In episode 102, Alex Proimos speaks with Mark Beardow, co-chief investment officer, and Andrew Baume, adviser, at Darling Macro. This episode delves into a unique approach to wealth generation, asset sleeves and thinking about your personal balance sheet. We discuss asset allocation guided by outcomes and not benchmarks and the impact of dynamic covariance and correlation on the more static strategic asset allocation review process. We cover the strategic choices in which defensive strategies have worked, why defence cannot be passive and how to optimise a portfolio in the new normal.