From “TINA” to “BOB”
In recent years, it hardly made sense to invest a large part of a portfolio in bonds due to low or even negative interest rates. Loose monetary policy pushed investors to invest only in equities. However, TINA (there is no alternative) as an investment strategy is now being replaced by BOB (bring on bonds). Due to the massive rise in interest rates, bonds have become much more attractive compared to equities. Therefore, it seems reasonable today to reconsider portfolio allocation not only from a tactical but also from a strategic and thus long-term perspective.