With the on-again/off-again conflict in the Middle East, a reader asked: Does anything offer better downside protection than U.S. bonds? For most of my investment career, I didn't think so. I believed that U.S. bonds were the ultimate form of downside protection. While you might own multiple kinds of risk assets (e.g., stocks, real estate, etc.), I always thought that all you needed for the non-risk side of your portfolio was U.S. bonds and cash. This recommendation is not unwarranted. For de...
