VistaShares

This address is how we stay in touch with the professionals who follow our work.

VistaShares delivers innovative Liquid Alternative investment solutions for today's investors. VistaShares ETFs are actively managed by industry and investment experts, offering a number of distinct strategies. Supercycle® Growth Equity ETFs seek exposure to technology-driven economic Supercycles® that the adviser believes may offer long-term growth potential. Target 15® option-income ETFs seek to generate monthly income while complementing a core equity portfolio. Income is not guaranteed and will vary, and the Target 15® name refers to the strategy's objective rather than a guaranteed or promised return. Investing involves risk, including possible loss of principal. There is no guarantee that any investment objective will be achieved, and past performance does not guarantee future results.

What we write about here

Mail from this address is about rebalancing, which is the part of a plan most often written down and least often followed. A rule that says to trim what has run and add to what has lagged is easy to agree with in a document and hard to carry out in the quarter it applies to, because by then the thing that has run is the thing everyone can explain.

The mechanics matter as much as the rule. Calendar rebalancing and threshold rebalancing produce different books over a decade, threshold trades more in volatile years and less in quiet ones, and neither is obviously right. What is clearly wrong is having no rule and deciding each time.

A rule chosen in advance is worth more than a better rule chosen in the moment.

The advantage is not that the rule is optimal, it is that it survives the quarter in which following it feels least sensible, which is the quarter it exists for.

The same is true of the exceptions. A rule with a written exception is still a rule; a rule with an exception invented on the day is a preference that was wearing a rule for a while.

About this address

vistasharesequity.com belongs to VistaShares and we use it for the email we send. Our main website is vistashares.com, and that is where our published information lives.

If a message from vistasharesequity.com reached you and you want to confirm it came from us, write to info@vistashares.com or call (844) 875-2288.

The words that come up here

1. Sizing. The decision that most arguments about whether to own something are really about, conducted openly rather than left implied.
2. Sleeve. A part of a portfolio held for one purpose, which only earns its place if what it adds is not already there.
3. Look-through. Reading the companies rather than the labels, because two funds in different categories can hold most of the same names.
4. Band. The drift a plan tolerates before it acts, chosen in advance so the decision survives the quarter in which acting feels least sensible.