Cullen Roche is the founder of Discipline Funds, a financial planning–driven ETF firm focused on aligning investment portfolios with real-world time horizons rather than market predictions. He is the author of Understanding the Modern Monetary System, Pragmatic Capitalism and Your Perfect Portfolio. For more than two decades, his research and writing have helped shape the discussion around macroeconomics and portfolio construction, making him a leading voice in practical, evidence-based investing.
Cullen Roche is the founder of Discipline Funds, a financial planning–driven ETF firm focused on aligning investment portfolios with real-world time horizons rather than market predictions. He is the author of Understanding the Modern Monetary System, Pragmatic Capitalism and Your Perfect Portfolio. For more than two decades, his research and writing have helped shape the discussion around macroeconomics and portfolio construction, making him a leading voice in practical, evidence-based investing.
In Episode 462 of Hidden Forces, Demetri Kofinas speaks with Cullen Roche, the Founder and CIO of Discipline Funds and author of the new book “Your Perfect Portfolio.” They discuss the essential principles of portfolio construction by dissecting some of the world’s most influential investment strategies―from Warren Buffett’s classic approach to the momentum-driven tactics of trend followers, and even innovative frameworks you’ve likely never seen before.
Cullen and Demetri spend the first hour discussing Roche’s philosophy on portfolio construction, what goes into constructing the perfect portfolio, and how variables like one’s time horizon, financial circumstances, and behavioral biases are arguably the most important determinants of financial returns, and therefore, must be actively taken into account when structuring your portfolio.
They explore the distinction between saving and investing, the hidden costs that erode portfolio performance, and why managing the liability side of your balance sheet is arguably more important than any other decision in portfolio construction.
The second hour is a deep dive into specific portfolio strategies, including the permanent portfolio, the endowment portfolio, the Buffett portfolio, dividend investing, counter-cyclical rebalancing, and Cullen’s favorite: the defined duration portfolio.
Roche explains how to think about asset allocation across different time horizons, the role of gold and other insurance-like assets in one’s portfolio, the importance of cost control in financial life, and practical frameworks for managing behavioral responses to market volatility.
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Cullen Roche is the founder of Discipline Funds, a financial planning–driven ETF firm focused on aligning investment portfolios with real-world time horizons rather than market predictions. He is the author of Understanding the Modern Monetary System, Pragmatic Capitalism and Your Perfect Portfolio. For more than two decades, his research and writing have helped shape the discussion around macroeconomics and portfolio construction, making him a leading voice in practical, evidence-based investing.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
