Some odd results in comparing my funds. With stocks near record highs, DODIX (a conservative income fund) is out ahead of DODBX (an aggressive balanced fund). Normally, in decent market years it's not even close. DODBX always trumps its weaker sister. Most of my equity-laden funds are dogging it as well. But, PRAFX, a commodities and NR fund, is having a great year. Likewise, my longtime dog QRAAX (commodities via derivatives) is hot as well. PRELX, a local currency EM bond fund, is now up around 4.8% YTD. (I bought it when it was down double-digits what seemed like just a couple months ago during the EM "rout". PRPFX is having a decent year - not as hot as the pure commodities plays - but better than many skeptics envisioned. (Recall the thread six months ago about it being "permanently broken":-)
PRWCX, much in the news, is one of my few equity funds bucking the general lethargic trend and having a characteristically fine year.
All I can gather from the above is that the Dollar must be very weak against other currencies this year. Usually a weak dollar - if it persists - spells serious inflation down the road. It's no secret the Fed would like more inflation. They've said as much. Left unsaid is that more inflation might be the medicine needed to bail out failing pension funds and also ease the debt burden on governments. (Cheaper dollars are easier to repay.)
Sorry - no suggestions for where to put your money. As always, I like to spread it around as my predictive abilities aren't near as good as some here.
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Or become an educated momentum technical trader which also works in an environment like this. This is not about predicting at all.
What you cannot do is be stuck in the no-man's land between the two.