Blanc WM
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Cover
Blanc WM
Investment Principles — May 2026
Principles for successful long-term investing
Always relevant
Common sense (you know it — you just need to act on it)
  • Compounding is the 8th wonder of the world
  • Over 10+ years, equities outperform bonds, cash & inflation
  • Time in the market beats timing the market
  • Bull markets last longer & are stronger than bear markets
  • Volatility is natural — it's the price you pay for returns
Uncommon sense (less intuitive, but equally important)
  • Investing at all-time highs works just as well
  • Valuations predict long-term returns, not short-term
  • Earnings growth drives returns more than multiple expansion
  • Passive beats active after fees, most of the time
  • Past performance does not predict future results
  • Very few funds consistently beat the benchmark
  • Analysts & economists are reliably wrong
  • Armageddonists have always existed — and have always been wrong
Now
Fixed Income
Yields remain attractive. No rush to extend duration. Selective positioning in IG credit & CLNs.
Equities
Look beyond the US. Earnings resilient. Still attractive at the right price — but be selective.
Commodities
Gold, silver, copper and uranium remain underweighted in most portfolios. Structural case intact.
PE & VC
Manager selection is critical. Top-quartile managers justify the premium — bottom quartile does not.
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Part II
How Do the Markets Look Now?
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Part III
Equities
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Part IV
Commodities
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Part V
Private Equity & Venture Capital
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Part VI
Appendix
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