Ghost Stories #118: The elephant, not the mouse - how strategic asset allocation underpins a balanced fund

Ghost Stories · Nov 3, 2026 · 30m · transcript

Portfolio construction is clearly a passion point for Nico Katzke of Satrix. He's also a fan of analogies, so you can expect to learn about whether it's the elephant or the mouse that swings the bridge that they are crossing.

But beneath the fun, there's a serious learning opportunity here about how asset allocation drives the returns in a multi-asset balanced fund. Identifying the elephant is a very important part of the process.

This is true even during a period of heightened geopolitical noise, giving us great reminder about the importance of a long-term lens and an anchored strategy.

With…