Being called a cockroach is usually bad news. When Al Pacino’s Tony Montana called Frank Lopez, his drug lord former boss, a cockroach in the 1983 film Scarface, Lopez must have known that things weren’t going to end well for him.
But in the world of investing the comparison to the insect, which can live for about a week without its head, is not only a compliment — being a cockroach is an investment strategy.
The idea of a cockroach portfolio was advanced by Dylan Grice in 2012 while he was working at the investment bank Société Générale. The idea is to have a portfolio that carries on whatever the economy throws at it. “Cockroaches may not be able to build nuclear bombs, but