Summary: Summary The Rate of Return (Natural rate of interest) Pure rate on time Purchasing power of money adjustment Entrepreneurial Terms of trade The Permanent Portfolio Realizes the most benefit from 4) terms of trade component of inflation. Is speculative for this reason. It must anticipate which asset classes will benefit first from inflation. Must be tailored to each central bank economy because central banks target interest rates and domestic asset prices denominated in the local currency. Doesn't just protect the investor from business cycles but needs the business cycle to generate returns. Is not an investment panacea. Would have looked different if Harry lived 100 years earlier or 100 years later. Is a result Harry's personal experiences and experiences evolve over time. Where can I learn more about the Permanent Portfolio? Harry's book "Fail-safe Investing" Harry's book "How I Found Freedom in an Unfree World" Harry's investment radio show The Permanent Portfolio Mutual Fund Crawling Road: A blog dedicated to the Permanent Portfolio The Mad Money Machine: An investing podcast Who was Harry Browne? Harry Browne was an American free-market Libertarian writer and the Libertarian Party's 1996 & 2000 candidate for President of the United States. He was also a well-known investment advisor for over thirty years, originator of the Permanent Portfolio concept Learn more about Harry Browne Clips Introduction Interest: pure rate Interest: purchasing power of money Interest: entrepreneurial PP performance mystery Interest: terms of trade Regional variations Lifetime security? What would Harry say?
