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Well Done, President Select Biden! 👏👏👏

Back in college while studying for my Finance degree, professors constantly harped on the need for portfolio balance and diversification. Different asset classes usually have alternate ups and downs. So for example, if stocks have a particularly bad year, bonds would go up and cushion the blow. There have only been a few years in American history where that isn’t the case. Then, Joe Biden and Janet Yellen came along, and well, try to find an asset class that did NOT go down in value in 2022. Stocks are down 20 percent, with the Nasdaq down 34 percent. Bonds? Sorry, the Vanguard Total Bond Market Fund (BND), which includes all classes of bonds, including “risk-free” government securities and short-term corporate blue-chip bonds, returned -13.2 percent for the year. Real estate and cryptocurrencies — both down even more than stocks! And these are nominal returns. Real returns that include the 8 percent loss in buying power due to inflation make the results an even worse dumpster fire. It’s been quite the magic act making our net worth disappear, but at least Ukraine is well-funded! 👍

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