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This article originally appeared in the May 2015 issue of the AAII Journal. It’s a fact that the order in which you experience positive and negative returns significantly impacts how your portfolio performs. The big uncertainty is what actual sequence of returns you will experience...

This article originally appeared in the May 2015 issue of the AAII Journal. Experience is the best teacher. How true! I have been a professional investment manager for 62 years, mainly at David L. Babson & Co., where I managed portfolios for all kinds of individual and institutional...