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Annual Returns

Jan 06 2022

Rewarding “Perfect Foresight”

  • Jan 6, 2022

Remember, the All Asset No Authority Portfolio assumes complete naïveté on the part of the portfolio manager. That’s one extreme of the asset allocation continuum—although few allocators would admit that such an approach might be viable, despite its respectable history.

Dec 07 2021

Our Annual Lament On Foreign Equities

  • Dec 7, 2021

There should be a name for the syndrome suffered by foreign stock investors over the last decade or so. “Groundhog Day” doesn’t quite cut it, because that event repeats only once a year. It seems like this time of year we always feature a chart showing a healthy YTD double-digit gain in the S&P 500, along with a bond-like gain in EAFE, and a bond-like gain or loss in the MSCI Emerging Markets Index.