Welcome to the Total Portfolio Project
Explore interactive models of investor impact, capital allocation, and systemic investing. Move through the models to see how assumptions about markets, coordination, and outcomes change what investment can do.
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How do financial decisions change real outcomes?
We connect investor decisions, market responses and firm capital to compare what different investment strategies achieve. The Impact Frontier estimates a capital-market benchmark. Shifting the Frontier explores what changes when investors coordinate and when outcomes affect financial payoffs.
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In this one-firm illustration, the supply and demand slopes determine the investor’s impact on capital and price:
is the investor’s supply shift; is the investor impact on firm capital. is the magnitude of the downward supply slope, and is the upward demand slope.
The geometry illustrates these relationships; it is not a numerical calibration.
An investor shifts capital supply toward a firm. Prices change, other investors respond, and the firm changes its capital. The slopes of investor supply and issuer demand determine how much of the investor's action reaches the firm.
Investor and issuer response parameters are estimated using the saved financial system. Outcome changes also depend on the specified intensity and financing assumptions. Changing the outcome does not mean you directly control it. Paper 1 keeps its specified marginal intensity fixed; financial estimation does not independently identify every outcome derivative.
A marginal investor acts alone, but other investors and firms still respond. Coordination changes which decisions are made together. The frontier shows attainable combinations in the model. It does not decide which outcomes you should value or which point you should choose.
Why examine the trade-off?
A policy that struggles to deliver its intended effect even under favorable assumptions deserves closer examination. One model is not a verdict on a policy. It makes the assumptions and trade-offs easier to inspect.
When the money belongs to pension beneficiaries, an endowment or other clients, whose objectives and financial constraints should guide that trade-off? The model makes the trade-off visible; it does not decide who should authorize it.
The Impact Frontier
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Frontier Lab
Structural counterfactual · on-demand calculation
Frontier Lab calculations are unavailable in this environment.