The Dark Side of Asset Allocation, Part 3

The Dark Side of Asset Allocation, Part 3

This is my most recent article in a series that evaluates the dark side of asset allocation. In Part I, I discussed the unsavory fact that asset allocation frequently leads to important unintended consequences. This theme was extended to Part II as well, where I...
The Dark Side of Asset Allocation, Part 2

The Dark Side of Asset Allocation, Part 2

Several weeks ago in this series I wrote about my belief that asset allocation frequently leads to two important unintended consequences: greater absolute levels of risk in investment portfolios, and deworsification, or too many assets in portfolios. In this edition,...
The Dark Side of Asset Allocation, Part 1

The Dark Side of Asset Allocation, Part 1

That’s a rather provocative title don’t you think? How can I possibly say that a great good, like asset allocation, has a dark side? In this series I hope to demonstrate to you how asset allocation is actually one of the hidden sources of fragility in the global...
Values Over Institutions Every Time

Values Over Institutions Every Time

Just after the election of Donald J. Trump as President of the United States I had many conversations with colleagues and friends. Regardless of people’s political persuasion, most expressed some confusion about the future direction of global politics given the...
21st Century Finance: Intermediaries

21st Century Finance: Intermediaries

(Part IV of a series on the future of banking and finance)   I began this series of articles on 21st Century Finance by comparing and contrasting the legacy finance industry put in place in the 19th and 20th centuries with the one that is emerging now. Hint: new...