More Stocks. Less Bonds. Better Capture.

More Stocks. Less Bonds. Better Capture.

The plan was to discuss valuations, but July created the opportunity to revisit two important concepts: Asset Allocation Upside and Downside Capture We wanted to touch on both and their impact to our portfolios.   Asset Allocation   Asset allocation is the...
More Stocks. Less Bonds. Better Capture.

Q2 Recap and Chart Book

This is our biggie each quarter, pages of charts and the context to go with them. As always, we think the windshield view is far more relevant than the rearview. But it’s through the rearview that we get a sense of the path traveled to this point, helping to set...
More Stocks. Less Bonds. Better Capture.

The Silver Lining of Bear Markets

A high level of our portfolio construction process could be summarized as an attempt to hold less bonds and more stocks. We think this allocation shift allows portfolios to be better positioned moving forward. More potential for return, therefore, less exposure to...
More Stocks. Less Bonds. Better Capture.

Convexity is Key

Let’s talk about the last couple weeks in the market and what we are doing about it. Not to provide homework, but if you haven’t read the following links, please do. The positioning of portfolios and the thoughts about our positioning will be much more effective....
More Stocks. Less Bonds. Better Capture.

Thinking Well

Thinking well is a superpower. It’s not a character trait that receives much attention, but I’d argue, it’s what matters. All other qualities take a back seat to the ability to think well.  Thinking well is a consequence of deep understanding, and it’s that...
More Stocks. Less Bonds. Better Capture.

Q1 Recap and Chart Book

This is our biggie each quarter, pages of charts and the context to go with them. As always, we think the windshield view is far more relevant than the rearview. But it’s through the rearview that we get a sense of the path traveled to this point, helping to set...