The Behavioral Portfolio: Managing Portfolios and Investor Behavior in a Complex Economy

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“Conventional portfolios can be obliterated by extended stock market drops or hyperinflation, and require that advisors ignore important historical precedents when building them.”

The Behavioral Portfolio, by veteran asset manager Phil (Felipe) Toews, challenges the conventional 60/40 portfolio allocation, arguing it leaves investors (and their financial advisors) vulnerable to devastating losses.

With staggering global debt, overvalued stocks, and systemic threats looming, Toews outlines two key challenges for advisors: adopting counterintuitive strategies essential for long-term success, and coaching clients to stay the course during volatile or stagnant markets.

Instead of following the crowd and shifting out of assets at unfavorable times, Toews shows advisors exactly how to take an “all-seasons approach,” and then – most importantly – train their clients to both understand and maintain this strategy even during the most unnerving conditions.

Publisher: Harriman House
Publication Date: March 25, 2025
ISBN-13: 978-0857197443
Print Length: 272 pages
Formats: Hardcover, Kindle

“A groundbreaking guide for financial advisors looking to master both the markets and the clients’ behavior. With a focus on reframing risk and avoiding common behavioral pitfalls, Toews introduces innovative strategies to build portfolios that thrive in any market. This book goes beyond traditional financial advice, offering practical, actionable tools…. [A] must-read for anyone looking to transform their practice and offer truly resilient behaviorally-informed financial advice.”

— Dan Crosby, bestselling author of The Behavioral Investor

Key Concepts from the Book

● The Illusion of Diversification: Conventional diversification strategies often fail during extended market downturns (when they are needed most).

● Bonds are the “Hidden Risk” in Conservative Portfolios: From 1945 to 1981, bonds lost 21% of their value (58% net of fees) – ie, bonds are by no means a guaranteed safe haven.

● There Will Be Another Major Market Crisis: Every investor needs worst-case-scenario plans – do you have them in place? 

● Retirement Planning is Built on Optimism Bias: Most current retirement planning approaches incorporate unrealistic or overly optimistic assumptions.

● Financial Advisors Need to Reframe Their Role: They can’t succeed solely as technical experts. They must act as behavioral coaches, guiding clients through the significant challenges of investing.

Buy the Book

● Bulk purchases: specialsales@harriman-house.com
● Available rights: rights@harriman-house.com

Media Kit

● Media inquiries: felipe@thebehavioralportfolio.com
● Download Author Headshot and Book Cover
● Download Book Info Sheet
● Download Media Talking Points