Mike Philbrick on Gold, Bitcoin, and Rethinking Diversification Beyond 60/40
In this episode of Excess Returns, we sit down with Mike Philbrick of Resolve Asset Management to discuss why the traditional 60/40 portfolio may no longer be enough, the role of “psychological commodities” like gold and Bitcoin, and how return stacking can change the way investors think about diversification. Mike shares insights on macro regimes, investor psychology, and why these once-fringe assets may now be foundational in building resilient portfolios.
Topics Covered:
Why the 1982–2020 period was a “golden era” for stocks and bonds
How today’s macro regime challenges traditional…
The skinny
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