Love your book! One clarification, on page 142 (hard cover) you state that retires that did not encounter a large bear market early in their retirement improved their safemax by more frequent rebalancing, but Figure 9.3 shows the opposite, can you explain? Thanks.  M,

Dear M.,

Thanks for your note and your interest in my research.

Thanks also for catching a clear error in text on page 142. Points 2 and 3 should have their conclusions reversed. Deferring rebalancing is advantageous to those who retire into a bull market, as their returns compound without dilution. The converse is true for those retiring into a bear market- they are better off rebalancing more frequently, as this will gain them returns in the stock market recovery. I should that both the 1927 and 1941 retiree would have achieved satisfactory results if they had rebalanced once annually. Perhaps this is the more important conclusion.

I will notify my publisher to correct this in future editions.

Best regards,

Bill Bengen