Richard Young Advisors

Richard Young applies a top-down macro framework that prioritizes capital preservation. He is known for a risk-averse style that frequently moves portfolios heavily into cash or bonds during periods he perceives as overvalued or economically uncertain, rotating back into equities only when his macro indicators align. His approach is laid out in the firm's flagship publication, Richard Young's Intelligence Report.

The firm primarily uses exchange-traded funds and mutual funds to build its model portfolios, rather than selecting individual stocks or bonds. Asset allocation changes are communicated through the monthly Intelligence Report, and client accounts managed by the firm follow these model portfolio shifts. This creates a direct link between the firm's published research and actual portfolio positioning.

Richard Young's Intelligence Report is a monthly investment newsletter launched alongside the advisory firm in 1989. It serves as the central vehicle for Richard Young's market analysis, economic commentary, and specific portfolio recommendations. The Report is available by subscription and also functions as the investment policy statement for the firm's managed accounts, providing transparency into the firm's allocation logic.

The firm's model portfolios rotate among five primary asset classes: US equities, international equities, bonds, precious metals (historically gold), and cash equivalents. The portfolio can become concentrated in one or two of these categories at any given time, depending on Richard Young's macro outlook. Direct investment in private markets, alternatives, or individual credit instruments is not part of the core strategy.

Richard Young Advisors operates as a registered investment advisor based in New York. The firm manages client assets on a discretionary basis according to its model portfolios, while the Intelligence Report is a separate subscription publication. This dual structure allows the same research discipline to serve both retail subscribers and managed-account clients.