Interview with Gerald W. Buetow of BFRC Services, LLC.

The article focuses on the principles and challenges of multi-asset portfolio construction and strategic asset allocation from an investment-policy perspective. It emphasizes that "multi-asset" should be defined by exposures to distinct systematic risk factors rather than arbitrary labeled asset classes, advocating for parsimony and global diversification in policy portfolios. The distinction between strategic asset allocation (SAA) as a long-term reference framework and implementation decisions such as vehicle selection is highlighted as critical for maintaining discipline and governance. Key considerations include the appropriate use of capital-market assumptions, robust risk measurement relative to policy benchmarks, the cautious inclusion of alternatives due to liquidity and complexity concerns, and the importance of well-defined, stable, and investable benchmarks aligned with policy intent. The article also stresses that governance structures must be technically informed and formalized to prevent short-term behavioral biases and ensure that asset allocation frameworks meet institutional objectives effectively. [Extracted from the article]