Personal Finance
No Diversification
On Wall Street, no one ever says “okay, enough is enough.” The mentality is always “if a little bit is good then a lot is better. And if a lot is better then way more is great!” Usually, people have Read more
Personal Finance
Own Goal
I listened to a podcast where a financial advisor walked through his Goal Based Investing philosophy with a real case. The details were refreshingly specific: a couple, 300k saved, one kid headed to university in 15 years, and a retirement Read more
Personal Finance
Inflation and SWR
Two weeks ago, I was orphaned by the weekend reading list from BankerOnWheels. But thankfully, Monevator’s list threw me a lifeline: two posts, both interesting, and together they fill in the blanks. Here’s why they hit differently: they almost complete Read more
Personal Finance
Annuity Hate
If you spend enough time watching the way people interact with their brokerage accounts, you eventually realize that they aren’t actually looking for “total return.” That’s a lie they tell themselves to feel smart at dinner parties. What the average Read more
Personal Finance
Portable Alpha: a Primer
Three years ago, I moved into this incredibly well-placed and reasonably priced apartment in Zurich. Then I started this podcast nonsense, which brought a problem along: it made me crave a home office…while I also need a bed. In the Read more
Personal Finance
Total Portfolio Approach
In the world of finance, we are largely taught to worship at the altar of the Law of Large Numbers. The theory is simple: over a long enough time horizon, your investment outcomes will eventually converge toward the historical average. Read more
Personal Finance
Model Portfolio Enhancements Update
I created the Model Portfolio to turn the complex theories on this blog into a tangible, easy-to-follow roadmap. It’s the definitive answer to the “So, what do I do now?” dilemma. But I don’t just talk the talk, I walk Read more
Personal Finance
All Weather Portfolio Lab
Roger Nusbaum recently published an excellent piece. And, in the spirit of efficient markets, I’ve decided to steal his title as well. While Roger focused on how to size alternative assets, I believe that’s a secondary concern. The data suggests Read more
Personal Finance
The Cost of Certainty
Someone recently wrote the following on my podcast SubReddit (I will just report an extract of the relevant part): I set myself a clear goal: to reach around €1 million in assets within 12–13 years. The million is not a Read more
Personal Finance
Model Portfolio Quarterly Update
In April 2022, I introduced on this blog The Italian Leather Sofa Model Portfolio. As a reminder, here is the portfolio composition: The idea behind the portfolio is stolen from here. The link offers the best explanation of what I think Read more