Ramin Nakisa

So I had a lot of bonds in my portfolio.

But my attitude initially was quite arrogant, I think.

You know, I'd been at the investment bank.

I thought I knew it inside out.

But markets tell you always you don't know anything.

You might think you do, but you don't.

And you've got to be humble.

But anyway, initially I was quite cautious.

Then I started doing the research for the videos and I started to see, you know, the Dimson Marsh Staunton stuff, equity returns being amazing long term.

And then I started to take a bit more risk.

And then I think, you know, I reached the point where Pension Craft really took off and I could take a lot of risk.

And then I went, you know, single global equity fund.

So those were the steps.

And then I reached enough and I thought, well, now I can de-risk.

Yeah, it's like a perpetual bond or a kind of annuity to your business.

So equity is now 60%, and then the fixed income side is 40%.

And, you know, so I still get some of the upside if markets go up like they have recently.

You know, I think that's great.

But if they go down, I can rebalance and I get some of the extra juice because you're buying at a lower price for the equity.

So, you know, you get the equity rebalancing benefit as well, which you don't get if you're 100% equity.