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Is 60-40 a Balanced Index?
The stock market is basically like an 18-year, a multi-decade type of instrument. The odds of you losing money on that instrument are very, very low because it's the way that the underlying firms accrue their profits over that time horizon. So to me, especially as I find myself getting older and whatnot, time is really the essential ingredient in all of this stuff that we discuss. When people say 60-40 is dead, that to me is overreach Because what they're really saying is that the stock and bond markets are dead in the long run.