Three rules. Reading a multi asset mix before you trust it.
The textbook efficient frontier said adding a worse asset can make the portfolio better. The live factsheet is what that diagram looks like when somebody actually built it. Three checks before any 80 . 10 . 10 mix earns a place.
01
Judge the portfolio. Not the single best line on its own.
Pure equity Allcap prints a bigger CAGR on a chart. The mix prints a higher Sharpe, a shallower drawdown, a faster recovery, and a smaller loss in the bad year. The weight curve is the thing you actually live with. The brochure number is the thing you brag about. Only one decides whether you stay invested.
02
The volatility line is the unwritten subtitle to every CAGR.
48.02 pct CAGR at 23.83 pct volatility and 43.57 pct CAGR at 21.51 pct volatility are different sentences. Sharpe is just division between them. If a brochure quotes the return and hides the vol, the marketing team picked the half they wanted you to read.
03
Mix asset classes you can actually rebalance.
A debt sleeve that takes weeks to redeem and a gold position you never trim is buy and hope, not a sleeve. LIQUIDCASE and GOLDBEES rebalance every two weeks alongside the equity book. The harvest comes from the trade. Static weights are not a multi asset portfolio. They are a static portfolio that owns three things.
Closer
The frontier was a diagram in yesterday's morning post. The factsheet is what the diagram looks like once somebody actually built it. Surrender a few points of return. Buy back a shallower hole, a faster recovery, a smaller bad year. The math says the same thing in both formats.
See the live equity book, the 80 . 10 . 10 mix, and the full 5Y backtest report.
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