How much of your portfolio should be in stocks? It's one of investing's most important questions — and the standard answer is costing the average investor the equivalent of 2% of their lifetime consumption. Yale economists have finally built something better, and it fits in a spreadsheet.
New research has put a price on the emotional pleasure of owning collectible investments. The cost is roughly 2.6 percentage points of annual return, and it doesn't stop at art and wine. From property to employer stock to ESG funds, the same invisible fee may be silently eroding your portfolio.
Robin Powell
Mar 2410 min read
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