ETF Managed Portfolios,
Thematic Equity Portfolios,
Outsourced CIO, 
& Sub-Advisory Services

Photo Source: https://www.lesfinances.ca/ I hope you and your families are safe and healthy and have a great holiday season. I wanted to send a few portfolio construction thoughts as we finish 2020, as well as two recent interviews Astoria participated in. We have been asked by advisors which of Astoria’s solutions is uniquely positioned in the next 12-18 months. On a relative basis, we believe our Cyclical Portfolio (which has a lot of value-oriented companies) is uniquely p

Investors’ love affair with past winners is insatiable. The ‘conventional wisdom’ on Wall Street is that IPOs, Private Equity, SPACs, and Large-Cap Growth stocks will continue to be the ‘big winners’ in the post pandemic environment. Unfortunately, yesterday’s darlings almost never outperform in the future with the same risk-adjusted returns per unit of liquidity risk (this is important) as they did in the past. Paradigm shifts typically happen slowly and quietly with most in