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2021-11-17

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Cash Is a Better Hedge Than Bonds, Goldman’s Oppenheimer Says

Investors may be better off hedging equity portfolios with cash than bonds, according to Goldman Sac

Cash Is a Better Hedge Than Bonds, Goldman’s Oppenheimer Says

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In fact, it’s more often recommended investors eschew cash all together with rising inflation. Bridgewater Associates’ Ray Dalio often says “cash is trash.”\n“Cash is really the one thing that is guaranteed to underperform inflation and to lose out to inflation,” said Adam Phillips, managing director of portfolio strategy at EP Wealth Advisors, by phone. “If that is the main concern and one of the catalysts for sending long-term rates higher, than cash is really a losing proposition.”\nStill, Oppenheimer said bonds are not a particularly good hedge and called for more diverse geographical exposure. European equities, for instance, could be a good place for investors to find value as they currently trade at a record discount to their U.S. peers.\nGoldman sees the S&P 500 gaining 9% to finish next year at 5,100, fueled by profit growth and a continued economic expansion. 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