The Different Approaches to Asset Allocation

Many multi-asset fund managers have a purely discretionary approach. But obviously you've taken a very different systematic or mathematical approach. Why do that? Well, when I started up my career in asset management, went to the south side to an investment bank for 10 years and then came back into asset management. And this investment process consisted of people flying to Bermuda four times a year. There was all sorts of misbehavior. You know, there were some people who always agreed with the chair. Some people always said things like it's never too late to underweight Japan because of a scarring experience.