Glide path
A schedule written in advance for gradually lowering the share of risky assets as the date the portfolio was built for approaches.
How to read the number
The decision is made once and in a calm state; after that the weights change on a timetable rather than on how the current news feels.
When the metric lies
The schedule assumes the money will be needed in full on the appointed date. If the date shifts or the spending is spread out, cutting risk early costs return that was not collected.
Also known as: risk reduction schedule