Most clients do not want to know how the airplane engine works. They want to know the plane lands at Heathrow safely. Tell me what to do. That is the honest version of what people are asking an adviser, and it deserves a straight answer rather than a lecture.
I started the asset management business five years ago for that single purpose. When someone asks what I think, the answer is here is my core portfolio, take a look at what I own. I put the portfolio and the asset allocation in my weekly note to clients every week. Nobody has to ask what I am doing, because it is already on the page.
That is the idea behind running the two businesses side by side, asset management on one side and the subscription on the other. If you have a strategy and an opinion about the markets, you should own it, and you should make it transparent to the people who pay you. An opinion that never shows up as a position is just conversation. I enjoy doing it this way, and I think it is the right way to do it.
