Investment Masters

December 2003
Journal of Financial Planning;Dec2003, Vol. 16 Issue 12, p52
Academic Journal
The article presents a transcript of a panel discussion at the 2003 Retreat of the Financial Planning Association held in Traverse City, Michigan. The long-term planning at Evensky, Brown and Katz has been based on the long-term Ibbotson data. On the other hand, David Yeske of Yeske & Company believes that there is more than one priced source of risk in the market. The price-to-earnings ratio tends to increase during a recession and a bear market. Financial planners are subject to the same behavioral characteristics as clients. The biggest problem with equity risk premium is the difficulty in understanding the risk premium for equities. The other problem is the concept of an average risk premium.


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