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Asset Allocation Is Dead

Traders Magazine, March 2003

Kathryn M.Welling

Peter L. Bernstein. Nothing further is really needed by way of introduction. But let me say this: The well-known economist and portfolio management guru, publisher of the always-erudite semi-monthly journal, Economics & Portfolio Strategy, and author of numerous books on the interplay between the capital markets and the real economy, clearly loves to toss bombs. Strictly the verbal sort, but bombs nonetheless. It's part and parcel of his talent for making people-even investment pros-think. He set so many of them to that unaccustomed labor-over SuperBowl weekend, nonetheless-with a speech to foundation types that I was getting calls about what he said well before half-time. Provocative isn't the half of it. Forget investing "for the long haul," bond and stock returns from here are bound to disappoint. Real men [and women, not to mention institutional investors], who want real returns, will have to be very creative. -KMW

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