We steer our financial course through life choosing how much to spend and how to invest what's left, periodically updating our choices as circumstances evolve. It's a pretty simple problem to put into words, but finding an optimal solution has occupied some very bright minds since Harry Markowitz got the ball rolling 60 years ago.

One of the most common questions we get at Elm is how we determine what asset classes qualify for inclusion in the Risky and Safe asset buckets in our portfolios and recently launched ETF. To explain our thinking, we've outlined the six criteria that every asset class must pass. Risky Assets For a risky asset class to be included in Elm portfolios it has to have all of the following characteristics: Low cost: It has

This paper is meant to provide a comprehensive overview of Elm’s investment process for Separately Managed Account clients.

If you hear a professional investor talk about a trade that taught them a lot, prick up your ears. Usually, this is code for “a time I lost an absolutely colossal amount of money”, and you are in for one of the better stories about how nance works at the coalface.

They say that money can't buy happiness...but if you could, how much would you be willing to pay for it?

The Cyclically-Adjusted Price Earnings ratio, also known as CAPE, has served many investors well - but here at Elm, we think it might be time for an update.

Balancing one's portfolio between risky and risk-less assets is no small feat, but there's one rule of thumb that we've found to be largely reliable: the Merton Share.

Sharpe’s Arithmetic may seem strange at first, but many see it as being one of the main drivers of the massive growth of index investing.

Victor was recently a guest on Larry Bernstein's What Happens Next in 6 Minutes podcast along with their friend and colleague, Myron Scholes.

Shiller's CAPE ratio is currently higher than it's been for 98% of the past 120 years - that said, it doesn't tell us everything on its own.

Victor was recently a guest on Bloomberg's Trillions podcast, discussing everything from his experience in the industry to Elm's expansion.

There are a number of lessons to be learned from the question of how to invest when freed from the complications of taxes and human longevity.