By Douglas R. Terry, CFA
After 3 decades of disinflation and 15 years of very aggressive monetary policy, asset prices are high. Returns are expected to be below average for the next decade. Given the hyper-aggressive monetary policy of the last 6 years, the historically low yields on bonds means multi-asset class portfolios will be hampered by low returns on fixed income.
Courtesy Douglas R. Terry, CFA for Alhambra Investment Partners (Author Archive Here)