The Death of 60/40: Where are we now?

At the beginning of 2022, I wrote a series, “The Death of 60/40.” The thesis was pretty simple. Real yields on bonds were negative, stocks were richly valued by historical measure, and the Fed had unleashed a monetary storm resulting in rising inflation. My conclusion that traditional stock and bond portfolios, especially passive index portfolios,…

Read More

The Jackson Hole Summit: Stay Calm or Run for the Hills?

Investors are forever chasing the next bit of economic news in the hope of determining the financial markets’ direction. Personally, for money management, I let rules-based systems guide me and view the news more as background noise.   This week, there will be much said about the Jackson Hole Economic Summit, a three-day annual international conference…

Read More