For their part, state treasurers, public pension systems and mutual funds across America should publicly declare their unwillingness to hold this paper in portfolio.
In a 1952 paper and 1959 book, Portfolio Selection, future Nobel laureate Harry Markowitz expounded MPT for the investment world.
Also, like the big mortgage issuers on the mainland, he has a habit of booking paper gains on the servicing portfolio: As soon as a loan is closed, he books as income the value of the right to service it.
Cost of carry on my bond portfolio of high yield paper is also minimal, but shows a net positive variance of over 500 basis points.
As for the bond market, the biggest surprise and disappointment is my portfolio of high yield paper stands upstaged by 10-year Treasuries and AA municipals which require no serious due diligence.
In 2006, he teamed up with ex-Soviet leader Mikhail Gorbachev to buy shares in the Russian paper Novaya Gazeta and his property portfolio includes a string of boutique hotels across Europe.
Now he says that about 45% of his portfolio is made up of vintage paper financial documents.
FORBES: A Portfolio Manager's Top Investment Pick? Vintage Paper Financial Documents
In December, the company credited waning demand deteriorating for its office, home and cleaning products, despite its strong portfolio of consumer staples brands that include Paper Mate, Rubbermaid and Graco.
They consist almost entirely of portfolio flows: foreign investors looking to buy shares and other paper assets, not FDI.
He gained fame in 1986 for coauthoring a paper pointing out that asset allocation, not stock picking, is the engine of portfolio performance.
Looking at the performance of the Google Trends Portfolio over a the seven year period (2004-2011) covered in the paper underscores the conclusion that something changed in the data used to make the predictions a few years back.
FORBES: Google Trends Big Data For Predicting the Market: Deep Dive and Current Predictions
It almost always lowers cost (including taxes), makes analysis easier, simplifies rebalancing, simplifies tax-preparation, reduces paper-work and record-keeping, and enables caregivers and heirs to easily take-over the portfolio when necessary.
FORBES: Vanguard Founder John C. Bogle -- In Person With The Bogleheads
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