INTEREST RATES - HIGHER FOR LONGER With rising interest rates, likely higher for longer, investors need to review their portfolio allocations, as the one used since 1980 is today obsolete. Indeed, as most assets suffer from a rising interest rate environments (especially growth stocks, real estate, and long-dated bonds), adopting the classic 60/40 (60% stocks/40% long-dated bonds) seems to be a sure way to loose money on both sides. In this new environments, real and short-duration assets should be the priority: • Commodities • Value & high-dividend stocks rather than growth ones. • Short-dated rather than longer bonds. Few investors are positioned like this today. $VTV $VSDB $XLE