Are You a Stock or a Bond?: Create Your Own Pension Plan for a Secure Financial Future

244 Pages·2008·2.54 MB·English

by  Moshe A. Milevsky

Praise for
Are You a Stock or a Bond?
“Milevsky guides us through the perilous financial wilderness in pursuit of
the promised land of a secure retirement. Milevsky has the rare gift to
illuminate abstract financial and mathematical concepts in everyday
language and experiences. A must-read in this age of the growing burden
on individuals to shoulder greater responsibility for their financial security
in retirement.”
—Steven Siegel, Research Actuary,
Society of Actuaries
“The author provides a holistic approach to lifetime financial planning and
discusses cutting-edge ideas about how you should manage your asset
allocation, demand for insurance, and many other financial decisions. In
this book, Milevsky demonstrates his unique ability to explain key financial
concepts using down-to-earth language.”
—Dr. William Reichenstein, CFA,
Baylor University
“Milevsky brings much recent research to bear in trying to help people use
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concepts of modern financial economics in integrated personal financial
planning. A key element he brings to the forefront here is understanding
the role individual labor income, lifestyle, and longevity play in modern
dynamic portfolio theory.”
—Sid Browne, Ph.D.,
Brevan Howard Asset Management and Columbia Business School
“This book is a must-read for anyone who desires life-long financial
security. Those who read it will have a much deeper understanding of how
concepts such as ‘human capital’ and ‘risk management’ are not arcane
academic terms, but rather concepts that provide an extraordinarily useful
road map for creating lasting financial security.”
—Jeffrey R. Brown, Professor of Finance,
University of Illinois at Urbana-Champaign
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Are You A
Stock
or a
Bond?
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A Y
RE OU A
Stock
OR A
Bond?
CREATE YOUR OWN PENSION PLAN ptg
S F F
FOR A ECURE INANCIAL UTURE
M A. M
OSHE ILEVSKY
Vice President, Publisher: Tim Moore
Associate Publisher and Director of Marketing: Amy Neidlinger
Executive Editor: Jim Boyd
Editorial Assistant: Myesha Graham
Development Editor: Russ Hall
Digital Marketing Manager: Julie Phifer
Publicity Manager: Laura Czaja
Assistant Marketing Manager: Megan Colvin
Cover Designer: Sandra Schroeder
Operations Manager: Gina Kanouse
Managing Editor: Kristy Hart
Project Editor: Anne Goebel
Copy Editor: Paula Lowell
Proofreader: San Dee Phillips
Indexer: WordWise Publishing Services, LLC
Senior Compositor: Gloria Schurick
Manufacturing Buyer: Dan Uhrig
© 2009 by Pearson Education, Inc.
Publishing as FT Press
Upper Saddle River, New Jersey 07458
FT Press offers excellent discounts on this book when ordered in quantity for bulk purchases
or special sales. For more information, please contact U.S. Corporate and Government Sales,
1-800-382-3419, [email protected]. For sales outside the U.S., please contact
International Sales at [email protected].
Company and product names mentioned herein are the trademarks or registered trademarks ptg
of their respective owners.
All rights reserved. No part of this book may be reproduced, in any form or by any means,
without permission in writing from the publisher.
Printed in the United States of America
First Printing September 2008
ISBN-10: 0-13-712737-5
ISBN-13: 978-0-13-712737-5
Pearson Education LTD.
Pearson Education Australia PTY, Limited.
Pearson Education Singapore, Pte. Ltd.
Pearson Education North Asia, Ltd.
Pearson Education Canada, Ltd.
Pearson Educatión de Mexico, S.A. de C.V.
Pearson Education—Japan
Pearson Education Malaysia, Pte. Ltd.
Library of Congress Cataloging-in-Publication Data
Milevsky, Moshe Arye, 1967-
Are you a stock or a bond? : create your own pension plan for a secure financial future /
Moshe A. Milevsky.
p. cm.
Includes bibliographical references.
ISBN 0-13-712737-5 (hbk. : alk. paper) 1. Finance, Personal. 2. Investments. I. Title.
HG179.M4577 2009
332.024—dc22
2008005434
This book is dedicated to my mother,
Chaya Milevsky-Mannes, whose energy has
inspired me for the last 40 years.
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