Begin with a hypothetical portfolio
This work-note example does not describe actual holdings. A technology asset and a financial-services asset may both rely on inexpensive funding, enterprise IT budgets, or the same regulatory direction. Sector buckets leave that relationship outside the table.
List drivers before assigning assets
I would begin with demand, financing, rates, currencies, policy, supply chains, and liquidity. For each asset, the map records direction, strength, and likely timing. It does not force every relationship into one coefficient.
- Direct revenue or cost exposure.
- Financing and valuation sensitivity.
- Supplier, customer, or channel concentration.
- Exit-market and trading liquidity.
Shared exposure is not a shared outcome
The same shock can produce different results because pricing power, capital structure, and hedging differ. The map identifies assets that deserve joint review; it does not replace security-level work.
Redraw the map after allocation
A new investment, a reduction, or a currency hedge changes the portfolio. After the decision, update concentrations and retain relationships that still resist measurement.