Jag återkommer till min fundering om tillgångsallokering. I artikeln
“The 60-40 rule for bonds and stocks may need rethinking as yields fall” i USA Today förra året skriver man:
“What’s the rationale for bonds when yields are close to zero or even negative?” “It’s simply an asset class with no positive expected returns.” “Bonds are less volatile than stocks, of course. But most of the arguments in favor of including bonds in a diversified portfolio, are based on the past four decades or so, when a lengthy, sustained decline in interest rates made them appealing.”
The historic relationship between stocks and bonds is a fundamental building block of modern investment theory that helps shape decisions such as how to allocate investment dollars, Bank of America Securities noted in a report. But that relationship is changing, raising the question of whether the traditional investment mix of 60% stocks and 40% bonds is “dead,” the report said.
Och jag menar att all den diskussionen om ombalansering blir lite svår om vi inte ens med säkerhet vet hur en optimal balans bör se ut i dagsläge.