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Treasury bonds. We’ve had a remarkable 40-year bull market in Treasurys. Yields fell to historic lows last year. I think they’ll continue to come back up, driving bond prices down. Yields don’t have to go really high to hurt bond investors—just back to the 3% range or so. That’s about double the current 10-year Treasury yield, but still modest by historical standards. Having said that, most of my fixed income position is in short to intermediate Treasurys. Government bonds provide the best diversification of a mostly stock portfolio.
US growth stocks.