Subject: 10 yr performance of asset classes
Foreign stocks are perking up. Developed and emerging market stocks have had a tough go at it this cycle (relative to the S&P 500). 2025 was the first year since 2017 in which both asset classes outperformed the S&P 500. The 10 year returns are still lagging far behind U.S. stocks but 2025 was a great year for international stocks.

High-quality bonds were the worst-performing asset class over the past 10 years. If you kept your money in T-bills for the past 10 years you would have marginally outperformed the Aggregate Bond Index. And that is despite the fact that cash was yielding next-to-nothing for a decent chunk of the past decade. It’s been a rough stretch for bonds.

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