Long-run allocation priors break when the next regime is not priced like the last one.
The stock-bond premise that felt obvious for one regime can become a liability in the next.
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Models & Frameworks
A framework note on inherited market priors, regime shifts, and the cost of stale certainty.
Long-run allocation priors break when the next regime is not priced like the last one.
The stock-bond premise that felt obvious for one regime can become a liability in the next.
Register with an email address or sign in to read this member article.