Doing an honest self\u002Dappraisal can be a very useful exercise to improve future investing decisions. Find out more
A long-only, sector-specific fund manager has no choice but to always be bullish on their sector, forcing them to ignore emerging unfavourable conditions as they arise.
That’s why being unconflicted and unconstrained can really help you to stop digging holes, which is exactly why we shuttered our energy hedge fund following the attack by the Organization of the Petroleum Exporting Countries on United States shale producers back in 2014. We didn’t like being in the position of being forced to own a sector we didn’t have conviction in at the time.
In today’s environment, not being constrained to the traditional 60/40 balanced portfolio really helps our performance because those portfolios have experienced their worst year since the 1930s.Article content We also boosted our energy exposure while many institutional pension portfolios were selling, and took down our fixed income to the lowest allowable levels while exploring new and innovative investments such as structured notes.It’s important not to let anchoring to a previous reference point influence your decisions today.
In this regard, the pervasive opinion is that we’re going back to pre-2022 conditions via ultra-low interest rates and inflation levels of less than two per cent. But central banks were late with their tightening, allowing wage inflation to potentially take root, which may make it very difficult to get back to positive real rates.Article content
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