Sep 18 • 4M

Introducing the Dolce Far Niente Portfolio

A Do-Very-Little, Stress-free Portfolio Strategy for Busy Lives


Appears in this episode

Dominic Frisby
Readings of brilliant articles from the Flying Frisby. Occasional super-fascinating interviews. Market commentary, investment ideas and more.
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Before we begin, a quick reminder of two shows I have coming up in London:

There are about 15 tickets left for the musical show next Wednesday September 27th at Crazy Coqs in Piccadilly Circus. I can’t stress enough what a laugh these shows are: full band, great sound, plush venue, delicious food (Brasserie Zedel), lots of LOLs and several new songs, which will be making their debut. You can get tickets here.

And my “lecture with funny bits” about gold is coming to the West End for one night only on October 19th is the date. It’s super interesting. You can get tickets here.

Hopefully, see you at one or the other or both.

But, after a lot of hype, here it is: the do-very-little portfolio.

Lots of us have busy lives. We don’t have time to constantly monitor companies, markets, technological developments, politics and all the rest of it. We have other things going on that we prefer to or have to devote our attention to.

Yet we want to invest our money well - safely, sensibly, profitably. We want our money to be invested in areas that will thrive in that not-too-distant future. We might also want to have a bit of fun with an investment every now and then. 

Soliciting comments from paid subscribers earlier this year, the above describes many of you. 

With all this in mind, I have come up with the do-very-little portfolio. I was originally going to call it the Do F All portfolio, but, as it involves a bit of action taken every now and then, I’ve gone with do-very-little. A portfolio that does not require constant monitoring, only the occasional re-balance, but that should do well given the broader macroeconomic conditions in which we find ourselves.

Here I am writing this missive at breakfast on a beautiful terrace in southern Italy, overlooking the sea, in one of those villages where nobody seems to do much and yet they lead long, full and contented lives, and the phrase “dolce far niente” comes to mind. What better name for this portfolio?

The portfolio I am going to propose has something of the cockroach to it. It’s not as immune as Harry Browne’s portfolio which I covered the other day. It is probably overweight equities and underweight bonds. But it also contains plenty of possibilities to grow. Cockroach with a bit of spice. 

It’s similar, but not the same as my own portfolio (which is not for everyone).

When it comes to investment returns, asset allocation has been repeatedly proven to be more important than individual stock picking. The market you choose matters more than the securities you select within that market. It’s more important to be in crypto or energy or biotech or banking when that sector is rising than it is to pick the best coin or company. Similarly, it’s more important to be out of that sector when it’s tanking. 

In other words, it doesn’t matter so much which horse you bet on, as which race you are in. 

We have a large allocation to energy, for example, especially oil, gas and uranium. I think conditions are all good for these. But that will not always be the case. In the 1970s and the 2000s you wanted to own energy. In the 1980s and 90s you probably needn’t have bothered. 

So here we go. The Dolce Far Niente portfolio. What does it look like?

The Dolce Far Niente Portfolio

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