Permanent Portfolio

Harry Browne's simple four-way split designed for any economic condition.

Allocation Breakdown

4 Assets

US Stocks

Long-Term Bonds

Gold

Cash/T-Bills

Target Allocation

Asset Class	Weight	Example Ticker
US Stocks	25%	VTI
Long-Term Bonds	25%	TLT
Gold	25%	GLD
Cash/T-Bills	25%	SHV

Risk Level

Low

Rebalance Frequency

Annually

Advantages

Historically very low drawdowns
Simple equal-weight allocation
Protection across all economic regimes
Low correlation between assets

Disadvantages

Only 25% equity exposure limits returns
25% in cash/T-bills earns minimal real return
May significantly underperform in bull markets
Requires rebalancing discipline

About This Portfolio

Harry Browne's Permanent Portfolio splits equally between stocks (prosperity), bonds (deflation), gold (inflation), and cash (recession). Each 25% allocation is designed to thrive in one of four economic environments, so the portfolio never faces a scenario where all assets decline.

Historical Context

Created by Harry Browne in the 1980s. The portfolio has delivered remarkably consistent real returns with minimal drawdowns. It's based on the premise that we cannot predict which economic regime will prevail.

Who It's For

Ultra-conservative investors who want minimal drawdowns and steady purchasing power preservation.

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