Beyond the 60/40
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Aug 20, 2026
Dollar-Cost Averaging Is a Behavioral Strategy, Not an Investment Strategy
How do you put capital to work in a market that looks like this one. My usual answer is the old line that the shakiest hands write the best checks. We all know it intuitively. The data proves it. But its a hard lesson to implement.
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Aug 6, 2026
Floor, Not Ceiling
The 10-year Treasury yield finished July at 4.75%,before easing to 4.65% as tensions with Iran cooled. But the daily volatility is hiding a longer-term move higher. Duration is the enemy, floating rate is the friend, and patience beats a rush to deploy into vintages that have not repriced.
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Jul 28, 2026
The Ladder Public Investors Never Got to Climb
In 2015, Google and Fidelity wrote SpaceX a $1 billion check at a $12 billion valuation. There was no way to buy a share of it on an exchange. Private equity is not an "alternative" in the traditional sense. It has become the primary venue for the part of the economy creating new value
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