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Smarter Investing 3rd edn, 3rd Edition by Tim Hale

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7

Smarter portfolio construction

Building a sensible and robust portfolio is not as complicated or as difficult as people make out. For some investors, simply owning a broad exposure to global equities, for example using an index tracker fund and holding cash in the right proportions, is sufficient. This is a sort of 90/10 portfolio, with 90% of the value for only 10% of the hassle. Such a strategy would put most private client fund managers and stockbrokers out of business!

Beyond this simple yet effective structure, the decisions that are made are simply refinements. At the end of the day, the various decisions we are going to consider making are trying to improve (a) just owning global equities and (b) simply owning cash. That does not ...

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