Loey's Laws On Asset Allocation

Jan Loeys, the head of JP Morgan's research on global markets, switched roles after 30 years in the business last week. He wrote a valedictory piece on what he has learned about the practical business of asset allocation during this long period. Since he is one of the very best strategists in the market, I want to highlight his thoughts. I will add a few comments of my own, but all of the key points written in bold are down to him.