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The Taming of the Diversified Portfolio
The concept we discuss here goes back to before the advent of the written word, living in parables echoed in religious and secular texts alike. The precise wording has evolved, but the message has not changed materially over time. Cervantes put it on paper more than 400 years ago through the lips of Sancho Panza, and we still use a
Next Recession Ahead? Fixed Income Investing Ideas in an Aging Expansion
SUMMARY While we do not view a recession as imminent, we think investors should be prepared for the cycle to turn over the next three to five years. When thinking about their fixed income allocations late in this cycle, investors should consider the risks posed by higher interest rates, an uptick in inflation and stretched valuations, among others. We believe