How to Build the Perfect Portfolio | Cullen Roche

The podcast explores the concept of the "perfect portfolio," challenging the notion of a one-size-fits-all investment strategy. Cullen Roche, founder and CIO of Discipline Funds and author of "Your Perfect Portfolio," emphasizes the importance of tailoring investment strategies to individual financial circumstances, time horizons, and behavioral biases. The conversation highlights the distinction between saving and investing, with Roche arguing that individuals are primarily savers allocating capital rather than direct investors. He also addresses the psychological challenges of transitioning from portfolio growth to drawdown in retirement, and the need for realistic expectations about investment returns after accounting for inflation and taxes.