Deviations from Market Strategy

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• Probably not significant in terms of preferences
  • small sample size
  • possible biases
    • reference points from prior experience (70% as a target standard of living)

• Characteristics
  • downside protection in severe bear markets
  • lower return in moderate bear and bull markets
  • higher return in substantial bull markets
  • lower return in extreme bull markets

• Economic values of differences small
  • expressed as percent of initial budget