Anatomy of a bear's portfolio
Premise: Stay out of equities, avoid losses
It’s one thing to claim that stocks are risky and overvalued, but quite another to avoid stocks entirely. Roger Pine, a financial adviser at Briaud Financial Advisors Inc., makes no apologies for being underweight equities since 1999 and out of stocks entirely for the past year. “In our view, stocks are not the place to buy and hold,” Mr. Pine said. “It is important to miss the down years in the market so you don’t have a deep hole to dig yourself out of.”
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