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Liquidating inherited stocks

," a speech presented before the Financial Analysts Seminar Sponsored by the Association for Investment Management and Research At Northwestern University, Evanston, Illinois July 20, 1997.

Here's the outstanding book where they elaborate in depth on this idea.

This was the paper which revolutionized portfolio construction by emphasizing the importance of asset allocation.

Many more finely defined sub-asset allocations are also common.

Also, see Modern Portfolio Theory, Rebalancing and Tax-Managed Investing.

The paper concludes that each might be most appropriate in certain market conditions or for certain clients.

We believe that the constant-mix strategy is most appropriate for most individual investors in that it controls the amount of risk in the portfolio.

Unfortunately, there is only one thing we know for certain about those inputs, whatever they might be: they are wrong.