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Fiduciary · Fee-Only · Utah & Texas

Speculative Portfolio

Concentrated positions in smaller companies. Higher risk.

Concentrated positions in a small number of smaller companies. This portfolio can lose 30%, 40%, or more. That's not a worst-case scenario. It's a realistic outcome. Only consider this if you have money set aside specifically knowing you might lose it. 1.60% annual fee.

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Portfolio at a glance

Smaller companies, fewer positions. Each holding carries more weight, and more risk.

  • Not suitable for most investors
  • Fewer holdings than a typical portfolio; each position matters more
  • Can lose 30%, 40%, or more. That's a realistic outcome, not some unlikely worst case.
  • Only invest money you can afford to lose entirely
Annual fee 1.60%
Custody Interactive Brokers
Minimum $100
  • Fee-Only No Commissions
  • Fiduciary Duty Legal Requirement
  • Account Minimum $100
  • Registered Utah & Texas
  • Held at Interactive Brokers
  • CRD #337496
Who It's For

Who This Is For

Most investors shouldn't be in this portfolio. Read each card carefully before deciding.

  • You understand what you're getting into

    This portfolio can drop 40% or more. Not as a tail-risk scenario. As a normal outcome of owning small, early-stage companies in volatile sectors. You've read this, thought about it, and you're still here. Good. That's the starting point.

  • This isn't your core portfolio

    This is money you've specifically set aside, separate from your retirement savings or anything you'd need in a crisis. You can afford to lose all of it. Not just handle the loss emotionally. Actually afford it.

  • You want exposure to early-stage themes

    Early-stage companies in unproven areas. Not established businesses. Most will face serious setbacks. Some will fail entirely. You understand that.

Not the right fit

You need stability, need the money in the next few years, or can't afford a large loss. The Income or Growth portfolio is a better fit for that.

Before committing to higher-risk investing, understand what a fiduciary standard actually requires and how to find a fee-only financial advisor who can answer those questions in writing.

Risks

What to Expect

Read this in full. If any of it gives you pause, this portfolio isn't the right fit.

  • Sharp declines This portfolio can drop 30%, 40%, or more. That is not a hypothetical. It is a realistic outcome.
  • Company failure Small companies can fail entirely. A single position going to zero is possible.
  • Liquidity risk Smaller stocks can be harder to sell quickly. The gap between buy and sell prices can be wide, which costs you more when exiting.
  • Thematic concentration If an entire sector or theme falls out of favor, multiple holdings get hit at once.
  • Loss of principal This portfolio is suitable only for investors who can absorb large losses. No model portfolio is guaranteed to achieve its objective.

Understanding these risks is part of deciding whether this portfolio fits your situation. If you can absorb large swings and stay patient over the long term, the trade-off may make sense for you. Only you can make that call.

What It Costs

One Fee. No Surprises.

1.60% per year. Fees are calculated on the average daily net liquidation value of your account and billed at the end of each quarter. Nothing else.

Portfolio value $10,000
Annual advisory fee
Speculative $160 per year (1.60%)
What you don't pay
  • Our trading commissions $0
  • Referral fees $0
  • Product sales $0
  • Hidden fees $0

Fee calculated on average daily net liquidation value. Your brokerage (Interactive Brokers) may charge its own separate fees.

Not the right fit? See the Income or Growth portfolio.

Getting Started

How to Start

Three steps. Here's how it works.

Tell us about your situation

We ask more questions here than for the other portfolios. We need to understand your financial situation clearly before recommending this. And honesty matters.

We match you to a portfolio

This portfolio isn't recommended unless we're confident it fits your situation and ability to absorb large losses. We'll tell you directly if it doesn't.

We manage it from there

Trading, monitoring, ongoing portfolio management. We handle the day-to-day. You get updates and can reach out anytime. NarStar doesn't charge exit fees.

Terminable on written notice, no termination penalty.

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FAQ

Questions

Things people ask about the Speculative portfolio.

  • Individual positions can go to zero. The portfolio as a whole can decline sharply. This is real capital at risk, not play money. Losing a large portion of what you put in is a realistic outcome, not a remote one.

  • Smaller companies, earlier-stage themes, more concentrated. Growth holds established companies with competitive advantages. The Speculative Portfolio holds companies that are small, early, and volatile. The Growth portfolio is for patient investors with a long horizon. This one's for a different situation entirely: money you can afford to lose, held separately from your core savings.

  • No. This isn't a retirement portfolio. It's for capital you've specifically set aside knowing you can afford to lose it. If your retirement depends on this money performing, this is the wrong portfolio for that money.

  • It varies. We're not day-trading, but we're more active here than in the other portfolios. Position entries and exits depend on developments and changes in why we own it. When a company's situation changes materially, we address it at the next monthly portfolio review. That means more turnover than the Growth portfolio.

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Interested in the Speculative Portfolio?

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