Is It The End Of The 60/40 Allocation Model?
As the first fund manager of the Fidelity Balanced Fund (1986), I enjoyed a target rich environment. Clearly in a bull market and rocketing up from the stocks-below-book-value lows of 1982, equities had dividend yields of 3.5% and sold for 17x earnings. Ten-year government bonds, also in a major bull phase, had a 7.5% coupon. […]