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Sebastien Page - February 2022

Sebastien Page is the head of the Global Multi-Asset Division at T. Rowe Price. You can also find his book, Beyond Diversification: What Every Investor Needs to Know about Asset Allocation on Amazon.

Key Takeways

  • Concerning stock and bond correlations, as long as the new market information is about GDP correlation tends to remain negative. But if the new information is concerning inflation or interest rates correlation between stocks and bonds can become positive.

  • If you have your head in the freezer and your legs in the oven your average temperate might be normal, but you’re certainly not comfortable. The same goes for correlations, average correlation is not indicative of correlations in different environments.

  • What do wine, eggs, coffee, and interest rates have in common? I don’t know if they’re good or bad for me. 

  • The only way to get a 3.0 Sharpe Ratio is to be Bernie Madoff or a quant with a backtest.

  • Bill Sharpe described retirement planning as the one of the most difficult problems to solve in all of finance.

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