Every investor keeps a short mental list of things that are supposed to work no matter what.
Bonds for income. And one ancient asset for the moments when everything else falls apart. For the past two years, that last category did far more than protect wealth.
It minted wealth. The oldest refuge in finance outran the S&P 500, embarrassed most bond funds, and convinced a generation of savers that safety and spectacular returns could finally live in the same trade. I watched that conviction harden into doctrine this spring.