The authors compare the price of a stock at a given point in time with its ex post realized value, which is defined by the discounted net present value of subsequent actual cash distributions. This measure is called the Clairvoyant Value, that is, the value that a clairvoyant investor with...

Target-date investment strategies purport to meet the two primary objectives of any retirement savings program: maximizing the real value of investors' nest eggs while minimizing uncertainty around prospective income in retirement. The authors demonstrate that the classic glidepath approach to...

The concept of Clairvoyant Value, introduced by the authors in the Spring 2009 issue of this journal, facilitates exploration of how the market prices future growth expectations across securities and over time. The authors find both concurrent and predictive links between the intertemporal...