@ptuomov Looking at the question of whether or not other assets are more suitable than bonds for diversification / risk targeting?
What I’m trying to sort out is the right mix of bonds for a taxable investor (Muni / gov / credit). Too often I see 100% muni or 100% taxable.
@CliffordAsness Sure, index them to inflation. But let’s also remove LT treatment (and thereby carried interest) and step up in basis above the estate exemption