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 📅 Join us February 23-25 at the 2026 MoneyShow/TradersEXPO Las Vegas! Register here: https://www.lasvegasmoneyshow.com/registration/?scode=061246 For more episodes of the MoneyShow MoneyMasters Podcast, visit our podcast page: https://www.youtube.com/@MoneyShow/podcasts Facebook: https://www.facebook.com/OfficialMoneyShow/ Instagram: https://www.instagram.com/moneyshow/# TikTok: https://www.tiktok.com/@officialmoneyshow?lang=en X (Twitter): https://x.com/moneyshow LinkedIn: https://www.linkedin.com/company/moneyshow/