Every morning, we run The Narrative Machine on the past 24 hours worth of financial media to find the most on-narrative (i.e. interconnected and central) stories in financial media. It’s not a list of best articles or articles we think are most interesting … often far from it.
But for whatever reason these are articles that are representative of some sort of chord that has been struck in Narrative-world.
New Mexico State Investment Council changes target allocations for 2 endowments [Pensions & Investments]
The tobacco fund’s new target allocation reduces broad U.S. equity to 10% from 33%, broad international equity to 10% from 33%, and core fixed income to 10% from 24%. The new tobacco fund allocation increases non-core fixed income to 25% from 10%, real return to 25% from zero, and real estate to 20% from zero.
I don’t know the folks at New Mexico State Investment Council well, although there are a couple of Epsilon Theory subscribers at NMSIC. But I’ll say this … I love what they’re doing here. It’s a very Zeitgeist-aware portfolio shift, and not just a tweak of a few percentage points here and there. This is a big swing!
I’m overdue for writing the final chapter in the Pricing Power series, where we dig into real assets. Here are the first three chapters …
I’m on it.
Ben, your comments on the subject of real assets can’t come too soon.
I was reading through the old Pricing Power notes earlier today.
@bhunt which title comes closest to the one you mentioned wanting to write, on Real Assets?
The Opposite of 2008, of course… what else?
This post (and portfolio) aged well.