No reason to beat up ourself for PM investments going nowhere (or down) in the last 3 months.

 

How can prudent investors navigate this challenging environment?

This has been a capital preservation situation for the past year. Beginning of this year or a year ago, stocks, by historical measures, were extremely overvalued in terms of P/E ratios, price-to-book, and all kinds of measures. Except for one thing: As overvalued stocks were versus historical measures, they were actually cheap to bonds. Bonds were even more overvalued, and it’s surprising to people that bonds are down as much as stocks this year. The only thing that’s up at all is commodities, and that ended too back in June. Nothing is really up since the Fed started raising interest rates in earnest in June. So it’s just a capital preservation market.

https://themarket.ch/interview/the-period-of-abundance-is-over-ld.7369

 

GL