Fidelity 的 Timmer 质疑 60/40 组合回归，股债相关性下滑但收益率仍支撑正相关

Jurrien Timmer, Fidelity Investments’ director of global macro, doubts the 60/40 portfolio is back. His chart shows the five-year stock-bond correlation still above zero at current Treasury yields. The 60/40 portfolio, which holds 60% stocks and 40% bonds, relies on bonds rising when equities fall. Falling correlation…