Finance
Retirement Planning: Time to Ditch the 60/40 Portfolio?
Date: 2026-02-23 13:03:28
The old 60/40 playbook was built for retirement, not for decades of life after it.
In this keynote from the 2025 MoneyShow Masters Symposium Sarasota, Tony Davidow explains why longer working lives, market volatility, and the failure of stocks and bonds to diversify in 2022 are forcing investors to rethink portfolio construction.
The Senior Alternatives Investment Strategist at the Franklin Templeton Institute also covers how private equity, private credit, and private real estate have helped institutions improve returns and manage risk. Plus, he shows why those assets are now moving into defined contribution plans – and how target-date funds may become the gateway for broader access.
If you want to understand how institutional-style diversification is reshaping retirement investing, this session breaks it down clearly.
About Tony Davidow
Tony Davidow is Senior Alternatives Investment Strategist at the Franklin Templeton Institute. He works closely with advisors and institutions on alternative investment education, portfolio construction, and the evolving role of private markets across retirement and individual investment accounts.
CHAPTERS
00:00 – Private markets enter retirement investing
00:28 – Why the old 60/40 model no longer works
01:26 – Strong stock returns hide portfolio risk
02:13 – Private equity vs stocks in strong years
02:42 – 2022 when stocks and bonds failed together
03:23 – How institutions use private markets
03:32 – The illiquidity premium explained
04:23 – The Yale endowment playbook
05:41 – How private assets reshape diversification
07:24 – Private markets move into 401k plans
15:49 – What this means for future retirees
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