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Episode 403: Patrick Adams - When Stock Crashes Matter for Long-Term Investors
What if your biggest investment risk isn't the stock market—but your own income?
In this episode, we are joined by Patrick Adams, a PhD candidate at MIT, for a fascinating deep dive into how income risk, spending commitments, and liquidity constraints reshape what "optimal" investing actually looks like. Drawing on large-scale administrative tax data, Patrick challenges the conventional wisdom that young investors should be heavily—or even fully—invested in equities.
We explore why stocks appear safe over long horizons but become risky when real-world constraints force investors to sell at…
The skinny
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