Roberto Anzellotti @IlMatematico: "IPS: WHAT IT IS AND..."

Italy

IPS: WHAT IT IS AND WHY IT'S IMPORTANT Starting from my 2026 reports, I made a decision that may seem technical at first glance, but is actually highly relevant for those who copy my portfolio: I formally introduced an Investment Policy Statement (IPS). Those with some experience in finance have likely come across this concept before. For many others, however, it remains less familiar, yet extremely important. An IPS is, essentially, the document that defines the rules of the portfolio. It does not contain market forecasts or individual trades, but clearly outlines the objectives, the accepted level of risk, the time horizon, and the logic behind investment decisions. In my case, this means putting into writing everything I have consistently applied over the years: a long-term approach, a core/satellite structure, attention to risk, volatility management, and the integration of the macroeconomic environment. The difference compared to the past is that this process is no longer implicit, but becomes explicit, readable, and verifiable. This step is particularly important for those who use copy trading. One of the main challenges of copying a portfolio is the risk of not fully understanding what is being copied. When more complex market phases occur, like the one we have experienced this quarter, it becomes easy to interpret a loss as a mistake, or a cautious decision as a missed opportunity. Having an IPS helps to put all of this into context. It allows you to understand in advance which behaviours are consistent with the strategy and which are not. It helps distinguish between a deviation from the process and a normal phase of the market cycle. Most importantly, it reduces the risk of making impulsive decisions at the worst possible moments. For me, it also represents a step forward in how I share my work, with the aim of making not only the outcomes visible, but also the underlying rules and reasoning that lead to specific decisions. Results matter, but they are not sufficient on their own. Two portfolios may show similar short-term performance while being driven by entirely different approaches. Over the long term, what truly makes the difference is the quality and consistency of the process. Introducing an IPS means making this process transparent. Those who copy my portfolio today do not just see what I do, but can understand why I do it, under which conditions my approach might change, and the boundaries within which I operate. It is not a tool that eliminates risk, nor something that guarantees results. Markets remain uncertain, and they always will be. What changes is how we navigate that uncertainty. You can read my portfolio's INVESTMENT POLICY STATEMENT and my entire Q2 2026 Report by following the link in the first comment. I am @IlMatematico and through Rules, Discipline and Time, I work every day to build a portfolio aimed at long-term financial serenity, both for myself and for those who choose to copy me, within a clear and structured long-term vision. Follow me to stay updated on my investment activity across $SPX500, $NSDQ100 and the crypto space, with a primary focus on $BTC .

Not investment advice. The author may have financial interests in the mentioned instruments.