About this episode

In this episode, Chris Naugle interviews Jonathan Steele about the complexities of portfolio management and common misconceptions in investment strategies.

Diversification sounds straightforward in theory, but in practice, portfolios don't behave the way most people expect them to. Exposure is layered, concentration often shows up in places that aren't immediately obvious, and decisions that feel like you're spreading risk can quietly lead to doubling down on the same themes. Once you start looking at portfolios this way, the question shifts. It's no longer just about what to add, but whether that exposure already exists, and what role it's actually playing. In this episode of Money School Elite, I sit down with Jonathan Steele, who manages over $1.3 billion in assets, to unpack how modern portfolios are actually structured and why many of the assumptions investors rely on don't always hold up. Jonathan works closely with high-net-worth clients, helping them think about capital not as a collection of individual positions, but as a system of exposures that interact in ways that aren't always obvious. We get into why Bitcoin and precious metals are often grouped incorrectly, how indirect exposure through index positions can lead to unintended concentration, and why holding cash in the current environment is less about being defensive…

People in this episode

Host: Chris Naugle

Guest: Jonathan Steele

Topics covered

• portfolio management
• diversification
• investment strategies
• high-net-worth clients
• capital exposure
• risk management

Keywords

• portfolio structure
• investment assumptions
• risk exposure
• capital management
• index positions
• cash strategy

Mentioned in this episode

Organizations: One Wealth Advisors

Products: Bitcoin, precious metals

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