The Gunslingers Bad markets happen to good clients. As fiduciaries, advisers owe it to their clients to look at defensive tools to counter bear markets. In the Super Bowl, the team with the best defense usually wins the game. To be successful, investment advisers need to recognize this. A portfolio without a strong defense inevitably loses ground, sometimes never to fully recover.
Edges are where the social, political and biological action is. Edges are the first places shaped by change. On the edges of seacoasts, forests, riverbanks, civilizations and investment markets—gulls scream, chipmunks gambol, poison ivy grows, ideas germinate, artists flourish and predators wait. Edges are where most of the feeding happens. The edge is where I began operating from in the 1990’s when my investment style