ETF Managed Portfolios,
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For the past ten years, investors had a major tailwind of low rates, a Fed put, and deflation; this permitted buy-and-hold, low-cost beta ETFs to produce high Sharpe Ratios. Money poured into these strategies, leading to distorted valuations. Most of this money went into US indexed stocks and bonds, while other asset classes were ignored on a relative basis. We are in a much different environment now. There is high inflation, higher rates, and no more Fed put. This requires

Markets Post Gains in November Amid easing inflation and hopes of reduced interest rate increases, equities were up in November as both the Dow Jones Industrial Average and S&P 500 indices posted their second consecutive month of gains for the first time since August 2021. Global equities outperformed as both broad-based emerging market and international developed equities were up (+14.7% and +13.2%, respectively). Bonds also posted gains as investment grade corporates increa