Podcast XL: Is the 60-40 portfolio dead or just outdated?

The idea that the typical investment portfolio can be constructed with a 60% allocation to equities and a 40% exposure to bonds has paid off for number of decades, with very few exceptions. Last year happened to be one of those exceptions: the diversification effect broke down spectacularly, and the so-called 60-40 portfolio generated losses. Is it time to ditch the 60-40 concept altogether, on the grounds that the global macro environment calls for an entirely fresh approach to asset allocation, or does it simply need a revamp?