This week, someone asked me if he should own pork bellies in his portfolio. While he was kidding, this does get at a real question: Should you own commodities? Those who favor investing in commodities typically cite two benefits: First, commodities are seen as a bulwark against inflation. This is [...]
Five Roads
No question, managing an investment portfolio can be tricky. On the one hand, you want to have stock market exposure to help drive growth. But on the other, it’s agonizing when the market drops 30% or 50%—or more—as it’s done on several occasions. How can investors strike the right balance? Like [...]
All Duration Investing
Insurance companies are disproportionately represented among the oldest companies in the world. John Hancock was founded in the 1860s. Cigna dates to the 1700s. Some are even older. Why is that? In my opinion, it’s because they employ a strategy called asset-liability matching. In simple terms, [...]
Cape fear
In the ongoing battle between those who believe that the stock market is in a bubble and those who do not, you may have heard mention of something called the CAPE Ratio. Among market indicators, this ratio has the strongest track record in predicting future market returns. What does the CAPE say [...]
Emerging consensus?
At 82 years old, investment manager Jeremy Grantham has seen his fair share of market cycles. And as a U.K. native now living in the U.S., he maintains a balanced perspective. In an interview last week, Grantham shared his unvarnished view of the U.S. market. “American capitalism has become fat and [...]
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