Build a Better Path, Part Two: Three-Dimensional Investing

The piece argues that investors should think beyond average return and volatility, and also consider the sequence of returns over time. It suggests that a better portfolio path can come from combining stronger building blocks, such as quality, dividend growth, low-volatility equities and selective high-yield exposure.

It also highlights the value of efficient portfolio construction, since different return drivers may help reduce drawdowns and improve up/down capture. Beyond asset mix, active management and tax-aware decisions can add another layer of return potential.

The main opportunity is to create more resilient outcomes through modest but consistent improvements across multiple levers. The key risk is that markets remain unpredictable, so even well-designed strategies can still face periods of underperformance or sharper losses than expected.