“Diversification changes as your net worth changes.”
Lane Kawaoka explains why strategies that help you get started aren’t the same ones that help you stay wealthy.
After climbing past the third floor of the Wealth Elevator, the goal shifts—from aggressive risk-taking to intentional allocation across asset classes.
As Howard Marks puts it, real estate has seen a “changing of the guards.”
The question now isn’t what’s hot—it’s which haystacks are worth searching.
This is how sophisticated investors think when capital preservation matters as much as growth.