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Defensive portfolio allocation for possible troubles ahead?

#1
I don't expect a market crash any time soon, but several luminaries including former OMB director David Stockman and former fed chair Alan Greenspan seem to think it's a realistic possibility with bonds and perhaps stocks as well in a bubble. If you take them seriously but also don't want to be hiding under your bed clutching gold coins, where would you strike a balance in allocation that you could live with if you take the possibility of a global debt crash seriously?
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#2
Not many places to hide in this scenario. It is prudent to have hard assets like gold and silver that might be liquid (e.g. American Eagles, Canadian Maples, etc), but I can't personally see more than 5% of portfolio in such things (recognizing these assets would spike in a worst-case scenario). About a year's worth, maybe two if one has other 'hard' assets, like simple cash.
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#3
Interest rates are still too low to provide a viable alternative. Right now it's unlikely that we could sustain much more than a 15-20% drop, due to the low rate environment. When the US 10 year gets above 4%, there could be a more significant correction.
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#4
May be the market is over priced a bit historically from a PE perspective. The world is changing,population growing. Job growth is good. consolidation in the technology sector, efficient production of goods and services here with lots of natural resources, plenty of oil, natural gas, solar energy, use of electricity vs fossil fuels, there is room for optimism. A little inflation is what every country wants. And we have it.

More employable folks to come online soon to enter the US workforce with more job creation from lower taxes means consumer spending will continue. The American people are doing their part to contribute to economic prosperity but I cannot say the same for government policies which is the big unknown. If we had the same leadership in DC as has been in place in California for the last 20 years ruining the state's economy or a Hillary as President I would NOT be in the market now. But I am 70% in now and expect decent returns this year >15%.
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