Long-form research on how adaptive portfolios actually work, not pitches, not predictions. Written for serious investors and the advisors who serve them.
Markets spent the first half of 2026 priced for rate cuts. In three weeks, an oil shock quietly deleted that assumption. The index barely moved; the assumptions underneath it moved a lot. Here's how an adaptive portfolio reads the repricing.
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.