Didier Darcet
22 January 2021

3D Finance

Gavekal-IS proposes a 3-dimensional perspective on portfolio construction: macroeconomic, monetary, and behavioral. In each dimension, we straightforwardly consider which of two opposing economic theories is in the ascendancy:

  • Macroeconomy: Smith or Malthus?
  • Monetary policy: Keynes or Wicksell?
  • Market behavior: Markowitz or Mandelbrot?

Today, the world votes for Smith, Keynes, and Markowitz.