An important reminder is that the idea should probably be protecting an equity portfolio with a couple of diversifiers and maybe some sort of exit strategy as opposed to owning a portfolio full of diversifiers that is protected with a couple of equity holdings.
January was a bumpy month for domestic equities as the S&P 500 declined by 3.5%. Perhaps the decline was influenced by the even larger decline in emerging markets, an earnings season that was viewed by some as disappointing or for no reason at all (markets don’t always have a reason for what they do).
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The picture is from Bryce Canyon.