Aug 3Liked by Callum Thomas

Thanks Callum. It's very valuable to have a systematic review like this for various asset classes.

A couple of comments if I may, while acknowledging that they may be difficult to incorporate into your frame work:

1) Gold is an obvious omission from some charts/ tables given it's well accepted diversification role in a portfolio.

2) While I tend to agree that US Treasuries will have their day once something serious breaks, there is a risk that pro-cyclical fiscal largess by US Govt, the BoJ changes to YCC and US sanctions on Russian FX reserves are shifting the longer term role of US Treasuries. I don't know how this can be incorporated into a broad asset allocation assessment other than to acknowledge the seeming significance of these moves and the risks they pose to the traditional valuation metrics.

thanks and regards


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