Investing in the next cycle #6: it may pay to be active, not passive
60:40 EQUITY-BOND TOTAL REAL RETURN INDEX
512
512
TOTAL REAL RETURN ON 60/40 EQUITY-BOND PORTFOLIO. EQUITY IS S&P500. BOND IS 10YR US TREASURY. DEFLATED BY US CPI.
256
256
128
128
64
64
32
32
16
16
8
8
4
4
2
2
1
1
00 10 20 30 40 50 60 70 80 90 00 10 20
1
Sources: Bloomberg, GFD, Standard & Poor’s, NBER
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