On Balance
As a slowing July Market looks towards August with a few concerns about overvaluation and falling momentum, we remain relatively unfazed. Our portfolios are consolidating from a good first half so we will be looking towards our mid-August rebalance with interest.
After last week’s discussion of Unknown Knowns, we update our findings and revisit the idea of how dynamically risk managing the portfolio’s exposure to underlying market risk can provide a more stable, compounding approach to investment returns.