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''Fail-Safe Investing: Lifelong Financial Security in 30 Minutes'' is a personal finance book written by American investment analyst and politician Harry Browne and published in September 1999. ==Description== The book outlines "17 simple rules of financial safety" and provides detailed commentary on their explanation and implementation. The chapter for Rule #11 is called "Build a Bullet Proof Portfolio for Protection" and makes a case for a diversified investment portfolio of stocks, bonds, cash and gold to ensure financial safety. According to the author this type of portfolio has the goal of assuring "that you are financially safe, no matter what the future brings"〔 including economic prosperity, inflation, recession or deflation.〔Browne, Harry (1999) Fail-Safe Investing: Lifelong Financial Security in 30 Minutes, pp 39-42〕 According to the book this is because some portion of the portfolio will perform favorably during each of those economic cycles. The book calls this type of investment portfolio, a "permanent portfolio" and advocates it be re-balanced once per year so that the 25% allocation is precisely maintained for each asset class. The breakdown is as follows〔( Analysis of Harry Browne's portfolio at ''Get Rich Slowly'' 20 April 2009 )〕 * 25% in U.S. stocks, to provide a strong return during times of prosperity. For this portion of the portfolio, Browne recommends a basic S&P 500 index fund such as VFINX (Vanguard 500 Index) or FSMKX (Fidelity Spartan 500 Index). * 25% in long-term U.S. Treasury bonds, which do well during prosperity and during deflation (but which do poorly during other economic cycles). * 25% in cash in order to hedge against periods of “tight money” or recession. In this case, “cash” means a money market fund. * 25% in precious metals (gold) in order to provide protection during periods of inflation. Browne recommends gold bullion coins. According to Browne such a permanent portfolio should be safe, simple and stable.〔 Authors Craig Rowland and J. M. Lawson call it a passive style of investing. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Fail-Safe Investing」の詳細全文を読む スポンサード リンク
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