Skating Where the Puck Was: The Correlation Game in a Flat World (Investing for Adults)

Skating Where the Puck Was: The Correlation Game in a Flat World is the second installment in the Investing for Adults series. This series is not for novices. This booklet explores the notion that, as a general rule, no magic policy rich in high-return/low-correlation alternative asset classes exists that will simultaneously preserve upside reward and protect against downside losses. And as long as I’m lowering your expectations, this booklet is most certainly not a blueprint for the “perfect portfolio.” You’re an adult, after all, so you know that the future efficient frontier lies well beyond our ken; presumably you already know all about the mechanics, long-term benefits, as well as the uncertainties, of wide diversification and factor tilt using low-cost, efficient vehicles and the risk/reward spectrum between all-fixed-income and all-equity portfolios. Rather, this booklet provides a way of navigating a global investment landscape that grows ever more linked by the month, and a way of thinking about diversification.

• Deep Risk: How History Informs Portfolio Design (Investing For Adults) (Volume 3)
• The Ages of the Investor: A Critical Look at Life-cycle Investing (Investing for Adults; [Book 1])
• Rational Expectations: Asset Allocation for Investing Adults (Investing for Adults) (Volume 4)
• The Four Pillars of Investing: Lessons for Building a Winning Portfolio
• If You Can: How Millennials Can Get Rich Slowly
• The Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risk
• Your Complete Guide to Factor-Based Investing: The Way Smart Money Invests Today
• The Investor's Manifesto: Preparing for Prosperity, Armageddon, and Everything in Between
• The Bogleheads' Guide to Investing
• The Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risk