Is Farmland As Good As Gold?

Table 4

Comparison of medium risk portfolios under five scenarios (1972–2009).

Portfolio performance for medium risk category
(8% investment yield)
Scenario:	1	2	3	4	5
Investment yield	7.1%	8%	8%	8%	8%
Risk (std deviation)	9.3%	9.5%	8.1%	7.5%	7.6%
Coef. of variation	1.31	1.19	1.02	0.93	0.95
Portfolio weights:
T-Bills	—	—	—	—	—
Long bonds	—	55.1%	44.9%	19.9%	14.4%
F-REIT	100.0%	—	—	38.6%	51.2%
Gold	—	—	17.3%	7.4%	—
REITs	—	10.9%	14.3%	11.3%	9.8%
Stocks	—	33.9%	—	—	—