Since inception, SMAs have performed broadly in line their multi-asset benchmark while capturing 76% of the S&P 500 stock index’s total returns.

Net returns (after fees and expenses) amounted to 22.5% (8.9% annualized) versus 22.4% (8.9%) for the benchmark and 29.5% (11.5%) for the S&P 500 index (including dividends).

Stocks should do better than bonds (and obviously should do much better than cash) over the long term, so I believe that being overweight stocks should be a normal weighting.

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