The Great Rebalancing of 2013

Reversals of fortune for some investment classes

Blame it on the Taper Tantrum, but 2013 marked a reversal of fortune for several asset classes. When returns are adjusted for volatility, U.S. municipal bonds went from best to worst in a single year. Investors stampeded out of Treasuries, and the corporate bond rally was cut short. Equities extended their winning streak.

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