Investment Portfolios Fifty Years from Now

In a fascinating and brief commentary, author William J. Bernstein ponders how investment portfolios will look 50 years from now.  Bernstein is an exponent of Modern Portfolio Theory and its emphasis on asset allocation.  Some of his conjectures include:

    There will always be bubbles and panics
    Risk and return will continue to be joined at the hip
    Equity investments should continue to offer higher returns than debt
    Diversification will become even more important than it is now

Please click here for the full text of his commentary.