<?xml version="1.0" encoding="UTF-8"?><?xml-stylesheet type="text/xsl" href="//www.bellwood-capital.com/wp-content/plugins/wordpress-seo/css/main-sitemap.xsl"?>
<urlset xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:image="http://www.google.com/schemas/sitemap-image/1.1" xsi:schemaLocation="http://www.sitemaps.org/schemas/sitemap/0.9 http://www.sitemaps.org/schemas/sitemap/0.9/sitemap.xsd http://www.google.com/schemas/sitemap-image/1.1 http://www.google.com/schemas/sitemap-image/1.1/sitemap-image.xsd" xmlns="http://www.sitemaps.org/schemas/sitemap/0.9">
	<url>
		<loc>https://www.bellwood-capital.com/the-importance-of-liquidity/</loc>
		<lastmod>2016-10-27T09:32:02+00:00</lastmod>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/hidden-value-cash/</loc>
		<lastmod>2017-04-07T06:34:07+00:00</lastmod>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/the-one-percent/</loc>
		<lastmod>2018-07-12T09:38:37+00:00</lastmod>
		<image:image>
			<image:loc>http://www.bellwood-capital.com/wp-content/uploads/2018/04/opportunity-set.png</image:loc>
			<image:caption><![CDATA[opportunity set]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/lifting-hood-performance/</loc>
		<lastmod>2018-07-12T09:42:56+00:00</lastmod>
		<image:image>
			<image:loc>http://www.bellwood-capital.com/wp-content/uploads/2018/01/sranalysis-1.png</image:loc>
			<image:caption><![CDATA[sranalysis]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/expect-good-portfolio/</loc>
		<lastmod>2018-07-12T09:46:22+00:00</lastmod>
		<image:image>
			<image:loc>http://www.bellwood-capital.com/wp-content/uploads/2017/07/IndexPortUSD.png</image:loc>
			<image:caption><![CDATA[IndexPortUSD]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>http://www.bellwood-capital.com/wp-content/uploads/2017/07/DDUSD.png</image:loc>
			<image:caption><![CDATA[DDUSD]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/the-problem-with-forecasting/</loc>
		<lastmod>2018-07-12T09:46:56+00:00</lastmod>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/diversification-balancing-act/</loc>
		<lastmod>2018-07-12T09:47:24+00:00</lastmod>
		<image:image>
			<image:loc>http://www.bellwood-capital.com/wp-content/uploads/2016/10/return.png</image:loc>
			<image:caption><![CDATA[return]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/investing-insurance-common/</loc>
		<lastmod>2018-07-12T09:59:13+00:00</lastmod>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/the-only-game-in-town/</loc>
		<lastmod>2018-10-11T12:07:31+00:00</lastmod>
		<image:image>
			<image:loc>http://www.bellwood-capital.com/wp-content/uploads/2018/10/baird.jpg</image:loc>
			<image:caption><![CDATA[baird]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>http://www.bellwood-capital.com/wp-content/uploads/2018/10/relativeperf.png</image:loc>
			<image:caption><![CDATA[relativeperf]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>http://www.bellwood-capital.com/wp-content/uploads/2018/10/bloomberg.png</image:loc>
			<image:caption><![CDATA[bloomberg]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/urban-outfitters-patience-rewarded/</loc>
		<lastmod>2018-10-23T22:57:20+00:00</lastmod>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/rethink-offshore-allocation-models/</loc>
		<lastmod>2018-10-24T08:29:11+00:00</lastmod>
		<image:image>
			<image:loc>http://www.bellwood-capital.com/wp-content/uploads/2018/10/pax-americana.jpg</image:loc>
			<image:caption><![CDATA[pax americana]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/jse-rand-hedges-poor-substitute-global-portfolio/</loc>
		<lastmod>2018-10-31T10:12:04+00:00</lastmod>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/investing-global-equity/</loc>
		<lastmod>2018-11-19T08:51:01+00:00</lastmod>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/most-global-exposure/</loc>
		<lastmod>2018-12-03T12:00:49+00:00</lastmod>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/global-diversification-right/</loc>
		<lastmod>2018-12-20T06:29:14+00:00</lastmod>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/investors-ignore-annual-predictions/</loc>
		<lastmod>2019-02-13T15:23:27+00:00</lastmod>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/dont-confuse-dollar-wealth-creation-return/</loc>
		<lastmod>2019-03-14T13:27:04+00:00</lastmod>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/dont-let-the-rand-dictate-your-portfolio/</loc>
		<lastmod>2019-07-18T08:10:46+00:00</lastmod>
		<image:image>
			<image:loc>http://www.bellwood-capital.com/wp-content/uploads/2019/04/usd-zar-versus-purchasing-power-parity.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/sa-foie-gras/</loc>
		<lastmod>2019-07-18T09:14:43+00:00</lastmod>
		<image:image>
			<image:loc>http://www.bellwood-capital.com/wp-content/uploads/2019/07/assetallocation.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>http://www.bellwood-capital.com/wp-content/uploads/2019/07/liquidallocation.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/consistent-profitability/</loc>
		<lastmod>2019-07-18T09:15:02+00:00</lastmod>
		<image:image>
			<image:loc>http://www.bellwood-capital.com/wp-content/uploads/2019/07/profitability.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/too-much-information/</loc>
		<lastmod>2019-07-19T07:10:05+00:00</lastmod>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/dare-to-be-different/</loc>
		<lastmod>2019-10-15T13:20:07+00:00</lastmod>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/investment-case-netflix/</loc>
		<lastmod>2020-01-17T14:32:41+00:00</lastmod>
		<image:image>
			<image:loc>http://www.bellwood-capital.com/wp-content/uploads/2018/11/NFLX.png</image:loc>
			<image:caption><![CDATA[NFLX]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/investment-case-apple/</loc>
		<lastmod>2020-01-20T14:02:02+00:00</lastmod>
		<image:image>
			<image:loc>http://www.bellwood-capital.com/wp-content/uploads/2020/01/Apple3.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/when-patience-doesnt-pay/</loc>
		<lastmod>2020-01-20T14:02:11+00:00</lastmod>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/keep-doing-the-basics-well/</loc>
		<lastmod>2020-04-16T08:57:18+00:00</lastmod>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/red-flags-analysis/</loc>
		<lastmod>2020-07-08T08:57:34+00:00</lastmod>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/difficult-investments/</loc>
		<lastmod>2020-07-08T08:57:52+00:00</lastmod>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/responsible-investing-hypocrisy/</loc>
		<lastmod>2020-10-12T14:45:51+00:00</lastmod>
		<image:image>
			<image:loc>http://www.bellwood-capital.com/wp-content/uploads/2020/10/Fees.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/investing-in-the-misinformation-age/</loc>
		<lastmod>2021-01-21T10:55:02+00:00</lastmod>
		<image:image>
			<image:loc>http://www.bellwood-capital.com/wp-content/uploads/2021/01/matrix.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/what-does-it-take-to-achieve-extraordinary-returns/</loc>
		<lastmod>2021-04-15T07:25:31+00:00</lastmod>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/overconfidence/</loc>
		<lastmod>2021-10-13T12:23:03+00:00</lastmod>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2021/10/SPX.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/mind-the-gap/</loc>
		<lastmod>2022-01-12T14:33:16+00:00</lastmod>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2022/01/EM-DM-Comp-BWC.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/inflation-interest-rates-and-stock-prices/</loc>
		<lastmod>2022-04-12T15:09:24+00:00</lastmod>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2022/04/SPX-PE-CPI.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/effect-and-cause/</loc>
		<lastmod>2022-07-12T09:26:49+00:00</lastmod>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2022/07/MSCI-Returns.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/country-risk/</loc>
		<lastmod>2022-07-27T09:05:24+00:00</lastmod>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2021/07/Country-Risk.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2021/07/Top-30.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/dollar-relativity/</loc>
		<lastmod>2022-10-10T11:25:47+00:00</lastmod>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2022/10/NDUEACWF-2008-2022.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/diversification-is-no-free-lunch/</loc>
		<lastmod>2023-01-20T11:47:15+00:00</lastmod>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/gradually-then-suddenly/</loc>
		<lastmod>2023-04-14T10:22:55+00:00</lastmod>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/return-free-risk/</loc>
		<lastmod>2023-10-09T11:51:16+00:00</lastmod>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/when-tax-efficient-isnt-cost-efficient/</loc>
		<lastmod>2023-11-16T05:41:38+00:00</lastmod>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2023/07/SPX-Cost.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2023/07/Tax-Timing-1.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/century-of-stock-market-returns/</loc>
		<lastmod>2024-01-10T13:06:17+00:00</lastmod>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2024/01/SPX-Century.gif</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/the-good-the-bad-and-the-emerging-markets/</loc>
		<lastmod>2024-04-17T11:17:27+00:00</lastmod>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2024/04/SPY-SPDW-EEM.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2024/04/SPX-MXEF.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/bigger-is-better-or-is-it/</loc>
		<lastmod>2024-07-19T12:26:22+00:00</lastmod>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2024/04/SPX-MXEF.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2024/07/SPX-RTY.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2024/07/TR.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2024/07/SR.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2024/07/NSR.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2024/07/TR2.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2024/07/ARB24.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2024/07/ARB10.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/the-index-bubble/</loc>
		<lastmod>2024-10-10T12:34:27+00:00</lastmod>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/the-magnificent-seven/</loc>
		<lastmod>2025-01-20T13:15:30+00:00</lastmod>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2025/01/AAPL.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2025/01/MSFT.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2025/01/AMZN.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2025/01/GOOGL.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2025/01/META.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2025/01/NVDA.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2025/01/TSLA.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/ai-the-indexation-of-everything/</loc>
		<lastmod>2025-07-11T14:42:14+00:00</lastmod>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/facing-uncertainty/</loc>
		<lastmod>2025-07-17T08:11:32+00:00</lastmod>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/all-that-glitters/</loc>
		<lastmod>2025-10-14T09:36:37+00:00</lastmod>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2025/10/2899-HK.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2025/10/NEM-US.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2025/10/AEM-CN.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2025/10/ABX-CN.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2025/10/WPM-CN.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2025/10/FNV-CN.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2025/10/AU-US.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2025/10/GFI-SJ.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/good-better-emerging-markets/</loc>
		<lastmod>2026-01-20T13:15:28+00:00</lastmod>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2026/01/SPX-MXEF.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/saasportunity-knocks/</loc>
		<lastmod>2026-04-17T10:21:12+00:00</lastmod>
	</url>
	<url>
		<loc>https://www.bellwood-capital.com/ai-supercycle/</loc>
		<lastmod>2026-07-17T14:41:51+00:00</lastmod>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2026/07/MU-US.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://www.bellwood-capital.com/wp-content/uploads/2026/07/000660-KS.png</image:loc>
		</image:image>
	</url>
</urlset>
<!-- XML Sitemap generated by Yoast SEO -->