Over time, investment results tend to say less about intelligence than about how carefully risk is handled. Also over time, anyone who allocates capital tendsto develop a sense of how they’re trying to win. This is clear to see in tennis. At the professional level, points are often decided by winners…

Over the last 40 years, a lot of investment decisions were made under the same basic conditions: rates were trending down, asset prices were going up, and capital was cheap and easy to find. That shaped how people approached deals, how portfolios were built, and what risks made sense to take…

Until recently, many investors have allocated their portfolios primarily between stocks for growth and bonds for stability. Over the past couple of decades, however, more capital appears to be moving away from Wall Street’s traditional paper assets and into real-world assets like real estate, private credit, infrastructure, and private equity…