Banker, Cyclist or Retriever? Choose your investing style!

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Look at the TOP left corner of our articles

Resource Guidance on the website

This image shows that this guide is Golden Retrievers given the icon in the top-left corner. It tells you the article is aimed at passive investors.
The minimum knowledge level to understand it is “Beginners”.

Each character icon signals the difficulty and investing style of the resource, and the minimum knowledge level to understand it.

Each resource on this website is tagged according to the path you want to choose. The Icon reflects your Investing Style. From Simple Passive Portfolios (Golden Retrievers), through semi-passive (Cyclists) to Advanced Investing (Bankers).

The Golden Retriever, The Cyclist and The Banker!

We have created three characters to help you on your investing journey. Pick one of them depending on your objectives, time you want to spend managing your portfolio and willingness to increase your knowledge about financial markets.

The Golden Retriever

The Golden Retriever, aka Wise Passive Investor – has the simplest and easiest to understand portfolio with minimum maintenance, as he assumes – probably correctly – that a dog is just as likely to beat the market in the long run as a professional investor. The Golden Retriever follows the bone (aka money) in the most fee-efficient and transparent way. Simplicity often wins.

The Cyclist

The Cyclist, aka Semi-Passive DIY Investor – Accepts that markets are mostly efficient, but given her experience in travelling across the globe, she has the desire to incorporate a couple of active bets, and high-level tweaks (e.g. optimising taxes or offsetting job risks) to her predominately index portfolio. She also won’t bother overdoing this because, after accounting for costs and time doing research, trying to beat the market can’t compete with real life experiences like cycling the world.

The Banker

The Banker, aka Evidence-Based Investor – Has a good grasp of the markets, and wants to squeeze out all the returns based on academic research, for example using Factor Investing or Risk Parity Strategies. But, Equity Risk Factors underperform over long periods of time, and sticking to his guns will be challenging. Strategies with leverage also have their own risks. Implementation is not straightforward, and outcome – far from guaranteed.

What Does It Take To Be One Of Them?

Initial setup varies from a few weeks to a few months

You can become a Golden Retriever in just a few weeks. Your portfolio will be almost on autopilot. Customising your portfolio as a cyclists can take a bit longer, and maintenance is usually simple. To become a Banker, you need to acquire some portfolio management knowledge.

Character	Minimum Level	Type	Initial Reading	Portfolio Maintenance
Golden Retriever	Beginners	Passive Investing	4-8 weeks	Few Hours per Year
Cyclist	Intermediate	Semi-Passive (Minimal Customisation/Optimisation)	2-3 months	Couple of days per quarter
Banker	Advanced	Advanced (Factors, Risk Parity/Portable Alpha)	3+ months	Couple of days per quarter

Source: Bankeronwheels.com.

Is A Retriever Portfolio Less Profitable?

Not necessarily. But it’s easier to manage and understand.

The big misconception in investing is that a complex and sophisticated portfolio guarantees superior performance, as compared to a simpler one. Risks and Returns don’t necessarily depend on the complexity of your portfolio or your knowledge. The portfolio risk, whether it’s as straightforward as a Golden Retriever’s or as intricate as a Banker’s, varies based on how it’s built and the way assets are allocated.

Are Retrievers Less Knowledgeable?

Sometimes they may be the smartest.

We divide our guides based on the desired complexity of your portfolio and willingness to learn more. So, if you see:

Golden Retriever Passive Investing

It suits two types of audiences. First, Individuals who aim to learn just enough to maintain an efficient portfolio, allowing them to focus on other important aspects of life. Second, it may also be ideal for those who value knowledge but prefer to keep their investing strategy straightforward. That’s because a lot of smart Golden Retrievers are aware of investment pitfalls, including behavioural, tax and cost implications of active investing.

Cyclist Semi-Passive DIY

Seeks customization in her investment approach, akin to a cyclist making precise adjustments for optimal performance. It’s particularly beneficial for those looking to enhance tax efficiency or balance specific risks, including perhaps job-related uncertainties (human capital).

Banker Evidence-Based

Has sophisticated investment needs. You must be comfortable navigating complex financial landscapes and looking for advanced portfolio strategies.

Which Investor Are You?

How To choose a character

Golden Retrievers comprise approximately one-third of readers who prefer simplicity, utilizing just 1–2 ETFs for their entire portfolio strategy.

Cyclists represent the largest segment at 58% of the audience. These readers maintain primarily passive approaches while experimenting with portfolio customization, including tax optimization and selective active positions.

Bankers constitute 12% of readership – experienced investors implementing factor-based, portable alpha/ risk parity strategies.

1. The Golden Retriever

Should You be Chewy - the Golden Retriever?

Here are some of the practicalities of being a Golden Retriever:

Chewy — The Golden Retriever Passive Investing

For whom All Investors can set up this type of portfolio, including very beginners.

Why To Be A Dog Investing requires minimal effort. You can live your life to the fullest without spending time managing your portfolio, but still following best market practices.

Initial Time Required You will need 4–8 weeks to become familiar with the materials to set up a portfolio and implement it.

Ongoing Portfolio Maintenance You only need a day or two per year to rebalance a portfolio.

Main Challenges Sticking to your strategy can be challenging during market crashes, and when certain markets that your friends are invested in outperform.

Number of ETFs You won’t need more than a couple of ETFs.

Examples of Funds Global Equity ETFs or with the addition of bonds Vanguard Lifestrategy ETFs

Bankeronwheels.com Resources A significant part of our guides are targeting Golden Retrievers.

2. The Cyclist

Should You be Kumiko ⁠(組子) - The Cyclist?

Here are some implications of being a Cyclist:

Kumiko — The Cyclist Semi-Passive DIY

For whom Intermediate or Advanced Investors.

Type Index portfolio with some active bets.

Why to be a Cyclist Allows to (i) Invest in a customised way, improving tax efficiencies, potentially reducing fees, implementing some personal views for example related to sustainability, offsetting human capital and potentially increase risk-adjusted returns.

Initial Time Required You will need 2–3 months to become familiar with the materials to set up a portfolio and implement it.

Ongoing Portfolio Maintenance You will likely need a day or two per quarter to rebalance a portfolio and optimise it from a tax perspective.

Main Challenges May require more research and maintenance. You will be prone to potential behavioural biases, and may find it challenging keeping the active part relatively small and a consistent over time.

Number of ETFs Usually involves at least three funds.

Examples of Funds Regional tilts to capitalization-weighted indices, adding diversifiers, Socially-responsible Screening or Tax-efficient regional ETFs.

Bankeronwheels.com Resources Most of our guides target cyclists.

3. The Banker

Should You be Ethan - The Banker?

Here are some implications of being a Banker:

Ethan — The Banker Evidence-Based

For whom Advanced Investors.

Type Investing incorporating Equity Risk Factors or Strategies like Risk Parity.

Why To Be a Banker Allows for potential outperformance compared to capitalisation-weighted indices.

Initial Time Required You will need at least months to become familiar with academic research related to risk factors, and implement it.

Ongoing Portfolio Maintenance You will likely need a day or two per quarter to rebalance a portfolio and optimise it from a tax perspective.

Main Challenges Substantial research, maintenance and adequate ETF selection. Potential behavioural biases, keeping the active, underperforming parts consistent over long periods of time. Poor UCITS availability for certain strategies and tax leaks for US ETFs.

Number of ETFs Usually involves at least three funds, but multifactor funds can make implementation simpler.

Examples of Funds Multi-factor ETFs, Leveraged Portfolios, Risk-Parity ETFs, Small Cap Value, CTAs etc.

Bankeronwheels.com Resources Currently, only a few guides target bankers. This will increase over time.

What Guides Are Available?

Discover the three main sections

Our guides are divided into three sections:

Meet Our Community

A lot of cyclists!

Current Complexity of our Community Members’ Portfolios

0% Golden Retrievers About a third of our readers want to keep it extremely simple and efficient by using 1 to 2 ETFs for their entire portfolio.

0% Cyclists 58% of our readers are passive but are experimenting with tweaking their portfolio, including tax optimisation and customisation or sometimes a few active bets.

0% Bankers 12% of our readers are experienced enough to implement factor investing.

Source: Bankeronwheels.com 2025 Community Survey