BRWM-Acuity-Issue52
One cannot judge a performance in any given field (war, politics, medicine, investments) by the results, but by the costs of the alternative.
There is always a temptation to fiddle around with a portfolio’s structure to try to position it for potential short-term global events, such as Brexit. Investors would do well to remind themselves that the core tenets of good investing hold true through all market conditions. It is also worth remembering that the efficacy of a portfolio’s strategy should be judged not on the post-event outcome, but in terms of the quality, validity and prudence of its construction discipline in the face of future market uncertainty. Our portfolios are well-structured around inalienable investment truths, particularly the value of deep diversification.