Investing is a noisy business full of distractions. An easy way to turn down the volume, and achieve a better long-term outcome, is to take a core and satellite approach. With a core portfolio split between risky growth assets (local and global equities) and reliable defensives (cash and bonds), an investor is then left to ponder the opportunities for a satellite strategy.

The satellites, traditionally a place to speculate and seek high growth, can also be marshalled in times of fear. As 2021 winds to a close, investors are concerned about lofty valuations and flat-on-their-stomach interest rates.