A Bond-Free Portfolio: Why Cash Should Replace Bonds To Reduce Risk And Improve Returns

A Bond-Free Portfolio: Why Cash Should Replace Bonds To Reduce Risk And Improve Returns by Kendall J. Anderson, CFA, Anderson Griggs Investments In a recent interview, Howard Marks, the great investor and co-chairman of Oaktree Capital, quoted the original Dr. Doom, Henry Kaufman, who once said “There are two kinds of people who lose money: those who know nothing and those who know everything.”  Those of us who are selling investment services, whether portfolio management or investment products, have a tremendous ability to locate or create research that rationalizes our approach to building and maintaining a portfolio. Because we spend…