Hi John - thank you again for your recent response
to my earlier letter... I believe I read somewhere on the site that you are a retired engineer, so let me speak for a second in math terms... more of a hypothesis than anything empirical yet, but it SEEMS
to me that the partial derivative of the «
ideal» stock
allocation (let's assume for now this means the
equity allocation that maximizes the SWR) with respect
to changes in PE10 is less sensitive
to changes in PE10 the longer your time horizon and / or the higher your target terminal balance....