Portfolio & Investing Fundamentals
How to Invest When the Stock Market Starts Falling
A drawdown playbook for sophisticated investors: base rates, why 60/40 broke in 2022, hedges vs diversifiers, tax and rebalancing moves, and where art fits.
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Portfolio & Investing Fundamentals
Portfolio & Investing Fundamentals
How Alternative Investments Fit in a Portfolio
How alternatives fit in a portfolio: the diversification case, the endowment model, why most individuals lose in alts, how much to allocate, and where art fits.
Portfolio & Investing Fundamentals
Why Market Timing Fails and What to Do Instead
Missing a handful of the market's best days erases most of a decade's return, and those days cluster near the worst. What the evidence says to do instead.
Portfolio & Investing Fundamentals
What Are Real Assets? Real Estate, Infrastructure, and Commodities
Real assets are tangible assets with intrinsic value. A guide to real estate, infrastructure, commodities, gold, and where art fits on the spectrum.
Portfolio & Investing Fundamentals
Understanding the Sharpe Ratio and Risk-Adjusted Returns
What the Sharpe ratio measures, how to read it, the Sortino and information ratios, and why illiquid assets like art need de-smoothed, selection-corrected numbers.
Portfolio & Investing Fundamentals
The Yield Curve and What an Inversion Signals
What the Treasury yield curve is, why it inverts, its record as a recession signal, and how a long-horizon allocator reads the signal without timing illiquid assets.
Portfolio & Investing Fundamentals
The Wealth Effect: How Asset Prices Drive the Economy
The wealth effect is the tendency to spend more as asset values rise. How housing and stocks differ, how it moves the economy, and what it means for art.
Portfolio & Investing Fundamentals
The Permanent Portfolio: A Four-Asset All-Seasons Approach
Harry Browne's Permanent Portfolio holds 25% each in stocks, long bonds, gold, and cash, one asset for each economic regime. The logic, the record, the critiques.
Portfolio & Investing Fundamentals
The Death of the 60/40 Portfolio and What Replaces It
Why the classic 60/40 stock and bond portfolio broke in 2022, whether it is really dead, and the third bucket of real assets and alternatives that may replace it.
Portfolio & Investing Fundamentals
Modern Portfolio Theory Explained and Its Limits
What modern portfolio theory is, how mean-variance optimization works, and the four ways it breaks down in the real world, with the honest case for art.
Portfolio & Investing Fundamentals
How to Become an Accredited Investor
How to become an accredited investor: the SEC income and net worth tests, the Series 7/65/82 credential path, how verification works, and what it unlocks.
Portfolio & Investing Fundamentals
Dollar-Cost Averaging vs. Lump-Sum Investing
Lump-sum investing beats dollar-cost averaging about two-thirds of the time because markets rise more often than not. When DCA still makes sense, and how it applies to art.