Patrick Collins, Ph.D, CLU, CFA, and Josh Stampfli MS (EESOR), have released a working paper on the topic of portfolio rebalancing [1]. The paper begins with an overview of the surprisingly extensive research on the topic, including a survey of various rebalancing [2] strategies and results from several empirical and mathematical studies. The authors go on to explain exactly how portfolio [3] rebalancing can either enhance returns, control risk, or both. In the process they touch on issues both practical, such as taxes, and cerebral, as in Utility Theory. To gain further insight into the economic consequences of rebalance elections, Collins & Stampfli developed a simulation model with which they test nine different rebalance strategies under both portfolio accumulation and decumulation conditions. The results are instructive.