asset allocation

The term “hold on for dear life” came to explain the events of 2020 and 2021, as did “buy the dip.” For those beginning investing for the first time, their experience couldn’t have been more positive. Every fall in the market was followed by another rally, and the prevailing view was that markets always go up if your holding period is long enough.

This is not the time to make bold statements. We can test the water on which asset class is now relatively (noting that phrase) attractive, but inevitably hedge the bet on the possibility things will not be as anticipated. Valuations are in fresh air. We don’t know what earnings might look like, nor is the…