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