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Well, yes, I will give you a few crumbs to bite upon.
By the very careful selection of managed funds and asset allocations. Getting out of e.g. Emerging Countries (etc.) at the right time. Getting out of Funds when the managers are losing the plot due to personal issues. Not investing in Funds run by known very risky Managers. Dropping exposure to top 20 Companies at appropriate times. Dropping traditional managers as they lose their guiding light and do not replace him/her with an equivalent but hope that the Fund name built up over years will carry the day in future for the faithful masses. Not investing in Funds when the Manages boasts that "this is the easiest job I have ever had in my life" (such that he also finds time to work for a Govt Instrumentality). Not using funds prone to illiquidity. Not using funds where no one knows where the money is invested- remember Basis Capital in 2007. Not panicking at downturns but carefully assessing such points of inflection before making decisions. Not ignoring the effects of likely currency trends. Not investing in Funds with extreme PE Ratios or poor interest cover or exceptional internal gearing. Not investing in Funds where the values of assets at purchased date is not changed until the assets increase in value. Has the Adviser seen the colour of the eyes of the Funds Manager? Yes.
If this sounds like active management, yes it is. If it sounds like hard work, yes it is. Are the overall parameters of such portfolios very risky? No, and they are checked. Is the overall strategy for the longer term? Yes, of course. Is the client's attitude to risk considered carefully and matched appropriately? Yes! Is this technique suitable for an Adviser with limited knowledge and experience? NO! Can it be applied to Industry type Funds where members' accounts average about $40,000 each member? NO!