“Most investors have no clue about the importance of beta. Instead, they spend most of their time thinking about how to get exposure to stocks, bonds, etc, not about whether they should own them in the first place. As regular readers will be aware, US stocks (in general at least) are richly valued right now. And that means long-term returns are likely to disappoint. So, what are the alternatives? For example, does it make sense to be in bonds? Unfortunately, the answer is that the same forces that have been pumping up stock market valuations have been pumping up bond valuations too. One of the most telling charts in finance right now is of the 10-year yield going back more than 200 years.”
http://bonnerandpartners.com/beta-boss/
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