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The MJB Asset Management investment philosophy arose from an awakening during the tech bubble crash of 2000. Richard Bregman, a seasoned advisor, was dismayed that conventional "buy and hold" wisdom offered little protection against the downturn. In October 2002, he had an "ah-ha" moment: conventional wisdom understates the reality!

Conventional wisdom suggests that events such as the 2000-2002 tech bubble crash (and the 2007-2009 housing/financial meltdown) should happen every 100 years or so, but the reality is that such market gyrations happen far more frequently. What does this mean?

Conventional wisdom understates market risk.

Investors need protection against that understated risk.

These insights spurred Richard to construct an investment approach that respects the realities: hedge against unknown market risk at all times and invest flexibly based on careful observations of current investment conditions.

Every MJB client portfolio has at least one third of its holdings in "absolute return" strategies that seek to hedge against market fluctuations. (For more on absolute return strategies, see the MJB blog: The remainder is allocated among stocks and bonds.

The result is a less volatile portfolio and a more measured investing experience.

MJB Asset Management: Respect the Realities