The Irrelevant Investor

JANUARY 31, 2017

"Every stock market system with an edge is necessarily limited in the amount of money it can use and still produce extra returns." - Ed Thorp In the decade after Ed thorp launched Princeton Newport Partners, the fund gained 409%, annualizing at 17.7% before fees and 14.1% after. Not bad for a market neutral portfolio. Over the same period, the S&P 500 annualized at just 4.6%, including dividends.

Assets 52

Assets Clients Investments Investing 52

Brown Advisory

FEBRUARY 3, 2017

Outlook for 2017 | Balance in an Uncertain Time achen Fri, 02/03/2017 - 14:19 With that said, we present this discussion of our asset allocation approach and our current portfolio stance as we begin the year. Our motivation for preparing this report is expressed in its title, “Balance in an Uncertain Time.” Investors today face a high degree of uncertainty, from geopolitical transformation to economic transition to fragile market fundamentals.

Asset Allocation 52

Asset Allocation Assets Clients Portfolio 52

Brown Advisory

FEBRUARY 3, 2017

Outlook for 2017 | Balance in an Uncertain Time. achen. Fri, 02/03/2017 - 14:19. With that said, we present this discussion of our asset allocation approach and our current portfolio stance as we begin the year. Our motivation for preparing this report is expressed in its title, “Balance in an Uncertain Time.” Investors today face a high degree of uncertainty, from geopolitical transformation to economic transition to fragile market fundamentals.

Asset Allocation 52

Asset Allocation Assets Clients Portfolio 52