Long-form research on how adaptive portfolios actually work, not pitches, not predictions. Written for serious investors and the advisors who serve them.
A handful of names now drive most of the index's return. That's not diversification. It's a concentrated bet wearing a passive label. Here's how an adaptive portfolio reads breadth.
The 60/40 portfolio worked for forty years because of two specific assumptions about the world. Both quietly stopped holding. Here's what regime-based investing replaces it with.