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The All Seasons Portfolio
The S&P 500 delivered around 10% annualised return over the last 10 years. Ray Dalio's or weather portfolio is around 5%. Currency will make a big difference for this portfolio because it's got so much in terms of bonds and bonds. A lot of the return may be generated by what happens with currency. So as usual, it's the case that if you've got a reasonable domestic bond market, which is fairly safe, then yeah.