Our vision

Golden rules


Portfolio management theory is complex. However, results fit well with manager's common sense and long term experience.
Some of the golden rules, in summary, are:

1. Split the portfolio into sub-portfolios having different time horizons, so that each sub-portfolio should not suffer any depreciation at the horizon.

2.  For each sub-portfolio, choose a level of risk consistent with its time horizon,

3. Allocate the risk between as many different investment styles as possible,

4. Allocation must be inversely proportional to the risk of each investment style,

5. Allocation must be proportional to the expected risk/return ratio of each investment style,

6. Allocation must be reduced for positively correlated investment styles.

We believe that if these rules are followed, then alternative investments are appropriate for large investors.  

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