08/20 Permanent Portfolio Rebalance

Snoozefest this month. We remain a smidgen above that 12% volatility threshold and should technically add some cash, but it’s close enough that I’m not sweating it.

The allocation remains virtually unchanged from the last rebalance.

Performance is now trailing that of US Large Cap since inception by a bit. This is to be expected given the monster equity rally of late. In general, though, no news is good news.

Source: Demonetized Calculations