My portfolios are mostly outrunning or at least matching $SPX on days like today with broad diversification (12-14 asset classes) in a "Passive Plus" strategy. That is powerful stuff. I don't want to use the S buzzword but it seems the whole is greater than the sum of the parts.

This is happening with cash positions too large for a market like this all the same. Having some cash at the ATH's makes us a little more comfortable. It gives flexibility for the "Plus" side of "Passive Plus", which is the active tactical satellite complementing a passive core.

Each one has a unique risk profile, objective, time horizon. I love the variation. I love portfolio construction tailored EXACTLY to need. I love how you can dial risk with asset allocation & the nuance & detail. I love the dirty little secret of how almost NOBODY manages the $.

I love that I'm not putting slides in decks & "supporting" the "team". I love the end-to-end relationship. I love the planning & portfolio proposals & people & the feeling it gives me & the feeling it gives them. A symbiotic aligning of incentives by doing best is a type of

I love that I own my book, but have a mentor and some depth of experience behind me (in a different geographic location giving a feeling of true independence). I love that I make 60%+ more than Edward Jones & Merrill Lynch in-house. I even love that I have to scrape & claw AUM