Your portfolio should be structured to meet your financial needs as and when these needs arise without having to sell any investments at the time of the need.

All income and capital needs should be met from portfolios structured years in advance to meet these needs.

All transactions designed to rebuild and restructure portfolios should be effected years in advance, allowing the manager to take advantage of high points in the valuation of stock markets and securities and to avoid forced sales of investments.

All portfolios should be capable of meeting the planned income and capital expenditure of investors irrespective of what happens to the stock market in the short term and for prolonged periods of time.

All modelling of the ability of your assets to meet your needs should use conservative assumptions that have already hit your portfolio with the effects of higher inflation, stock market crashes and economic recessions throughout your lifetimes.