Show Us Your Portfolio: Corey Hoffstein
Excess Returns
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Is Human Capital So Important?
In theory, your regular return should be correlated to the amount of risk you take. To me, when you're young, if you're aggressive, bonds don't make sense because you're de-risking unless you can use leverage. If I owe $100,000 in 30 years and I can go long a bond that'll pay me off $100,00 in 30 years, I've explicitly immunized my liability. So again, I think accounting for the human capital is a huge part.
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