Portfolio & Investing Fundamentals
What Is an Accredited Investor? Requirements and Why They Exist
An accredited investor meets SEC income or net worth tests that unlock private markets. Here are the rules, the rationale, and the case against them.
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Portfolio & Investing Fundamentals
Portfolio & Investing Fundamentals
Qualified Purchaser vs. Accredited Investor: The Higher Bar
A qualified purchaser holds $5 million in investments. How that bar differs from accredited investor, why 3(c)(7) funds require it, and where art sits.
Portfolio & Investing Fundamentals
The Efficient Frontier: Maximizing Return per Unit of Risk
What the efficient frontier is, how a low-correlation asset can push it outward, and the estimation-error limits every investor should know.
Portfolio & Investing Fundamentals
The Discount Rate: Why It Drives Everything in Valuation
The discount rate converts future cash flows into present value. Here is why small changes in it cause large valuation swings, and what that means for art.
Portfolio & Investing Fundamentals
Risk Tolerance and Time Horizon: Building Around Your Constraints
Risk capacity, risk willingness, time horizon, and liquidity define the real boundaries of a portfolio. Here is how to size an allocation around them, art included.