An article by Innovest's Richard Todd, Managing Principal, from the Innovest 2nd Quarter 2010 Newsletter, "The Research Report."
How would you have built a portfolio in 2009? For the majority of the first quarter of 2009, you would have stayed very defensive with lots of cash. However, beginning in mid-March 2009, you would have become aggressive by focusing on equities, especially non-U.S. equities with a healthy concentration in emerging markets. Forget Treasuries and munis, and invest in junk bonds and bank loans. Voila! You just made over 50% in 2009! Hindsight is easy, isn’t it?
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