Essays

Observation When was your portfolio actually designed? Most investors assume the answer is obvious. After all, investments don’t just magically appear out of nowhere. Someone had to choose them. Accounts were opened. Contribution amounts were set. Stocks were purchased. Funds were selected. At first glance, it feels like the result of deliberate decisions. But if … Read more

Observation Most investment advice assumes everything exists inside a single portfolio. A simple allocation is usually presented. 60/40.70/30.80/20. Stocks and bonds. Once the percentages are chosen, the instruction is straightforward. Build the portfolio and hold it. On paper, the idea is clean. But real financial lives rarely look like that. Over time, most people accumulate … Read more

Observation One of the most common starting points in investing is allocation. How much should go to stocks.How much should go to bonds.How much should stay in cash. This feels logical because allocation looks like structure. Percentages create the impression that something important has already been designed. And for many investors, that becomes the first … Read more

Observation What do the following words all have in common? Diet.Team.Health.Strategy.Education. They’re all common words people use every day. But they share something more interesting in common. Each one quietly refers to two different things. A diet can mean a temporary eating plan.Or it can mean the total pattern of what someone eats over time. … Read more