Sebastian Lyon and Charlotte Yonge co-manage Personal Assets Trust  and Troy’s Multi-Asset strategy.  We discuss the strategy’s evolution over the last 25 years, Troy’s equity-centric approach to multi-asset investing, and why creating a resilient portfolio is as relevant as ever in today’s world.

Show notes:

[01:34] Founding philosophy

[04:21] Avoiding complexity

[07:25] Reasons for not owning derivatives

[08:45] Charlotte’s career

[10:41] Becoming co-manager

[12:35] How Sebastian and Charlotte complement each other

[16:43] Avoiding wasting assets

[19:19] Finding opportunities with asymmetric risk

[21:44] Hubbell and Verisign

[24:45] Evolution of fixed income investments

[27:08] Shortening of duration

[31:00] Will the US$ remain a safe haven?

[34:55] Attractions of the Japanese Yen

[36:11] Gold as essential portfolio insurance

[38:44] Does the macro impact asset allocation?