Quote for the Week
For most of us, over a two- to three- to five-year time frame, hitting the right mark in terms of the mix of offense versus defense in a portfolio is the most important single decision. If you get the offense versus the defense right, it doesn’t matter really what you pick, what stocks you bought, or whether you did stocks versus bonds or whether you did U.S. versus foreign or whether you did small-cap versus large- or growth versus value. If you get it wrong as far as calibrating your portfolio between being defensive and more aggressive, all that other stuff isn’t going to save you. But if you get it right, you will be heading in the right direction. — Howard Marks (source)
From the Archives
Last Call
- Why Not 100% Equities – C. Asness
- Stocks (and Bonds) for the Long Run: Part 1 – Klement on Investing
- Yield Is Not Return – Verdad
- Election Years are Dangerous for Investors (Just Not for the Reasons We Think) – Behavioral Investment
- What You Can Learn From Regret – Vox
- The Definitive History of Private Credit – Wall Street Fintech
- David Einhorn: Market Structures are Broken (podcast) – MiB
- Meet the Company That Sells Your Lost Airplane Luggage – The Hustle
- Generating Electricity…and Uncertainty – JSTOR Daily