Sébastien Page
The Strategist
The long view, patient, analytical, playing several moves ahead.
Sébastien Page reads as The Strategist because he insists on separating tactical from strategic thinking, not as semantics but as an operational framework for building portfolios at T. Rowe Price. His case for targeting risk rather than fixed allocations shows a leader who stress-tests received wisdom against empirical reality, while his pairing of quantitative methods with qualitative judgment reflects the defining Strategist refusal to outsource conviction to any single source of truth.
“Tactical asset allocation is about taking advantage of primarily relative valuation opportunities. Strategic asset allocation is about how do you construct a portfolio for a given investor for the long run.”
“The 60/40 portfolio is not dead, but it needs to be improved. Risk is not stable over time. Our industry is evolving towards more dynamic risk management — target risk rather than target allocations.”
“Quantitative methods work best when used with a healthy dose of qualitative judgment. Risk is easier to forecast than returns, and this has tremendous investment implications.”
Masters in Business: “Sébastien Page on Smart Asset Allocation”
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