Bill Bernstein Evolving?

[goodasgold]

Jason Zweig has an interesting article on Dr. Bill Bernstein's latest book:

http://blogs.wsj.com/moneybeat/2013/07/ ... the-woods/

Bernstein (who I highly respect, along with Jason Zweig) recognizes that long bonds are the best protection against deflation, and in a Boglehead comment he also notes that any sane investor is sitting on top of a lot of cash.

H also recommends holding domestic stocks, but Bernstein is still lagging us PPers by omitting any gold holdings, although he recommends owning gold mining and natural resources stocks, along with international stocks, to combat inflation, which he recognizes as the greatest long-term threat to investors.

IIRC, in an earlier book Bernstein is not exactly in the gold-hating camp, but he recommends that not more than 3% or so of gold should be held in a portfolio.

But all in all, I think Bernstein is moving in the right direction overall. Who knows, some day he might be a convert to the Church of St. Harry.