We pick the mix of investments that maximizes the expected returns while not exceeding a fixed maximum risk. In the past month, we have, once again, made a little money in bonds and the money market.
In the last newsletter, I said that the increase in the price of stocks was not a true rally, at least not yet. Stocks have gone up a lot in the last month. But my conclusion remains the same — it is not yet a true rally. Though stocks have made a lot of money recently, they remain too risky at this point.
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