As An entire financial planning industry has been built on the idea that true success is measured not by the size of wealth alone but by how effectively that wealth reflects values and supports a blueprint for a fulfilling life. ¹ Whether mapping assets towards a retirement, college, or a (third) wedding, top-tier wealth managers are constantly utilizing that golden axiom in portfolio construction to build deeper, purposeful, and ultimately more valuable relationships with their clients.
Overview Typically, issuers are subject to the vicissitudes of the economic environment. Hence a key question is what determines its strength or weakness, and perhaps more importantly, what predictions can be made regarding the future attractiveness. This installment will attempt to address some of the underlying drivers for the relative attractiveness of various environments.
Overview As a risk manager or manager of institutional capital, it is critical to have a firm grasp on major challenges and likely outcomes. Building and maintaining a portfolio based on false assumptions can be disastrous. To make this installment as useful as possible, we aim to address some of the underlying assumptions making the rounds in the markets. “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” -Mark Twain  “An economist is a portfolio manager who never marks to market.” -Howard Marks