028 - Eric Crittenden - A Portfolio for All Seasons

Building durable, all-weather investment portfolios requires combining systematic managed futures with long-only global equities and laddered treasury bills to achieve consistent real rates of return. Eric Crittenden, Chief Investment Officer at Standpoint Funds, argues that direct attempts to artificially smooth equity curves often introduce hidden "iceberg risk" by sacrificing long-term compounding potential. Instead, investors should prioritize robust, simple models with clear risk budgets that can survive various market regimes. The underlying return stream for these strategies stems from a symbiotic relationship where corporate hedgers pay for liquidity to mitigate their own bankruptcy risks. By maintaining a 10% risk budget and avoiding uncompensated complexity, this approach delivers a resilient, scalable, and tax-efficient vehicle designed to navigate both inflationary and deflationary environments without relying on predictive market timing.