When investors "go to cash," they can mean actual cash - money-market funds, savings accounts, CDs - or they can mean a diversified fixed-income bucket. To find out which approach works better, consider the performance of two different fixed-income portfolios following four recent crashes in the U.S. equity market. The first is a true all-cash portfolio and the other is a diversified fixed-income portfolio that includes three types of bonds as well as cash.
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