In the last decade, U.S. stocks rose and fell twice. Bond prices soared as yields tumbled. Gold racked up huge gains, as did industrial commodities and “commodity currencies” like the Australian and Canadian dollars. And emerging markets were king. But now those big trends are in retreat, and investors are getting the message.
After years of piling into bond funds, they’re starting to pull money out. They have finally lost their ardor for emerging markets. And enthusiasm for gold and silver has shrunk to a core of true believers.
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