When many assets take a sharp tumble, perhaps the hardest thing to do is to recommend investments to make, or to avoid. When the chips are down, what should you do? Apart from selling all your investments and going 100% into cash, that is. Historically, there has never been a long period when staying in cash outperforms investments of any sort. But what investments will do better, and which ones will fare worse? That is something impossible to predict ahead of time. Who would have known that in the 2000s, in the US, a 100% equities portfolio would outperform any combination of stocks and bonds, despite going through 2 sharp stock market downturns? And who would know that in the 2010s, a leveraged risk parity portfolio investing 20% in stocks and 80% in bonds would outperform a 100% equity portfolio (in both cases, absolutely and risk adjusted)? The state of the financial markets now...