Final Thoughts: Three Pillars Reiterated

I continue to view a three-pillar portfolio as an ideal framework for risk-managed investing.

A classic “60/40” stock and bond portfolio consists of two asset types that both prefer disinflation. Stocks generally prefer disinflationary growth, and bonds generally prefer disinflationary contraction. They’ve

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What you find here is that at a high level, highly resistant assets are by definition likely to share attributes of being decentralized, scarce, and timeless. This is the radical way we must imagine portfolio theory. We must live our lives within institutions for the most part (60%), but we also need to live our private lives away from such... See more

Long assets that perform well in a steepening yield curve environment and stay away from ones that don’t. Cyclical and industrial commodities, energy and financials benefit here, whereas long duration, speculative assets and technology should lag. This approach happens to dovetail nicely with the main street reignition idea as well. Stimulus to the... See more