Why an all-weather portfolio is your best friend
Amid a wide range of plausible long-term outcomes, diversification offers resilience in both boom and bust
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THE global economy is, by most near-term measures, in reasonable health. Corporate profits are rising, artificial intelligence-driven investment is booming, and labour markets – while cooling – remain resilient.
Yet, beneath this constructive surface lies a set of structural forces so profound, and so genuinely uncertain in their ultimate direction, that investors who build portfolios around a single long-term conviction may be making a costly mistake.
US Federal Reserve chair Kevin Warsh, whatever one thinks of his near-term monetary policy instincts, is right about one thing: This is not a moment for high conviction on the long-run outlook.
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