontier
Sanjiv Das, Harry Markowitz, Jonathan Scheid, Meir Statman
The Journal of Wealth Management Jul 2011, 14 (2) 25-31; DOI: 10.3905/jwm.2011.14.2.025
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  • Article
    • Abstract
    • INVESTOR GOALS AND MENTAL ACCOUNTS
    • MEASURING RISK BY THE PROBABILITY OF LOSSES AND THEIR AMOUNTS
    • CONCLUSION
    • ENDNOTE
    • REFERENCES
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Cited By...

  • Goal-Based Portfolio Optimization
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  • The Financial Risks Pyramid: Taking a Holistic Approach to Financial Advice
  • Using an Economic Balance Sheet for Financial Planning
  • Generating a Family of Optimal Glide Paths for Investment Planning with Target Dates
  • Scopus (8)
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