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Core & Satellite portfolio construction arose out of the failure of Modern Portfolio Theory (MPT) to protect portfolios from downturns.  Many advisers now understand that MPT doesn’t work, it just appears to work during an up market (along with everything else).  The obvious solution is a 100% tactical […]

Beware Those VIX PlaysGood article in the WSJ this morning about the risk of some of the ETN VIX products, like the one that lost something like 60% this month.  These are not buy and hold products by any means but they can be powerful if used […]

Beware Those VIX PlaysGood article in the WSJ this morning about the risk of some of the ETN VIX products, like the one that lost something like 60% this month.  These are not buy and hold products by any means but they can be powerful if used correctly […]

It’s Time To Dial Back The RiskThere was an article in the WSJ today suggesting that investors should dial back the risk.  If you look at the numbers this might actually be a decent idea.  For the first part of the year “riskier” areas of […]