Investment Truths

My investment process is grounded in a few investment truths that are outlined below.  This is the starting point before I even begin to screen managers.

  • Asset allocation matters more than manager/security selection
  • Forecasting is bullshit
  • Expenses are one of the few things that investors can control that impact returns
  • Taxes are another one
  • Humans are not wired for investing
  • You must be compensated for risk
  • All else isn’t equal
  • The biggest obstacle to investment success is yourself