Via the AFR:
When looking back at asset performance in 2018, it is a great reminder that bonds should play a major role in an investment portfolio, and that not all bonds are created equal.
At the beginning of 2018, all anyone wanted to talk about was how it was going to be a great year for equities and a bad year for bonds because the Federal Reserve (the Fed) was raising interest rates and inflation was about to arrive. Popular trades were to be long equities, long corporate bonds, and long inflation-linked bonds. Alas, global growth peaked in the first quarter of 2018. By year end, oil slumped 25 per cent and killed inflationary fears.
