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Invest with the Fed: Maximizing Portfolio Performance by Following Federal Reserve Policy by Luis Garcia-Feijoo, Gerald R. Jensen, Robert R. Johnson

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CHAPTER 4

MONETARY CONDITIONS AND ALTERNATIVE ASSETS

Commodities tend to zig when the equity markets zag.

Jim Rogers, “Breakfast of Champions,” July 3, 2002.

Alternative assets are defined as securities that one would not expect to find in a standard investment portfolio. This definition begs the question, What is a standard investment portfolio? and further, Whose expectations are serving as the standard or benchmark? For our purposes, we have identified commodities and real estate as the alternative asset classes to focus on in this chapter. You may say that real estate shouldn’t be considered an alternative asset, as according to Gallup, 62% of Americans say they own their primary residence whereas only 52% own stock outright or as part of ...

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