This was a really fun interview I recently did with Jack Forehand and Justin Carbonneau of Validea Capital. This is one of the first times (maybe the first time ever?) where I’ve laid out my overarching methodology and process for thinking about asset allocation. We covered a huge amount of ground here in an hour. I hope you learn something new from this interview.
02:32 – Cullen’s goals with his personal portfolio
04:50 – Matching the duration of assets with liabilities
09:38 – How Cullen views retirement
14:28 – Do Cullen’s macro views influence his portfolio?
18:06 – Defined Duration investing
26:57 – The liquid asset classes Cullen uses in his portfolio
29:10 – How Cullen views his allocation to bonds
32:27 – How Cullen views his equity allocation
35:04 – Cullen’s views on using valuation in an equity strategy
37:52 – How Cullen views international diversification
40:48 – When strategies that work over the long-term stop working for extended periods of time
42:32– Cullen’s view on private investing
47:24 – Cullen’s view on crypto
53:57 – Does Cullen look at his house as an investment?
58:51 – Cullen’s views on leaving money to his children
01:01:35 – Don’t buy a boat
01:03:03 – The joys of gardening
01:05:40 – The one lesson Cullen would teach the average investor