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In-depth guides
Long-form guides to the questions that decide how a portfolio survives: when bonds protect stocks, how to prepare for a crash, and the two numbers that measure risk properly — each built on decades of market data.
The 60/40 portfolio: history, returns and when it breaksWhat a 60/40 portfolio is, its historical returns and worst years, why it failed in 2022, and how to tell when stocks and bonds stop protecting each other.
How to protect your portfolio from a stock market crashSeven ways to protect a portfolio from a stock market crash — what worked in the 12 big sell-offs since 1955, what failed, and how to prepare before the next one.
Max drawdown explained: the risk number that matters mostWhat max drawdown means, how to calculate it, the S&P 500's biggest drawdowns and recovery times, and why it is a better measure of risk than volatility.
What is a good Sharpe ratio? Meaning, formula and benchmarksThe Sharpe ratio explained: the formula, how to interpret it, what counts as a good Sharpe ratio, the Sharpe ratio of the S&P 500 and 30 other markets, and its limits.
Gold vs bonds: which protects a portfolio better in a crash?Gold vs bonds as a portfolio hedge: how each did in every big sell-off since 2007 and over 150 years, what each costs you, and why holding both beat choosing.
Does market timing work? What the data saysDoes market timing work? The cost of missing the best months, why forecasts fail, our own honest timing test, and the difference between timing and a systematic process.