Should you have short-term bonds in your portfolio? Yes. I’d argue that short-term bonds are one of the key asset classes that most investors should own, in addition to cash and large-cap stocks. In ...

ANDREW STANLEY is on the staff of Finance & Development. Opinions expressed in articles and other materials are those of the authors; they do not necessarily reflect IMF policy.

RUCHIR AGARWAL is a cofounder of the Global Talent Fund and the director of the Raj Center at Columbia University. Opinions expressed in articles and other materials are those of the authors; they do ...