Asset location and allocation with multiple risky assets

摘要: Most working adults have access to a taxable brokerage account (TBA) and tax deferred retirement (TDRA). According the existing literature, bonds should be located in TDRA, while equities TBA due treatments of these accounts. If borrowing is not allowed mixed holdings can optimal either but both simultaneously. But if all wealth TDRA ∗I am extremely grateful Mike Cliff John J. McConnell for their continuous guidance support. Thanks M. Barron C. D. Aliprantis helpful comments. I would also like thank seminar participants at Krannert Graduate School Management valuable suggestions. Chester S. Spatt Harold H. Zhang suggestions Comments Asset Allocation Mortality Conference Fields Institute, Toronto, helped me improving layout content this work.