Successful money management over long periods of time rests on two foundations. The first is “a secular outlook”—that is, a three- to five-year forecast that forces one to think long term. The second is the “structural” composition of portfolio management—the portfolio's genetic makeup, how it is constructed without regard to short-term strategic decisions, principles that are longer than secular. Duration, curve, credit, volatility, and other tilts to a portfolio's steady-state status are a portfolio's inherent structure. Recognizing the structural elements of the investment equation will allow the investor to be the one walking away with a pile of chips.