We are currently in a very challenging time for building multi-asset portfolios. The 60-40 portfolios is coming off one of its best decades ever, but the expected future returns on both stocks and bonds are very low. And unprecedented monetary and fiscal stimulus have added additional variables into the equation. This week we talk to Jim Masturzo, who is a partner and head of multi-asset at Research Affiliates and also helped create their popular Asset Allocation Interactive tool, to try to make sense of all of this. We discuss their process for projecting expected returns and the challenge of building multi-asset portfolios in this environment, the role that potential future inflation plays in their process, and his thought process when looking at a new asset like Bitcoin. We hope you enjoy the discussion. 
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