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Tackling 'nastiest, hardest problem in finance'

Comprehending the range of possible future scenarios from any retirement income strategy is difficult.

CONSIDER some of the most challenging problems in finance: the equity-premium puzzle; binomial-option pricing models; do zero interest rates spur inflation or damp it; are stocks cheap or overpriced?

Challenging as those may appear, none compare to what Nobel laureate William Sharpe, 82,...

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