Are You Down on the Year?

This year is going to be one of the worst traditional portfolio years ever for most stock and bond investors in the US. Most people bought government bonds thinking, well, if my equity is down 20%, then my bonds will be up 10. That job has failed massively this year. You buy equities, you accept that you might be down 20%. The part that has failed is that bonds haven't done their job. It's like putting a team together: You don't expect your point guard to be the highest rebounder on your team.

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