Asset Allocation

I've been underweight stocks since 2018, thinking valuations were too high. I was wrong. This is my analysis of what the Shiller CAPE ratio actually tells us about market timing—and what it doesn't. A painful lesson in the difference between valuation and timing, with 150 years of data.

People have been asking me lately about whether there is any advantage to putting certain types of investments in taxable versus non-taxable accounts. Short answer: yes, there is. Here is a short post on how to think about sorting investments between types of accounts. We'll first discuss the