We believe in beta not alpha

  • We believe that asset allocation is the most important decision that an investor or fund manager has to make.
  • Most of the time investors do better by being invested with a bad manager in a good asset class, rather than a good manager in a bad asset class.
  • We don’t pick stocks or play the yield curve.
  • We simply decide how much of a given asset class we want to own. Then we buy the index.
  • There is nothing wrong with beta, provided the index is going up.