He Asked 25 Finance Pros How They Invest Their Own Money: Brian Portnoy on What the Models Get Wrong

Experienced finance professionals routinely hold far more cash and reject 'optimal' spreadsheet allocations to achieve emotional sustainability over return maximization.

• Investing's two layers: Portnoy argues broad market access via low-cost index funds is "solved," but what each investor is solving for—values, goals, life stage—is never finished.
• Cash far above models: At least a third to half of contributors across both volumes hold far more cash than standard models prescribe, prioritizing peace of mind over return maximization.

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