Many Happy Returns What I’ve Learned: Keeping Your Portfolio (and Yourself) on Track
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Oct 1, 2025 Explore how aligning your portfolio with personal goals can lead to better financial outcomes. Discover the pitfalls of emotional investing and the importance of clearing out underperforming stocks. Learn why drip feeding can reduce regret and how misinterpreting asset types, like treating REITs as bonds, can skew expectations. Ramin shares insights on tax implications during rebalancing, strategies for maintaining investment exposure during market recoveries, and the role of a supportive information diet for accountability.
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Begin With Goals, Not Holdings
- Start every portfolio review by clarifying your goals before discussing holdings.
- Work back from goals to an asset allocation rather than from assets to goals.
Asset Allocation Drives Returns
- Asset allocation (equity vs bonds vs cash) largely determines expected returns.
- Use long-run historical numbers to calibrate realistic return expectations.
Portfolios Can Become Accretion Disks
- High net worth portfolios often look like an accretion of inherited or one-off stock picks.
- People resist clearing out losing positions because they dislike admitting mistakes.
