When it comes to alternative lazy portfolios, I have two main sources of inspiration: Nomadic Samuel and Roger Nusbaum. Here Roger presents an alternative to the classic Permanent Portfolio (“PP”) that I found interesting. The concept behind the PP is simple and effective: This table from PortfolioCharts summarises well the Read more…
It has been a while since I wanted to re-read and comment on Sam Hinkie’s resignation letter. Sam was the Philadelphia 76ers (an NBA team) GM and left in 2016. At the time, he took on a crappy team and tried to make it better by…making it even crappier. At Read more…
These days, chaps are busy thinking about Xmas gifts…and I am thinking about bonds. This post is highly unstructured, as it is a sort of stream of consciousness. I have collected many thoughts about bonds this year from reading papers, looking at portfolios and listening to podcasts. Bonds can provide Read more…
Finally, the day has arrived. With slightly less fanfare (and universal interest) than the Jake Paul—Mike Tyson fight, WisdomTree launched the Global Efficient Core UCITS ETF, aka NTSG. As per the title, NTSG is the Global version of NTSX, WisdomTree 90/60 ETF with exposure to US assets only. If you Read more…
A common theme in this blog’s last few years has been the search for the perfect retirement portfolio. If you are familiar with the ideal goal, you know the challenges to achieve it: longevity and sequence of returns risks, declining cognitive capacity to manage complex assets, various left-tail events, inflation Read more…
My job in the last 15 (?) years has been in, generally speaking, Corporate Treasury. I contribute to the bottom line of my employer in various way: Even if I want, there is no way I can increase the top line. That’s other departments’ job: create new products, enter new Read more…
“Retail investors have won the battle of fees. Brokerage accounts are free. Trading commissions are history. Anyone can own the entire stock market through a single exchange-traded fund for basically nothing. It’s a huge win for investors and terrible for the investment industry.” I copied this paragraph from…I do not Read more…
A few days (? weeks?) ago, this image made the rounds on Twitter: It is taken from a BlackRock presentation, where they were trying to push the case for an investment in Bitcoin. You were most likely already familiar with the LHS graph, it is the sort of info doomsayers Read more…
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 to what I think is the most common question related to it, i.e. why Read more…
One aspect that has always fascinated? attracted? fooled? me about financial portfolios are Tactical Asset Allocation strategies. Rebalancing 10.0, a smarter approach to “buy low, sell high”, factors applied to asset classes, call it as you prefer. Strategic (static) Asset Allocation strategies are cool but there should be a better Read more…