For each of the past 30 years,
One lesson is the importance of bonds. "They're a nice way to build balance within a portfolio," Cross says. At first glance, their typically smaller returns aren't appealing. But alternatives such as equities, currencies or commodities increase risk. "It's our job to educate our clients on likely returns that they'll get from bonds. … We're not in bonds for the excitement. We're in bonds for the stability." Clients need to build and stick to an investing plan. "Anyone that's been in the industry knows you can't predict this stuff month to month or quarter to quarter by jumping around, trying to ride the fad. That's a recipe for absolute failure. We try to come up with a portfolio and a plan."
When the market tanked in 2009, many investors pulled what money they had in it. Now the market has increased almost threefold, but the public in general hasn't returned. "They should be looking through the windshield, but they're looking through the rearview mirror," says
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