The charming rogue who received the gift of immortality, only to watch his friends retire and die while he continued adventuring with their kids. The warrior slowly becoming a tree who fell in love with a fire mage. Now I've got enough stories to fill a library. She led her new friends to victory, made a name for herself, and started a family of her own.īuilding these legacies and families is really what Wildermyth is all about, taking the tabletop RPG joy of inhabiting a character and nurturing them, and then extending it to multiple parties and generations. She embraced the fire even more thoroughly than her old man, until the flames swallowed up all her limbs. She could never escape her father's shadow when they adventured together, but when another band of heroes in another campaign discovered a magic portal to another world, out she popped. He lived on, not just because you can start new campaigns with existing characters, but because he had a daughter. In the final battle, he sacrificed himself to save his friends, becoming a spirit. By the end of the campaign, he'd sprouted crow's wings-a gift from a witch-become a mystical fire guardian, and grown a fox tail. They're never really gone, though-your favourites become legacy heroes who can return rejuvenated in subsequent campaigns, like pulling out your favourite old, dog-eared character sheet for yet another dungeon run.įraser Brown, Online Editor: In my first Wildermyth campaign, my party included a wee ginger magic lad with a boring backstory and a crap beard. They even age, fall in love, and have children eventually they'll retire, if they survive the adventurer's life. And they really are unexpected-while it's perfectly possible for a warrior to just find a magic sword and kill a dragon with it, it's equally likely they’ll be cursed to slowly transform into living crystal, or make a pact with an ancient tree, or upset a witch who turns their head into a raven's. With the procedural systems as your dungeon master, you follow the lives and adventures of entire parties of heroes, each organically growing and developing in all sorts of unexpected directions. A few hours in Wildermyth is like a supercut of a fantastic year-long Dungeons & Dragons campaign. Robin Valentine, Print Editor: I don't think any videogame has ever more successfully evoked the feel of a tabletop RPG. Halloran and Thies, The Social Media Handbook for.50) Investors with, let’s say, a $500,000 portfolio simply don’t need a supersized emergency fund.įor those investors who are unfamiliar with the endowment model Wise Money provides a good introduction-nothing revolutionary but useful nonetheless. The author suggests that “a significant percentage of a portfolio, possibly even up to 40 to 50 percent, may be prudently invested in assets that have limited or unpredictable liquidity.” (p. Performance and diversification possibilities are missed, and the flip side of liquidity for investments with strong return possibilities is virtually always volatility.” (p. Wildermuth claims that “a very common mistake made by most investors is assuming that their entire portfolio must be liquid.” In fact, since most people have investment time horizons closer to decades than months, “a completely liquid portfolio is usually undesirable for most individuals. With stocks, the premium is usually much greater, oftentimes approaching or even exceeding 100 percent.” (p. As an example, a real estate holding that transitions from an illiquid structure to a readily tradable stock has historically increased in value a bit more than 10 percent. “Liquidity premiums can only be approximated and vary across time and asset classes. Since demand for liquid investments can change markedly and quickly, prices can as well.” Nearly any asset that can be bought and sold on a daily basis prices according to current demand. “Liquid investments usually cost more and are worth more than similar illiquid investments because nearly all investors value liquidity.” But liquidity “introduces volatility, which most investors try to avoid. One point that Wildermuth stresses and that, I think, merits some space here is the illiquidity advantage. His discussion of asset allocation is particularly apt for the high net worth individual, but investors with smaller portfolios can make the appropriate adjustments and still mimic the endowments. Wildermuth, the founder and CEO of Kalos Capital and Kalos Management, describes “how the smart money invests”: in domestic and international equities, real assets, private equity, absolute return funds, and fixed income. But I suppose it’s worth going over this ground again. Think back, for instance, to Meb Faber’s The Ivy Portfolio (2009). Wise Money: Using the Endowment Investment Approach to Minimize Volatility and Increase Control (McGraw-Hill, 2012) by Daniel Wildermuth covers a lot of familiar ground.
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