Gold, TIPS, and Linkers
Since 2022, the price of gold has soared, and thankfully, we have held it. Prior to that, gold had sat comfortably in a regime whereby the price mirrored real interest rates.
A diversified portfolio service that blends traditional bonds and equities with alternative assets such as gold, commodities, and digital assets
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Led by ex-HSBC fund manager Charlie Morris, The Multi-Asset Investor is a weekly investment research newsletter delivering two portfolios to clients: Whisky (medium-high risk) and Soda (medium risk).
We recommend, you invest.
Each new addition to the portfolios is communicated with a full investment case, and instructions on position sizing. Positions are tracked, reported on, and sometimes sold, with every decision and update shared in real time.
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In tough markets, The Multi-Asset Investor has delivered highly impressive risk-adjusted returns for our clients.
Total gross returns from inception, 29 January 2016, to 30 September 2025:
- Soda returned 142.1% (vs FTSE Private Balanced Index +110.7%)
- Whisky returned 270.9% (vs FTSE 100 (inc. dividends) +118.2%)
Whisky and Soda bring Charlie's best ideas into an investable portfolio, based on sound financial principles:
- Look for value
- Be wary of hype
- Preserve capital
- Diversify risk
- Think about liquidity
- Understand macro cycles
- Respect the market
The portfolios are designed to be easily replicated for investors managing their own money. Charlie explains his decisions, good and bad, in language that is easy to understand and entertaining.
Every Tuesday, research is shared that explains the most important developments in global markets, new additions or sales in the model portfolios, and answering client questions, as well as detailing current performance.
You can view our latest results and commentary here:
ByteTree Quarterly Investor Letter - Q3 2025
In this Q3 2025 update, I shall review the model portfolios, named Whisky and Soda, which I have been managing since February 2016. I shall also touch on our other services.
Charlie Morris
We exist to make your investing life easier, and are very grateful for the feedback of our existing clients on Trustpilot, as well as the trust they show by investing with us.
With a nine year track record and a robust and repeatable process, The Multi Asset Investor is designed for investors who want to invest better, who aren't satisfied with handing over control of their future, who want to understand and enjoy the investing process, and the results it can bring...
For full access to all research, new recommendations, and both model portfolios, become a client today.
The Multi-Asset Investor offers a free research tier packed with insights on markets and investing.
About the Editor
Charlie Morris is the Editor of The Multi-Asset Investor. Prior to this, he was the Editor of the Fleet Street Letter, a market newsletter for private investors published by Southbank Investment Research with a wide readership. He is also the Chairman and Chief Investment Officer of ByteTree, which he founded in 2014 as a platform to deliver independent, robust and thought-provoking market analysis.
Charlie has 25 years of fund management experience and is a pioneer of multi-asset investing. At HSBC Global Asset Management, he launched the Absolute Return Service in 2002, which grew to over $3 billion. Much of that success came from moving away from the crowd and embracing a wider range of asset classes that traditional investors were not familiar with at the time.
Subsequently, Charlie managed the Total Return Fund at Atlantic House Fund Management until June 2020, at which point it was ranked number 1 out of 48 funds in the Trustnet Target Absolute Return Sector. He sits on the investment committee for the Society of Technical Analysis and on the Board of Halkin Services, a renowned investment think tank. He has regularly been featured in leading news publications and has given numerous presentations to investment bodies and Universities. Charlie's pioneering gold valuation model, developed in 2012, was published by the London Mastels Bullion Association (LBMA) and the World Gold Council (WGC). It is widely regarded as a major contribution to understanding the behaviour of the gold price.
Prior to a career in finance, Charlie served as an officer in the Grenadier Guards, British Army, having graduated from the Royal Academy Sandhurst in 1994.
Recent Posts
Friday’s Shakeup and Taking Profits
A lot has happened this week with President Trump threatening to hike tariffs on China. It has led me to reduce risks in the portfolio, to take the edge off, and lock in some profits.
The Real Willy Wonka
After a period of rapidly rising costs, the situation appears to have stabilised, and the chocolate industry is adapting to a new normal. I sense an opportunity.
Featured
ByteTree Quarterly Investor Letter - Q3 2025
In this Q3 2025 update, I shall review the model portfolios, named Whisky and Soda, which I have been managing since February 2016. I shall also touch on our other services.
What’s Gold Really Telling Us?
One of the mysteries of this equity bull market is its drivers. The consumer is weak, wages are softening, house prices have peaked, industrial demand remains slack, and global logistics have slowed.
Finding the Safe Havens
I am most pleased that both the Whisky and Soda Portfolios have had a good year without chasing the high-risk investments that are driving this market.