In this article, the authors propose a comprehensive framework for simultaneously allocating
assets among active, passive, and factor investments while accounting for the uncertainty in …

Policymakers are introducing, and in some cases passing, legislation to create “Baby Bonds”
programs. If designed well, these programs can help children across the income spectrum …

This study explores the effects of using detailed personal information to help shape
retirement income strategies. We quantify the impact of individual and partner details on the …

Investors have multiple goals throughout their lifetime, each requiring complex interconnected
decisions about saving, consumption, and asset allocation. Economists have developed a …

… Ankul Daga …

… Journal of Portfolio Management, Roger Aliaga-Diaz, Giulio Renzi-Ricci, Ankul Daga, and
Harshdeep Ahluwalia, all with The Vanguard Group, discuss a more streamlined … Ankul Daga …

■ Mean-variance optimization and other conventional portfolio construction approaches
operate in two dimensions: portfolio risk and portfolio return. However, real-world investor …

When it comes to retirement, best practices suggest that investors formulate a spending
strategy based on a portfolio’s expected total return (dividends and interest plus capital gains) …

Successful plan sponsorship does more than enable participants to accumulate savings.
True retirement success, a critical component of participants’ financial well-being, enables …

There are more than two million confirmed cases of COVID-19 worldwide. In addition to the
global health crisis, COVID-19 is causing unprecedented economic destruction as countries …