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Holding many things is not the same as being diversified. What matters is whether your positions fail for different reasons — and that question has to be asked again every time the portfolio changes.
6 minute read
The archive
Ordered newest first. Each piece is written by the investment team and reviewed before it goes out.
Growth, inflation, and employment figures describe where an economy has been. Treating them as a forecast is where portfolios get into trouble.
MarketsChoosing what to own gets the attention. Choosing how much to own is what determines whether a single mistake matters.
RiskWhy we hold a deliberately small allocation, how we select what goes in it, and the conditions under which we would reduce it.
Portfolio strategyCurrency exposure is already in your portfolio whether you chose it or not. Managing it deliberately is the difference.
MarketsThe checks a business has to pass on earnings quality, balance sheet strength, and competitive position before it reaches a client portfolio.
ResearchThe least comfortable habit in investing is also one of the most reliable. Here is how we approach it, and how often.
Portfolio strategyTwo funds, three sectors, one country — portfolios accumulate overlapping exposure quietly. Finding it takes looking through the holdings, not at them.
RiskIf a client cannot explain their own portfolio back to us, the reporting has failed — however accurate it is.
ResearchStay close to it
Market commentary and portfolio notes from the team that manages the money. No promotions, no noise.
