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| | Evanson Asset Management - Asset Allocation for Bears |
 | | A DFA portfolio with 40% across all equity asset classes and 60% in short and intermediate fixed income was up 6.84%. |
 | | For equities, DFA employs extremely diversified passive equity portfolios targeted at value and small equity premiums in the U.S. and international markets, models derived from factor analyses and multiple regressions on very long-term equity data, in some cases going back to 1926. |
 | | Using DFA data, we find that portfolios holding 25% each of US large cap stocks, microcap stocks, one-month T-bills and five year T-notes returned 6.81% from October, 1929, the peak, until ten years later, September, 1938. |
| www.evansonasset.com /index.cfm/Page/18.htm (4150 words) |
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