Bank of America says there's a strong alternative to investors looking to shake up the traditional 60/40 portfolio. The so-called "permanent portfolio" — 25% stocks, 25% bonds, 25% gold, and 25% cash — is having its best 10-year stretch since the early 1990s, the bank said in a note on Friday.Over the last decade, it has delivered an average annual return of 8.7%. Bank of America What's more, 2025 was the portfolio's best single year since 1979, with gains of 23%. Bank of America It's not hard ...

Global Markets Strategy 29 January 2026 J P M O R G A N Global Machine Learning Conference Paris Conference Overview & Session Reviews • Our 8th Annual Global Machine Learning Conference (Paris, November 25) brought together leading experts from organisations such as IBM, École Polytechnique, UBS AM, Mediobanca, Domyn, Millennium, and AXA. Speakers explored a range of topics including practical applications of agentic AI, synthetic data for portfolio management, AI regulation in financial services, responsi ...

Tether, a leading stablecoin issuer, plans to increase its exposure to the yellow metal, potentially holding more gold than Bitcoin, portfolio allocation-wise. The disclosure comes as gold consistently makes new highs and BTC lags behind the world’s largest commodity by market cap. Paolo Ardoino, Tether CEO, explained his intentions of allocating between 10% to 15% of the company’s portfolio to gold and 10% to Bitcoin , according to a report by Reuters on Jan. 28. “For our own portfolio, it’s reasonable ...

Core Insights - SimpliFi, Inc. sold 108,047 shares of the PIMCO Active Bond ETF (NYSE:BOND) for an estimated value of $10.11 million, reflecting a strategic adjustment in its investment portfolio [2][3][7] Transaction Details - The sale reduced SimpliFi's holdings in BOND, with the estimated transaction value based on quarterly average pricing [2][3] - The fund's quarter-end position in BOND declined in value by $10.11 million, which includes both share sales and price changes [3] - The post-trade BOND position now represents 4.15% of 13F reportable assets under management (AUM) [4] ETF Overview - As of January 22, BOND shares were priced at $93.46, reflecting a 3% increase over the past year, with a yield of approximately 5% [4][5] - The total AUM for the PIMCO Active Bond ETF is $6.85 billion, with a yield of 5.09% [5] Investment Strategy - BOND focuses on a diversified portfolio of fixed income instruments, primarily investment-grade bonds, with up to 30% allocation to high-yield securities [9] - The ETF employs active management to dynamically allocate across various bond types, aiming for attractive income and risk-adjusted returns [10] Implications for Investors - The reduction in exposure to an actively managed core bond ETF suggests SimpliFi is reassessing its portfolio strategy, particularly in a market with high yields [11] - Maintaining significant bond exposure through broad index vehicles indicates a preference for simplicity and liquidity, especially as income alone has not led to compelling total returns [12] - SimpliFi's largest positions remain focused on diversified equity strategies, indicating a comfort with equity risk despite recent market performance [13]

Core Insights - Precious metals, particularly gold, have shown significant performance in 2025, with the SPDR Gold Trust (GLD) achieving a 62% gain, raising questions about the sustainability of this rally [2][5] - Central banks have been major players in the gold market, purchasing 254 tonnes year-to-date through October 2025, indicating a structural demand rather than opportunistic buying [3][5] - Goldman Sachs projects gold prices to reach $4,900 per ounce by the end of 2026, driven by central bank demand and macroeconomic uncertainties [3][7] Central Bank Activity - Central banks bought 53 tonnes of gold in October 2025, with Poland contributing 16 tonnes, reflecting strategic reserve shifts rather than speculative trades [5][6] - The World Gold Council's monthly statistics are crucial for monitoring central bank purchases, as a slowdown could indicate waning confidence, while acceleration would reinforce demand [6] Investment Alternatives - The iShares Gold Trust (IAU) offers a lower expense ratio of 0.25% compared to GLD's 0.40%, making it a more cost-effective option for long-term investors [8] - Over five years, IAU has provided a 10.48% annualized return, slightly outperforming GLD's 10.30% due to lower fees, although GLD's larger asset base makes it preferable for larger trades [8]

Core Insights - The article compares two consumer staples ETFs, the State Street Consumer Staples Select Sector SPDR ETF (XLP) and the Invesco S&P 500 Equal Weight Consumer Staples ETF (RSPS), highlighting their distinct approaches to sector exposure and investment strategies [1][2]. Expense Ratios and Portfolio Structure - XLP has a significantly lower expense ratio of 0.08% compared to RSPS's 0.40%, making it more cost-effective for investors [3][10]. - XLP manages $15.5 billion in assets under management (AUM), while RSPS has $236.2 million, indicating XLP's larger scale and potential liquidity advantages [3][11]. - XLP's portfolio is market-cap-weighted, leading to heavy exposure to large companies like Walmart and Procter & Gamble, with its top three holdings comprising nearly 30% of the fund [5][7]. - RSPS employs an equal-weighting strategy, providing more balanced exposure across its 37 holdings, with top positions representing less than 4% of assets each [6][7]. Performance and Risk Comparison - Over the past year, RSPS has returned -5.05%, while XLP has returned -3.19%, indicating better performance for XLP in this timeframe [3]. - The maximum drawdown over five years for RSPS is -18.61%, compared to -16.32% for XLP, suggesting that XLP has been slightly less volatile [4]. - The growth of $1,000 invested over five years would yield $992 for RSPS and $1,180 for XLP, further illustrating XLP's superior performance [4]. Investment Implications - XLP's concentrated approach can lead to higher returns when top holdings perform well, but it also poses risks if those stocks underperform [8][9]. - RSPS's diversified strategy may protect against volatility but could dilute the potential gains from high-performing stocks [9]. - Investors should consider the trade-offs between cost, performance, and risk when choosing between these two ETFs [10].

Chris is here from the great state of Texas and you're wearing something. Educate us, Chris. >> This is uh representing my people back at home.Tooth time. What time is it. >> It's tooth time.>> There you go. >> We didn't even rehearse that. >> There you go. Thank you.Also, shout out to my other Texas people who I just met. >> There you go. It's great state of Texas.Lone star state. What's your question. >> Now, listen.I know Tim is a big small cap hater. [laughter] Tim, you weren't always a large cap. You s ...

the fact that major Wall Street firms are now saying everybody should own at least some Bitcoin, typically single digits, low single digits. My attitude is put a zero on both of those numbers. >> Really, >> this is huge.You should have at least 10%, not one, up to 40% of the portfolio, not just four. And it's [music] because this represents the single best investment opportunity for the next decade. We know how wonderful it's been in the past 16 years.This trend is going to continue as we see greater and gr ...

最容易踩的就是"策略漂移"的坑。听起来挺专业，说白了就是基金经理跑偏了。比如你买的是主打价值 投资的股票私募，结果经理看着科技股涨得猛，偷偷把大半资金都砸进去。市场一转向，之前赚的全吐 回去不说，本金都得搭进去。我认识的一个理财顾问就遇到过，客户买的"稳健型"产品，最后持仓里全 是高波动的小票，客户找上门的时候，经理都躲着不敢见。 最近身边玩基金的朋友，嘴里总挂着"私募"俩字。前几天聚餐，做外贸的张姐说她买的某股票策略私 募，今年收益都快30%了，说得旁边刚买指数基金的小李直拍大腿。 说实话，我一开始也以为是小圈子的个别情况，直到查了下数据——哦哟，不是个别是普遍。大概是 说，今年以来大部分私募都挣钱了，尤其是股票策略的，平均收益比其他策略都高，连不少平时稳扎稳 打的产品都涨了不少。科技股和资源股轮着涨，正好踩中了股票策略的路子，量化多头那种更是赚得盆 满钵满。 但你别说，越是这种时候越要拎清楚。我堂哥2023年就是看着私募收益排行榜冲进去的，结果不到半年 就亏了20%，至今还没解套。他当时就犯了个通病：只看收益数字，压根没琢磨背后的风险。 还有管理人"掉链子"的问题，这才是最吓人的。不是我危言耸听，真有私募 ...

Market Timing - The key issue is not price, but timing, specifically 2023 or 2024 [1] - The strategy involved allocating at least 50% of one's portfolio at that time [1] - The industry suggests potentially divesting holdings and repurchasing them next year for better returns [1]