"Bogleheads on Investing” podcast co-host; hourly advice-only adviser; authored six books on index funds, ETFs & asset allocation; retired Marine fighter pilot.
Texas
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Get ready for a social media onslaught against owning bonds as every Tik-Tok neophyte reports on 5-year Treasury total returns. During COVID, interest rates fell to their lowest point in 2021. Now rates are back to normal (10-yr close to nominal GDP). My view: Don’t ignore bonds.
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The number of self-proclaimed bond experts who have come out of the closet to tell us we shouldn’t have owned bonds this year is unprecedented.
My question is this: If they are the interest rate geniuses they claim to be, why were they all silent at the beginning of the year?
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There’s a difficulty when trying to provide advice to the masses through books, articles, and social media. One has to assume they’re speaking to the average investor, of an average age, with average savings, who will have an average retirement. The problem is, no one is average.
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There are three reasons to hold fixed income. First, as a reserve fund to pay for things that come up in the next year (T-bills, CDs, money markets are a good choice). Second to provide income and principal for spending over the next ~ten years (a short duration bond fund works well here). Third, for asset allocation, to reduce the probability of a large loss in equities (intermediate duration bond funds work well). If you need to fill one of these three buckets, then moving some money from stocks to bonds at this time is appropriate.
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Economic growth drives stocks higher in the long-term. Global GDP growth has annualized at about 2% real (inflation-adjusted) for 200 years, with higher growth in the second part as waves of innovative increase productivity. I believe that will continue.
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This is simple investing: I started working with a retired DIY client 4-years ago. He had $21 million. I recommended VTI, VXUS, a municipal bond fund, and TIPS. Today, he has $34 million. Honestly, why make it complicated?
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Recent statistics on global chip production surprise me. I assumed China was a much bigger producer.
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Good thing 18-year olds who join the armed forces right out of high school don’t have the same mental health issues as college freshmen.
wsj.com/us-news/education/un…
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Rick Ferri, CFA retweeted
Rick Ferri (@Rick_Ferri) interviews Meb Faber (@MebFaber) on the history of the U.S. stock market.
Listen to the whole episode, link below in the comments 👇
#investing $VTSAX
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Rick Ferri, CFA retweeted
Rick Ferri (@Rick_Ferri) interviews Meb Faber (@MebFaber) for the latest Bogleheads® on #Investing podcast.
Listen to the whole episode - link below in the comments 👇
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I had the honor of interviewing @MebFaber on the "Bogleheads on Investing" podcast about his new book, "Investing in America: The Rise of the 250-year bull market." The book is a US stock market junkie's dream. Thanks, Meb! @bogleheads
bogleheads.podbean.com/e/epi…
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