Research Article
Is Farmland As Good As Gold?
Table 3
Comparison of low-risk portfolios under five scenarios (1972–2009).
|
Portfolio performance for low-risk category |
(6% investment yield) |
| Scenario: | 1 | 2 | 3 | 4 | 5 | Investment yield | 6% | 6% | 6% | 6% | 6% | Risk (std deviation) | 2.2% | 2.0% | 1.9% | 1.7% | 1.8% | Coef. of variation | .37 | .34 | .31 | .29 | .29 | Portfolio weights: | | | | | | T-Bills | 23.6% | 34.6% | 40.3% | 42.9% | 42.0% | Long bonds | 64.3% | 59.4% | 51.0% | 42.4% | 42.8% | F-REIT | 12.1% | — | — | 8.1% | 9.6% | Gold | — | — | 2.9% | 1.0% | — | REITs | — | 0.1% | 1.2% | 0.8% | 0.6% | Stocks | — | 5.8% | — | — | — |
|
|