Is it possible that Nobel economists are no better at planning for retirement for the rest of us? View this video from Boston University and judge for yourself.
From the website:
PBS NewsHour correspondent Paul Solman talks about the 2008 financial crisis with Nobel Prize–winning economists Robert C. Merton, Robert Solow, and Paul Samuelson before a packed house at the BU School of Management’s Future of Life-Cycle Saving and Investing conference. The three economists joke about when they will retire, if ever, where they have invested their savings, and what economic hardship will mean for our lives. The Nobel laureates several times digress with teasing banter. Asked when he plans to retire, the ninety-three-year-old Samuelson explains that he would have to grow up before he considers retirement. When Solman questions the experts about the distribution of their own investments, Solow says he had no idea what was in his portfolio. Merton reveals that the bulk of his portfolio is in a Global Index Fund, Treasury Inflation-Protected Securities, and one hedge fund. He says he had been invested in a commercial real estate fund until recently, but dropped that when its value rose too quickly for his comfort.
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