March 2020 offers an excellent case study for how BEW rebalances client portfolios. Studies demonstrate that rebalancing systems drive significant long-term value. March 2020 was a strong validation of concept.

Last year reminded everyone that investing is hard. It can be uncomfortable and unpleasant. Market volatility can diminish willpower and cause determination to waver. The main risk is not portfolio declines. The real risk is that instincts override the discipline investors need to achieve their long-term plan.

The world runs on incentives. Often, the challenge in investing is to figure out how to entrust your money with people whose incentives are best aligned with your own.

Here are a couple of fantastic slides that highlight some favorite themes: diversification and the average investor's behavioral biases.