2. 2
The 6 Golden Rules of Multi-Asset Investing
Understand where you are1
The environment around us is complex
and constantly changing. Study its functioning.
Diversify and protect against tail risks.
Expect the unexpected.
Know what you don't know. Accept
uncertainty and know limitations of
rationality.
Aim for robustness. Don’t overestimate
risk, don’t under-estimate diversification
benefits.
3. 3
The 6 Golden Rules of Multi-Asset Investing
Expand your horizon2
Be creative. Use data analysis for rigor and
consistency and strategist and manager
skill to assess the unquantifiable.
Look at both fundamental
and behavioral drivers.
Keep learning and do innovative
research
Have a broad investment universe.
Exploit diversification and shifting
opportunities.
4. 4
The 6 Golden Rules of Multi-Asset Investing
Adapt to change3
Be active and open
minded.
Change your opinion
once the facts change.
Take risk when opportunities are high.
Hide when uncertainty is high.
5. 5
The 6 Golden Rules of Multi-Asset Investing
Team up4
Listen to and work with clients to find
the right solution.
Utilize all available investment skill
in the firm.
Let economists, strategists and
portfolio managers “team up”.
Set common goals, learn from
each other and support each other.
6. 6
The 6 Golden Rules of Multi-Asset Investing
Iron Discipline5
Limit performance jumps and focus on chipping
in performance over time.
Have strong investment process that works in
different investment climates.
Use investment tools to protect
yourself against behavioral pitfalls.
Be dedicated; make everybody
(strategists/PMs) accountable for
performance.
7. 7
6
The 6 Golden Rules of Multi-Asset Investing
Keep it simple
Liquidity, transparency, cost awareness.
Understand sources of return, your strengths.
Keep it simple for yourself and your
clients.
Aim for consistency, not complexity.