Expert guidance
How financial advisers are paid, what their fees cost over time and what to ask before you sign. Information, not personal advice. 23 articles.
Peter Lynch's Magellan strategy, the 1987 crash and investors
Peter Lynch's Magellan turned $10,000 into $30,360 from March 1984 to March 1990, a 1994 SEC filing shows. It also fell 33% in the 1987 crash.
Read articleNassim Taleb's barbell strategy: the risky 10% needs an edge
Taleb's barbell depends on a small sleeve with explosive upside. We examine venture equity, listed shares and bought options, and the investor edge each requires.
Read articleMichael Burry's Scion portfolio: puts, 13F filings and risk
Scion's last 13F, for 30 September 2025, reported $1.38bn, 79.5% of it puts valued at the underlying shares. SEC registration ended on 10 November 2025.
Read articleJoel Greenblatt's magic formula and the Gotham portfolio
Gotham Absolute Return was 120.6% long and 60.3% short at 31 March 2026. Over 2015-2020 it gained 6.1% while MSCI World rose 76.2%, and investors left.
Read articleCharlie Munger's portfolio: the Daily Journal holdings after him
Charlie Munger's Daily Journal portfolio: at 30 September 2026, Wells Fargo and Bank of America were 88.8% of its 13F. What the filings show since his death.
Read articleBill Gates Foundation Trust portfolio: what the 13F leaves out
The Gates Foundation Trust's 13F showed $34.4bn at 30 June 2026, under 40% of its endowment. Its full asset mix, the Microsoft exit and the 2045 spend-down.
Read articleBenjamin Graham's defensive investor: the 50/50 stock-bond rule
Benjamin Graham's defensive investor held 25% to 75% in stocks, 50/50 by default. In our 1928-2025 test, 50/50 grew 7.8% a year with a worst fall of 32.5%.
Read articleTerry Smith's Fundsmith portfolio: strategy and performance
Terry Smith's Fundsmith Equity Fund held 28 stocks and no bonds at 30 September 2026. How it scores against MSCI World on four tests.
Read articleJeremy Grantham's asset allocation: GMO's valuation bet
Jeremy Grantham's GMO allocates by valuation. At 30 September 2026 its Benchmark-Free fund held 43.7% equity exposure, mostly outside the US.
Read articleJack Bogle's asset allocation and Vanguard's balanced funds
Jack Bogle said in 2017 he was about 50/50 in stocks and bonds. We test Vanguard's two balanced funds against MSCI World from 2001 to September 2026.
Read articleHarry Browne's Permanent Portfolio allocation and returns
Harry Browne's Permanent Portfolio holds stocks, bonds, gold and cash. From 2001 to September 2026, PRPFX had a 0.73 Sharpe ratio (Sortino 1.13) in USD.
Read articleCathie Wood's ARK Invest portfolio strategy and ARKK risk
Cathie Wood's ARK Innovation ETF held 51.3% in its ten largest stocks at 30 September 2026. We test it against MSCI World on four tests.
Read articleDavid Swensen's Yale endowment model and asset allocation
David Swensen's Yale endowment model had a 23.5% venture capital target for fiscal 2021. His index-fund mix for individuals had different weights.
Read articleWarren Buffett's asset allocation: cash and the 90/10 rule
Warren Buffett's asset allocation differs from his 90/10 trust instruction. Berkshire held $365.5bn in cash and Treasury bills at 30 June 2026.
Read articleStanley Druckenmiller's portfolio: concentration and risk
Stanley Druckenmiller's portfolio strategy concentrates risk. Duquesne's top ten securities were 53.2% of reported 13F value at 30 June 2026, including calls.
Read articleSeth Klarman's cash allocation and Baupost strategy
Seth Klarman's cash allocation follows the bargains available. Five reports put Baupost's cash at 26% to 43% in 2011-2020; its June 2026 13F excludes cash.
Read articleRay Dalio's All Weather portfolio allocation
Ray Dalio's All Weather portfolio balances economic risks. Its ETF had 183.5% notional exposure in September 2026, including leveraged bond exposure.
Read articlePaul Tudor Jones's portfolio: inflation hedges and risk
Paul Tudor Jones ranked gold first of nine inflation hedges in May 2020. His bitcoin futures limit was a cap for Tudor BVI, not a disclosed allocation.
Read articleMark Spitznagel: tail hedging and portfolio crash protection
Mark Spitznagel's tail hedging used a 3.33% hedge and 96.67% S&P 500 reference mix in 2018. Reported returns are hypothetical whole-portfolio calculations.
Read articleHoward Marks on defensive asset allocation
Howard Marks frames defensive asset allocation as ownership versus lending. In October 2024 he put prospective credit returns near 7% public and 10% private.
Read articleConservative asset allocation for a resilient portfolio
Conservative asset allocation can cushion losses. Copio compares it with cost-controlled crash protection, judged by whole-portfolio geometric growth.
Read articleCliff Asness: AQR diversification and portfolio resilience
AQR diversification combines value, momentum, carry and defensive styles. Its January 2026 assumptions put global 60/40 expected real returns at 3.4%.
Read articleBill Ackman's portfolio: concentration and crash protection
Bill Ackman's portfolio combines concentrated stocks with occasional hedges. Pershing Square Holdings had 126% long exposure to NAV in September 2026.
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