Some quick hits today. We're hosting a late Thanksgiving today for my wife's family. We've been hosting for quite a while. The food is great, there's football on and we collectively do a very good job of leaving our very disparate political opinions at the door.
A few times we've looked at the Leuthold Core ETF (LCR) which is a multi asset fund that I would say is trying to be a single ticker portfolio idea and I think it does pretty well in that regard. It's actively managed and they really do manage it actively. Since its inception almost six years ago;
A one ticker portfolio is intriguing for the simplicity and there are quite a few of them where the long term result would be valid but every so often they will get pasted in some sort of "never happened before" market event.
BLNDX and BTAL are client and personal holdings. Portfolio 3 with BLNDX certainly is differentiated but would have been very difficult to hold in 2023 and this year as BLNDX just sort of lingered. Splitting the 50% sleeve equally between LCR and BLNDX helped slightly with 2023 and 2025 but still would have required patience.
Ben Carlson shared a different take on sequence of return risk from a mentor of his that I thought was very interesting. Read the post but the short version is set aside four years worth of expected portfolio income needs in cash or the like so you don't have to sell stocks after a large decline but if there is no large decline, leave the cash alone and do sell portfolio holdings so long as prices are high-ish.
The FT had a fun one about Austrian century bonds. There are three issues that mature from 2117-2121, they were issued when global rates were very low so the prices have absolutely cratered. The FT notes that one of them is trading at €0.0265, two and half cents on the euro which might be the lowest price ever for a bond that is not in default. The issues are small but it might be an interesting idea to create wealth for your great grandkids.
The information, analysis and opinions expressed herein reflect our judgment and opinions as of the date of writing and are subject to change at any time without notice. They are not intended to constitute legal, tax, securities or investment advice or a recommended course of action in any given situation.
No comments:
Post a Comment