We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
We did ideal shotguns first today (for grouse and woodcock, I like my old 20 ga. s/s Abercrombie and Fitch Rizzini boxlock choked cylinder and modified) - and now ideal portfolios.
The well-endowed American universities are becoming little more than investment funds with high educational overhead. Portfolio construction is not exactly rocket science, but Yale's David Swenson seems to be doing a better job of it than I am. Plus the guy is grossly underpaid in relation to the value he adds. (h/t, Mankiw)
Portfolio construction is not rocket science. It's more 'art' than science. Volatility in fixed income, commodity and currency markets bleeds over into equity asset classes providing opportunities to outperform. Asset class weightings are adjusted in anticipation of volatility levelling off. In volatile conditions, things get overdone to both the upside and the downside. One needs to be opportunistic and take advantage of those short-term mispricings. By all means, construct the portfolio but be ready to trade around the edges which is what 'rebalancing' is all about.
Tom C., Stamford, Ct.