RT Journal Article SR Electronic T1 Comment JF The Journal of Wealth Management FD Institutional Investor Journals SP 25 OP 26 DO 10.3905/jwm.2000.320370 VO 2 IS 4 A1 Paul A. Samuelson YR 2000 UL https://pm-research.com/content/2/4/25.abstract AB The author comments on the analysis of McNaughton, Piggott, and Purcal that summarized his earlier findings and explains why McNaughton, Piggott, and Purcal took issue with his conclusions. He proposes a “displaced constant-relevant risk aversion” utility function and illustrates that two factors, current wealth and time left to investment horizon, have a bearing on our maximum tolerable equity exposure. He shows that in this framework, it is conceivable that equity tolerance will rise, and not fall, nearing the end of an investment horizon that accumulated enough savings (wealth) to be willing to take equity risk.