The Meb Faber Show - Better Investing Build YOUR Perfect Portfolio (w/ Cullen Roche) | #612
31 snips
Jan 2, 2026 
Cullen Roche, Chief Investment Officer at Orcam Financial Group and author of 'Your Perfect Portfolio', shares his insights on personalized portfolio construction. He emphasizes viewing investments as savings aligned to individual goals rather than quick wealth. Cullen discusses the importance of time horizons, the significance of real returns over nominal returns, and the origins of the 60/40 portfolio. He also introduces concepts like 'defined duration' and the forward cap portfolio, highlighting how these strategies can adapt to future market trends.
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Think Of Portfolios As Savings
- Investors should treat portfolios as savings aligned to goals rather than get-rich quick schemes.
- Cullen Roche argues this framing reduces gambling-like behavior and improves long-term discipline.
Allocation Is A Time Problem
- Asset allocation is fundamentally a temporal problem of matching assets to consumption horizons.
- Cullen notes diversification often functions as diversifying across different time horizons, not just asset bets.
Measure Returns In Real Terms
- Analyze returns in real (inflation-adjusted) terms because that's what funds future consumption.
- Cullen emphasizes inflation, fees, and taxes materially reduce headline nominal returns over time.
